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UsedToBsmart t1_ixmqsfg wrote

Why? The crypto bros loved the fact it wasn’t regulated - we should just sit back and watch it burn.

232

AcidShAwk t1_ixms4un wrote

Crypto bros don't need exchanges to trade.

44

MajesticWaterBuffalo t1_ixmss36 wrote

They need the exchanges to sell to the greater fool.

111

[deleted] t1_ixnmuh4 wrote

[deleted]

−14

newnamesam t1_ixnwjju wrote

You missed the point or don’t understand what you’re gambling on.

21

dudeedud4 t1_ixo54jn wrote

Huh? I've never used an exchange and just make a thread on forums going like "[H]$50 paypal [w]$45 eth/btc/whatever"

−3

TheNewGirl_ t1_ixo6xq3 wrote

ah yes because thats so much better than normal money

when you have to do all that bs anytime you want to convert your shit into a form you can actually spend on goods and services ...

13

Liraal t1_ixpydd8 wrote

It's actually funnier than that - most if not all cryptocoins don't have escrow or exchange mechanisms built in, only give/send, at most swap for other crypto. If someone goes on a forum and asks for "paypal for XXX $ElonCumRocket," there is absolutely 0 guarantee of not getting stiffed, without a trusted 3rd party that they explicitly reject. Absolutely hilarious when you consider this.

3

t-poke t1_ixqns2x wrote

You’re not doing anything to defend crypto’s safety and security with this post.

1

dudeedud4 t1_ixqoevy wrote

The security is the anonymity for this. Way safer than a crypto bro exchange.

1

t-poke t1_ixqoraw wrote

Safer until you send a completely anonymous stranger on the internet 50 bucks on PayPal then they ghost you.

Not to mention in this example, if it goes well, you’re losing 10% in value.

1

dudeedud4 t1_ixqozge wrote

The example is just that, an example. The lower amount coming in is an incentive and based odd the fees/time it took years ago. And I've never had a problem doing it this way. Always used trusted members on forums.

1

in-game_sext t1_ixn0tb6 wrote

There are exchanges that can't be regulated (called DEX's)

If there is crackdown on centralized exchanges then more people will just start using DEX's.

−36

Agent_Angelo_Pappas t1_ixnhw2c wrote

If they opted for a “centralized” exchange in the first place that suggests they’re not interested in those. A regulatory crackdown probably won’t be good for Bitcoin like you think

20

in-game_sext t1_ixni3ek wrote

People use what they prefer until its no longer a choice. Then they use the next option available.

I didn't realize that was difficult for people to grasp.

−23

Agent_Angelo_Pappas t1_ixniq01 wrote

Virtually no one “prefers” being responsible for their own financial security. Most people aren’t IT security experts and are human and subject to make errors. It’s not rational to take on all that risk yourself

I suspect most people getting burned by these exchanges are just going to go back to banks, not an even worse version of those exchanges. i DiDnT rEaLiZe tHaT wAs DiFiCuLt FoR yOu To GrAsP

18

newnamesam t1_ixnx9hd wrote

That’s all well and good until they get banned at the DNS level, by ISPs, and by banks. Yes, there are workarounds but Ponzi schemes like crypto depend on new blood primarily from the uneducated. They’re not the kind to use IPs as addresses and intermediaries.

14

Myss-Cutie t1_ixn0elg wrote

Not true. It makes it easier but it’s perfectly legal and common to sell to local currency without exchanges.

−38

ItIsYourPersonality t1_ixna03k wrote

It’s so funny to see people so uneducated about a subject trying to take a victory lap over things they do not understand.

Crypto bros are rejoicing that scams they pointed out years ago are finally proving to be scams. Centralized exchanges are simply taking customer money and buying other things with it instead of backing customer assets. That why Not Your Keys = Not Your Crypto.

−56

celtic1888 t1_ixnbrz2 wrote

And the goal posts are dragged even further by the crypto bros………

41

Aazadan t1_ixnxwat wrote

Naa. I’m as anti crypto as you can get, and exchanges are still a good deal more sketchy than even the more speculative coins out there.

Exchanges exist primarily to let people bypass blockchain limitations, when it’s those very limitations that are what allow crypto to deliver on any promised benefits. Basically, whether you agree that there are benefits to crypto or not, the benefits of all transactions being on a ledger, security, and so on rely on the blockchain actually being used.

A market where such an idea can prove successful or not can’t exist with exchanges in the picture, and it never could.

That said, a lot of people like them for the convenience. Despite the fact that every single one of them has proven to be a scam.

−18

UsedToBsmart t1_ixojfsb wrote

It’s the circle of life, a scam trading platform for a scam investment.

6

ItIsYourPersonality t1_ixnbuq1 wrote

You’re really highlighting your knowledge on the subject.

