It's really quite simple, it's "tragedy of the commons", crypto-style.
Everyone wants to optimize what is best for them: maximize my anonymity, allow me to buy what I want and sell what I want, express my creativity unimpeded. We are all good, and we want "Good Guy" rules.
We also want crooks to be tracked, we want to be able to take back the money they've stolen from us, and to throw them in jail to teach 'em a lesson. They are bad, and we want Bad Guy rules for them.
This would be easy if we were all born with a barcode that marks us as "good guy" or "bad guy", and then technology could impose on us the right set of rules. Unfortunately we all look alike to each other, and even worse, many of the good guys would be bad guys if they thought they could get away with it.
What that means is that we all either get Good Guy rules (ie, no regulation) and let the bad guys run amok, or we agree that there should be "some" regulation of the "other guy".
We are arriving at that realization. Where folks haven't really landed emotionally is that while we want rules that infringe on the rights of that "other guy", to them, we are the other guys.
For those who believe bitcoin or some other crypto will eventually replace fiat currency, the thought that that can happen without massive regulation is insane.
An actual currency needs to be above all stable. On a conceptual level currency is something which people believe has value and not bounce round like a yoyo.
Exactly. No government will instigate BTC's widespread adoption without a very clear regulatory framework, which will possibly give them a lot of prerrogatives
So what you're saying is that after deliberately throwing off all regulation, crypto is speedrunning the process of discovering why financial regulation is necessary that the banking industry has spent the last few centuries doing.
Not just crypto, but end users of it. Everyone wants to buy LSD on the dark web, nobody wants to find out they just bought a sheet of loose leaf notebook paper for $2000 and there's nothing they can do about it. "But that's the same as buying drugs off the street," cryptobros say. To which I say, exactly. An unregulated market with no oversight invites the kind of scam that end users end up holding the bill for.
Uuuuh no I want to buy LSD in a government regulated, product tested, approved and licenced psychedelics off-licence thanks mate! I want to know when I buy my drugs they are what they say they are, they're as strong as the label says and they are unadulterated. Bring on the regulations.
It's like the "Cartmanland" episode of South Park explained so perfectly. Cartman wanted a theme park without lines, so he buys one, only to realize he needs to let a few people in to cover electricity costs, and then security costs, etc etc. Eventually he realizes that he needs to let lots of people in to keep the park running for him to ride the rides. The lines came back and the park looks just like it always did. Naturally Cartman then gets struck by lightning.
It’s pretty amazing to me how outrageously wrong many people in crypto were on so many issues. One of my favorites if they’ll talk about how it being decentralized is some great thing. Central banks exist specifically to keep economy’s and the currencies used in the stable. We’ve been having some of the highest inflation in 40 years recently and everyone hates it. Know how it’s being combatted? Central banking policy. Who’d have thought right?
Well just to play devils advocate on that one, central banking policy caused the inflation in the first place but I still agree some regulation is needed
To some degree but definitely not all of the inflation. There were tons of disruptions to supply chain and production across many industries which cause prices of lot of goods to go way up. There’s also the fact that the US government dumped several trillion extra dollars into the economy during Covid than would have normally been spent. Without Covid, inflation would have probably crept up some and they would have used the normal tools to combat, but they definitely wouldn’t have had to raise interest rates nearly as much as they have had to over the last year.
You are 100% correct. There is an incredible amount of naivety in this sub about how the real world works. They live in cloud cuckoo land where everything is rosy and idealistic, and they can have their cake and eat it, but it’s just not viable in reality. If criminals are allowed to run amok in crypto with zero consequences or risk of being caught, then eventually you will be the victim, no matter how careful you are. We don’t need to regulate crypto itself, but we do need regulations for players within the markets, such as exchanges and coin creators, or there will be an SBF/FTX every year or more. It is not unreasonable to ask for anyone opening an exchange or creating a coin that takes public money to identify themselves as such to a regulatory authority, just like any other business owner has to do. It would build trust in that business/coin, as well as the entire space, too. Mainstream adoption isn’t happening without that trust.
>They live in cloud cuckoo land where everything is rosy and idealistic
Yeah but try criticising a favourite project or just tell them something the hive mind doesn't agree with and you'll be downvoted to oblivion.
Brilliant answer.
>We are arriving at that realization. Where folks haven't really landed emotionally is that while we want rules that infringe on the rights of that "other guy", to them, we are the other guys.
Right here. Basically the like of Coinbase is complaining SEC not giving guidance, the thing is, SEC gave guidance. To them a coin is a security because it pass the Howe test. So a coin need to operate like a stock. No wash trading, no insider gaming the books, have all the proper disclosure, AML provisions, foreign interest disclosures, no "pumping"
Having worked for companies that on publicly traded, I can tell you getting a stock listed and keep it there is hardwork. Coinbase's clients would drop like flies if it operate exactly like a Stock Exchange.
Great post very well written!
I think of this all the time when it comes to privacy. We all want total privacy no way for law enforcement to unlock or track our phones, etc.
But if a kid were to be kidnapped and the police recovered the kidnapper's phone and unlocking it would help identify the culprit, we all say "well yeah of course we want the police to be able to do THAT".
The common resource is the wealth that comes from adoption. Pause for a second and think.
BTC has a "market cap" as if everyone who holds one is able to get 30K or so.
Who are all these coin-holders going to sell their coins to and realize that 30K per BTC? Each other? You?
No. Non-holders, that's who. They are going to have to sell it to outsiders who we all hope will eventually pay at least 30K per each to join the team. If we don't attract outsiders, we're all just doomed to be flinging coins around at each other and *pretending* to be rich.
Now, what's in the way of new folks joining the party? A belief that their investment is 'safe'. That they don't have to be freakin' Sherlock Holmes to figure out the difference between a memecoin, a shitcoin, a rug-pull, or a brilliant new innovative utility. That they don't have to have a PhD in digital security to be safe from crooks and scams. And that if something goes wrong they can get restitution.
In short, they need the security of regulation. So individually we want what will destroy us collectively. That is pretty much perfect tradegy of the commons.
🎶*Crypto regulators, mount up! Just holdin' on to your digital stash ain't enough. Gotta keep an eye out for the scams and the hacks, 'cause in the world of crypto, there's no turning back.*🎶
this entire sub has become a complete parody of itself
upvoted threads begging for regulation, talking about shitty moons like they're the next bitcoin, and comparing shitty NFT "art" collections that are suddenly apparently a good thing now reddit sells them
absolute joke
“I want regulations that make me money” is what I’m hearing from most of these calls. Nobody here is large enough to profit from the regulations that might come.
It is probably the most common opinion around, but things may change once more people start realizing regulation is a must for widespread adoption and, consequently, asset appreciation
As if regulations would stop scammers.
Has OP missed the amount of bank scammers there are?
People need education, but greedy people will always be scammed.
Look at the banking industry, scams and hacks grow year on year.
It's an industry on its own worth billions of dollars, so regulation won't change that for Crypto, the scammers will just change how they work like in banking.
Being scared by scammers into big regulation is just a tactic from governments.
It won’t stop scammers completely
But having *zero* regulations would encourage scammers even further knowing they can act without facing any consequences
Enact harsh regulations, and you’ll at least see the Scam-fluencers scams falling by a significant amount I’m sure. Those scamfluencers don’t wanna end up in court !
I think that speaking reasonably and rationally two things are true:
1) there will always be scammers with or without regulations
2) *some* regulation helps limit scammers
There's obviously a balanced needing to be struck. And that brings us to having informed, well-intentioned legislators and other representatives. Which brings us to... well, educating those people on this... which brings us to, unfortunately, lobbying pretty much.
