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Veteran Wall Street enforcers are landing new roles in virtual currencies

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Re: Veteran Wall Street enforcers are landing new roles in virtual currencies

#61

Post by adrianratnapala »

forapurpose wrote: post #34
marnett wrote: post #21

Earlier quoted context omitted.

This is statement is unfortunately true for every regulatory agency in the U.S. government. - CFPB -> all consumer corporations - FCC -> tech - FTC -> corporations spanning many industries - SEC -> finance - FDA -> big-pharma - USDA -> big-agra ...on and on and on...

> - CFPB -> all consumer corporations CFPB is very new; is there really evidence of revolving door hiring going on there?

It isn't (always) about some sinister revolving door. It's just that the people who enforce regulations and the people who manage compliance at regulated entities are experts in the same field even when they are not the same people.

Both sides can be doing their jobs entirely honestly, but still they will co-evolve in ways that make the system convenient for existing players.

Re: Veteran Wall Street enforcers are landing new roles in virtual currencies

#62

Post by ssdd »

DINKDINK wrote: post #12

>The drumbeat of hires crescendoed in November when Ripple, [...] added Ben Lawsky to its board. He earned a tough reputation as New York’s top financial watchdog by pushing banks to scrutinize client transactions for illicit dealings. >[...]Lawsky’s jump to Ripple was particularly notable because he helped pioneer regulation of cryptocurrencies. He introduced the BitLicense, a requirement for digital currency compan…

Wow! He is really want to suck as much profit as possible out of his position. No wonder people like him makes so much money.

Re: Veteran Wall Street enforcers are landing new roles in virtual currencies

#63

Post by glitch003 »

atomical wrote: post #55
0800 wrote: post #50

Earlier quoted context omitted.

Why blockchain technology may take off: 1) Centralized solutions are costly to freedom of choice and privacy. Consider a solution where Dropbox, Google Drive, Facebook photos, S3, and YouTube is run through Filecoin. No more "You haven't used DropBox in a year, so we are closing your account". No more "This video has been demonetized for all advertisers in our network.". No more "we ran these nets over all your photo…

1) > "You haven't used DropBox in a year, so we are closing your account". The cost of storing data long-term is non-zero. How would Filecoin offer free storage? > No more "This video has been demonetized for all advertisers in our network." YouTube creators want community guidelines. They don't always like the way that they are interpreted and enforced. I'm sure a small minority wants to build something where they c…

>The cryptocurrency apologists want each individual to manage their private keys.

Actually, a hybrid solution is possible using multisig and secret sharing algorithms. Many crypto enthusiasts are aware of how the "real world" works. People need to be able to recover access to their accounts if they lose their keys. It's not all black and white like you make it out to be.

For example, I implemented a solution for a mobile app that stores a users private key in their phone's keychain. It also splits the key into two parts, and emails the user 1 part, and stores the other part on a centralized server. If a user loses their key, they can get the first recovery part from their email, and by verifying their identity via 2 factor, the centralized server provides them with the second recovery part.

Re: Veteran Wall Street enforcers are landing new roles in virtual currencies

#64

Post by intended »

yellowstuff wrote: post #32
danharaj wrote: post #7

Earlier quoted context omitted.

Silicon Valley's political influence might be a large splash but finance is the pond itself.

The Wall Street bailout probably saved the financial system, ultimately made the government money, but was incredibly unpopular. The bailout of GM lost money, helped some politically connected groups, and was mostly popular and uncontroversial. Jobs are political capital, and neither finance nor tech have that many, so they make it up with cash.

Kudos for how succinctly that was packaged.

Re: Veteran Wall Street enforcers are landing new roles in virtual currencies

#65

Post by icebraining »

paulie_a wrote: post #57
psyc wrote: post #44

Earlier quoted context omitted.

They have certain limited responsibilities, but are on the whole not liable. In layman's terms, they're mostly not responsible, otherwise the RIAA could have bankrupted the whole internet years ago. http://technology.findlaw.com/modern-law-practice/understand...

I think you over estimate the actual power of and financial backing of the riaa..Google/apple could just buy most of the members in cash and call it a day. they are a small dog with a big bark

They are now. The DMCA, which created the safe harbor provisions, is from '96.