−36

celtic1888 t1_ixncldk wrote

Yes…. The cry of the crypto bros

‘You don’t understand our genius’

25

ItIsYourPersonality t1_ixnd0ur wrote

If you don’t understand that giving someone you don’t know all of your money in exchange for pixels on a webpage is stupid, then no you don’t understand my “genius” (I’d call it common knowledge personally, but it’s apparently not common to you).

−28

Agent_Angelo_Pappas t1_ixnid1h wrote

Most my money exists digitally in a ledger. 30 years on still have it. Turns out you can safely store your savings digitally if you just know who to give it to take care of it(in my case a regulated federally insured bank)

33

t-poke t1_ixqo8b7 wrote

I have no problem giving my bank all my money in exchange for pixels on a webpage because they’re highly regulated and the government insures it if something does go wrong.

3

TheNewGirl_ t1_ixo77oz wrote

so its worse than normal money and normal banks

because I can put my money in a bank to utilize whatever services or purchuse any goods I desire and it is still my money even if I leave it there for years ...

28

ElectronicOcelot3251 t1_ixpagq6 wrote

Nope not even close. The whole point of crypto is self custody and you actually own your assets. A CEX is more like a bank. They don't actually have your money.

−8

t-poke t1_ixqo1pq wrote

Imagine if after a bank collapse, instead of the FDIC covering everyone’s loss, a bunch of obnoxious internet bros blamed the victims by saying “nOt yOuR CaSh, NOT YoUr MOnEy!”

Crypto is a shit stain on the underwear of humanity.

3

ripvannwinkler t1_ixnmsq0 wrote

Crypto never needed exchanges to be used as intended. Turns out, once the intent became "make a lot of money", the exchange proved it's usefulness in convincing a larger group of people in the value of the currency. Turns out, you can't have these types of exchanges without regulation to ensure the safety and security of said currency.

Who knew?

28

TheNewGirl_ t1_ixo7iic wrote

without an exchange how the fuck do I spend my crypto on goods and services

most the places i buy shit I need from dont take crypto

If you are saying I personally have to find peer to peer trades to get cash for my crypto everytime I wanna actually spend it , how the fuck is that better than normal money that doesnt require that extra bullshit

22

Warmstar219 t1_ixojrsv wrote

Some people just can't get it through their head that crypto is objectively worse than regular money in almost every case.

38

freeman_joe t1_ixpsp1d wrote

https://nomadcapitalist.com/finance/offshore/your-bank-account-is-no-longer-sacrosanct/

−9

Liraal t1_ixpyxlg wrote

I read your comment history for context to this random link and can't say I'm surprised. Posts to CC and collapse, shills random crypto and dismisses criticism as FUD. I did not even need to open the article to predict which way (ancapistan) and how much (very) biased it was going to be.

4

freeman_joe t1_ixpz69t wrote

What criticism I dismissed as FUD?

0

Agent_Angelo_Pappas t1_ixq1jck wrote

>“Account made few days ago hating on crypto”

You, three days ago, responding to someone voicing criticism you didn’t like hearing. You need therapy bro, not crypto.

4

freeman_joe t1_ixq8hzq wrote

Yes because out of nowhere there was this account and commented only on nano sub. I had many discussions with people about nano who responded with normal critical points. Not just some random account like this made 3 months ago and mostly commented nano negatively. That is suspicious. And I didn’t dismiss him as FUD.

0

Agent_Angelo_Pappas t1_ixq95wc wrote

Sorry, I couldn’t read this comment because I was too distracted by the screeching sound of goalposts being moved.

4

freeman_joe t1_ixpzdhc wrote

All centralized solutions lead to abuse of power. Simple example of centralization are dictatorships. When one person or small group have all the power they will abuse it. Article I provided shows that it happened with bank same happened with FTX.

−1

ostralyan t1_ixoc7f7 wrote

Usually, I just use cash for goods and services. Sometimes credit.

5

wyvernx02 t1_ixqb2z6 wrote

>how the fuck is that better than normal money that doesnt require that extra bullshit

Because it's not, and if you somehow thought it was, you fell for the grift.

You are trying to treat crypto like stocks instead of the shitty fake currency it actually is.

3

timmerwb t1_ixop24j wrote

Why do you care? It’s clear you’re not on board. That’s ok. Stick to “normal” money. I’m sure you’ve got something better to do.

−21

QuintoBlanco t1_ixp0yax wrote

People care because it affects everyone, not just people who love crypto.

Things were fine when people were mining with their personal risk. But now crypto creates financial instability and it uses too much energy.

