3 ms·

Is Crypto Dead?

3 points by RickJWagner 3y ago

eimrine 3y ago
These digital assets are “pretty much only good for illegal activities, like money laundering, narco-terrorism, and tax evasion,” Dennis Kelleher, a co-founder of Better Markets, a nonprofit advocating for financial regulation, told me. “Is there social or public interest in enabling a financial product like that?” Who watches the watcher? Governments are effectively terrorists, war against drugs is effectively lost, and megacorps are effectively experts in money laundering and tax evasion activities with no cryptocurrencies at all.
- anonyfox 3y ago
  isnt this that "the people" are for in a democracy? In theory, everyone is free to create a new party that cares about particular things, and people can vote for it if they think its important for them, too. I think the major reason why this doesn't work fluently in practise (and a bunch of other issues) is capitalism itself, where wealth naturally concentrates and money is able to buy people one way or the other. Not to start a socialism discussion again, just in my mind the general concept of "government" in a democracy is fine, its only sabotaged increasingly by people with too much capital
  - eimrine 3y ago
    There is too much capital belongs to stupid people somehow.
    - anonyfox 3y ago
      I believe its often the other way around: decent humans somehow accumulate high wealth and become influenced/corrupted/changed over time through that. Not that money amplifies weaknesses alone, but rather the wealth itself changes the way people think, and in many cases not for the better.
rvz 3y ago
Betteridge's law of headlines suggests: No. On top of that, explain why all these large wealth managers with the likes of Blackrock, WisdomTree, Invesco, etc are NOW filing for Bitcoin ETFs just right after the SEC does a 'crackdown' on crypto exchanges. Something is certainly going on behind the scenes to benefit these wealth managers and crypto regulations in general which this doesn't seem like a coincidence. But this is another retail trap to get them buying crypto at these ridiculous prices, instead when the SEC nonsense manipulated lots of people to believe it is all over. (When it never was in the first place)
- tornato7 3y ago
  The tin foil hat in me thinks that Blackrock saw little startups taking over the burgeoning crypto market and decided they needed to be #1 there too. So they have their pals at the SEC create a regulatory nightmare that beats down the startups and puts them on top.

3 points by RickJWagner 3y ago

These digital assets are “pretty much only good for illegal activities, like money laundering, narco-terrorism, and tax evasion,” Dennis Kelleher, a co-founder of Better Markets, a nonprofit advocating for financial regulation, told me. “Is there social or public interest in enabling a financial product like that?” Who watches the watcher? Governments are effectively terrorists, war against drugs is effectively lost, and megacorps are effectively experts in money laundering and tax evasion activities with no cryptocurrencies at all.

anonyfox 3y ago
isnt this that "the people" are for in a democracy? In theory, everyone is free to create a new party that cares about particular things, and people can vote for it if they think its important for them, too. I think the major reason why this doesn't work fluently in practise (and a bunch of other issues) is capitalism itself, where wealth naturally concentrates and money is able to buy people one way or the other. Not to start a socialism discussion again, just in my mind the general concept of "government" in a democracy is fine, its only sabotaged increasingly by people with too much capital
- eimrine 3y ago
  There is too much capital belongs to stupid people somehow.
  - anonyfox 3y ago
    I believe its often the other way around: decent humans somehow accumulate high wealth and become influenced/corrupted/changed over time through that. Not that money amplifies weaknesses alone, but rather the wealth itself changes the way people think, and in many cases not for the better.

rvz 3y ago

Betteridge's law of headlines suggests: No. On top of that, explain why all these large wealth managers with the likes of Blackrock, WisdomTree, Invesco, etc are NOW filing for Bitcoin ETFs just right after the SEC does a 'crackdown' on crypto exchanges. Something is certainly going on behind the scenes to benefit these wealth managers and crypto regulations in general which this doesn't seem like a coincidence. But this is another retail trap to get them buying crypto at these ridiculous prices, instead when the SEC nonsense manipulated lots of people to believe it is all over. (When it never was in the first place)

tornato7 3y ago
The tin foil hat in me thinks that Blackrock saw little startups taking over the burgeoning crypto market and decided they needed to be #1 there too. So they have their pals at the SEC create a regulatory nightmare that beats down the startups and puts them on top.