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Entrepreneur are risk takers, and they do move the needle. We easily forget to thank them. Would you say the same about music streaming, as companies were laun

by hirako2000 3y ago

Entrepreneur are risk takers, and they do move the needle. We easily forget to thank them. Would you say the same about music streaming, as companies were launching services without all the due dues, but knew they would finally have leverage once they have a significant user base to negociate deals for legitimate offerings? Anyhow those big risk takers are not losing because of the roulette factor here, they are hit by some political stance that wants to keep a statu quo, with crypto entering more mainstream at each cycle, legislators work hard at putting a stop to it. Just read what the head of the SEC said, verbatim "the US does not need other digital currencies". As if it was the SEC to tell what the US need and doesn't need. This whole war against crypto isn't about unregistered securities being sold by unlicensed businesses, it's about using whatever they have to tame what has become a threatening industry, a competition to the traditional financial system. It's about keeping the statu quo. Yesterday bitcoiners were drug dealers and terrorist, today they are illegitimate investors and exchanges are not following financial regulations, the law, abusing innocent uneducated investors. These laws are impossible to navigate, after countess demands from businesses and those competent in that tech along with the law: Provide clear direction and regulations for a legitimate crypto field. But no, let's sue businesses who insist to operate and keep the rules impossible to adhere to so that we can sue, shut down, after the demonising that stopped working so well after a while. I would like to be less one sided but the simplistic views on the crypto situation can only make me more radical in the view that the whole thing will be, or should be some may say, absolutely not regulated. Those who get into it don't want some imposed pseudo protection, they just demand the freedom of money. If its the SEC or the danger of being rug pulled, more and more will chose the second.

jrm4 3y ago
No, I respect crypto people much more than music streaming, which was and is guaranteed exploitation and screwing people over. At least with crypto, it's at least plausible that you actually might help people.
JohnFen 3y ago
> Entrepreneur are risk takers, and they do move the needle. We easily forget to thank them. You can, and should, do that without playing fast and loose with the law. > Would you say the same about music streaming Yes. As well as a lot of other companies such as Uber. Breaking the law seems to have become normalized in SV culture as a good and normal practice for startups to engage in. This is one of the many terrible things about SV business culture. Cryptocurrency is one of a small handful of things that colorfully illustrate one of the ways our industry has gone very, very wrong.
- jrm4 3y ago
  Right, and as I was trying to say below, of the egregious ways law-breaking has occurred in SV, crypto strikes me as one of the theoretically least harmful, in kind of a caveat emptor way? E.g. Google etc. violated intellectual property rights; Uber et al broke "rules of the road" and other liability related issues, real people stuff. Crypto? Strong argument of "if you don't like it, don't use it?" It absolutely sucks, but you could argue most of the people who got harmed by it were looking for a quick buck, something about "you can't cheat an honest man." (Again, I don't actually fully subscribe to this, I think it's still bad to prey on people with money problems, but I still think its worth considering)

jrm4 3y ago

No, I respect crypto people much more than music streaming, which was and is guaranteed exploitation and screwing people over. At least with crypto, it's at least plausible that you actually might help people.

JohnFen 3y ago

> Entrepreneur are risk takers, and they do move the needle. We easily forget to thank them. You can, and should, do that without playing fast and loose with the law. > Would you say the same about music streaming Yes. As well as a lot of other companies such as Uber. Breaking the law seems to have become normalized in SV culture as a good and normal practice for startups to engage in. This is one of the many terrible things about SV business culture. Cryptocurrency is one of a small handful of things that colorfully illustrate one of the ways our industry has gone very, very wrong.

jrm4 3y ago
Right, and as I was trying to say below, of the egregious ways law-breaking has occurred in SV, crypto strikes me as one of the theoretically least harmful, in kind of a caveat emptor way? E.g. Google etc. violated intellectual property rights; Uber et al broke "rules of the road" and other liability related issues, real people stuff. Crypto? Strong argument of "if you don't like it, don't use it?" It absolutely sucks, but you could argue most of the people who got harmed by it were looking for a quick buck, something about "you can't cheat an honest man." (Again, I don't actually fully subscribe to this, I think it's still bad to prey on people with money problems, but I still think its worth considering)