Good advice regardless. Every month we get more evidence that exchanges don't adequately protect their users interests.
Did you need more evidence? It seemed clear from the start - these were not trustworthy businesses.
Former US SEC attorney: 'Get out of crypto platforms now'
41–50 of 515 posts
Re: Former US SEC attorney: 'Get out of crypto platforms now'
#42Earlier 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.
Given that almost all of that is violates securities laws, this still fits.
Re: Former US SEC attorney: 'Get out of crypto platforms now'
#43Earlier 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
He didn't say that, he said it's the killer app. It's the only value add over traditional finance.
Re: Former US SEC attorney: 'Get out of crypto platforms now'
#44Earlier quoted context omitted.
Yep, the only use cases for decentralized, programmable monetary systems are criminal. /s
Technically, since the Venezuelan government doesn’t want people laundering money with crypto, most people there are likely committing crimes and tax evasion with it.
Or trying to escape inflation/corruption? Please look into how the government there has brutally mismanaged their currency. People are suffering there because of monetary policy, empathy is a good practice.
Re: Former US SEC attorney: 'Get out of crypto platforms now'
#45 With crypto trading platforms, the SEC lacks any sort of oversight and access — and has scant ability to detect, investigate and deter fraudulent conduct. As a result, the crypto marketplace operates without much supervision
No doubt this has/does/will harbor criminal activity, but it will also foster the ability to exchange goods and services without third parties. This has huge benefits when the third parties are rogue and overextend their surveillance. Freedom is what we should be after. This has a cost in terms of criminal activity -- even to the extreme.
Re: Former US SEC attorney: 'Get out of crypto platforms now'
#46Earlier quoted context omitted.
People cannot create fiat currencies out of thin air. When done it's a crime (currency forgery).
That doesn't sound right. e.g. https://en.wikipedia.org/wiki/Canadian_Tire_money
Have you ever been to a Canadian Tires?
CTM is used the same way you'd use Airline Miles or Credit Card Points.
Re: Former US SEC attorney: 'Get out of crypto platforms now'
#47This 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...
Not if the intention is to drive crypto into the ground first and destroy the initial sector players (eg Coinbase), so the establishment banking / finance system can recapture all of it in one swift regulatory move.
It would then be ideal to be entirely out of crypto until the destruction is largely over, and the establishment gets its lock on the market.
There were only ever two possibilities. They control & own it, or it doesn't get to exist legally. Everything else was naive fantasy and ignorance about how the world actually works and will always work (power, politics, guns).
Re: Former US SEC attorney: 'Get out of crypto platforms now'
#48John 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.
Well, you just said that's he's wrong. One "killer application" is that it's a "stable" store of value. Not perfectly stable, it can quickly fall by a factor of about 2, and if you buy in the worst bubble it might fall to a fourth of its value. That's decidedly less stable than Western currencies, but it's more stable than some others. And for many people Bitcoin is more accessible than the foreign exchange market. It also tends to rise in value over sufficiently long time scales.
The other use is providing online payments to people who aren't in the banking system. The banking system requires trust, and shuts untrustworthy people out - both at the level of individuals and entire regions. Bitcoin eliminates the need for trust (on the monetary layer) and can thus reach more people.
Both are great applications. They are largely irrelevant in the West because only a tiny fraction of us experience those problems, but that doesn't mean they don't exist elsewhere.
Re: Former US SEC attorney: 'Get out of crypto platforms now'
#49With crypto trading platforms, the SEC lacks any sort of oversight and access — and has scant ability to detect, investigate and deter fraudulent conduct. As a result, the crypto marketplace operates without much supervision Isn't that the main idea of a decentralized currency? No doubt this has/does/will harbor criminal activity, but it will also foster the ability to exchange goods and services without third partie…
I wonder if the SEC knows how to use a blockchain explorer? That claim is made false from a simple glance at one.
Re: Former US SEC attorney: 'Get out of crypto platforms now'
#50Earlier quoted context omitted.
People cannot create fiat currencies out of thin air. When done it's a crime (currency forgery).
It's a crime if you or I do it. It's a blessing of quantitative easing when the rulers - our lords and saviors - do it.
The essential point is that they are not ruler or lords or saviors. We hired them to work for us, and democracies turn out to work better than any other form of government in history (and it's not close).
We are the rulers, lords, and the only hope for our own salvation. You'd better get to work.