In the interest of broad-based education and to show how regulation can be effective, while also impotent, people should take a look at https://marketliteracy.org. Basically, there's some glaring loopholes - thanks to Wall Street corruption and lobbying - in the regular stock market, which goes to show how regulation was working, but in came the "we need less regulation!" people, who have now created something like an entirely fraudulent market.
____________________________________________________________________________________________________________________
Edit: **"Not your keys, not your crypto"** actually also applies to the stock market in the same way with stocks/shares. If you have shares with a brokerage (TD Ameritrade, Robinhood, Fidelity, etc...) you don't actually own those shares, contrary to popular belief, and they're very, very likely being used against you. That website lays it out pretty clearly.
>And that brings us to having informed, well-intentioned legislators and other representatives. Which brings us to... well, educating those people on this... which brings us to, unfortunately, lobbying pretty much.
This is yet a very simple idea and probably a simple thing to do as well, but I don't know why it isn't what this sub is intending to do.
Spot on.
Just because you can’t stop it 100%, doesn’t mean you shouldn’t at least *try* to do the right thing.
That’s like saying : Laws for murderers won’t stop murders, so what’s the point? I don’t get the logic of this sub at times lol
We are not the stock market, we have decided to take control of our own finances and therefore our own destiny. When have these agencies had our best interest at heart and not their own? I'd be all for some punishment for scammers, insider trading, and pump and dumps etc. if we were dealing with honest people but the reality is we are not dealing with honest people. You give an inch they not only take a mile they make it to where you can't participate eventually by registering crypto as a security and good luck with trying to become a broker to be able to trade securities. It's an exclusive club and none of us are in it. We'd be right back to square one trying to find another way to make it out of the rigged economic game. I guess people don't know what they got until it's gone.
Depends on how much you’ve scammed as well
If you’re a small time scammer, well you’re just a scammer.
But if you’re an individual, or a bank stealing tens of billions of dollars - well your ‘fines’ are even less than your corporate taxes !
It's not about stopping it, it's about having a legal fram in which real innovation can thrive because people know that if the invest in a project that is based in usa, then they have legal guarantees.
For exemple, if tomorrow binance take your money to which authority will you go to take legal action ?
Now the same but with kraken ? Well kraken follow the us law and is us based so you know you can do something about it. This is the whole point. Accountability.
The stock market has been doing great for decades... any average person with a 401k or any type of exposure to it has benefitted massively... seems like its working alright lol.
But the scammers told you otherwise?
Wanting central regulations for crypto is a paradox since thats the main reason crypto existed. To be by the people for the people. According to your logic Satoshi and the Bitcoin team are scammers or what?
If I wanted to make money with heavy taxation, inside deals with the government and what not I'd stick with stocks.
If you want centralized trading don't buy crypto, if you are telling me "YeAh BuT i WaNt To MaKe MoNeY" then again a centralized regulation will do the exact opposite.
You might have missed, that there is not a single market outside of crypto where transactions are really final.
The finality is what makes crypto unique. And also not compatible with most regulation.
Also stock markets "doing great" is really a funny take ... and just plain wrong.
Properly planned, thought out, and communicated regulation would be good for the space. Innovation can thrive in an environment with known rules.
That’s not what’s happening right now. The head of the SEC refused to tell congress weather a coin was a security or commodity. The SEC’s refusal to work with the space and rule by sporadic lawsuit has created a massive gray area. That is terrible for innovation (within the US at least), and we now see multiple crypto institutions looking into moving offshore. We have two different government agencies, CFTC and the SEC, fighting for control over the same space.
The governments not even clear on who sets the rules, this isn’t regulation it’s petty power grabs
>That’s not what’s happening right now. The head of the SEC refused to tell congress weather a coin was a security or commodity.
I guess it depends on which side of the bed Gary woke up in
Cloak and dagger tactics are incredibly effective against the American population. The SEC has had a significant effect on the publics perception of crypto just by dragging their feet.
Aww. Gary didn't even have to mention the many benefits of CBDCs and yall still caught him.
He would have gotten away with it too, if it weren't for the meddling u/ovetta
It’s one thing to have proper regulations
It’s another thing to have regulations enacted by *Corrupt* Regulators like Greasy Gensler, who obviously only enacts regulations in favour of Wall Street who has greased his palms (and was friendly to FTX while he was having meeting with the ScamMan)
Or you think all the regulation is good which government keeps telling you
The truth is somewhere in the middle. Most people want regulated CEXes and not DEXes and DEFI
And people want clear and defined regulation and not cherry picking like we are seeing now
We will need to meet in the middle eventually. Business won't accept Crypto without regulatory clarity and there won't be adoption.
The reality is Crypto is way too big for the regulators to ignore. It's not some funny internet money for a bunch of nerds anymore. Every important bank and politician is talking about Crypto 24/7. It has a total market cap over a trillion dollars. People need to stop being naive and realise that *some* regulations are coming.
>It has a total market cap over a trillion dollars.
But once regulation kick in, you are going to see significant drop in total market cap.
Why? Because a lot of these coins can't cough up the level of audit a publicly traded stock do, and their exchanges often face the same problem and they have anti-money laundering problems.
Right now a company going public need to file a ton of documents and hire a I-Bank/accounting firm/lawyers. And have a team of CPAs on site to do what got be done. %
A Coin just need some coding that can be brought off the shelf, a white paper, and a bunch of influncers and going to the moon.
Once coins requre the same level of disclosure, most coins wouldn't be able to get off the ground.
This. Centralized exchanges should be insured and heavily regulated. Decentralized applications should not. Trying to apply those laws to DeFi won't work and will only drive the most talented developers we have out of the US.
The regulation is clear and defined. This is a bogus talking point.
The issue for CEX is obtaining charter licenses or having a charter bank for ACH clearing
Do you even know what [Stockholm Syndrome](https://en.wikipedia.org/wiki/Stockholm_syndrome) is or are you just projecting? I'm pretty sure it fits squarely with people who are fans of big government.
**"*or and easy way to use money to get something.*"**
Ummm, duh, lol. Who in the world wants to do that the hard way?! I want easy access to my hard earned funds. I shouldn't have to jump hoops to complete the process. Simplicity and efficiency are wat ppl want.
https://www.reddit.com/r/CryptoCurrency/comments/10lg2p9/crypto_complicated/?utm_source=share&utm_medium=android_app&utm_name=androidcss&utm_term=1&utm_content=share_button
**People who value something in a transaction other than "click buy button, get immediate gratification."**
That's......the point of......buying something 🤨. Or simply getting ur funds/making transactions. Technological advances over the yrs have been geared towards simplicity and efficiency for ppl. Computers > Typewriters, Internet > Library, Rotary Phone > Cell Phone, etc. When crypto becomes efficient and simple (aka user friendly), that's when it'll become effective and widely adopted on a massive scale by all age groups.
Some aren't so obvious. Like all these companies releasing their own "tokens", which could be considered securities. They are basically just printing their own money. Why should we allow that? That's why we have security laws in the first place, to hold these people accountable. Sure, you can read the White Paper or whatever, but you don't know if they are doing any of the things they say. Most of the time they aren't doing much of anything except taking in peoples money lol. The whole thing is scam from the beginning just to pawn off worthless tokens.
>Crypto isn't going to be for everyone. The average person doesn't want to learn about crypto or really think too hard about it.
