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CEO of a top Bitcoin exchange warns: crackdown on cryptocurrencies may be coming

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Re: CEO of a top Bitcoin exchange warns: crackdown on cryptocurrencies may be coming

#461

Post by randomopining »

rawtxapp wrote: post #10
ballenf wrote: post #8

Earlier quoted context omitted.

Torrents or file sharing in general is maybe a good parallel. My impression of torrenting is that crackdowns have made file sharing a niche instead of mainstream activity. Of course it can't be 100% wiped out, but the general public is now wary of file sharing because the message is out there that it's risky.

I think it has more to do with the fact that for 10-20$/month you can subscribe to Netflix/Spotify and not bother with torrent. That said, torrenting is still alive and well.

Yeah before it was like, you had to go to the store to spend $15-25 on a single new movie on DVD. Now there's a ton of stuff at your fingertips in 10 seconds for like 10-20 month. Makes it a lot less worth it for the average Joe.

Re: CEO of a top Bitcoin exchange warns: crackdown on cryptocurrencies may be coming

#462

Post by [deleted] »

ccortes wrote: post #441
Kalium wrote: post #361

Earlier quoted context omitted.

Perhaps it means that this is a known problem with known working solutions. Countries that haven't solved identity are ones that either don't want to or can't, generally due to a mix of corruption and poverty. Perhaps I am simply suffering a tragic failure of imagination, but I fail to see how adding a blockchain changes things substantially.

> Countries that haven't solved identity are ones that either don't want to or can't, generally due to a mix of corruption and poverty It's not a known problem because each country has its own context. That's like saying US healthcare problem can be solved just by doing what nordic countries do. I'm not arguing for blockchain.

[deleted]

Re: CEO of a top Bitcoin exchange warns: crackdown on cryptocurrencies may be coming

#463

Post by randomopining »

puranjay wrote: post #455
randomopining wrote: post #405

Earlier quoted context omitted.

Yeah literally that has been my argument too. And I'm invested in this... because number go up. Ok, so govs ban exchanges and you have your stuff in cold storage. You have to buy/sell p2p? Are people gonna do that just to have this magical deflationary currency? Possibly... but idk.

Ever wondered why so many crypto projects come from China and Russia and former Soviet states? Because people who live there know what oppressive governments can do and how unreliable fiat is. I don't think people in the developed world understand it because they haven't really faced oppressive governments.

Lol like average people there are invested in Crypto?

I'd say it's because it's kind of the "wild west" and they can do scammy stuff and not get hit by the government like in the US or europe.

Re: CEO of a top Bitcoin exchange warns: crackdown on cryptocurrencies may be coming

#464

Post by randomopining »

noxer wrote: post #313
danlugo92 wrote: post #267

Earlier quoted context omitted.

1) bisq 2) sign up to a kyc exchange. Exchange small amount. Contact someone who is willing to exchange outside of the platform, maybe someone with a high reputation.

3) Lose all your money - deserved for being this stupid. The only reason someone sends you money back after you irreversible send money to them is if they are even more stupid than you.

That's what I don't understand. How could you possibly exchange crypto for fiat in a completely safe/foolproof way?

The person gives you fiat, you can say no. You send the person crypto first, they say no. Because it's not physical, there's no way to wrestle it from the person or whatever...

Re: CEO of a top Bitcoin exchange warns: crackdown on cryptocurrencies may be coming

#465

Post by randomopining »

puranjay wrote: post #256
arcturus17 wrote: post #178

Earlier quoted context omitted.

Yea no I've seen plenty of you folks talking about recent innovations in crypto and I'm just not persuaded that any of it is remotely useful other than maybe store of value and certainly speculation. I'm not a boomer, and I even own a decent position in BTC / ETH.

I'll give you an example. The most "mainstream" revolutionary idea in crypto right now is automated market makers (AMMs) like Uniswap. These essentially allow anyone to create a "pool" to trade between two assets and earn fees from it. You can tokenize any asset, pair it with a liquid token (such as ETH or USDT) and offer it to anyone to trade while you earn fees. Or you can join an existing, popular pool (such as be…

Yeah but what would the decentralized exchange be used for, other than other crypto?