7

timmerwb t1_ixq54lq wrote

I see OP cannot be bothered to answer - that is the level of interest of these moronic down voters. It's not 2008 btw. I don't know a single person "affected" by this - and that includes me, someone with huge cryptocurrency exposure since 2016. And FYI, Ethereum doesn't use proof of work mining. Again, you are clearly someone who knows little about the subject but yet feels the need to comment mindlessly on it. Please stop spreading FUD.

−4

QuintoBlanco t1_ixqth8e wrote

Your sphere of knowledge isn't reality.

Bankruptcies affect creditors. People who financially rely on those creditors are also going to be affected.

The use of energy to create a virtual currency also affects others. Energy is not a infinite resource. Generating energy pollutes the environment.

Mining farms affect the neighborhoods they are in.

They can create noise and the power requirements might mean that power companies need to break up the street to install extra cables.

Mining farms also put a strain on the availability of microchips. Each boom in mining has created shortages in the microchip market.

Also, you either replied to the wrong post or you simply don't know how to read. I never mentioned proof of work mining.

1

timmerwb t1_ixqv8f1 wrote

Mining farms employ proof of work. Services like YouTube and Amazon use more energy than Ethereum (proof of stake). But, as I said, you’re clearly not interested in reality.

1

QuintoBlanco t1_ixqxt0j wrote

Are you suggesting that I think Amazon is a great thing?

I didn't mention a last argument. My main problem with crypto is that so many people who like crypto are sad cunts who get upset and start to cry when somebody disagrees with them.

1

newnamesam t1_ixnwgle wrote

Regulation will make it burn faster and hotter. Exchanges are going to lose a lot of money when it becomes harder to launder.

14

[deleted] t1_ixo96cs wrote

[deleted]

−1

newnamesam t1_ixoifi7 wrote

Everyone from investment firms to faux banks were already playing in the space. What does regulation give them that they don't have now, and why would they do it if it's now the same class of asset that they're already have?

1

atleft t1_ixoh2ic wrote

FTX *was* regulated, and their actions clearly violated regulations. Since they clearly weren't enforced here, will additional regulations even matter?

−9

SomethingDumbthing20 t1_ixoi46e wrote

Crypto exchanges are very loosely regulated. There's no federal regulation and only a handful of states have crypto specific money transmission laws. Regulating these entities like banks is the only way it'll ever truly be a safe place to store funds. The current system doesn't work because it's too easy to fudge the books and examinations are too infrequent.

11

UsedToBsmart t1_ixojnv2 wrote

Who was it regulated by?

−1

atleft t1_ixooe2a wrote

The CFTC: https://bettermarkets.org/newsroom/ftx-was-registered-with-and-licensed-by-the-cftc-which-failed-to-properly-regulate-or-supervise-it-and-its-innumerable-former-cftc-officials/

More on the failure of regulators: https://time.com/6235816/ftx-collapse-legal/

1

UsedToBsmart t1_ixopssz wrote

The specific entity, FTX Derivatives US, was regulated by the CFTC and it did NOT file for bankruptcy. This was a company that FTX purchased and renamed. Overall FTX was not regulated.

6

vexpopped t1_ixmmeev wrote

How is Twitter going to stay afloat without non stop crypto scams?

110

SkunkMonkey t1_ixmqnbi wrote

Has Twitter ever floated? I always assumed it was simply a sinking turd.

33

im_super_excited t1_ixn3vn3 wrote

It's more the turd skids on the bowl that don't go away when you flush.

Not floating. Not going away either.

14

Estilix t1_ixn9gyw wrote

It'll pool to the bottom and flush quite easily if you just leave it alone for awhile. So will the turd skids.

5

ripvannwinkler t1_ixnmwj8 wrote

But the streaks will never go away without a good scrubbing.

1

oursland t1_ixnavza wrote

There's been a couple years where their income was greater than their operating expenses, so it's feasible that had it continued it's trajectory it could eventually become a consistently profitable venture. In its current state, that's an extremely unlikely outcome now.

7

NorthernerWuwu t1_ixob74r wrote

Sure but that company would be worth a few hundred million if they were lucky. That's not enough so they leveraged the hell out of the idea that they might be worth a few dozen billion if everything went perfectly.

Then Elon showed up and hey, it turns out that things can go perfectly!

2

Aazadan t1_ixnytqy wrote

It mostly broke even until Musk bought it. The initial debt the company had to take on increased their annual expenses by quite a bit. Followed by the loss in advertiser revenue which further hurt them.

4

SkunkMonkey t1_ixo2qma wrote

So it barely floated, like a turd.

Either way, Twitter is shit.

−3

Aazadan t1_ixolpih wrote

Shit as an investment? Sure.
Shit in terms of value to the public? Sure.

Shit as a company? I would have to argue no. They were stable, in business for 16 years, had cash on hand to fund current operations for another 10 years, kept people employed, and developed multiple technologies that are now industry standard for web development.