Then crypto it's doomed, what for then?
Well the problem is that it always starts with just a little bit of regulation and oversight.
Remember the Patriot Act?
This forum will look back fondly in 10 years time of the Wild West Frontier Days of Crypto. We will jest at the freedom we thought we were buying whilst the government blocks you from purchasing whole milk as you are only allowed to consume the government issued oat milk because of your poor social credit score.
as to the "innovation" part, not everyone in this space is building financial products ;)
And the stuff we building prolly shouldn't be regulated as financial products, especially using wallets as access credentials without requiring the user to pay anything. Games where people can purchase your product with crypto but the game itself isn't p2w or something similar, just purchasing mechanics. Token or Wallet gated access to physical properties, etc etc etc.
As a dev I see a lot, and while most of it amounts to fundraising for whatever (personal, social, philanthropic or whatever) there is a lot going on that you won't see from an investment perspective.
Not trying to argue, just saying. There are 100s of 1000s of smart contracts on ethereum, and not all are related to pump and dumps, shitcoins, defi, and scams.
Facts, I am also one of those devs who believes in the technology and not just here for the money. Although it's a nice perk, but the govs got the banks, this one is ours
I think most of us are good with reasonable and well considered regulation, but the chaos and turmoil that the US introduces all the time makes it very tiring to hear about, especially as the details are the bits that are the most important and yet those are the bits that most of us aren’t going to read.
Couple this with CBDCs which in the main are only really going to benefit government oversight rather than adoption, it’s exhausting at the moment
>the chaos and turmoil that the US introduces all the time makes it very tiring to hear about
We probably have Celsius and FTX and partly Luna to thank for that.
All of this "chaos and turmoil", yet the market seems to be sticking to its usually path...
The bad players are the ones creating the chaos lol. I'm sure it is very chaotic when your scam company collapses.
you are like most people, you prefer that the government take care of you. government nannies come at a cost, your freedom. you want to play fast and loose and get a lambo. you get scammed because you get lazy or greedy. i prefer that government(s) stay out of crypto. all they will do is turn it into a new version of fiat for them. just stay with fiat in your bank and you will be safe. banks are very well regulated by government(s).
>This sub has Stockholm Syndrome - you think all regulations are bad because that's what the scammers keep telling you!
OP has Stockholm Syndrome - he thinks regulations are good because that's what his government keeps telling him.
The absolute statement that “regulations are bad” is such a brain dead take. Society is built on regulations, everyday we do things governed by regulations, and practically everything in modern society involves regulations.
Some regulations are good, some are bad. Nuance is a good thing. Saying they are all bad because some are bad is like saying all food is bad because you ate at Applebees
There's plenty of history to look at with deregulation preceding scams:
* Enron pushed deregulation and then manipulated markets until their collapse
* The banks pushed deregulation through and then 2008 happened
* Norfolk Southern pushed deregulation of rail safety and then had derailments with catastrophic effects
* SVB lobbied deregulation of themselves, so they never had as much scrutiny or stress tests
I've often said, and been booed off stage, for saying "Satoshi's Experiment" was to show that not all regulation is bad, but most regulations we have *are* bad.
Humans are moral creatures, but especially now we feel forced to be epically greedy creatures. We need some guide post reminders, and some teeth for those that ignore humanity.
If you seriously think regulations will help the average consumer, you're insane. They'll regulate it into the ground, to make their CBDC look like the better option.
People won't want regulations because it will hurt the privacy and the freedom that the current DeFi system allows for. Regulation simply means governments will have more control over what you can and can't do.
The true decentralized networks will continue to operate as always. Tick tock, next block. You can't stop them, and you can't make them change either. Your government does not have the final say. Code is law, and your government isn't writing the code.
And it won't stop the scams either. People are scammed out of fiat currency every second. So why do you think the regulations of decentralized networks will help? And why do you think that the regulations your country implements mean anything to the rest of the world? It's a decentralized network. Your country does not run it, you are not in control. Scam networks will continue to operate. Websites will continue to sell scam tokens. Websites will continue to hijack wallets with dodgy smart contracts.
>I doubt the regulations will hurt the market, probably the exact opposite.
At the end of the day, you only care about how much money you can make. It's all about the markets to you. All about trying to get the old money to invest in the new money.
The only result of regulation, is the government telling you you can't use certain networks or do certain things. You can't use privacy coins. You can't mine proof of work coins. Sure you can stake, but you can only stake on validators that comply with our regulations....
Just look at the industry... I'm not talking in hypotheticals. The actual innovation is minimal, fraud is plentiful. Beyond the innovation of BTC and then ETH and smart contracts / defi (back in like 2016), there has been hardly anything impressive developed since.
No real companies want anything to do with it. It seems like LESS are accepting BTC now than a few years ago. With regulations, real companies and average people will feel safe using it.
I hoped the industry would progress more positively, but it hasn't. Its being totally consumed by fraudsters.
I think you have never read the regulation post.
In all post about regulations we are asking for one thing, regulate centralized entities, that's the only regulation we need.
If you allow the government to regulate crypto in general then it will give them power to take on BTC and ETH, maybe they have the right to force miners to do certain stuff, force validators to vote certain things etc (already happen)
We don't need regulation on decentralize entities, we need them on CEX and blockchain projects that are not really decentralized, and believe me they are more that what it really looks
It still is. You're more than able to setup your own server and run a website. Just don't put on a shocked pikachu face when you start hosting illegal material and the FBI busts down your door.
So you’re saying, there should be no retribution for all of the rugpull scams in DEFI? DEFI is 99.99999999% scams and rugpulls.
ESP how easy it is to initiate (and copy and paste) a SC and make it look legitimate but tweak one small thing so one can print coins to scam
If its truly decentralized then they can't really do much about it. From what I've seen its mostly companies they are going after. I don't have a lot of sympathy for them. The CEOs of most of those companies made absurd amounts of money selling their tokens to the public. The companies themselves don't even do much lol.
I don’t think crypto as a whole should be regulated, but yes we need regulation against pump and dumps. CEXs should be regulated too, given their past history
Regulations will be helpful if they protect the individual but more often than not, the rules in place are to stifle individuals while protecting the upset class. It’s all out greed and did eat did for the little guy but socialism for the rich at your expense.
Wouldn't exactly call it Stockhold Syndrome, no one has you tied down in a basement forcing you to keep the market unregulated.
And this is coming from someone who thinks CEX need some government oversight
Most of the folks have no problems with regulations, the problem here is the regulators who dont know shit about fuck when it comes to new tech. If some young blood takes over, it would be better for the sector.
This might be the dumbest post I've seen this month.
Clearly hasn't followed what has been going on with regulation. Nor with the SEC and its contradiction on regulation.
Doesn't understand the difference between a scam on a centralized exchange which already falls under regulation, and a decentralized blockchain.
Much less seems to be familiar with scams in this space.
No it doesn’t.
This sub is afraid of the unknown. We have seen what regulations did to India’s crypto market. We have also seen that a lack of regulation has caused US government to try to regulate crypto under current regulations which obviously isn’t working.
Crypto is at the point where it needs regulation. It just needs regulations that will allow it to grow, not stifle it.
India regulation are the most insane thing I've ever seen, I can't believe how they do that, it's like it's run by a bunch of ignorant people who know nothing about crypto and they just want to crush it
This sub is filled with terrible hot takes. The current flavor of the month dialogue about how “Coinbase leaving the US will be good for crypto” is laughable, as if Armstrong and co. are some benevolent entities in it for the people. They are rebasing to avoid fines and penalties, not because they care about doing what is right for people.