A bank can legally process a person who fails to come through on a loan. They can physically take stuff. A decentralized crypto network can't do anything to anybody. It can just take the marginal collateral and then the rest swallow the losses...

I feel like defi crypto types discount the power of the physical world.

Re: CEO of a top Bitcoin exchange warns: crackdown on cryptocurrencies may be coming

#466

Post by jaggs »

What a fantastic discussion this is. Someone needs to archive this for future reference once the whole thing has played out one way or another. I have a feeling we're at a massive inflection point, with two possible futures facing us. One, featuring incredible innovation focused on enhancing the human condition through collective endeavour, the other one in which climate change forces us back into a kind of pseudo primitive social state. It feels like crypto has the potential to do trigger the former, if we still have enough cheap energy of course. :)

Re: CEO of a top Bitcoin exchange warns: crackdown on cryptocurrencies may be coming

#467

Post by grep_name »

drog wrote: post #221
puranjay wrote: post #135

Earlier quoted context omitted.

Crypto maximalists - and I know a LOT of them - are drawn to crypto because of ideology, not just the money. The idea that a person should own his/her own assets, be able to share and use them whenever they want, and be free from government censorship and foolhardy economic stewardship is incredibly powerful. When governments talk about banning crypto, what scares them isn't crypto; it's this ideology. And this ideol…

Why is this post so downvoted? It seems that antigovernment sentiment is not popular here It’s not only that but also all that “crypto is not technologically interesting and it’s just Ponzi scheme!”. There are so many interesting and unique things there. You can mix cryptography, finance, etc. into endless amount of protocols. Here is some interesting ideas in crypto: decentralized stable coin (dai), automatic market…

> dns that you actually own and not rent

Which projects are working on this? That sounds awesome

Re: CEO of a top Bitcoin exchange warns: crackdown on cryptocurrencies may be coming

#468

Post by nightski »

knorker wrote: post #438
nightski wrote: post #376

Earlier quoted context omitted.

The commissioner of the SEC doesn't find it all that ridiculous. She just commented on it yesterday actually. [1] https://youtu.be/KfvMX8sJEy4?t=525

I don't see her disagreeing with what I said.

She noted that in general you target the criminal activity itself, not the currency used to fund it. But then she further noted that cash was just as big of a problem for them and harder for them to deal with. She said that crypto had the advantage that it at least left a trail, unlike cash. No one said criminal activity is easy. But it's not fair for you to conclude that therefore it's ridiculous because using cash is hard.

Re: CEO of a top Bitcoin exchange warns: crackdown on cryptocurrencies may be coming

#469

Post by arcticbull »

puranjay wrote: post #459
arcticbull wrote: post #457

Earlier quoted context omitted.

Are you sure it’s not because that’s where scams and cyber attacks against the west come from?

Yessir, it's surely because of that and not because of the complete state collapse a lot of these people witnessed first hand.

Are you sure it's not because that's where cyber attacks come from? Because you do know that trading cryptos is illegal in China. Do you have any data to back up your assertion?

Re: CEO of a top Bitcoin exchange warns: crackdown on cryptocurrencies may be coming

#470

Post by devmunchies »

XorNot wrote: post #423
devmunchies wrote: post #305

Earlier quoted context omitted.

that's the point. if money is backed by something with a max-supply (like gold or some cryptocurrency) or if there were a law limiting the max money supply then eventually they will have exhausted their reserves if they aren't careful, and will need to borrow. The american dollar is not backed by anything but the "full faith and credit of the american govt" Even cryptocurrency projects like Brave browser's BAT has a…

So here's the thing...there was a long period of time where empires were on the gold standard. Spain during the early American colonial period was one such empire. Spain did really well out of it's brutality in the New World - plundering the Inca and Aztec empires yielded a wealth of gold, and the big find in the salvage industry today is still "spanish gold" because just so much of it sank to the bottom of the ocean…

yes, just because a nation is on a gold standard doesn't mean they can't have devaluation of currency, like when spain dumped a bunch of gold into the market from south america.

Cryptocurrency wouldn't have this problem, since it has a hardcoded limit, unlike gold or USD.

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