Should Cryptocurrencies be Regulated?
       |           

Welcome, Guest. Please login or register.
Did you miss your activation email?
March 28, 2024, 11:10:23 AM
News: Election Simulator 2.0 Released. Senate/Gubernatorial maps, proportional electoral votes, and more - Read more

  Talk Elections
  General Politics
  Economics (Moderator: Torie)
  Should Cryptocurrencies be Regulated?
« previous next »
Pages: [1]
Poll
Question: Should there be government oversight over cryptocurrencies?
#1
Democrat: Yes
 
#2
Democrat: No
 
#3
Republican: Yes
 
#4
Republican: No
 
#5
independent/third party: Yes
 
#6
independent/third party: No
 
Show Pie Chart
Partisan results

Total Voters: 45

Author Topic: Should Cryptocurrencies be Regulated?  (Read 2642 times)
Frodo
Atlas Star
*****
Posts: 24,509
United States


WWW Show only this user's posts in this thread
« on: November 20, 2022, 11:57:53 AM »

I know the libertarians are going to be pained by this, but there are growing calls for some sort of government oversight especially after recent events, as well as some predicting it might well be inevitable by this point:

FTX meltdown likely to spur crypto regulations, cool digital currency push
The collapse of the major crypto exchange could be the final straw in an ongoing push to create oversight of cryptocurrencies, how they're stored, and where they're traded. Any government oversight is likely to affect other digital assets being developed by businesses.
Logged
President Punxsutawney Phil
TimTurner
Atlas Politician
Atlas Legend
*****
Posts: 41,124
United States


Show only this user's posts in this thread
« Reply #1 on: November 20, 2022, 12:08:37 PM »

There probably should be at this point. The form it takes, when it comes, should strike a balance between allowing creative freedom in the space, and protecting from fraud. But if there are more people like this guy, that will possibly (likely?) not happen.
Logged
Frodo
Atlas Star
*****
Posts: 24,509
United States


WWW Show only this user's posts in this thread
« Reply #2 on: November 20, 2022, 12:11:13 PM »

There probably should be at this point. The form it takes, when it comes, should strike a balance between allowing creative freedom in the space, and protecting from fraud. But if there are more people like this guy, that will possibly (likely?) not happen.

Who are you referring to?

Logged
President Punxsutawney Phil
TimTurner
Atlas Politician
Atlas Legend
*****
Posts: 41,124
United States


Show only this user's posts in this thread
« Reply #3 on: November 20, 2022, 12:20:15 PM »

There probably should be at this point. The form it takes, when it comes, should strike a balance between allowing creative freedom in the space, and protecting from fraud. But if there are more people like this guy, that will possibly (likely?) not happen.

Who are you referring to?


The guy who was behind the FTX collapse.
Logged
PSOL
Atlas Icon
*****
Posts: 18,981


Show only this user's posts in this thread
« Reply #4 on: November 20, 2022, 01:05:09 PM »

They need to be banned as a complete scam
Logged
DaleCooper
Atlas Icon
*****
Posts: 10,849


P P P
Show only this user's posts in this thread
« Reply #5 on: November 20, 2022, 02:22:57 PM »

The practice of cryptocurrency "mining" should be banned by the federal government, but other than that I don't care if they regulate it.
Logged
Aurelius
Cody
YaBB God
*****
Posts: 4,170
United States


Political Matrix
E: 3.35, S: 0.35

P P
Show only this user's posts in this thread
« Reply #6 on: December 24, 2022, 04:44:33 AM »

They should be banned entirely and the promoters of these scams should be thrown in prison.
Logged
Vosem
Atlas Icon
*****
Posts: 15,622
United States


Political Matrix
E: 8.13, S: -6.09

Show only this user's posts in this thread
« Reply #7 on: December 29, 2022, 02:16:02 PM »

No, and neither should regular currencies; we need a separation of money and state.
Logged
PSOL
Atlas Icon
*****
Posts: 18,981


Show only this user's posts in this thread
« Reply #8 on: December 29, 2022, 03:48:48 PM »

No, and neither should regular currencies; we need a separation of money and state.
That “ideal” of resource-backed money, or utilizing barter of the actual commodity and in many cases the goods, collapses without a central authority.

A separation of transactions can only happen when money is not utilized, which is ideal.
Logged
Zinneke
JosepBroz
YaBB God
*****
Posts: 4,069
Belgium


Show only this user's posts in this thread
« Reply #9 on: December 29, 2022, 04:02:02 PM »

No, and neither should regular currencies; we need a separation of money and state.





Anyway back to serious discussion : the reason the powers that be in America aren't keen on regulating the crypto bubble is because it gives it legitimacy. Why regulate what is essentially a big internet scam. SBF did nothing wrong to the actual FTX customers...he defrauded the investors for sure by not telling them their money was going to a basement hedge fund ran by his concubine.