Ignoring their product themselves (which I think is probably neutral, but is far too indepth a discussion for Reddit, regarding the good versus bad it enabled), that's basically what corporations are supposed to philosophically do for society: Employ people and improve the business sector as a whole.

At least for the moment, Musk has disrupted all of that. But, in terms of whether or not that was a good business decision for him, all we can really do is speculate while we wait and see.

7

ekaceerf t1_ixmu8hy wrote

Hey time bro my new coin is available for pre-sale it's called muskbezosgatesbong coin. Estimated value? I don't know 100 billion dollars but if you pre buy its only $100 for ummm 50,000 coins. That's a 1 trillion dollar value if you pre buy the coin!

14

heyman- t1_ixn4p8c wrote

Hilarious that FTX is getting the worst of it when blockfi also tanked in the last month and lost all kinds of investor money, as well as several others in the last 6 months.

98

ZsMann t1_ixo7san wrote

FTX was not sneaky about it though. Basically crypto Lehman Bros and the guy who was tasked with Enron is now in charge of getting FTX money back. Sam thought his trades were good (virtually everyone made good returns in the bull run) and kept same process in the bear. Staff saw the change in leverage vs assets about 12 months ago and left

48

exoflame t1_ixokopz wrote

Still funny to me. I made a 300 percent return on an original investment after some flipping of stocks for the first time during that bull run. I never thought i was some genius because of it. Just felt really lucky to have pulled out in time. How u can keep thinking this and going all in like he did.. i just dont get it

17

IBAZERKERI t1_ixpak76 wrote

It's the same thing that took down ceaser, Napoleon, and Hitler. Hubris.

14

KJBenson t1_ixpkkg3 wrote

Same reason people gamble. You just have self control when you gamble if you could pull out after those kinds of gains.

4

SomethingDumbthing20 t1_ixohl21 wrote

From my understanding, that wasn't necessarily fruad on blockfi's part though. It was due to tying their own assets to the FTX and they were collateral damage from the FTX failure.

5

anotherjohnishere t1_ixmve29 wrote

This is very necessary, and a good thing overall for the maturity of the space. Anybody arguing for a lack of regulation isn't arguing in good faith. Like traditional finance, people need to be protected, this is no different.

35

IsilZha t1_ixn4smj wrote

Getting away from regulations is one of the core tenets of crypto, that its supporters constantly espouse as a positive.

37

kciuq1 t1_ixn5wpx wrote

And we can see how well that has been working out.

22

IsilZha t1_ixn70bu wrote

Yep... There's a reason regulations came about. They're finding out the hard way. And many of them still refuse to learn the lesson. There's still a lot of childish, day dreaming crytpo evangelists that only want regulations to save them, but not stop them when they want to do things like not pay taxes.

19

cachemonet0x0cf6619 t1_ixq5575 wrote

folks using the word regulation don’t understand the technology.

this is a global peer to peer network. mfers haven’t regulated downloading movies off the internet what makes you think they’ll regulate a public financial infrastructure.

mfers really can’t answer the where and how or regulation.

what are you gonna do?

stop me from creating public and private keys?

you gonna stop me from using public rpcs? you gonna stop me from using command line on my computer? make cryptography illegal.

like, this isn’t hypothetical. fucking regulate if you can.

4

persolb t1_ixqintl wrote

Practically, they will regulate exchanges… which is how most people keep their money.

In a worst case, this includes some mandatory reporting when you deposit or withdrawal to a non-exchange wallet. This would functionally bifurcate the market and require old school style money laundering.

3

cachemonet0x0cf6619 t1_ixqjyhj wrote

Im not asking how to avoid taxes. no one is trying to avoid taxes. FTX didn’t skip out on paying taxes. it stole money. the call for regulation isn’t because taxes went unpaid.

im asking how you regulate a global peer to peer network with multiple points of entry?

1

persolb t1_ixrdfuu wrote

I’m not sure why you are on about taxes. Money launderers usually pay taxes on the money.

What I mean is that when you go to deposit money/coins in an exchange, they are going to likely end up filling out the same forms and doing the same reporting as if you walked up to a bank with $30k in cash.

Cash and gold are also a ‘global peer to peer network with multiple points of entry’, and the government forces companies to gate keep their entries.

1

cachemonet0x0cf6619 t1_ixrh24u wrote

Entries are kept by default on a public ledger. I also want to add that cash and gold are very centralized. Gold much less but it's not a viable means for exchanging value and it's hard to come by

1

IsilZha t1_ixqcurt wrote

There it is.

Lmao

2

cachemonet0x0cf6619 t1_ixqdozb wrote

your memes don’t make up for you not being able to explain how crypto gets regulated, bro.

