Reminds me of HSX (Hollywood Stock Exchange). It's a trading game/predictive market (no real money) where you trade shares in actors, movies, forthcoming movies, and even funds, e.g. "all Marvel movies." Pretty fun. https://www.hsx.com
Fake Tesla, Apple stocks have started trading on blockchains
31–40 of 361 posts
Re: Fake Tesla, Apple stocks have started trading on blockchains
#32Many 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…
> Wildcat banking increased incentives for risk-taking and fraud to high levels.
The evidence points out that it’s the current banking system that incentivizes risk taking because the international bankers know they’re getting a bailout every time when they mess up.
> 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.
I’d like to know how this massive regulation helped consumers during the GameStop events at the end of January.
Naked short selling is running rampant and the system is protecting these crooks who essentially resell the same shares repeatedly.
Stock trading must inevitably take place on a blockchain: it is the only means to publicly verify accurate data. The current system with self-reported data and slap on the wrist fines is completely ridiculous.
Re: Fake Tesla, Apple stocks have started trading on blockchains
#33Why are we allowing this to happen? This blockchain madness needs to stop.
Re: Fake Tesla, Apple stocks have started trading on blockchains
#34Many 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…
One of the major innovative points of cryptocurrencies and the current DeFi wave is that many interesting things can be built which are non-custodial.
Taking one of the largest DeFi exchanges for instance: Uniswap.
If the devs of uniswap decide to try and steal all of the funds that have been locked up in their contracts they can't[1]
That being said there are plenty of DeFi projects that claim to have no backdoor, but they do. And just because something is non-custodial doesn't mean that the value of the token won't go to zero, e.g. here's a good example of a project that went to zero even though there wasn't a known backdoor: https://www.rekt.news/iron-finance-rekt/
[1]: Assuming no one has missed a backdoor in the code
Re: Fake Tesla, Apple stocks have started trading on blockchains
#35Calling synthentic assets - something otherwise fully embraced by traditional finance - 'fake stocks' repeatedly lets me think they might have had some sort of an agenda on this one.. Disclosure: I have personally invested small sums in the mentioned SNX and MIR.
"Fake stocks" does make it sound like the users are being mislead into thinking that they are buying actual stocks. Which doesn't seem to be the case.
It's definitely not the case.
"Fake stock" == "stock futures instrument" depending on the writers underlying motive.
And the bloomberg motive is clear.
Re: Fake Tesla, Apple stocks have started trading on blockchains
#36Robinhood does the same for Bitcoin
Re: Fake Tesla, Apple stocks have started trading on blockchains
#37Looks like cryptocurrencies are not very innovative. They keep reinstalling all the features that have been there and improved in the regular markets. Tether and stablecoins mimicking the USD, now this stuff mimicking stocks, how are the not getting in trouble with government institutions or Apple? What are the loopholes? No existing laws yet? Or they operate and reside in far away jurisdictions?
I don't think there's any political interest in looking at them right now. It's largely just a bunch of nerds playing with pretend money. It hasn't really hurt anybody outside of it yet.
This pretend money is currently the main driving mechanism behind the unprecedented business hacking and ransomware wave.
Re: Fake Tesla, Apple stocks have started trading on blockchains
#38Many 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…
As all information becomes increasingly accessible & transparent tools emerge, central-regulation becomes less & less necessary.
Re: Fake Tesla, Apple stocks have started trading on blockchains
#39I think this is illegal. This is effectively a CFD, which are absolutely illegal in the US regulated or not. https://en.m.wikipedia.org/wiki/Contract_for_difference
Your reference says they are illegal only on regulated markets in the US.
Re: Fake Tesla, Apple stocks have started trading on blockchains
#40I think this is illegal. This is effectively a CFD, which are absolutely illegal in the US regulated or not. https://en.m.wikipedia.org/wiki/Contract_for_difference
Your reference says they are illegal only on regulated markets in the US.
Regulation S requires US persons no matter where they live to only trade at SEC regulated exchanges. [1] So broadly speaking it applies to all US persons - residents and citizens regardless of place of residency.
I suspect accredited investors can do as they please though, but that's only a guess.