11–20 of 361 posts
Disclosure: I have personally invested small sums in the mentioned SNX and MIR.
>Binance may have violated securities rules when it issued the tokenized shares of Tesla, MicroStrategy Inc. and Coinbase, BaFin said in April. Microstrategy Inc. So just to be clear, they're created a synthetic crypto-instrument to track the performance of a share that is something like >90% correlated with BTC (since MSTR is basically a leveraged BTC bet now). This is absolutely snake eating it's own tail kinds of…
I don't want to have to deal with the societal problems/have my taxes go to a bailout when there's billion dollar scams affecting average workers, a pension fund, or minority first-time investors.
Earlier quoted context omitted.
> The US has huge financial industry partly because the regulation is so extensive. People from all over the world invest their money in the US because they know what when liquidity crisis happens, they still get their money back. And that is one of the reasons so many people invest in crypto-scams. They are used to the safety of traditional banking, and think that it comes for free. Not realizing that it is a hard e…
Investing in crypto projects is the same like investing in dot com companies back in the day. You invest in concepts not in the actual product or solution and ofc 99% of these projects are unrealistic or team behind them is incompetent.
When Webvan went bankrupt, they truly bought all of those warehouses / refrigerated vans. They were honest about their business idea.
When "Africrypt" (a recent Crypto group) stole $3.6 Billion from its customers, that's straight up fraud and would not stand even back in the dot-com boom in the 90s. That's the sort of thing US Regulators are trying to protect investors from.
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You still might invest into a bad idea (ex: Webvan or Theranos), but those CEOs are truly spending money on vans / warehouses / poorly designed blood tests and not just actively stealing it from their investors.
Even when companies criminally lie (ex: Enron or Worldcom), its a far lesser crime than what the Africrypt brothers did just a few weeks ago. The size and scope of the scams currently going on in the Blockchain world is far worse than what happens in US regulated markets.
>Binance may have violated securities rules when it issued the tokenized shares of Tesla, MicroStrategy Inc. and Coinbase, BaFin said in April. Microstrategy Inc. So just to be clear, they're created a synthetic crypto-instrument to track the performance of a share that is something like >90% correlated with BTC (since MSTR is basically a leveraged BTC bet now). This is absolutely snake eating it's own tail kinds of…
Crypto now is like trading stocks was before and leading up to the great depression: a bunch of hucksters, shills, snake-oil salesmen and unrestricted margin. And a few well-intentioned people. Before the Securities Act, the Securities Exchange Act, Regulation T and the SEC.
The great finance speed-run has reached mid-1929.
[edit] Seriously if the Fed has to cough up $60 billion dollars to bail out Tether, I'm going to be incredibly pissed off.
> But to oversimplify, under the Mirror Protocol, the idea is to keep prices of the synthetic -- or “mirrored” -- equities in the ballpark of the real thing by offering incentives for traders to arbitrage price discrepancies and manage the actual supply of tokens. Users can create, or “mint,” new tokens when prices are too high by posting collateral, and destroy, or “burn,” tokens when prices are too low, driving the…
> But to oversimplify, under the Mirror Protocol, the idea is to keep prices of the synthetic -- or “mirrored” -- equities in the ballpark of the real thing by offering incentives for traders to arbitrage price discrepancies and manage the actual supply of tokens. Users can create, or “mint,” new tokens when prices are too high by posting collateral, and destroy, or “burn,” tokens when prices are too low, driving the…
>Binance may have violated securities rules when it issued the tokenized shares of Tesla, MicroStrategy Inc. and Coinbase, BaFin said in April. Microstrategy Inc. So just to be clear, they're created a synthetic crypto-instrument to track the performance of a share that is something like >90% correlated with BTC (since MSTR is basically a leveraged BTC bet now). This is absolutely snake eating it's own tail kinds of…
This isn't about Mark Cuban's losses per se, I also have no issue with him (an accredited investor) getting bilked for some change between the couch cushions - the issue is even if an incredibly sophisticated investor like Mark could fall for such a rug-pull/failure then how can we possibly expect unsophisticated investors not to get bamboozled? Remember, those who wash out of trading end up beneficiaries of the stat…
Many people are asking: Why government should regulate finance? In the US you should look at the so-called free-banking era (1837–1864) or the crisis era (1782–1930). Btw. Free banking didn't mean no rules. It just meant that there was no charter or permission is needed to start a bank, Finance was basically free for all. Easy to get in. Constant stream of economic recessions and banking crises harmed everyone. Wildc…
> The US has huge financial industry partly because the regulation is so extensive. People from all over the world invest their money in the US because they know what when liquidity crisis happens, they still get their money back. And that is one of the reasons so many people invest in crypto-scams. They are used to the safety of traditional banking, and think that it comes for free. Not realizing that it is a hard e…
It’s a leopards ate my face situation. And it’s beyond frustrating but I can also sympathize with them a bit. Who among us hasn’t stubbornly needed to see something for ourselves in order to learn a lesson we could have (and should have) learned by listening to the people with a bit of experience?
> But to oversimplify, under the Mirror Protocol, the idea is to keep prices of the synthetic -- or “mirrored” -- equities in the ballpark of the real thing by offering incentives for traders to arbitrage price discrepancies and manage the actual supply of tokens. Users can create, or “mint,” new tokens when prices are too high by posting collateral, and destroy, or “burn,” tokens when prices are too low, driving the…
> But to oversimplify, under the Mirror Protocol, the idea is to keep prices of the synthetic -- or “mirrored” -- equities in the ballpark of the real thing by offering incentives for traders to arbitrage price discrepancies and manage the actual supply of tokens. Users can create, or “mint,” new tokens when prices are too high by posting collateral, and destroy, or “burn,” tokens when prices are too low, driving the…