My view is that blockchain can be a really useful technology so it will inevitably be regulated but the current crypto hype doesn't deserve the attention people are giving it. Let it go bust naturally like the alternative currencies in the Far West once upon a time.
Logged
Antonio the Sixth
Antonio V
Atlas Institution
*****
Posts: 57,961
United States


Political Matrix
E: -7.87, S: -3.83

P P
Show only this user's posts in this thread
« Reply #10 on: January 01, 2023, 07:58:19 PM »

At this point, answering No is the policy equivalent of buying into one of those Nigerian prince scams.
Logged
World politics is up Schmitt creek
Nathan
Moderators
Atlas Superstar
*****
Posts: 34,248


Show only this user's posts in this thread
« Reply #11 on: January 01, 2023, 11:48:21 PM »

Prohibition is a type of regulation, so yes.
Logged
Хahar 🤔
Xahar
Atlas Legend
*****
Posts: 41,731
Bangladesh


Political Matrix
E: -6.77, S: 0.61

WWW Show only this user's posts in this thread
« Reply #12 on: January 02, 2023, 04:23:39 AM »

At this point, answering No is the policy equivalent of buying into one of those Nigerian prince scams.

My answer is no for the same reason that Sam Bankman-Fried's answer was yes: regulation would lend legitimacy to these scams. The only sort of regulation that I want is an absolute ban on incorporating these devices into the regular financial system, such that their failure would compromise world commerce. I was worried about this happening a year ago, when ads for bitcoin dealers were everywhere, but I'm less worried about this now.

My view is that blockchain can be a really useful technology so it will inevitably be regulated but the current crypto hype doesn't deserve the attention people are giving it. Let it go bust naturally like the alternative currencies in the Far West once upon a time.

I have yet to see any actual uses for blockchain other than using cryptocurrency to carry out illegal transactions. In practice, decentralized ledgers accomplish nothing useful to a business that centralized ledgers do not, and the transaction costs in terms of energy consumption are orders of magnitude greater with blockchain than with existing centralized bookkeeping. This is why all the time some corporate blockchain initiative that was announced with great fanfare five years ago is quietly shut down: it turned out that there was no business use for blockchain and that this was a waste of time and money. Matt Levine writes about this on a pretty regular basis.
Logged
Sir Mohamed
MohamedChalid
Atlas Star
*****
Posts: 22,468
United States



Show only this user's posts in this thread
« Reply #13 on: January 02, 2023, 10:03:24 AM »

Personally, I'd prefer crytocurrencies be banned.
Logged
Biden his time
Abdullah
YaBB God
*****
Posts: 4,644
United States


P P P
Show only this user's posts in this thread
« Reply #14 on: January 02, 2023, 07:41:20 PM »

Lots of "Anti-Authoritarian" "Anti-Communist" "Anti-Fascist" folks here from both sides suddenly get very authoritarian when talking about the spooky scary cryptocurrency
Logged
America Needs a 13-6 Progressive SCOTUS
Solid4096
Junior Chimp
*****
Posts: 8,730


Political Matrix
E: -8.88, S: -8.51

P P P
Show only this user's posts in this thread
« Reply #15 on: January 03, 2023, 04:43:44 PM »

They need to be banned as a complete scam
Logged
All Along The Watchtower
Progressive Realist
Atlas Icon
*****
Posts: 15,417
United States


Show only this user's posts in this thread
« Reply #16 on: January 05, 2023, 02:08:07 AM »

we need a separation of money and state.

I agree, we should all be able to print our own money, inflation isn’t real!
Logged
Kahane's Grave Is A Gender-Neutral Bathroom
theflyingmongoose
Atlas Icon
*****
Posts: 10,293
Norway


Political Matrix
E: 3.41, S: -1.29

P
Show only this user's posts in this thread
« Reply #17 on: January 09, 2023, 08:34:50 PM »

I see no reason to regulate something backed by nothing and invented by dumb college students with a very low long-term success rate that can easy convince vulnerable people to invest their money in /s

In all seriousness while I reluctant to support banning crypto it does need to be regulated.
Logged
AustralianSwingVoter
Atlas Politician
YaBB God
*****
Posts: 4,955
Australia


Show only this user's posts in this thread
« Reply #18 on: January 10, 2023, 01:51:46 AM »

Maybe? But if you’re going to ban a financial instrument I’d rather target literal pyramid schemes like Multi Level Marketing first.
Logged
Torie
Moderator
Atlas Legend
*****
Posts: 46,057
Ukraine


Political Matrix
E: -3.48, S: -4.70

Show only this user's posts in this thread
« Reply #19 on: January 23, 2023, 03:53:10 PM »

My initial take without being among the cognescenti on this one, is to ban it.
Logged
America Needs a 13-6 Progressive SCOTUS
Solid4096
Junior Chimp
*****
Posts: 8,730


Political Matrix
E: -8.88, S: -8.51

P P P
Show only this user's posts in this thread
« Reply #20 on: January 27, 2023, 04:16:32 PM »

Maybe? But if you’re going to ban a financial instrument I’d rather target literal pyramid schemes like Multi Level Marketing first.
The goal inherent in cryptocurrency is to make it out rich like a pyramid scheme operator would.
Logged
Pages: [1]  
« previous next »
Jump to:  


Login with username, password and session length

Terms of Service - DMCA Agent and Policy - Privacy Policy and Cookies

Powered by SMF 1.1.21 | SMF © 2015, Simple Machines

Page created in 0.058 seconds with 13 queries.