Any company that is “worth” $32 billion one day and then zero the next wasn’t really ever worth anything to begin with.
Emre S
1 year ago
The whole point of crypto is there cannot be a last lender of resort since crypto is not fiat money. It’s full on Austrian school of economics – what you’re seeing is creative destruction. Whether that’s the right thing to do or not will be decided in the marketplace more than in arguments. Having said that, these exchanges are regular companies sometimes listed like CoinBase, and it’s possible to buy crypto with fiat. And yes, some regulatory framework would probably be welcome as long as it doesn’t strangle the industry.
upvoted and then took it back, because of the last sentence. there is no “some”. “some” is a toehold that leads to government agencies chasing more power and a bigger budget, and ultimately crypto becoming just another wall street thing, instead of potentially disrupting wall street.
Take something like stable coins. Someone comes up and says this coin tracks USD with such and such method. Who’s there to guarantee this claim – that there’s not a criminal element. Yes there’s code and blockchain for crypto, but what other places where it interacts with the “real” economy? Also, what about taxation? Is crypto an asset, a commodity, or currency?
hayden eastwood
1 year ago
I hadn’t followed this closely, thank you for the information, I was wondering why the cryptos dumped over night.
If Binance follows we will reach some very low points indeed.
In fact, I suspect it may bring down some regular banks if the crypto ones fail.
N T
1 year ago
all the complaining about how crypto needs to be regulated, because dumb people throw everything at it and then complain that they didn’t know what they’re getting into.
it’s amazing to me that the internet and crypto became things precisely because there was no one holding them back.
complain about short sellers and citizen journalists. they’re the real evildoers, here.
no – don’t. both did exactly what they should do. that’s the beauty of not having regulation in a space. it’s literally self-regulating.
if you lost everything in mt. gox or ftx, i’m sorry for you. next time, try to be more careful.
N T
1 year ago
one more thought on this: there is a real threat of contagion, and breaking something bigger (i was tempted to say “more important” but that’s just code for hurting the establishment). but you gotta break big things, cut down big trees, churn out the “too big to fail”. cancer is what happens when some cells get to live forever.
Gamblers lose money. Who cares ?
Any company that is “worth” $32 billion one day and then zero the next wasn’t really ever worth anything to begin with.
The whole point of crypto is there cannot be a last lender of resort since crypto is not fiat money. It’s full on Austrian school of economics – what you’re seeing is creative destruction. Whether that’s the right thing to do or not will be decided in the marketplace more than in arguments. Having said that, these exchanges are regular companies sometimes listed like CoinBase, and it’s possible to buy crypto with fiat. And yes, some regulatory framework would probably be welcome as long as it doesn’t strangle the industry.
upvoted and then took it back, because of the last sentence. there is no “some”. “some” is a toehold that leads to government agencies chasing more power and a bigger budget, and ultimately crypto becoming just another wall street thing, instead of potentially disrupting wall street.
Take something like stable coins. Someone comes up and says this coin tracks USD with such and such method. Who’s there to guarantee this claim – that there’s not a criminal element. Yes there’s code and blockchain for crypto, but what other places where it interacts with the “real” economy? Also, what about taxation? Is crypto an asset, a commodity, or currency?
I hadn’t followed this closely, thank you for the information, I was wondering why the cryptos dumped over night.
If Binance follows we will reach some very low points indeed.
In fact, I suspect it may bring down some regular banks if the crypto ones fail.
all the complaining about how crypto needs to be regulated, because dumb people throw everything at it and then complain that they didn’t know what they’re getting into.
it’s amazing to me that the internet and crypto became things precisely because there was no one holding them back.
complain about short sellers and citizen journalists. they’re the real evildoers, here.
no – don’t. both did exactly what they should do. that’s the beauty of not having regulation in a space. it’s literally self-regulating.
if you lost everything in mt. gox or ftx, i’m sorry for you. next time, try to be more careful.
one more thought on this: there is a real threat of contagion, and breaking something bigger (i was tempted to say “more important” but that’s just code for hurting the establishment). but you gotta break big things, cut down big trees, churn out the “too big to fail”. cancer is what happens when some cells get to live forever.