2

IsilZha t1_ixqt3tf wrote

You are the meme, regurgitating the same thought-terminating script your cult repeats all the time.

Followed by the most absolutely moronic take on what would get regulated. "You can't regulate my private keys" is easily the stupidest thing I've seen this week. 🤣 Thanks for that. It wouldn't be regulating what it is, but how it's used. I'm not sure if you dishonesty made up the stupidest possible thing, or if you are just that dumb. This post is an article about what kinds of regulations.

Regulation as a security/commodity. Consumer protection. Auditing requirements for exchanges. Regulation against all the various ponzi scams, rug pulls, market manipulation (like wash trading,) laundering through coin swaps, etc, etc, etc...

1

cachemonet0x0cf6619 t1_ixqtva9 wrote

this is the best you got? please tell me how the use of keys can be regulated? pleas tell me. that’s the basket you’re going to put your chips into?

keep trying with that article though. you can regulate centralized entities all day. regulating banks is fine but don’t confuse exchanges with crypto.

eta: still waiting for you to explain how the what will get regulated?

1

IsilZha t1_ixqve8d wrote

Oh my god. You're illiterate, too.

The only moron here who ever made any suggestion to regulate the public and private keys is you. Which I made fun of you for making such an abjectly stupid statement.

Is that all you got? A lack of reading comprehension and outright dishonestly arguing with your own imaginary straw constructs? 🤡

1

cachemonet0x0cf6619 t1_ixqw76b wrote

The answer is you can’t and that’s why i brought it up.

i need you to be clear with your deceit. say it with me, you can’t regulate crypto.

you can regulate centralized exchanges but you said you want to regulate crypto so explain how.

and stop sharing an article we’ve already agree is irrelevant to regulating custodial wallets (keys)

eta: the article talks about crypto platforms (ui/ux like ftx and not crypto protocols like uniswap) being regulated and research, so… strong evidence for not being able to regulate….

hahaha unless by regulate you mean write stern letters. 🤡

1

IsilZha t1_ixqy8vq wrote

You brought it up because it's a stupid argument that you invented to "attack" because you have nothing of actual substance. You literally just admitting to making a strawman argument and pretended like you proved anything. The only thing you proved is you can't even come up with an arguement against what we're actually saying.

>you can regulate centralized exchanges but you said you want to regulate crypto so explain how.

I did, you didn't actually respond to it. Yes, it's funny how you all ended up just creating centralized exchanges. The regulations wouldn't cover just them, but how individuals operate as well.

Pretty much all of crypto and their "value" is tied to exchanges both for how much they move around, and the mass manipulation.

I'm sure you'll try to tell me crypto prices aren't tied to exchanges.

>and stop sharing an article we’ve already agree is irrelevant to regulating custodial wallets (keys)

Who's "we?" As usual, cryptovangelists think they can just hand wave away things they don't like.

So did you have anything besides deeply stupid strawmen and meaningless word games, or is that the extent of what's rattling around in your hollow skull?

1

cachemonet0x0cf6619 t1_ixr2fgn wrote

it’s literally your identity when making transactions and you can’t describe how to regulate it because you’re talking about ui/ux and not the protocol.

who is y’all, i use uniswap, 🤡.

the real problem is that you keep talking about prices and exchanges because your short sighted.

the same reason you can’t grasp censorship resistance is the same reason you don’t understand distributed systems.

1

IsilZha t1_ixr4r5a wrote

>it’s literally your identity when making transactions and you can’t describe how to regulate it because you’re talking about ui/ux and not the protocol.

No one ever suggested it's possible to directly regulate the protocol itself. That's just you being a dishonest coward by continually insisting on using your own made up strawman. Thanks for the tacit concession that you can't actually argue the actual point. But I guess you can keep arguing with yourself in a mirror.

>who is y’all, i use uniswap, 🤡.

What?

>the real problem is that you keep talking about prices and exchanges because your short sighted.

Tell that to the millions of people that lost billions in FTX because it was unregulated and it ran on smoke and mirrors

>the same reason you can’t grasp censorship resistance is the same reason you don’t understand distributed systems.

Get a new line, dude.

1

cachemonet0x0cf6619 t1_ixr5xae wrote

> Tell that to the millions of people that lost billions in FTX because it was unregulated and it ran on smoke and mirrors

This is how i know you don't understand. Those millions of people would still have their assets if folks like you would educate others on proper uses within crypto instead of bemoaning the regulation of tradfi establishments.

​

I won't get a new line because it's so true. GIJOE said it best, "knowing is half the battle"

1

IsilZha t1_ixr6n79 wrote

Lmao, this is literally empty nonsense.

Thanks for confirming you're just a mindless zealot who always devolves to the same empty lines your cult told you to say. Deaf and blind and dumb and born to follow.

