31–40 of 515 posts
This was posted in 8 June. With big name brokers in the US making a move into the crypto market today, is it fair to say this guy has no idea what he is talking about? + https://www.bloomberg.com/news/articles/2023-06-20/crypto-ex...
The SEC's enforcement on Crypto Platforms is specifically aimed at separating the Broker Function from Exchanges.
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.
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.
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.
Oh, and gambling/speculating of course.
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.
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.
> Did somebody have to register the Brazilian Real with the SEC for it to be exchangeable in the US? No.
There is in fact a considerable regulatory system in place as it pertains to exchanging currency, currency laws, and so on.
Turns out the answer to "How is this not a regulated security?" is "It is."
He does not like the lack of regulation around the (decentralized, unregulated) distribution and prefers the broker-dealers regulation and clearinghouse oversight.
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.
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).
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.
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.