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It’s an unregulated security. Or so you all keep telling us. So which financial institutions? Oh wait, none of them but the crypto ones that are worried about going out of business?? Mkay.
It’s less valid than fiat except guns and drugs, and would be there but for major regulations and government oversight and all that.
Because all of those have to report to the SEC. Coin base and the like only have to as a business; not as a broker. This should tell you something. (Hint; if they go bankrupt tomorrow you’re fucked, unlike an actual broker dealing in real currencies or securities).
Ayup
Sure. No evidence that I’ve seen either way, but I’ll buy your premise for the moment. I doubt it’s significant like you think, but sure.
Why does decentralization make any difference? That’s one part crypto bros have never managed to explain other than “I don’t like the government” - unless you live on a sea stead, you don’t get a choice.
Not quite. Many large market-makers and funds hold crypto
Well, decentralising a currency frees it from the FED and other major players like banks. No more needing a bank. This also means that it can change hands between unsavory characters, yes. But the same with the US$.
That shound really strange to me, usually clients does not even feel if their stock broker got into bankruptcy (the new buyer cause not even interruption of service sometime) and in a bad case scenario for an American broker the first half a millions of security and 250K of cash is insured by the SIPC coverage:
I thought many of them were validated by independent auditor.
That a bit of a reduction imo, a Fiat like the USD is based on the power of the American tax payers and American goverment police/state/judicial force to convince them to pay, that a incredibly giant concrete things, I am not sure how much it requires a competent FED has well, but the force put on it to be competant are also quite big.
Now I will sound completely novice, but is it, does all the new crypto coin source on the same finite resource or are they not creating new resource with a finite or not possible amount of them ?
When private bank were mostly in charge of money creation, it was quite a good era in the history of mankind too imo no (could be fully wrong here), but the system is a genius one, with quite a good alignment with incentive and good for society well aligned that was working quite well. I am not sure if/when you reach close to the limit of a crypto, if it really replaces flat how does terrible, terrible deflation does not occur.
As assets. Not as a regulated security broker. It's a distinction
Finite resource - as pinky swore by a dude in Topeka, and his pet dog, not-toto.
https://en.wikipedia.org/wiki/Enron_scandal Beg to differ. Minor consequences for minor violations, major consequences for major violations. Those folks went to jail and were banned from ever holding that type of office again. It's also audited,
Lack of regulation and extremely high risk, lack of future visibility to potential regulation, no inherent value - there's a multitude of reasons. The primary one, however, is that it serves the majority of it no purpose other than as speculative value - and speculation can go up, or go to absolute zero, since there is no inherent value to it as an item for trade, outside of guns and drugs.
Not having banks has proven to be a bad idea every time it has been attempted in the past, for good reason.
I mean, yes - sorta. But we've tried fully unregulated markets - they don't work. Ever. As for the future - why? What can it do that I can't do with straight currency now?
Yep. They serve to trade for you - you're protected. When Mt Gox went under, everyone who lost out was pretty much screwed.
If the fund breaks, then yes - you can lose money, but that's generally exceedingly rare - and depending on who's bonds they are, there's often recourse or a backstop to it (eg: US Government bonds, since we don't default on debt).
Ayup. And the few times the auditors truly fuck up, they tend to cease to exist fast.
Fuzzy. And trust.
Oh you're WAY wrong on that one (eg: the guilded age, the free banking age, etc - none of those worked out for your average common man). Central banks exist for a reason, and it's not just monetary policy. https://www.clevelandfed.org/en/new...0071201-a-brief-history-of-central-banks.aspx
What
What fund breaks mean ? The company handling the fund, why would you loose money ?
I was talking reform after the terrible 70s-80s inflation, i.e. mid 80s to now, central banks became way more independent. Did private banks in charge of money creation via loan like today back in 1880 usa ? I thought they were still on the gold standard, almost an 180 opposite.
The current system in place since the governement step out a little bit:
With inflation on the rise in the USA at a steady pace, by the time this court case is done $258 billion will be like $20,000 USD in today's currency.
An unregulated meme stock…. Good luck. It’s only valuable while somebody popular is interested in it. By the very nature of a meme, once the top gets bored it gets forgotten.
Ah yes, "volatility", totally not a scam that doesn't work except for those at the top of the ponzi scheme.
Considering Matsuda just sold off multiple productive studios, he had better pray that this NFT scam works out for Square-Enix in the short-term, otherwise he knows it will be his ass on the chopping block when the board of directors come knocking.
Oh? The rug pull cycle has begun again you say? Suckers born every minute...
I mean gold has actual industrial uses.
Actually, gold has quite a few uses outside of monetary trading.
And there it is, the patented "you're just jealous you didn't get in early" bullshit excuse.
The proof is in the pudding.
it only 'works' because it's forced to, by gunpoint
That's great, something that credit cards already do and is completely redundant.
The video I posted breaks down why this is a completely useless form of transaction, and even worse monetary tool.
Yeah, as stated in the video those "games" all went bust and lost 99% of their overall value from when they first started.
So Etherium is a product and service, that even though it has been around since at least 2015, still cannot be known how to precisely value in dollars, or any currency for that matter... wow.
Perhaps the technologies and topologies themselves used by and surrounding cryptocurrencies and NFTs are not ponzi schemes and scams themselves, but the said cryptocurrencies and NFTs that they structure and support most certainly are.
The mental gymnastics on this would definitely win the gold.
I feel it is much more, government ability to rise and enforce taxation.
direct barterning between people that knew each other was quite rare, societies of the past were extremely debt based.
Yes and what got used over time has symbol is quite something, would not be surprise if we leave in one of the less abstract, less debt based society era ever in the western world with solid money, which is somewhat ironic.
The problem with this is that it's perfectly legal to trick idiots. It's because crypto in general has an extremely grey area of value, because it's hard to legally put into practice that a scam has occurred. Might even fall under unlawful enrichment. Look at the whole situation with Logan Paul and his NFT project and how so many people lost money. Sure, there's a lot of idiots who followed a guy who went to Japan to find dead bodies hanging from a tree, but that doesn't mean Logan Paul shouldn't pay them back and be fined heavily for this.