Let me know when you grow a few braincells and have some substance to offer, or demonstrate a capacity for independent thought. 🍿

Or keep making an absolute fool of yourself. Always entertaining to watch the clown show. I won't turn down free entertainment.

1

cachemonet0x0cf6619 t1_ixr8ods wrote

This is all you have left. When folks like you don't understand you demonize. It's textbook.

1

IsilZha t1_ixr9wrp wrote

Repeating your thought terminating cliches does nothing but tell me you need to terminate all thought and coddle yourself. 🤣

Just keep repeating what the cult told you, honey. Every time you come back with the same vapid lines is a tacit concession that you're too stupid to have this conversation. 🍿

1

cachemonet0x0cf6619 t1_ixrcatf wrote

You mean what you're doing now? The difference is that I proposed the reasons your argument is flawed. (as a reminder, you're conflating exchanges and "crypto", whatever that is).

you, on the other hand, only call me names. Don't raise your voice, raise evidence to support your argument.

Please, i've been waiting.

1

IsilZha t1_ixre8tk wrote

No, you insisted my argument has been something it never was. You straight up admitted you were making a meaningless strawman. That and pointless semantics games of regulating how crypto is used "isn't RegulaTing Crypto." Really grasping at straws, clown. 😂

The true mark of an intellectually bankrupt coward.

You have offered nothing else. Empty, thought-terminating cliches aren't arguments. It's just you getting off to yourself.

>raise evidence to support your argument.

You mean like FTX collapsing because there were no regulations to ensure they weren't just blowing smoke up everyone's ass, and you attempted to hand wave away with yet another "yOu JusT Don"t UnderStanD!" Not that I expect you to engage honestly. From your opening, vapid cult scripted line, it's clear you're just desperately flailing. Like all cryptovangelist zealots do. And as always, it amuses me.

1

cachemonet0x0cf6619 t1_ixrfmia wrote

nope, you don't get out by changing your mind at the end.

> Getting away from regulations is one of the core tenets of crypto, that its supporters constantly espouse as a positive.

Those are your words so stop gaslighting me.

Now do you want to asnwer my questions about how "crypto" is supposed to be regulated or are you going to keep playing these games like i'm new here.

1

IsilZha t1_ixrw1wy wrote

I like how you constantly evade actually directly responding to anything and come back with total nonsense.

> nope, you don't get out by changing your mind at the end. > Those are your words so stop gaslighting me.

Was this supposed to mean something, or were you just showing me your lack of literacy? How is this supposed to at all contest what I just said? It's like you have a mission to prove you're even dumber than I thought with every mouth-breather response. 🤣 This is a total non-sequitur. Which is recurring theme: you open your mouth, and nothing but total nonsense flows out.

>Now do you want to asnwer my questions about how "crypto" is supposed to be regulated or are you going to keep playing these games like i'm new here.

I already did. (I tried to link to it, but links are apparently shadowbanned in this sub.) You continually ignoring it doesn't mean it didn't happen. And why is crypto in quotes? Are you so mentally deficient to not understand that crypto is a catch-all term encompassing all of cryptocurrencies, blockchain, and anything related? Please tell me you're not that brain dead that you didn't know this.

1

cachemonet0x0cf6619 t1_ixrwg0a wrote

all you’re doing is name calling and dodging the conversation. I’ve already said that tough you forced my hand this time so you call call it circular so you could name call.

got it.

1

IsilZha t1_ixry69p wrote

See? You're incapable of actually responding. You can't even explain your own nonsensical statements. Whinge some more, baby.

Standard MO for every mindless crypo-drone: repeating empty scripted phrases, look for any excuse to be a victim when caught in your lies and nonsense.

Have some dignity, boy.

1

cachemonet0x0cf6619 t1_ixrzu0o wrote

haha. like i said, name calling is the absolute best you have offer.

i quoted you and asked you how to regulate “crypto” and you gave me an article about banks

when i suggested that banks don’t apply to “crypto” (how could they, crypto is the commodity not the entity). or is it?

what did you mean by crypto?

anyhow, when i mentioned it you got defensive and called me names.

I’ve since been called more names drawn from what i would suggest is a limited vocabulary to start with.

1

IsilZha t1_ixs1vq1 wrote

> haha. like i said, name calling is the absolute best you have offer.

You only say that because like a dog you're easily distracted and pretend nothing else was said. You desperately latch on to any excuse you can. You're just so weak willed it's super easy to goad you into revealing what's important to you: running away.

> i quoted you and asked you how to regulate “crypto” and you gave me an article about banks > > > > when i suggested that banks don’t apply to “crypto” (how could they, crypto is the commodity not the entity). or is it?

What in the hell are you talking about? I never gave you any article. Must've been one of those imaginary arguments you made up in your head, again.