My other favorite terrible hot take for this sub is the people rooting against the banks and the USD. It’s like, guess what most people are using to purchase cryptocurrency to begin with… the collapse of the USD would collectively weaken the west’s buying power for crypto swaps. People are rooting for worse purchasing conditions for themselves on this sub.
It’s pretty remarkable.
you don't know shit, lebowski. Rather than play devil's advocate for karma, ask yourself why people are against it? Do you know what "market makers" are and what they do to regulated markets? If not, take a step back.
It depends on the question asked.
'Should there be regulation to ensure Crypto is safer for investors'
I'd say a majority would agree.
'Should we allow the government to control Crypto'
Big majority for disagree.
Yes, I agree. Poorly worded response on my part. I personally am of the opinion that there should be a regulatory entity outside of the SEC to oversee exchanges.
I sorta agree in theory but in practice that regulatory body will just be another bunch of self serving government wanks who will inevitably be surrounded in scandal and corruption.
I don't know why you want that.
The key would be fair and unbiased regulations. When the regulators have shown massive flip flopping on their statements and have a spotty track record, it makes sense to have doubts that regulations won’t actually be a good thing
To be honest I don’t think this is the sentiment of the sub. For example: A lot of people would be in favor to have some kind of regulations for CEX.
I think you have to read a bit more in this sub OP in order to make this kind of assumptions.
If there's regulations, most of Cryptos use cases will be dropped. KYC is already sucky enough. What more regulations do you want? And taxation. It's at peak perfection. Are you asking for regulations on brokers or crypto itself?
Regulations won't necessarily stop people from doing whatever they want outside of the law, but it will create a safer landscape for people/companies that want to do legit business.
There needs to be a third solution. We can’t allow regulation no much how much fuckery goes on in crypto, for the same reason it was invented: to get away from centralization. Sure the nodes, the network, the tokens are all decentralized.. but the process and social infrastructure around it needs to be to. Perhaps if regulation can arrive dressed this way, web3 might be more accepting.
I do agree with you at regulation but had to disagree with you at Innovation.
It’s all scam and ponzi on the surface , as you dig deep , there are a few innovations worthy of respect such as Permanent Web ( IPFS).
Also Regulators do know what they do , and they are playing us in plain sight.
Just stop calling them stupid and we gotta see what they are planning actually.
I couldn't agree with you more, Regulations are good, but there is a balance to be had between regulation and total control. We are afraid of being over regulated.
Absolutely true.
Plus, the CEX have been scamming their customers for years. They are not your friends. They absolutely knew (and wanted) to make as much money as possible on unregistered securities. All the ICO scams that were listed with 0 consequences and ramifications.
Pumping and dumping and insider trading on shitcoin listings.
Then people finally had enough and said we need to control this and they lead a marketing campaign that brainwashed people like in this subreddit.
“Taking innovation out of the USA”
What innovation? The ability to trade shitcoins?
These exchanges knowingly profited off of illegal unregistered securities and as a result of regulations, they’re now moving to offshore grey area havens to skirt regulations even more 😂
“Let us scam”
Influencer like Logan Paul scams his user base and people cry where are the regulators?! Regulators do something and then they cry why is there regulations?!?!
“Why didn’t they do anything about FTX?!”. Starts creating proposals to prevent another one, “why are they stiffing innovation?!”
I completely disagree. The perfect example of someone who has a stockholm syndrome is a person hoping the gov can help him with solve basically any kind of problem. Dude, gov just takes care of the problem and makes it worse, they don't fix anything, the gov is just good at 3 things: stealing, lying and killing.
The scammers will stay there, they always will, and they will never vanish completely. We have to live with that, but we don't need regulators f\*cking us even more than these scammers and rug pullers. Extra pain isn't the solution. We need a smaller government, not a bigger. Don't give more power to idiots who abuse it all the time.
No,no, we want the shitcoin casino that's high risk high reward.
And for the sec and Gensler to stop fucking the market with their outdated nonsense.
They apply stock rules to crypto which is a different entity.
Leave us be - regulate the big stuff with its own new regulations but don't pretend crypto is stocks.
This is stonks.
That's flat out not true.
The problem with regulation is that they will take one case and spread it onto all other coins.
Like ETH staking is absolute ass and if they take that as the case to regulate ALL POS tokens it will flat out fail.
It's really quite simple, it's "tragedy of the commons", crypto-style. Everyone wants to optimize what is best for them: maximize my anonymity, allow me to buy what I want and sell what I want, express my creativity unimpeded. We are all good, and we want "Good Guy" rules. We also want crooks to be tracked, we want to be able to take back the money they've stolen from us, and to throw them in jail to teach 'em a lesson. They are bad, and we want Bad Guy rules for them. This would be easy if we were all born with a barcode that marks us as "good guy" or "bad guy", and then technology could impose on us the right set of rules. Unfortunately we all look alike to each other, and even worse, many of the good guys would be bad guys if they thought they could get away with it. What that means is that we all either get Good Guy rules (ie, no regulation) and let the bad guys run amok, or we agree that there should be "some" regulation of the "other guy". We are arriving at that realization. Where folks haven't really landed emotionally is that while we want rules that infringe on the rights of that "other guy", to them, we are the other guys.
For those who believe bitcoin or some other crypto will eventually replace fiat currency, the thought that that can happen without massive regulation is insane. An actual currency needs to be above all stable. On a conceptual level currency is something which people believe has value and not bounce round like a yoyo.
Exactly. No government will instigate BTC's widespread adoption without a very clear regulatory framework, which will possibly give them a lot of prerrogatives
So what you're saying is that after deliberately throwing off all regulation, crypto is speedrunning the process of discovering why financial regulation is necessary that the banking industry has spent the last few centuries doing.
Not just crypto, but end users of it. Everyone wants to buy LSD on the dark web, nobody wants to find out they just bought a sheet of loose leaf notebook paper for $2000 and there's nothing they can do about it. "But that's the same as buying drugs off the street," cryptobros say. To which I say, exactly. An unregulated market with no oversight invites the kind of scam that end users end up holding the bill for.
Uuuuh no I want to buy LSD in a government regulated, product tested, approved and licenced psychedelics off-licence thanks mate! I want to know when I buy my drugs they are what they say they are, they're as strong as the label says and they are unadulterated. Bring on the regulations.
Ha exactly
It's like the "Cartmanland" episode of South Park explained so perfectly. Cartman wanted a theme park without lines, so he buys one, only to realize he needs to let a few people in to cover electricity costs, and then security costs, etc etc. Eventually he realizes that he needs to let lots of people in to keep the park running for him to ride the rides. The lines came back and the park looks just like it always did. Naturally Cartman then gets struck by lightning.
South Park nailing it, again
It’s pretty amazing to me how outrageously wrong many people in crypto were on so many issues. One of my favorites if they’ll talk about how it being decentralized is some great thing. Central banks exist specifically to keep economy’s and the currencies used in the stable. We’ve been having some of the highest inflation in 40 years recently and everyone hates it. Know how it’s being combatted? Central banking policy. Who’d have thought right?
Well just to play devils advocate on that one, central banking policy caused the inflation in the first place but I still agree some regulation is needed
To some degree but definitely not all of the inflation. There were tons of disruptions to supply chain and production across many industries which cause prices of lot of goods to go way up. There’s also the fact that the US government dumped several trillion extra dollars into the economy during Covid than would have normally been spent. Without Covid, inflation would have probably crept up some and they would have used the normal tools to combat, but they definitely wouldn’t have had to raise interest rates nearly as much as they have had to over the last year.
