What will the SEC do when 0x decentralized exchanges pop up?
There are already a dozen in development... pure p2p trading from a hardware wallet...
Statement on Potentially Unlawful Online Platforms for Trading Digital Assets
51–60 of 282 posts
Re: Statement on Potentially Unlawful Online Platforms for Trading Digital Assets
#52Earlier quoted context omitted.
> who have provided less than zero benefit or service to our society Was following your argument up to that point. Making such a value judgment requires, in my opinion, a lot more data and deep analysis. Cryptocurrencies have the potential of loosening the grasp of oppressive regimes over their people. And it takes those other investors for the process to function. But, the reality and therefore data is needed to jud…
> Cryptocurrencies have the potential of loosening the grasp of oppressive regimes over their people. How exactly would that work?!
by allowing u to transact wealth without the control and oversight of the oppressive regime.
Re: Statement on Potentially Unlawful Online Platforms for Trading Digital Assets
#53What will the SEC do when 0x decentralized exchanges pop up? There are already a dozen in development... pure p2p trading from a hardware wallet... https://0xproject.com/
You have to convert USD to some cryptocurrency at some point, and vice-versa, so that's what they'll regulate.
Re: Statement on Potentially Unlawful Online Platforms for Trading Digital Assets
#54So if some anonymous person invents cryptocurrencies, at what point are you supposed to be considered securities? If the first exchange had gone to SEC to register as a securities exchange, would the SEC not have laughed in their face? The headline itself really captures the ambiguity and uncertainty of all of this: "potentially unlawful".
Of course they would have laughed in their face. Do you see Nasdaq trying to list Dogecoin? There is no ambiguity or uncertainty here - there is a big problem and they're trying to reign it in with gloved hands before it becomes one and it turns into a big economic mess that the government will have to foot the bill to eventually clean up. This site likes to complain about wealthy inequality - common people like your…
I can't help but think you're talking about modern billionaires too, like Bill Gates or Buffet, who basically traded in a finance market measures of others efforts.
Did he provide a benefit? Sure. Did he provide one that humanity couldn't have provided on its own? Dubious. Open-source could have been the de facto provider of an operating system.
IBM was gifted technology designed, build, and paid for the government taxes.
The rich only ever get rich off public invention, collective effort. Yet the myth is one of self-sufficiency (nevermind all the basic organization in society that has to be such that it can lift up a "tycoon" in the first place - we keep layering on self-made myth because a more sober telling of reality likely means they're not rich anymore -- we fetishize their status more than their real efforts).
When will we be done with this financial chicanery? Probably never since these models keep popping up in human society.
Re: Statement on Potentially Unlawful Online Platforms for Trading Digital Assets
#55Earlier quoted context omitted.
> Cryptocurrencies have the potential of loosening the grasp of oppressive regimes over their people. How exactly would that work?!
by allowing u to transact wealth without the control and oversight of the oppressive regime.
And how would their people acquire this “wealth” in the first place?
Re: Statement on Potentially Unlawful Online Platforms for Trading Digital Assets
#56Earlier quoted context omitted.
Of course they would have laughed in their face. Do you see Nasdaq trying to list Dogecoin? There is no ambiguity or uncertainty here - there is a big problem and they're trying to reign it in with gloved hands before it becomes one and it turns into a big economic mess that the government will have to foot the bill to eventually clean up. This site likes to complain about wealthy inequality - common people like your…
couldn't have said it better. The very idea that a random citizen in a modern country can invent their own notion of money is beyond problematic so it is confounding that this whole thing has been allowed to mushroom into what it is today. Proponents like to drag skeptics into crypto debates but that is far off the mark when it comes to the real implications of the current situation. Some questions to ponder: When wi…
"money" is a representation of value that is recognised as such by a group of people. If a few people decide that a bunch of stones are now money[0] (in other words, represents value), should they be arrested? Similarly, when a group does the same not to stones but to seashells [1] or salt are they committing securities fraud? Someone decides to do the same for a few hashes on the internet and suddenly they can't? What's the difference?
What about doing the same with currencies recognised in countries other than the one you're in, is that illegal?
[0] https://en.wikipedia.org/wiki/Rai_stones
[1] https://en.wikipedia.org/wiki/Shell_money
edit: the way I see it, you're advocating against the concept of trading.
Re: Statement on Potentially Unlawful Online Platforms for Trading Digital Assets
#57This won't age well with the rise of decentralized exchanges like 0x
Re: Statement on Potentially Unlawful Online Platforms for Trading Digital Assets
#58It looks like they are going after the exchanges, see this choice quote: > A platform that trades securities and operates as an "exchange," as defined by the federal securities laws, must register as a national securities exchange or operate under an exemption from registration, such as the exemption provided for ATSs under SEC Regulation ATS. And it says that online wallets may qualify if they facilitate trading: >…
This will not scale, being that many of the modern cryptocurrencies make it really easy to implement token exchange mechanisms. Fully de-centralized exchanges are coming too, how are they ever going to regulate that?
Through attacking the link between cryptocurrencies and the fiat banking system.
It really doesn't matter if you can trade $10MM of bitcoin for $10MM of ethereum if after doing so you are unable to pay your rent with it.
Throw some KYC/AML laws on accepting cryptocurrency deposits so that it's treated like a cash deposit for regulatory purposes. Accept as a regulator that a lot of small-time stuff is going to slip through the cracks, in exchange for making gross violations problematic.
Like, if you could fit ten million dollars in cash in your pockets, you'd already have trouble getting it into your bank account without a rock-solid explanation as to how you got it. Bitcoin etc is no different - the US government can avoid caring until you try to spend dollars, then nab you for violating regulations.
Re: Statement on Potentially Unlawful Online Platforms for Trading Digital Assets
#59Finally, a sense of reason. These scams should be put to an end! Regulation is an invention of progress, not the opposite!
Re: Statement on Potentially Unlawful Online Platforms for Trading Digital Assets
#60This is going to put a dent into the classic Bitcoin exchange business models of "claim we were hacked", "front run the customers", and "speculate with the funds on deposit".
Yup, we'll probably be stuck with only 2-4 exchanges that are able to afford the regulatory burden and then the regulators will claim a victory for "helping the little guy."
We'll be stuck with the 2-4 exchanges run by the few people still interested in using BitCoin as a way to change the world, instead of trying to use it as a not-yet-illegal get-rich-quick scheme.