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As a compromise, let’s ban cryptocurrency exchanges in all “sane” jurisdictions, because the downsides outweighs the upsides. That seems to be where things are

As a compromise, let’s ban cryptocurrency exchanges in all “sane” jurisdictions, because the downsides outweighs the upsides. That seems to be where things are heading already. These companies will be free to operate everywhere else.

stale2002 3y ago
If crypto gets banned in free democracies it gets harder to use in other jurisdictions. The fact that crypto can be used in the free world makes it valuable and useful for people in less free parts of the world.
eru 3y ago
Different jurisdictions generally have their own lawmakers (mostly democratically elected in 'sane' places), and they can decide what they want or don't want to ban. I'm not really in favour of bans here, because just as no one forces you to enter a casino, no one forces you to trade on a cryptocurrency exchange (or hold any cryptocurrencies at all). Matt Levine's Money Stuff reported a lot on people losing money in crypto over the last two years, and was always amazed that the media couldn't really find those sob stories where orphans and widows lost their life savings. It was always some guys who admitted that they gambled and lost. However, if eg American elected officials, or their appointed proxies at the SEC, want to ban certain things, who am I to judge? Here in Singapore the authorities are a lot more crypto friendly, which works for me. (I don't hold any cryptocurrencies. My investments are all in the most boring index fund available. My position on weird financial assets is the same as for drugs: I don't think cryptocurrencies are a good investment for most people (on the grounds of insufficient diversification, if nothing else), but I don't see any reason to ban consenting adults from them. By default, let people make their own choices.)
- rawoke083600 3y ago
  Yea funny story: My bank won't allow me to buy crypto with my credit card. BUT I am allowed to gamble online with my credit card, those they let through :D
  - eru 3y ago
    Since I brought up Singapore: We have casinos here. Our government is an interesting mix between laissez-faire and paternalistic with a strong Puritan streak. (I don't think it's actually of Puritan origin, but a parallel evolution from Chinese culture? Would be interesting to look into the origins.) The result is that foreigners can enter the casinos willy-nilly, and lose all their money as they please. But as a local you have to pay an entry levy of 150 Singapore dollars, just to remove any illusion that you might be come out ahead when you visit. You can also tell that government that they should ban you from entry completely (if you know you have a gambling problem). Curiously enough, your relatively can also do that for (or rather, to) you. See https://www.mha.gov.sg/docs/default-source/media-room-doc/annex-a---media-factsheet.pdf https://www.mha.gov.sg/docs/default-source/media-room-doc/an... for sources.

stale2002 3y ago

If crypto gets banned in free democracies it gets harder to use in other jurisdictions. The fact that crypto can be used in the free world makes it valuable and useful for people in less free parts of the world.

eru 3y ago

Different jurisdictions generally have their own lawmakers (mostly democratically elected in 'sane' places), and they can decide what they want or don't want to ban. I'm not really in favour of bans here, because just as no one forces you to enter a casino, no one forces you to trade on a cryptocurrency exchange (or hold any cryptocurrencies at all). Matt Levine's Money Stuff reported a lot on people losing money in crypto over the last two years, and was always amazed that the media couldn't really find those sob stories where orphans and widows lost their life savings. It was always some guys who admitted that they gambled and lost. However, if eg American elected officials, or their appointed proxies at the SEC, want to ban certain things, who am I to judge? Here in Singapore the authorities are a lot more crypto friendly, which works for me. (I don't hold any cryptocurrencies. My investments are all in the most boring index fund available. My position on weird financial assets is the same as for drugs: I don't think cryptocurrencies are a good investment for most people (on the grounds of insufficient diversification, if nothing else), but I don't see any reason to ban consenting adults from them. By default, let people make their own choices.)

rawoke083600 3y ago
Yea funny story: My bank won't allow me to buy crypto with my credit card. BUT I am allowed to gamble online with my credit card, those they let through :D
- eru 3y ago
  Since I brought up Singapore: We have casinos here. Our government is an interesting mix between laissez-faire and paternalistic with a strong Puritan streak. (I don't think it's actually of Puritan origin, but a parallel evolution from Chinese culture? Would be interesting to look into the origins.) The result is that foreigners can enter the casinos willy-nilly, and lose all their money as they please. But as a local you have to pay an entry levy of 150 Singapore dollars, just to remove any illusion that you might be come out ahead when you visit. You can also tell that government that they should ban you from entry completely (if you know you have a gambling problem). Curiously enough, your relatively can also do that for (or rather, to) you. See https://www.mha.gov.sg/docs/default-source/media-room-doc/annex-a---media-factsheet.pdf https://www.mha.gov.sg/docs/default-source/media-room-doc/an... for sources.