SEC Doesn’t See Cryptocurrencies Lasting Long
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Re: SEC Doesn’t See Cryptocurrencies Lasting Long
#2Because it's only Good for gambling
Re: SEC Doesn’t See Cryptocurrencies Lasting Long
#3Sounds extremely short sighted on so many levels.
Re: SEC Doesn’t See Cryptocurrencies Lasting Long
#4> “I don’t think there’s long-term viability for five or six thousand private forms of money,” Mr. Gensler said in a virtual event hosted by the Washington Post.
That's going to age like milk.
Re: SEC Doesn’t See Cryptocurrencies Lasting Long
#5"...banks issued their own currencies, which they sometimes refused to redeem for their purported value in gold or silver."
Fortunately the government stepped in with its own currency to refuse to redeem for gold
Re: SEC Doesn’t See Cryptocurrencies Lasting Long
#6Because it's only Good for gambling
Eh, I don't think this is the best take.
I'd say they are bad because they just don't work right now. Scaling is a huge issue. Yeah yeah there are 100 theoretical ways to scale to 100000 tx/s with low fees, but until I see it, I will maintain that crypto is useless.
Re: SEC Doesn’t See Cryptocurrencies Lasting Long
#7I understand the appeal and benefits of decentralized services, and how they could apply to currency, but I think there's something wrong with the idea that a successful currency should increase in value by orders of magnitude (or even at all). Like, E-mail is a very successful decentralized service, and people make money in relation to e-mail protocol specifications by providing value on top of it. Nobody got rich just for getting their gmail account early. I know there is a lot of experimentation being done in stablecoins, but it seems like speculative quests for the next 1000x return drive development instead of just trying to solve the problem of safely, quickly, and reliably digitally storing and exchanging value.
Re: SEC Doesn’t See Cryptocurrencies Lasting Long
#8> “I don’t think there’s long-term viability for five or six thousand private forms of money,” Mr. Gensler said in a virtual event hosted by the Washington Post. That's going to age like milk.
As a consumer, how many currencies do I want to deal with?
How many consumers will be willing to do currency conversions on a per transaction basis?
Re: SEC Doesn’t See Cryptocurrencies Lasting Long
#9Because it's only Good for gambling
That's unfair, it's also a good medium to extract ransoms with!
Re: SEC Doesn’t See Cryptocurrencies Lasting Long
#10Famous last words