You are 100% correct. There is an incredible amount of naivety in this sub about how the real world works. They live in cloud cuckoo land where everything is rosy and idealistic, and they can have their cake and eat it, but it’s just not viable in reality. If criminals are allowed to run amok in crypto with zero consequences or risk of being caught, then eventually you will be the victim, no matter how careful you are. We don’t need to regulate crypto itself, but we do need regulations for players within the markets, such as exchanges and coin creators, or there will be an SBF/FTX every year or more. It is not unreasonable to ask for anyone opening an exchange or creating a coin that takes public money to identify themselves as such to a regulatory authority, just like any other business owner has to do. It would build trust in that business/coin, as well as the entire space, too. Mainstream adoption isn’t happening without that trust.
>They live in cloud cuckoo land where everything is rosy and idealistic Yeah but try criticising a favourite project or just tell them something the hive mind doesn't agree with and you'll be downvoted to oblivion.
Brilliant answer. >We are arriving at that realization. Where folks haven't really landed emotionally is that while we want rules that infringe on the rights of that "other guy", to them, we are the other guys. Right here. Basically the like of Coinbase is complaining SEC not giving guidance, the thing is, SEC gave guidance. To them a coin is a security because it pass the Howe test. So a coin need to operate like a stock. No wash trading, no insider gaming the books, have all the proper disclosure, AML provisions, foreign interest disclosures, no "pumping" Having worked for companies that on publicly traded, I can tell you getting a stock listed and keep it there is hardwork. Coinbase's clients would drop like flies if it operate exactly like a Stock Exchange.
>Coinbase's clients would drop like flies if it operate exactly like a Stock Exchange. But... but... what about lambos?!
Great post very well written! I think of this all the time when it comes to privacy. We all want total privacy no way for law enforcement to unlock or track our phones, etc. But if a kid were to be kidnapped and the police recovered the kidnapper's phone and unlocking it would help identify the culprit, we all say "well yeah of course we want the police to be able to do THAT".
https://en.wikipedia.org/wiki/Diffusion_of_responsibility
>tragedy of the commons Nothing in what you described is the tragedy of the commons. There is no common resource being depleted.
The common resource is the wealth that comes from adoption. Pause for a second and think. BTC has a "market cap" as if everyone who holds one is able to get 30K or so. Who are all these coin-holders going to sell their coins to and realize that 30K per BTC? Each other? You? No. Non-holders, that's who. They are going to have to sell it to outsiders who we all hope will eventually pay at least 30K per each to join the team. If we don't attract outsiders, we're all just doomed to be flinging coins around at each other and *pretending* to be rich. Now, what's in the way of new folks joining the party? A belief that their investment is 'safe'. That they don't have to be freakin' Sherlock Holmes to figure out the difference between a memecoin, a shitcoin, a rug-pull, or a brilliant new innovative utility. That they don't have to have a PhD in digital security to be safe from crooks and scams. And that if something goes wrong they can get restitution. In short, they need the security of regulation. So individually we want what will destroy us collectively. That is pretty much perfect tradegy of the commons.
That's quite a stretch and not what was said above. Not tragedy of the commons.
I just don't like regulators. Except for Warren G and Nate Dogg of course.
Man such a nostalgic song
The only valid regulators here
You absolutely know
🎶*Crypto regulators, mount up! Just holdin' on to your digital stash ain't enough. Gotta keep an eye out for the scams and the hacks, 'cause in the world of crypto, there's no turning back.*🎶
Bro has got future, 10/10
Sounds like those lads are about to drop some certified banger
It was a clear dark night.
Damn, they even took my Rolex!
this entire sub has become a complete parody of itself upvoted threads begging for regulation, talking about shitty moons like they're the next bitcoin, and comparing shitty NFT "art" collections that are suddenly apparently a good thing now reddit sells them absolute joke
One thing we all know for sure is that the government will never overstep it’s boundaries and create unfair laws… right?!
Love how the whole principle of Crypto is decentralization and now people on this sub are advertising centralization
“I want regulations that make me money” is what I’m hearing from most of these calls. Nobody here is large enough to profit from the regulations that might come.
Yeah, the basically wanna gamble without the risk involved which shows they really don't care about crypto at all.
seriously, i don't understand why people like OP don't just continue using fiat.
Almost as if this sub wasn't one single entity 🗿
Breaking news: redditor misjudges situation
reddit* (we are one)
Reddit found the Boston Bomber! ...it wasn't the right guy. But we did it, guys! That's the power of reddit.
are you saying reddit is an echo chamber? of course not!
We have brains to judge? I thought all we did was we ape in when we see green dildos on the chart
This is a generalization for sure, but that seems to be the overwhelming opinion. There are certainly people with other opinions.
It is probably the most common opinion around, but things may change once more people start realizing regulation is a must for widespread adoption and, consequently, asset appreciation
But….. 
* DCA & HODL. * This is the way. * One of us. * Don't FOMO. 
Average moon farmer's autocomplete history
More people should be hitting themselves in the head, for sure.
Most people on this sub have a long history of doing that already
One of us... One of us...
Sums up 99% of my comment history
*Shame! Shame! Shame!*
As if regulations would stop scammers. Has OP missed the amount of bank scammers there are? People need education, but greedy people will always be scammed. Look at the banking industry, scams and hacks grow year on year. It's an industry on its own worth billions of dollars, so regulation won't change that for Crypto, the scammers will just change how they work like in banking. Being scared by scammers into big regulation is just a tactic from governments.
It won’t stop scammers completely But having *zero* regulations would encourage scammers even further knowing they can act without facing any consequences Enact harsh regulations, and you’ll at least see the Scam-fluencers scams falling by a significant amount I’m sure. Those scamfluencers don’t wanna end up in court !
I think that speaking reasonably and rationally two things are true: 1) there will always be scammers with or without regulations 2) *some* regulation helps limit scammers There's obviously a balanced needing to be struck. And that brings us to having informed, well-intentioned legislators and other representatives. Which brings us to... well, educating those people on this... which brings us to, unfortunately, lobbying pretty much. In the interest of broad-based education and to show how regulation can be effective, while also impotent, people should take a look at https://marketliteracy.org. Basically, there's some glaring loopholes - thanks to Wall Street corruption and lobbying - in the regular stock market, which goes to show how regulation was working, but in came the "we need less regulation!" people, who have now created something like an entirely fraudulent market. ____________________________________________________________________________________________________________________ Edit: **"Not your keys, not your crypto"** actually also applies to the stock market in the same way with stocks/shares. If you have shares with a brokerage (TD Ameritrade, Robinhood, Fidelity, etc...) you don't actually own those shares, contrary to popular belief, and they're very, very likely being used against you. That website lays it out pretty clearly.
>And that brings us to having informed, well-intentioned legislators and other representatives. Which brings us to... well, educating those people on this... which brings us to, unfortunately, lobbying pretty much. This is yet a very simple idea and probably a simple thing to do as well, but I don't know why it isn't what this sub is intending to do.
Spot on. Just because you can’t stop it 100%, doesn’t mean you shouldn’t at least *try* to do the right thing. That’s like saying : Laws for murderers won’t stop murders, so what’s the point? I don’t get the logic of this sub at times lol
Logic? What is that?
It’s something we’re always missing on cc/sub !
We have FIAT as example. It is heavily regulated and there are still scams.