0

cachemonet0x0cf6619 t1_ixs4yp1 wrote

you don’t even remember what you’re saying. I’m done.

1

IsilZha t1_ixs5lp1 wrote

You were done when your opening comment was a abjectly stupid argument you made up yourself to attack.

And who do you think you're fooling with your lies but yourself? lmao

What is the face of a coward? The back of his head as he runs from the battle. Thanks for your spine, I'll add it to my collection of smooth brained cryptovangelists. 😆

E: lmao, that's the 5th cryptobro to block me this month. So long, loser

1

anotherjohnishere t1_ixn73gp wrote

People in the space are not a monolith. Any person who is being honest with themselves that works in the blockchain space knows both that regulation is necessary and coming.

Source: I work in the space and I'm very pro (reasonable) regulation.

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IsilZha t1_ixnfoiv wrote

Just because some of you have some sense regarding regulation, doesn't stop making it a core tenant that most espouse. Generally as an offshoot of "being censor proof." Tenet already implies "in general" and not "100% of everyone involved."

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anotherjohnishere t1_ixnh2dm wrote

I don't agree that that's what is most espoused, as lack of regulation is not a benefit nor would I argue that its a tenant of crypto in this day and age. Maybe 10 years ago.

6

IsilZha t1_ixnotb5 wrote

Agreement is not required.

Just search r/cryptocurrency or r/Bitcoin for "regulation," as an example, and any post that talks about imposing regulations on crypto, the vast majority of all the upvoted (the most widely and generally agreed with) comments are against regulating crypto.

2

anotherjohnishere t1_ixnphmm wrote

My man I'm very active in the crypto community I know what it's like. What I'm telling you is that Reddit isn't indicative of public opinion for one, and for two regardless of their want regulation is coming. You're generalizing and that's what I'm warning you of. The space is not a monolith.

3

IsilZha t1_ixnqlrh wrote

Ah yes, good one. The large, public Reddit communities of crypto enthusiasts don't count as a public opinion of crypto enthusiasts because... uhhh... ::waves hands:: Brilliant.

Like minded people always tend to interact with like minded people, so your anecdote about who you interact with doesn't really say much about what the prevailing attitudes are.

1

deesta t1_ixn832g wrote

Compliance officer in the space here, and very pro-regulation as well, for obvious reasons. You’re 100% correct. There’s a happy medium for sure, we just need to find it.

5

anotherjohnishere t1_ixnhbl8 wrote

Absolutely agree 100%, Regulations that support but don't strangle innovation would be ideal. I feel like it's more clear than it's ever been that we need to invite regulations and have a seat at the table for that conversation.

5

killadrix t1_ixp8w0q wrote

Crypto supporter here, happy to see the space regulated. The crypto space will never achieve any type of mainstream adoption until it’s regulated.

5

cachemonet0x0cf6619 t1_ixq4dr0 wrote

you might support but you don’t understand.

regulation is needed when you turnover custody of your assets.

crypto’s tenants are based self custody.

what you really meant to say is that you support regulating banks.

0

killadrix t1_ixq6ogs wrote

No, I meant what I said. Clinging to some weird, antiquated anti-bank dogma around self custody is exactly the type of sentiment holding the crypto and digital currency spaces back from mainstream adoption.

It’s wild to me that people sit on a pile of “self custody” magical internet money they have almost zero reasonable way to ACTUALLY SPEND/USE but hey, at least you’re sticking to the crypto “tenants”, it’s self custody, and you’re REALLY sticking it to the banks, right?

5

Njaa t1_ixqt16n wrote

How do you suggest regulating things like DEXes, where no single person or entity has any control or insight beyond what is publiclaly available?

1

killadrix t1_ixqxbeh wrote

I never said I had the answer, I said I support finding a way to making it happen.

I don’t have the answer for curing cancer, but I support people smarter than me finding a way to make it happen.

3

cachemonet0x0cf6619 t1_ixqaay4 wrote

it’s anti censorship

0

killadrix t1_ixqn6bz wrote

Okay, so (presumably) you have money invested into an asset class you can BARELY use for its intended purpose (a digital currency), because it’s “anti censorship”?

1

cachemonet0x0cf6619 t1_ixqpovu wrote

are you asking me to google censorship resistance for you?

1

killadrix t1_ixqx4k8 wrote

No, I’m asking you to explain your position. But if what you got out of my reply is that I’m asking you to google something, we’re done here because I’m not wasting time discussing this with someone who made this kind of weird nonsensical leap.

0

cachemonet0x0cf6619 t1_ixr1qn9 wrote

don’t kid yourself. you wouldn’t be taking swipes at “digital currency” if you understood that censorship resistance is the “intended purpose”

1

cachemonet0x0cf6619 t1_ixq5cx4 wrote

get it right, it’s censorship resistance that we’re avoiding. guess what “regulation” is?

the retail investor is too stupid? speak for yourself

1

AlphaSteboh t1_ixnpma9 wrote

But...! The invisible hand of the free market! Adam Smith!

