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> If we didn't have banking regulations, bankers would run off with your money > What does the crypto have to do with it? The fact that crypto doesn't have th
by LambdaComplex 3y ago
> If we didn't have banking regulations, bankers would run off with your money
> What does the crypto have to do with it?
The fact that crypto doesn't have those regulations.
- buitreVirtual 3y agoNo built-in regulation perhaps, but many jurisdictions are starting to regulate it, for good reason.
- constantly 3y agoI haven’t heard of this, this is good news! Crypto is such a scam on its face. Can you share the jurisdictions that are starting to regulate it?
- btilly 3y agoWhat crypto people want to mean by "regulate it", and what everyone else means, are unrelated. Crypto people want it to mean, "We continue to do what we want to do, but claim to follow regulations." Meanwhile everyone else means, "You follow KYC and AML regulations properly. So you shut down criminals. Can reverse transactions when ordered by a bank. And have sufficient knowledge of who you're dealing with to help law enforcement in a practical manner." Crypto people respond, "But once it is cryptographically signed on the blockchain, it is final! And wallets are designed to be anonymous! We want to be regulated, with regulations that make sense for crypto!" Sorry crypto. You can't have your cake and eat it too. Right now you're an attractive nuisance for criminal enterprises. There is no particular reason why society should want crypto to be part of the financial system. There are good reasons to shut down crimes like ransomware.
- yieldcrv 3y agoah, so what we need are another self serving set of capitalists to convince Congress to create taxpayer funded insurance to cover mismanaged businesses, just like in 1933, to give LambdaComplex the assurance they need to move the goal post further haven't seen that proposed yet, but stranger things have happened regarding what the FDIC covers