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Crypto unlikely to survive as investment if unregulated, SEC chairman says

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Re: Crypto unlikely to survive as investment if unregulated, SEC chairman says

#31

Post by germinalphrase »

GDC7 wrote: post #24

This guy of course talks from the comfort zone of being a beurocrat. He doesn't have to deal with alienating all the crypto boys and girls. And there are millions of them! Given that every election is won and lost by a couple of % points give or take... What will happen is an implosion first and foremost, only once that happens the public will be calling for congressional hearings. Get ready to see Saylor, Musk, Arms…

There maybe be millions of crypto holders, but how many of them will be single issue crypto voters? Probably only a fraction. I would be legitimately surprised to learn that it had any kind of measurable voting impact.

Re: Crypto unlikely to survive as investment if unregulated, SEC chairman says

#32

Post by andrewclunn »

bachmeier wrote: post #29
asmos7 wrote: post #20

Earlier quoted context omitted.

Fun fact but the gov basically stole gold from ppl b4 in the good ole USA. They made it illegal to hold - if you were caught having gold it was a 10k fine. PPL were forced to go to their banks and sell their gold at a loss. https://en.wikipedia.org/wiki/Executive_Order_6102#:~:text=E... . That article uses the term hoarding but don't be fooled they made holding any relevant amount of gold for investment illegal. You…

Is this comment somehow related to the one you replied to?

Yes, it's pointing out that regulation doesn't protect one from theft, it just formalizes it.

Re: Crypto unlikely to survive as investment if unregulated, SEC chairman says

#33

Post by Bud »

londons_explore wrote: post #11
encryptluks2 wrote: post #6

The SEC has already proven that they can't keep up with crypto. I don't think crypto will survive if it becomes regulated. While there is a lot of manipulation happening in crypto, there is a lot of organic grassroots efforts as well for people that value privacy and true decentralization. I can only imagine how quickly they'd work to destroy both of those things and target cryptocurrency that promotes those ideals.…

deleted

Isn't it just a tad bit disingenuous to say "those same bitcoins", when, as we all know, their value has appreciated by around five orders of magnitude since then?

Re: Crypto unlikely to survive as investment if unregulated, SEC chairman says

#34

Post by throwvirtever »

I don't understand this push for regulation of cryptocurrencies. Just let the mathematics govern. It'll either work on its own, or as people lose their money to trickery and/or carelessness, there will be less and less to regulate as people stop participating.

Re: Crypto unlikely to survive as investment if unregulated, SEC chairman says

#35

Post by class4behavior »

guscost wrote: post #14

1. They ignore you 2. They mock you 3. They fight you 4. You win!

A useless generalization which you could apply to a lot of things or people. First, they ignored Trump, then they mocked him, then they fought him, then he won.

Re: Crypto unlikely to survive as investment if unregulated, SEC chairman says

#36

Post by asimpletune »

onetimeusename wrote: post #30
toomuchtodo wrote: post #9

It is difficult to get a crypto proponent to understand something, when their crypto wealth depends on them not understanding it. EDIT: If you steal my gold or other metal store of value, I can pursue you in court and recover my loss (either the actual materials lost or fiat value). If you steal my single named security, I can pursue you in court and recover my loss (or the clearinghouse will reverse the transaction)…

How much value has been lost to inflation this year? Why is that acceptable but coding errors are not? I am not a crypto-currency enthusiast but I remember the Bitcoin whitepaper arguing against centralized currency. So it was critical of the Federal Reserve. I think people should be allowed to choose. If they don't want regulation then fine.

Value != price

Re: Crypto unlikely to survive as investment if unregulated, SEC chairman says

#37

Post by danielvaughn »

toomuchtodo wrote: post #21
twox2 wrote: post #17

Earlier quoted context omitted.

FWIW, I'm pretty sure banks loose in the hundreds of billions per year to fraud... and it's all heavily regulated.

And customers who experience a loss are made whole through EFTA [2] and Reg. E [1] (if transfer related), with banks eating any costs unrecoverable after pursuing those who perpetrated the theft. Does Coinbase reimburse you if lose your crypto due to fraud [3] [4]? If not, clearly regulation is warranted if they put themselves forth as a custodian and exchange. This doesn't happen in centralized finance, and everyone…

Those are only certain types of fraud. There are others that are not covered. For instance, someone stole my wife's credit card information and bought nearly $3k worth of stuff from various stores. The company refused to cover it. Apparently once your loss exceeds a certain amount, they suddenly become much less willing.

If someone somehow lost 11.6M due to credit card fraud, I seriously doubt they'd get their money back.

Re: Crypto unlikely to survive as investment if unregulated, SEC chairman says

#38

Post by bluecalm »

rodiger wrote: post #26
toomuchtodo wrote: post #9

It is difficult to get a crypto proponent to understand something, when their crypto wealth depends on them not understanding it. EDIT: If you steal my gold or other metal store of value, I can pursue you in court and recover my loss (either the actual materials lost or fiat value). If you steal my single named security, I can pursue you in court and recover my loss (or the clearinghouse will reverse the transaction)…

Who's being protected if I'm fully aware of the risks? I feel like education is much more valuable than dictating what is "too risky" for an individual investor. But agreed, what you've described is the most-likely outcome.

The rest of the population is protected. It's problematic to have both the disillusioned scammed and scammers running around with freshly acquired capital to do more harm to other people.

Re: Crypto unlikely to survive as investment if unregulated, SEC chairman says

#39

Post by sillypuddy »

onetimeusename wrote: post #30
toomuchtodo wrote: post #9

It is difficult to get a crypto proponent to understand something, when their crypto wealth depends on them not understanding it. EDIT: If you steal my gold or other metal store of value, I can pursue you in court and recover my loss (either the actual materials lost or fiat value). If you steal my single named security, I can pursue you in court and recover my loss (or the clearinghouse will reverse the transaction)…

How much value has been lost to inflation this year? Why is that acceptable but coding errors are not? I am not a crypto-currency enthusiast but I remember the Bitcoin whitepaper arguing against centralized currency. So it was critical of the Federal Reserve. I think people should be allowed to choose. If they don't want regulation then fine.

I believe value is transferred to the government by inflation similar to a tax, not actually lost.

Re: Crypto unlikely to survive as investment if unregulated, SEC chairman says

#40

Post by rodiger »

Bud wrote: post #33
londons_explore wrote: post #11

Earlier quoted context omitted.

deleted

Isn't it just a tad bit disingenuous to say "those same bitcoins", when, as we all know, their value has appreciated by around five orders of magnitude since then?

In dollars, but purists would argue that's irrelevant when transacting in bitcoin
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