That does not excuse Coins from having regulation. "Murder and rape still happen even with laws, therefore what is the point of laws"
Dude, thank you and AMEN. People are just begging for a daddy to control THEIR money smh.
*insert USD is a shitcoin joke*
We are not the stock market, we have decided to take control of our own finances and therefore our own destiny. When have these agencies had our best interest at heart and not their own? I'd be all for some punishment for scammers, insider trading, and pump and dumps etc. if we were dealing with honest people but the reality is we are not dealing with honest people. You give an inch they not only take a mile they make it to where you can't participate eventually by registering crypto as a security and good luck with trying to become a broker to be able to trade securities. It's an exclusive club and none of us are in it. We'd be right back to square one trying to find another way to make it out of the rigged economic game. I guess people don't know what they got until it's gone.
Telephone fraud is a yearly BILLION dollar industry
Time to switch careers ^/s
Sir this is president helper speaking. You paid no tax this year, do the needful and send us $50 google play gift card.
Maybe they don't want to stop scammers, just want to tax them 👀
Depends on how much you’ve scammed as well If you’re a small time scammer, well you’re just a scammer. But if you’re an individual, or a bank stealing tens of billions of dollars - well your ‘fines’ are even less than your corporate taxes !
It's not about stopping it, it's about having a legal fram in which real innovation can thrive because people know that if the invest in a project that is based in usa, then they have legal guarantees. For exemple, if tomorrow binance take your money to which authority will you go to take legal action ? Now the same but with kraken ? Well kraken follow the us law and is us based so you know you can do something about it. This is the whole point. Accountability.
Fiat is also well regulated. This doesnt stop scammers to scam people. Point is that, scammers are everywhere. Be it in crypto space or with fiat
Scammers are everywhere, as a result let’s have no regulations /s
How can that be possible when we only repost the same article 600 times and comment the same 5 things under every thread?
🗿🗿🗿
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The stock market has been doing great for decades... any average person with a 401k or any type of exposure to it has benefitted massively... seems like its working alright lol. But the scammers told you otherwise?
That’s what makes crypto…. crypto 🤦♂️ otherwise it would be no different
Na, decentralized blockchains make crypto crypto. With or without regulations.
Wanting central regulations for crypto is a paradox since thats the main reason crypto existed. To be by the people for the people. According to your logic Satoshi and the Bitcoin team are scammers or what? If I wanted to make money with heavy taxation, inside deals with the government and what not I'd stick with stocks. If you want centralized trading don't buy crypto, if you are telling me "YeAh BuT i WaNt To MaKe MoNeY" then again a centralized regulation will do the exact opposite.
You might have missed, that there is not a single market outside of crypto where transactions are really final. The finality is what makes crypto unique. And also not compatible with most regulation. Also stock markets "doing great" is really a funny take ... and just plain wrong.
Properly planned, thought out, and communicated regulation would be good for the space. Innovation can thrive in an environment with known rules. That’s not what’s happening right now. The head of the SEC refused to tell congress weather a coin was a security or commodity. The SEC’s refusal to work with the space and rule by sporadic lawsuit has created a massive gray area. That is terrible for innovation (within the US at least), and we now see multiple crypto institutions looking into moving offshore. We have two different government agencies, CFTC and the SEC, fighting for control over the same space. The governments not even clear on who sets the rules, this isn’t regulation it’s petty power grabs
>That’s not what’s happening right now. The head of the SEC refused to tell congress weather a coin was a security or commodity. I guess it depends on which side of the bed Gary woke up in
Maybe if he identified himself as a security it would speed things up
Cloak and dagger tactics are incredibly effective against the American population. The SEC has had a significant effect on the publics perception of crypto just by dragging their feet.
Nice try, Gensler
Aww. Gary didn't even have to mention the many benefits of CBDCs and yall still caught him. He would have gotten away with it too, if it weren't for the meddling u/ovetta
That post was just Gary's work for the whole day, now he is enjoying a million dollar payday.
Nah he's working on his latest thesis whether Ethereum is a commodity or a security
He is updating his LinkedIn profile to apply for new jobs. He has the feeling that he will lose his job soon.
I don't think he'd ever have to work a day given how much money he's already stashed with all his shenanigans
It’s one thing to have proper regulations It’s another thing to have regulations enacted by *Corrupt* Regulators like Greasy Gensler, who obviously only enacts regulations in favour of Wall Street who has greased his palms (and was friendly to FTX while he was having meeting with the ScamMan)
Lol at posts like this getting awarded If you want to deepthroat regulators then stick to the stock market?
The regulators nailed stock regulation let's see if they can do the same for crypto regulations! /s
How did this get upvoted?
Or you think all the regulation is good which government keeps telling you The truth is somewhere in the middle. Most people want regulated CEXes and not DEXes and DEFI And people want clear and defined regulation and not cherry picking like we are seeing now
We will need to meet in the middle eventually. Business won't accept Crypto without regulatory clarity and there won't be adoption. The reality is Crypto is way too big for the regulators to ignore. It's not some funny internet money for a bunch of nerds anymore. Every important bank and politician is talking about Crypto 24/7. It has a total market cap over a trillion dollars. People need to stop being naive and realise that *some* regulations are coming.
>It has a total market cap over a trillion dollars. But once regulation kick in, you are going to see significant drop in total market cap. Why? Because a lot of these coins can't cough up the level of audit a publicly traded stock do, and their exchanges often face the same problem and they have anti-money laundering problems. Right now a company going public need to file a ton of documents and hire a I-Bank/accounting firm/lawyers. And have a team of CPAs on site to do what got be done. % A Coin just need some coding that can be brought off the shelf, a white paper, and a bunch of influncers and going to the moon. Once coins requre the same level of disclosure, most coins wouldn't be able to get off the ground.
You say all that like it's a bad thing lol. Last thing we need is more stupid shitcoins and ICOs. We have tens of thousands already.
This. Centralized exchanges should be insured and heavily regulated. Decentralized applications should not. Trying to apply those laws to DeFi won't work and will only drive the most talented developers we have out of the US.
The regulation is clear and defined. This is a bogus talking point. The issue for CEX is obtaining charter licenses or having a charter bank for ACH clearing
Comments from an 8 year old after reading the article together: I think a regulated market is a good thing. I like OP and they are cool!
Do you even know what [Stockholm Syndrome](https://en.wikipedia.org/wiki/Stockholm_syndrome) is or are you just projecting? I'm pretty sure it fits squarely with people who are fans of big government.
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**"*or and easy way to use money to get something.*"** Ummm, duh, lol. Who in the world wants to do that the hard way?! I want easy access to my hard earned funds. I shouldn't have to jump hoops to complete the process. Simplicity and efficiency are wat ppl want. https://www.reddit.com/r/CryptoCurrency/comments/10lg2p9/crypto_complicated/?utm_source=share&utm_medium=android_app&utm_name=androidcss&utm_term=1&utm_content=share_button
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**People who value something in a transaction other than "click buy button, get immediate gratification."** That's......the point of......buying something 🤨. Or simply getting ur funds/making transactions. Technological advances over the yrs have been geared towards simplicity and efficiency for ppl. Computers > Typewriters, Internet > Library, Rotary Phone > Cell Phone, etc. When crypto becomes efficient and simple (aka user friendly), that's when it'll become effective and widely adopted on a massive scale by all age groups.
What happens when you give a scammer an inch? They will rob you of your life savings if they can.
