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> Regulators waited to see if the crypto industry could deliver the promised value to society. If crypto is useful then it can be made to fit within the regula

> Regulators waited to see if the crypto industry could deliver the promised value to society. If crypto is useful then it can be made to fit within the regulatory framework. If crypto is just a facilitator of fraud and ponzi schemes then harsh regulatory action is justified. Crypto largely has not delivered on its promises, and now the wheels of justice have started grinding. the moment it was regulated like a security, it prevented anyone from using bitcoin/shitcoin as an actual currency.

Spivak 3y ago
Which does suck for people that wanted it to take over the world as a medium of exchange but when everyone interacting with crypto behaves like it's a security it becomes one.
- DennisP 3y ago
  Things don't become securities just because people speculate on them.
api 3y ago
People started using crypto like a security (or gambling token) first, then regulators followed. It was never used widely as a currency. It’s not a good one due to its slow transaction times and extreme volatility.
- calvinmorrison 3y ago
  it was initially used as a currency, yes. Then gamblers and bankers thought they could make a buck on it. Then it got treated like a security, which locked it in. Don't need to hear a hoot about TX times since my ACH takes days to clear, thanks!
  - PH95VuimJjqBqy 3y ago
    If it's taking days to clear that's an issue with your bank, change banks. https://www.nacha.org/rules/expanding-same-day-ach https://www.nacha.org/rules/expanding-same-day-ach Note the following > The precise timing of ACH file processing schedules, including this new third Same Day ACH processing window, are not set in the Rules, but instead are determined by each ACH Operator. Note that your bank is acting as the ACH Operator.
    - calvinmorrison 3y ago
      funny thing with crypto is there's no bank needed! No wonder the Usurers wanted to shut it down
      - ceejayoz 3y ago
        There's still a bank, it's just you. You're now responsible for customer service, security, compliance, liability etc. that banks have entire departments for.

Spivak 3y ago

Which does suck for people that wanted it to take over the world as a medium of exchange but when everyone interacting with crypto behaves like it's a security it becomes one.

DennisP 3y ago
Things don't become securities just because people speculate on them.

api 3y ago

People started using crypto like a security (or gambling token) first, then regulators followed. It was never used widely as a currency. It’s not a good one due to its slow transaction times and extreme volatility.

calvinmorrison 3y ago
it was initially used as a currency, yes. Then gamblers and bankers thought they could make a buck on it. Then it got treated like a security, which locked it in. Don't need to hear a hoot about TX times since my ACH takes days to clear, thanks!
- PH95VuimJjqBqy 3y ago
  If it's taking days to clear that's an issue with your bank, change banks. https://www.nacha.org/rules/expanding-same-day-ach https://www.nacha.org/rules/expanding-same-day-ach Note the following > The precise timing of ACH file processing schedules, including this new third Same Day ACH processing window, are not set in the Rules, but instead are determined by each ACH Operator. Note that your bank is acting as the ACH Operator.
  - calvinmorrison 3y ago
    funny thing with crypto is there's no bank needed! No wonder the Usurers wanted to shut it down
    - ceejayoz 3y ago
      There's still a bank, it's just you. You're now responsible for customer service, security, compliance, liability etc. that banks have entire departments for.