5

anotherjohnishere t1_ixnpz0q wrote

Hahahahaha more like free market unless the market disagrees with them. I've never vibed with the libertarian ideology on which cryptocurrency originated, full of hot air.

Blockchain technology will be very much a part of all our lives, and in many ways already is, innovation takes time, and we have a lot of work still to do, but it'll be the norm soon enough.

2

cachemonet0x0cf6619 t1_ixq5r17 wrote

you can’t vibe with something that you don’t understand.

1

anotherjohnishere t1_ixrs5o9 wrote

Right lmao I'm really struggling to understand libertarianism because it's just so complicated... /s. It's not hard to understand republican lite, I work in the space I don't need to be told about it's origins. I don't vibe with the taxation is theft crowd because it's a stupid argument, that's why I don't vibe with yall.

0

cachemonet0x0cf6619 t1_ixruwya wrote

you failed the vibe check already. no one trying to dodge taxes. all systems need maintenance. the vibe is inclusion into the global economy via public financial infrastructure

1

[deleted] t1_ixmxve7 wrote

[deleted]

3

anotherjohnishere t1_ixmz017 wrote

I would argue that this is not the case. Cryptocurrency was made to allow trading peer to peer, in effect avoiding the middle man (i.e. banks and other ironically centralized institutions). "The blockchain " protecting people has never been and never can be a talking point, as the blockchain is merely a ledger, that's designed to track transactions. That's it.

As far as not "adding value" I don't believe that to be accurate, about crypto itself or the underlying technology that makes it run. Blockchain technology very much has a place in our society moving forward when it comes to data storage, transference, peer to peer transacting, etc; so to say anyone involved is a fool waiting to be separated from their money is silly and wrong.

Scams are unfortunately a part of the world we live in, and in an unregulated space like cryptocurrency, this can be a huge issue. Regulations that allow for growth and maturity in the space are necessary to prevent these things and protect people from scam artists a la SBF.

TL;DR not everything in the blockchain space is a scam.

6

kokopilau t1_ixn19ls wrote

They better check the tulip markets as well.

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its_coo_baby t1_ixne2u7 wrote

Rich people lost money, dont think they did this because it will help the “ lower class people”.

6

iforgotmymittens t1_ixnz9r8 wrote

This is great news for bitcoin. Also that’s not blood in my mouth, it’s victory wine.

5

seanmg t1_ixop3kz wrote

Good to see the issue in this situation being identified as exchanges and not crypto as a whole.

5

for2fly t1_ixp9wqk wrote

Sure they will and turn it into Wallstreet 2.0 where their cronies are the only ones allowed to steal investors blind.

2

RatKing_Spaghetti t1_ixorsnx wrote

Let me tell you how this is good news for bitcoin...

1

lutel t1_ixndz4q wrote

They will audit Tether finally?

0

cachemonet0x0cf6619 t1_ixq65d8 wrote

how much tether do you have? what would be the outcome of a failed audit? what’s the definition of immutable?

1

Faptain__Marvel t1_ixo8nd9 wrote

Now that the poors have been bilked, we need to restructure crypto so it can continue to bilk the stupid.

−3

cachemonet0x0cf6619 t1_ixq6lno wrote

the stupids already got bilked. it’s stupid to give away custody of your funds.

the poors are the ones whom the regulators are here to claim to protect.

it’s one thing to talk shit. it’s another to talk shit without knowing a damn thing

2

Faptain__Marvel t1_iy47q9s wrote

Gosh, you sure seem knowledgeable. The poors have been encouraged to invest in crypto since they advertised during the superbowl. You don't see the Winklevoss twins regretting their investments in bitcoin.

It was always the already rich fleecing the poor and stupid. Only a douchebag would try to pretend there is a difference.

0

cachemonet0x0cf6619 t1_iy4jlzo wrote

being poor doesn’t mean that I’m too stupid to do my own research.

and in Tom Brady’s case, being rich doesn’t make you impervious to ignorance.

1

[deleted] t1_ixmxidq wrote

[deleted]

−9

NoL_Chefo t1_ixn24fl wrote

Yeah, Bankman-Fried stashing millions of his own customers' money in a hedge fund and lying about it was definitely a global conspiracy for regulation, which as we know is the one thing the rich love to fight for. Every cryptobro I encounter is a mental gymnastics athlete.

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cachemonet0x0cf6619 t1_ixq6dtn wrote

it’s not gymnastics to understand the ftx and crypto aren’t any more related than bernie madoff and the dollar.

1