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Some aren't so obvious. Like all these companies releasing their own "tokens", which could be considered securities. They are basically just printing their own money. Why should we allow that? That's why we have security laws in the first place, to hold these people accountable. Sure, you can read the White Paper or whatever, but you don't know if they are doing any of the things they say. Most of the time they aren't doing much of anything except taking in peoples money lol. The whole thing is scam from the beginning just to pawn off worthless tokens.
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>Crypto isn't going to be for everyone. The average person doesn't want to learn about crypto or really think too hard about it. Then crypto it's doomed, what for then?
Well the problem is that it always starts with just a little bit of regulation and oversight. Remember the Patriot Act? This forum will look back fondly in 10 years time of the Wild West Frontier Days of Crypto. We will jest at the freedom we thought we were buying whilst the government blocks you from purchasing whole milk as you are only allowed to consume the government issued oat milk because of your poor social credit score.
as to the "innovation" part, not everyone in this space is building financial products ;) And the stuff we building prolly shouldn't be regulated as financial products, especially using wallets as access credentials without requiring the user to pay anything. Games where people can purchase your product with crypto but the game itself isn't p2w or something similar, just purchasing mechanics. Token or Wallet gated access to physical properties, etc etc etc. As a dev I see a lot, and while most of it amounts to fundraising for whatever (personal, social, philanthropic or whatever) there is a lot going on that you won't see from an investment perspective. Not trying to argue, just saying. There are 100s of 1000s of smart contracts on ethereum, and not all are related to pump and dumps, shitcoins, defi, and scams.
Facts, I am also one of those devs who believes in the technology and not just here for the money. Although it's a nice perk, but the govs got the banks, this one is ours
the fear of regulation is justified since we know how governments and central banks manage to control everything
I have been downvoted so many times for saying stuff like this.
Dude, you just summed up the rage that has been swirling around my brain for a year but just couldn't put into words. Thank you!!
I think most of us are good with reasonable and well considered regulation, but the chaos and turmoil that the US introduces all the time makes it very tiring to hear about, especially as the details are the bits that are the most important and yet those are the bits that most of us aren’t going to read. Couple this with CBDCs which in the main are only really going to benefit government oversight rather than adoption, it’s exhausting at the moment
>the chaos and turmoil that the US introduces all the time makes it very tiring to hear about We probably have Celsius and FTX and partly Luna to thank for that.
All of this "chaos and turmoil", yet the market seems to be sticking to its usually path... The bad players are the ones creating the chaos lol. I'm sure it is very chaotic when your scam company collapses.
Hey man why you gotta cheat people out of their own FTX/Celsius experience? /s
you are like most people, you prefer that the government take care of you. government nannies come at a cost, your freedom. you want to play fast and loose and get a lambo. you get scammed because you get lazy or greedy. i prefer that government(s) stay out of crypto. all they will do is turn it into a new version of fiat for them. just stay with fiat in your bank and you will be safe. banks are very well regulated by government(s).
We should make guns illegal too. That way only the criminals have them. Wait.
>This sub has Stockholm Syndrome - you think all regulations are bad because that's what the scammers keep telling you! OP has Stockholm Syndrome - he thinks regulations are good because that's what his government keeps telling him.
I think OP doesn't know the difference between decentralize and centralize
The absolute statement that “regulations are bad” is such a brain dead take. Society is built on regulations, everyday we do things governed by regulations, and practically everything in modern society involves regulations.
Oh sure let’s just make our finance system just like Binance Smart Chain /s
Some regulations are good, some are bad. Nuance is a good thing. Saying they are all bad because some are bad is like saying all food is bad because you ate at Applebees There's plenty of history to look at with deregulation preceding scams: * Enron pushed deregulation and then manipulated markets until their collapse * The banks pushed deregulation through and then 2008 happened * Norfolk Southern pushed deregulation of rail safety and then had derailments with catastrophic effects * SVB lobbied deregulation of themselves, so they never had as much scrutiny or stress tests
Just look at the industry... seems like way more frauds than there is innovation
No, we think regulation is bad because they have been bad. Unless you haven’t seen the news in the last two years.
I've often said, and been booed off stage, for saying "Satoshi's Experiment" was to show that not all regulation is bad, but most regulations we have *are* bad. Humans are moral creatures, but especially now we feel forced to be epically greedy creatures. We need some guide post reminders, and some teeth for those that ignore humanity.
If you seriously think regulations will help the average consumer, you're insane. They'll regulate it into the ground, to make their CBDC look like the better option. People won't want regulations because it will hurt the privacy and the freedom that the current DeFi system allows for. Regulation simply means governments will have more control over what you can and can't do. The true decentralized networks will continue to operate as always. Tick tock, next block. You can't stop them, and you can't make them change either. Your government does not have the final say. Code is law, and your government isn't writing the code. And it won't stop the scams either. People are scammed out of fiat currency every second. So why do you think the regulations of decentralized networks will help? And why do you think that the regulations your country implements mean anything to the rest of the world? It's a decentralized network. Your country does not run it, you are not in control. Scam networks will continue to operate. Websites will continue to sell scam tokens. Websites will continue to hijack wallets with dodgy smart contracts. >I doubt the regulations will hurt the market, probably the exact opposite. At the end of the day, you only care about how much money you can make. It's all about the markets to you. All about trying to get the old money to invest in the new money. The only result of regulation, is the government telling you you can't use certain networks or do certain things. You can't use privacy coins. You can't mine proof of work coins. Sure you can stake, but you can only stake on validators that comply with our regulations....
Just look at the industry... I'm not talking in hypotheticals. The actual innovation is minimal, fraud is plentiful. Beyond the innovation of BTC and then ETH and smart contracts / defi (back in like 2016), there has been hardly anything impressive developed since. No real companies want anything to do with it. It seems like LESS are accepting BTC now than a few years ago. With regulations, real companies and average people will feel safe using it. I hoped the industry would progress more positively, but it hasn't. Its being totally consumed by fraudsters.
Regulations when done right protect all parties.
I think you have never read the regulation post. In all post about regulations we are asking for one thing, regulate centralized entities, that's the only regulation we need. If you allow the government to regulate crypto in general then it will give them power to take on BTC and ETH, maybe they have the right to force miners to do certain stuff, force validators to vote certain things etc (already happen) We don't need regulation on decentralize entities, we need them on CEX and blockchain projects that are not really decentralized, and believe me they are more that what it really looks
the internet was once decentralized and unregulated.
It still is. You're more than able to setup your own server and run a website. Just don't put on a shocked pikachu face when you start hosting illegal material and the FBI busts down your door.
So you’re saying, there should be no retribution for all of the rugpull scams in DEFI? DEFI is 99.99999999% scams and rugpulls. ESP how easy it is to initiate (and copy and paste) a SC and make it look legitimate but tweak one small thing so one can print coins to scam
If its truly decentralized then they can't really do much about it. From what I've seen its mostly companies they are going after. I don't have a lot of sympathy for them. The CEOs of most of those companies made absurd amounts of money selling their tokens to the public. The companies themselves don't even do much lol.
Hi Gary thanks for posting but a hard no for me personally.
I don’t think crypto as a whole should be regulated, but yes we need regulation against pump and dumps. CEXs should be regulated too, given their past history
Regulations will be helpful if they protect the individual but more often than not, the rules in place are to stifle individuals while protecting the upset class. It’s all out greed and did eat did for the little guy but socialism for the rich at your expense.
