Hacker News Board Hacker News, browsed like a classic message board
Live data from Hacker News

Fools and their crypto

techcrunch.com

Post reply on HN
Print view View original

31–40 of 128 posts

Re: Fools and their crypto

#31

Post by fuddcoinn »

Thriptic wrote: post #30
Alex3917 wrote: post #27

Earlier quoted context omitted.

> Until someone figures out a way to even somewhat integrate ICOs into the existing legal system, this will keep happening. They're already integrated into the legal system. What new laws are needed?

You shouldn't be able to run one unless you're a registered company. It has to be relatively easy to come after you for fraud as an investor. Considering that this is a mechanism that is predominantly used to fund projects or companies anyway, I don't think that's an irrational requirement.

all the same laws are applicable and fraud is fraud.

what is more interesting is that a variety of traditional control mechanisms appear to be ineffective at stopping the two voluntary parties from interacting whereas for banking and brokerages they are sufficient.

I'd hate to see a second useless set of laws be made, similar to "hate crimes" (a crime is a crime - except when you say a certain something or think a certain way?? wtf) but how would you even enforce a law requiring specific criteria for an ICO when an anonymous 14 year old kid anywhere in the world can do it in 20 minutes??!

i am of the thought that not every guerilla ICO has to be brought to justice but the "rule of law" requires some semblance of respect and obedience and I've been to countries where everything is up for negotiation and no law is "rule". slippery slope. perception of authority should not be diluted if possible.

seems the nation state's reach has started to exceed it's grasp....

Re: Fools and their crypto

#32

Post by Thriptic »

fuddcoinn wrote: post #31
Thriptic wrote: post #30

Earlier quoted context omitted.

You shouldn't be able to run one unless you're a registered company. It has to be relatively easy to come after you for fraud as an investor. Considering that this is a mechanism that is predominantly used to fund projects or companies anyway, I don't think that's an irrational requirement.

all the same laws are applicable and fraud is fraud. what is more interesting is that a variety of traditional control mechanisms appear to be ineffective at stopping the two voluntary parties from interacting whereas for banking and brokerages they are sufficient. I'd hate to see a second useless set of laws be made, similar to "hate crimes" (a crime is a crime - except when you say a certain something or think a ce…

> all the same laws are applicable and fraud is fraud

No, it's not the same when you can use pseudonyms and provide fake data with the intent of deceiving someone.

> what is more interesting is that a variety of traditional control mechanisms appear to be ineffective at stopping the two voluntary parties from interacting whereas for banking and brokerages they are sufficient.

Fraud is not two voluntary parties interacting, it's one party stealing someone's money without their consent

> but how would you even enforce a law requiring specific criteria for an ICO when an anonymous 14 year old kid anywhere in the world can do it in 20 minutes??!

Admittedly I'm not sure, but my off the cuff thought is that you seize assets and prevent cashing out. Any wallet associated with a dubious ICO could be tracked and anyone that facilitates transactions for them could be targeted. If an exchange facilitates their cashing out they will have their assets seized; if a tumbling service receives assets from those wallets they will be subject to criminal action; if a bank facilitates a cash out they will be banned from participating in the US financial system etc.

Honestly at the end of the day it doesn't really matter. At this rate ICOs will either be outright banned or anyone with half a brain will stay far away from them and the hype will die out.

Re: Fools and their crypto

#33

Post by jancsika »

I'll bite.

How does a slow, expensive, global time-stamping service which cannot scale to billions or even tens of millions of users create a foundation for a sound business model to track all the food?

Re: Fools and their crypto

#34

Post by mrep »

jancsika wrote: post #33

I'll bite. How does a slow, expensive, global time-stamping service which cannot scale to billions or even tens of millions of users create a foundation for a sound business model to track all the food?

That's to come in their second white paper which handles scaling which nobody else has solved. /s

Re: Fools and their crypto

#35

Post by mrep »

KasianFranks wrote: post #24
sverige wrote: post #12

Earlier quoted context omitted.

Yes, I am confident that there are as many good actors in cryptocurrencies as there are in any other multi-level marketing scheme.

Many of them are MLMs but I'm referring to the ones that are not, the ones that actually using the crypto capital for true innovation.

Name 1 that has used that capital to achieve over 10$ million in profit per year.

Re: Fools and their crypto

#37

Post by jimjimjim »

r053bud wrote: post #6

For real though...when will we stop using crypto to refer to cryptocurrencies? Crypto is short for one thing and it's cryptography.

like when cyber started to become slang for sex while online.

it has probably happened through out history where well established names get hijacked when something else get picked up by the general population. e.g.

hacker vs cracker.

drones (rc helicopters vs pilotless aircraft).

Re: Fools and their crypto

#38

Post by IncRnd »

Thriptic wrote: post #21

I will repeat myself from another ICO thread last week: you cannot have investment vehicles where commiting fraud results in no punishment. It simply doesn't work. Until someone figures out a way to even somewhat integrate ICOs into the existing legal system, this will keep happening. I have proposed one possible solution to this problem here: https://news.ycombinator.com/item?id=16208325

The picture on the article's page is of a flock of children who are following a person, presumably a pied piper, who has no head and no pipe.

Doing a google image search shows the head was specifically cut off for this page!

Yep. That's the state of cryptocurrencies. A picture is worth a thousand words.

Re: Fools and their crypto

#39

Post by thisisit »

IncRnd wrote: post #38
Thriptic wrote: post #21

I will repeat myself from another ICO thread last week: you cannot have investment vehicles where commiting fraud results in no punishment. It simply doesn't work. Until someone figures out a way to even somewhat integrate ICOs into the existing legal system, this will keep happening. I have proposed one possible solution to this problem here: https://news.ycombinator.com/item?id=16208325

The picture on the article's page is of a flock of children who are following a person, presumably a pied piper, who has no head and no pipe. Doing a google image search shows the head was specifically cut off for this page! Yep. That's the state of cryptocurrencies. A picture is worth a thousand words.

That I guess is a subtle nod to the company Pied Piper in the series Silicon Valley [1].

In the last season one of the characters built an app called "SeeFood", a Shazam for food:

https://www.youtube.com/watch?v=FNyi3nAuLb0

The app ended being used at Periscope to detect penis which explains the ending for the website too.

Re: Fools and their crypto

#40

Post by the_jeremy »

r053bud wrote: post #6

For real though...when will we stop using crypto to refer to cryptocurrencies? Crypto is short for one thing and it's cryptography.

Crypto used to exclusively mean cryptography. Cell used to exclusively mean unit of living matter. Language evolves, and it's the popular culture that decides meanings. Cryptography isn't as popular as cryptocurrency. I don't know what you expect to gain by holding on to a definition losing the language war.
Post reply on HN