Victor
@victor
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Earlier this week there was some interesting reporting around the Chair of the SEC’s stance on cryptocurrency and regulation. “It’s only with bringing things inside—and sort of clearly within our public policy goals—that a technology has a chance of broader adoption,” he was quoted as saying, which is pretty telling.
➡️What’s your take on crypto regulation? Do you agree that reining it in is the way to push the technology and encourage greater adoption or do you believe that regulation will regress it more than do it good? Or, more realistically, where’s the balance?
Check out these articles for context!
https://www.bloomberg.com/news/articles/2021-08-03/will-government-regulate-crypto-sec-chair-gary-gensler-on-bitcoin-and-oversight
https://markets.businessinsider.com/news/currencies/gary-gensler-sec-crypto-regulation-bitcoin-defi-fraud-stablecoins-rules-2021-8
https://www.theguardian.com/technology/2021/aug/03/cryptocurrency-sec-regulation
https://www.theverge.com/2021/8/3/22608096/cryptocurrency-bitcoin-sec-gary-gensler-regulation
**Not investment advice or endorsement of any particular investment or investment strategy
#communityquestion #sabadogigante #PublicPeople
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Depends on what reigning it in means. Gov hands on anything is not trusted to do what is right or best but the scammers need to be weeded out. On another note… there is criticism that the language may be too broad in determining who is a broker and that kind of poorly written regulation ( if not better defined) would send more advancing technology overseas.
Anyone who disagrees with regulation I ask to consider USDT and Bitfinex. Those are literally under criminal investigation and banned from the state of New York. Why? Because they were literally using USDT to pump up Bitcoin and disguise tens of millions in losses. An academic paper reveals that USDT was likely the "whale" pushing the price in 2017 which led to a spectacular collapse. Crypto is th…See more
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Victor@victor
@Katbaloo That’s an interesting point. I know there are a few proposals to change language in the infrastructure bill, is there one that has caught your attention more?
@tcardizzle curious if you have any thoughts on @Katbaloo ’s comment? What kind of regulation would you like to see and not see? Gonna throw out a wild guess out there but I don’t think you’d like crypto day trading margin requirement…See more
Stablecoins specifically have to be regulated to actually have something backing them up. USDT claimed to be backed by cash but after audit was shown to have basically no cash instead being backed by "cash equivalents." These equivalents are in the form of commercial paper debt. Actually only 2.9% of tether is backed by actual cash. This makes USDT one of the biggest holders of commercial paper in…See more
T
@Katbaloo in my personal philosophy, if scammers are to be weeded out, it needs to be done by people exercising critical thought, patience and reigning in their greed. The more we ask gubbmint to take care of our problems, the more we infantalize ourselves.
Taxation
What is it about decentralized, that ppl do not understand? The government is to be controlled by the ppl and so is crypto!
@Vc2miller it's absolutely not decentralized.. the correlation between coins has increased to record highs. Anyone who's traded crypto knows that already. They all are moving almost simultaneously. I intentionally picked coins that in reality have nothing to do with one another XRP, ADA, ETH, and BTC and yet they STILL move basically in unison. So... If they're decentralized how, other than a lot o…See more
@tcardizzle they are decentralized networks based on blockchain technology (a distributed ledger enforced by a disparate network of computers.)
That doesn't mean the currency isn't controlled by just a few individuals. Who cares how transactions are logged if a group of whales is controlling them all. In what way is that better or different?
Its all in online gambling right?
I staked my Eth in Coinbase so I can generate interest as I DCA in.
Oh my… lots of good points being made here. But first All I know is what I’m seeing and hearing after tumbling down the crypto rabbit hole. Feel like I need to go ask Alice… Lol. But seriously first @Victor. That criticism I spoke of came from a crypto newsletter I skimmed through this morning. The largest complaint was that the way they currently labeled brokers would make miners and others…See more
2. @BigManJongo - personal responsibility is on a lot of people’s wish lists but this is the human race you are talking about. Sadly, common sense and restraint are in extremely short supply.
Jelly@Jega
@tcardizzle you're right. And you can add to that the fact that exchanges are the way to buy, sell or trade crypto so they act like a centralized management.
I'm not a fan of regulation but in crypto it will be inevitable to happen. Not simply because of scammers but because of greedy individuals or corporations.
3. @tcardizzle - Yep, it’s really weird how all those lil squiggly lines look amazingly similar and in some cases almost identical. But I did recently notice a blip divergence between BTC & ETH. I don’t know the correct lingo. I’m just a crypto newbie
@Katbaloo yeah eth just went through a hard fork that changed quite a lot about how it operates. I was bracing for backlash from miners as the new structure isn't kind to them and in theory they could have launched a 51% attack taking over the network. It seems like that risk has passed but that's the catalyst behind the eth movement currently.
Right now I ‘m debating getting the cash management option on Robinhood. Besides my crypto IRA .. I needed a way to experiment with crypto freely. Shazam … I’m having a lil fun over there. The Crypto IRAs are very conservative… fees are high enough to keep you from gambling. Even Robinhood’s crypto list is conservative. So that leaves me with coin base to try next. But don’t worry… I have my…See more
Philshizzle@philshizzle
My opinion, shouldn’t be trying to regulate a new market when he’s got no handle on the current one.
@victor this is super relevant right now. I cover a bit of it briefly in my newsletter this week.
But want to highlight that while regulation is a big deal…it’ll only become a greater area of concern as the country looks for new ways to fund projects.
I’m not sure if reining it in will give us the push…but it will start to give it a framework so that people like accountants and wealth managers ca…See more
Ralph Linch, I agree 100% with what you said. Thank you. Finally someone has the same thoughts on crypto.
@philshizzle I hear that but hope Gensler tries to get a handle on both since they’re both a mess and they also affect each other...
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Gouurry@goury
This crypto coin needs to be regulated for this reason.
Source below
https://www.msn.com/en-us/money/other/two-south-african-brothers-have-vanished-with-2436-billion-of-bitcoin-in-what-could-be-the-biggest-crypto-heist-in-history/ar-AALmIrY
It's to easy to steal people money
"Put the government in charge of the Sahara, and you will soon run out of sand" - Milton Friedman, Nobel prize winner for economics in 1988, and one of Reagan's top economic advisors... and to quote Reagan himself, the scariest words in the English language are "I'm from the government, and I'm here to help"
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No Crypto really has anything backing them. There is no intrinsic value for any crypto. They all have blockchain technology or an equivalent to it. So the technology and their ability to have payments processed quicker and cheaper are what really drives some of there value. The other part of their value is that people believe it has a certain value(in other words it’s worth what someone is wil…See more
I’m an idealist at heart and want crypto to fly free 🕊 but I’m trying to 100% embrace reality these days and in this case (for the good reasons you all mention) I think that means the need for regulation 😭 (I’m still dreaming of, and trying to create, a better world though...)
Hey also anyone heard of the CCI? They hosted that 7/21 event where Cathie, Jack and Elon talked about Bitcoin. I heard one of the goals of the event was to make people less nervous about Elon’s potential to tweet tank Bitcoin (by showing him discussing it with more “stable” figures) 😂. Anyway the CCI, which is supported by Square, Coinbase and Fidelity, wants crypto regulation. And I went down a…See more