Re: Veteran Wall Street enforcers are landing new roles in virtual currencies

#66

Post by atomical »

glitch003 wrote: post #63
atomical wrote: post #55

Earlier quoted context omitted.

1) > "You haven't used DropBox in a year, so we are closing your account". The cost of storing data long-term is non-zero. How would Filecoin offer free storage? > No more "This video has been demonetized for all advertisers in our network." YouTube creators want community guidelines. They don't always like the way that they are interpreted and enforced. I'm sure a small minority wants to build something where they c…

>The cryptocurrency apologists want each individual to manage their private keys. Actually, a hybrid solution is possible using multisig and secret sharing algorithms. Many crypto enthusiasts are aware of how the "real world" works. People need to be able to recover access to their accounts if they lose their keys. It's not all black and white like you make it out to be. For example, I implemented a solution for a mo…

Parity's multisig was hacked. It's a risk.

Re: Veteran Wall Street enforcers are landing new roles in virtual currencies

#67

Post by rrcaptain »

yellowstuff wrote: post #40
bduerst wrote: post #38

Earlier quoted context omitted.

But the lack of any major financial reform has left commercial banks open to continue making risky investments. As well as a lack of regulation on subprime lending, leading us to a now-growing subprime auto loan bubble. The bailouts treated the symptom, not the cause.

I don't have a ton of first hand knowledge on the risk appetite of banks or the effect of banking regulation. But I assert that Matt Levine is very knowledgeable about these things and he disagrees with you. His points are that multiple 10 figure fines, higher capital requirements, and a general culture shift have actually made banks less profitable and less risky, as was intended. EG: https://www.bloomberg.com/view/…

Until you start throwing executives in prison, nothing will change long term. 10 figure fines are nothing compared to how much many Americans lost in the housing market crash. Consider how many people got foreclosed upon improperly. The loss of quality of life (and actual life) due to Wall Street greed is unmeasurable, but surely more than 10 figures.

Re: Veteran Wall Street enforcers are landing new roles in virtual currencies

#68

Post by rrcaptain »

dsacco wrote: post #47
andbberger wrote: post #45

Earlier quoted context omitted.

> Money only buys so much political goodwill. Yeah, no. I don't buy that at all.

Why don't you buy it?

Consider that the GOP passed a considerably unpopular tax cut with a razor thin majority because their donors wanted it.

Re: Veteran Wall Street enforcers are landing new roles in virtual currencies

#69

Post by rrcaptain »

marnett wrote: post #21
maxxxxx wrote: post #16

Earlier quoted context omitted.

That means working at the SEC is an auditioning process for big money bank jobs. Talk about conflict of interest.

This is statement is unfortunately true for every regulatory agency in the U.S. government. - CFPB -> all consumer corporations - FCC -> tech - FTC -> corporations spanning many industries - SEC -> finance - FDA -> big-pharma - USDA -> big-agra ...on and on and on...

You can add as many regulations as you want, but it only perpetuates a broken system. And even the reforms that do happen are temporary, and easily undone.

Re: Veteran Wall Street enforcers are landing new roles in virtual currencies

#70

Post by m00n »

elmar wrote: post #53
glup wrote: post #27

Given that this is a thread on regulation of cryptocurrencies, can someone explain to me what is good (for countries, societies, the global economy, etc. and not individuals) about cryptocurrencies? I get that blockchains are useful for recordkeeping. But then I don't see what the appeal is of having a profusion of them co-exsiting as currencies. Am I missing something? Related question, can I think of the cryptocurr…

Imagine that you want to hire a woman that is a blog writer on a radical Musulin country (where woman don't have the right to property) how you are going to pay for the services. Imagine that you want to hire a remote software developer from North Korea. Imagine that you want to send a donation to Wikileaks or similar organization that is banned from using the financial system. Imagine you are a Syrian war refugee th…

And how does your Kenyan/North Korean/Syrian person buy gasoline/rice/paper with this asset?

Meanwhile, drug cartels, first world millenials and financial investors are in possession of ~100% of this technology. They are shaping it to further their gains, scamming the naive, and undercutting legitimate sanctions and laws.

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