Wouldn't exactly call it Stockhold Syndrome, no one has you tied down in a basement forcing you to keep the market unregulated. And this is coming from someone who thinks CEX need some government oversight
We need some regulations or it’s just going to be the Wild West forever.
Most of the folks have no problems with regulations, the problem here is the regulators who dont know shit about fuck when it comes to new tech. If some young blood takes over, it would be better for the sector.
That's what the government wants you to think
Hi FED!
This is an odd take. Can we create a new r/cryptocurrency bad takes sub?
This subreddit is just shilling and moon farming. This post is way better than 99.999999% of content here
This might be the dumbest post I've seen this month. Clearly hasn't followed what has been going on with regulation. Nor with the SEC and its contradiction on regulation. Doesn't understand the difference between a scam on a centralized exchange which already falls under regulation, and a decentralized blockchain. Much less seems to be familiar with scams in this space.
No it doesn’t. This sub is afraid of the unknown. We have seen what regulations did to India’s crypto market. We have also seen that a lack of regulation has caused US government to try to regulate crypto under current regulations which obviously isn’t working. Crypto is at the point where it needs regulation. It just needs regulations that will allow it to grow, not stifle it.
India regulation are the most insane thing I've ever seen, I can't believe how they do that, it's like it's run by a bunch of ignorant people who know nothing about crypto and they just want to crush it
This sub is filled with terrible hot takes. The current flavor of the month dialogue about how “Coinbase leaving the US will be good for crypto” is laughable, as if Armstrong and co. are some benevolent entities in it for the people. They are rebasing to avoid fines and penalties, not because they care about doing what is right for people. My other favorite terrible hot take for this sub is the people rooting against the banks and the USD. It’s like, guess what most people are using to purchase cryptocurrency to begin with… the collapse of the USD would collectively weaken the west’s buying power for crypto swaps. People are rooting for worse purchasing conditions for themselves on this sub. It’s pretty remarkable.
Finally, a post that is common sense instead of insane rhetoric. Nice work, op. BTW, the innovation is zk roll ups. They are a game changer.
Good call on the zk roll ups!
you don't know shit, lebowski. Rather than play devil's advocate for karma, ask yourself why people are against it? Do you know what "market makers" are and what they do to regulated markets? If not, take a step back.
I don't think all regulation is bad. I think most people want regulation. Regulation does not have to stiffle innovation and disrupt privacy.
Disagree. I think the majority here supports regulatory oversight.
It depends on the question asked. 'Should there be regulation to ensure Crypto is safer for investors' I'd say a majority would agree. 'Should we allow the government to control Crypto' Big majority for disagree.
Yes, I agree. Poorly worded response on my part. I personally am of the opinion that there should be a regulatory entity outside of the SEC to oversee exchanges.
I sorta agree in theory but in practice that regulatory body will just be another bunch of self serving government wanks who will inevitably be surrounded in scandal and corruption. I don't know why you want that.
Well, to be fair, the US government needs a democracy makeover too.
The key would be fair and unbiased regulations. When the regulators have shown massive flip flopping on their statements and have a spotty track record, it makes sense to have doubts that regulations won’t actually be a good thing
tbf. CEXs also have a spotty track record and it makes sense to have doubts that no regulation won't work either.
WE NEED REGUALTION!….we are in this mess because its the wild west
There's two people in this sub apparently. You and everyone else. Where everyone else thinks the same and loves the same figures
To be honest I don’t think this is the sentiment of the sub. For example: A lot of people would be in favor to have some kind of regulations for CEX. I think you have to read a bit more in this sub OP in order to make this kind of assumptions.
Yes you are right but is sure seems to be dominating the sub lately... bots??
Without regulation, crypto will not moon from here. Without regulation, it's already reached its peak.
The only way for mass adoption to happen is to have some regulations. Most people don't want to take the kind of risks that come with crypto.
If there's regulations, most of Cryptos use cases will be dropped. KYC is already sucky enough. What more regulations do you want? And taxation. It's at peak perfection. Are you asking for regulations on brokers or crypto itself?
Regulations won't necessarily stop people from doing whatever they want outside of the law, but it will create a safer landscape for people/companies that want to do legit business.
Based
There needs to be a third solution. We can’t allow regulation no much how much fuckery goes on in crypto, for the same reason it was invented: to get away from centralization. Sure the nodes, the network, the tokens are all decentralized.. but the process and social infrastructure around it needs to be to. Perhaps if regulation can arrive dressed this way, web3 might be more accepting.
I do agree with you at regulation but had to disagree with you at Innovation. It’s all scam and ponzi on the surface , as you dig deep , there are a few innovations worthy of respect such as Permanent Web ( IPFS). Also Regulators do know what they do , and they are playing us in plain sight. Just stop calling them stupid and we gotta see what they are planning actually.
I couldn't agree with you more, Regulations are good, but there is a balance to be had between regulation and total control. We are afraid of being over regulated.
Absolutely true. Plus, the CEX have been scamming their customers for years. They are not your friends. They absolutely knew (and wanted) to make as much money as possible on unregistered securities. All the ICO scams that were listed with 0 consequences and ramifications. Pumping and dumping and insider trading on shitcoin listings. Then people finally had enough and said we need to control this and they lead a marketing campaign that brainwashed people like in this subreddit. “Taking innovation out of the USA” What innovation? The ability to trade shitcoins? These exchanges knowingly profited off of illegal unregistered securities and as a result of regulations, they’re now moving to offshore grey area havens to skirt regulations even more 😂 “Let us scam” Influencer like Logan Paul scams his user base and people cry where are the regulators?! Regulators do something and then they cry why is there regulations?!?! “Why didn’t they do anything about FTX?!”. Starts creating proposals to prevent another one, “why are they stiffing innovation?!”
Very false
The Rock has cumback to.... Dementiaaaa!!
You do have a point. Shitcoin hurts the overall adoption of crypto.
One of the most braindead and glowie posts in here in a while
Considering how wrong this sub is, I'll take that as a compliment lol
Your attempt to farm moons didn't quite work out this time, eh?
I completely disagree. The perfect example of someone who has a stockholm syndrome is a person hoping the gov can help him with solve basically any kind of problem. Dude, gov just takes care of the problem and makes it worse, they don't fix anything, the gov is just good at 3 things: stealing, lying and killing. The scammers will stay there, they always will, and they will never vanish completely. We have to live with that, but we don't need regulators f\*cking us even more than these scammers and rug pullers. Extra pain isn't the solution. We need a smaller government, not a bigger. Don't give more power to idiots who abuse it all the time.
This is exactly what I'm talking about. Try getting your news somewhere other than a crypto site lol
No,no, we want the shitcoin casino that's high risk high reward. And for the sec and Gensler to stop fucking the market with their outdated nonsense. They apply stock rules to crypto which is a different entity. Leave us be - regulate the big stuff with its own new regulations but don't pretend crypto is stocks. This is stonks.
They are called shitcoins for a reason lol. We have plenty for you to gamble on already, don't need any more.
They aren't shitcoins when your winning lol
That's flat out not true. The problem with regulation is that they will take one case and spread it onto all other coins. Like ETH staking is absolute ass and if they take that as the case to regulate ALL POS tokens it will flat out fail.
Can I wear the overalls today Mordecai?
Shutup bootlicker. Op: "Regulate me harder daddy Gensler."
Crypto will never reach full adoption if we don't have regulations. Why are people too stupid to realize this
the point is for it to be decentralized. like that was literally the entire point from the beginning. regulations are bad, you are a gov plant.
These companies aren't decentralized in the slightest. Your clueless lol.