Former US SEC attorney: 'Get out of crypto platforms now'

Post by Marsymars » Tue, Jun 20, 2023, 6:53 PM UTC

vladd wrote: post #16

zhvihti wrote: post #14

It's strange to me how people keep comparing cryptocurrencies to equity, but don't compare them to their closest counterpart - fiat currencies. Are fiat currencies treated like securities? No. Are there "best execution requirements" when I exchange my USD for EUR. No. Did somebody have to register the Brazilian Real with the SEC for it to be exchangeable in the US? No.

People cannot create fiat currencies out of thin air. When done it's a crime (currency forgery).

Post by waboremo » Tue, Jun 20, 2023, 6:53 PM UTC

Post by xwdv » Tue, Jun 20, 2023, 6:55 PM UTC

uLogMicheal wrote: post #17

_jab wrote: post #15

Earlier quoted context omitted.

I mean, is he wrong? Genuinely the only other application I’ve seen which seems plausible is for use in places like Venezuela where the official currency is worthless.

Yep, the only use cases for decentralized, programmable monetary systems are criminal. /s

Post by dismalpedigree » Tue, Jun 20, 2023, 6:57 PM UTC

api wrote: post #25

_jab wrote: post #15

Earlier quoted context omitted.

I mean, is he wrong? Genuinely the only other application I’ve seen which seems plausible is for use in places like Venezuela where the official currency is worthless.

He's not entirely correct. Crime is a major application but by far the largest use case for crypto is "investing" (gambling) in crypto.

Post by p_j_w » Tue, Jun 20, 2023, 6:57 PM UTC

uLogMicheal wrote: post #13

John Reed Stark is their expert? https://twitter.com/JohnReedStark/status/1670457201943511040 "The only killer app for crypto that seems tangible is its excellent use to orchestrate global crimes." The bias is abundant, it's well known this guy hates crypto.