Their next efforts will probably be lobby like crazy to ban any other coin that is not "Approved".
The idea was fascinating, and Bitcoin has held up marvelously considering it was essentially a prototype with high barriers to change after becoming popular. There’s a Nobel Prize waiting if the rightful owner ever wants to come forward to claim it.
But, at least for me, it was the culture, especially around Ethereum, that ultimately stopped me from wanting to have anything to do with it. Which is ironic, because a large part of that culture was the denial that anything like “culture” exists, that “trust” and “institution” are terms with meaning, etc.
I agree. Because of the nature of cryptocurrency, the industry has always just been wrought with fraud.
It has something to do with Telegram chats, the "wild west" feeling, semi-anonymous currency transactions, and the feeling most people have that there is (or was) a real possibility that they could gamble and win big with little effort.
The entire industry can almost be seen as a giant, anonymous slot machine.
Yet what we have seen over the years is really more of a bemused interest from existing institutions, with targeted and rather effective interventions only where actual harm was done, such as ICOs.
It’s almost as if these conspiracy theories about the FED or Credit Card companies’ lobbying power, or the “International Banking Elite” weren’t exactly right.
Look back in 10 years to see whether the conspiracy theorist were wrong. I have no doubt the lobbying to exclude and put "regulations" in place is coming.
I have no doubt that you're right. But not because of some evil conspiracy by a cabal of bankers, but in order to protect society as a whole.
Also, care to explain why you put regulations is scare quotes? In my book that disqualifies your comment pretty much.
But the way many things are implemented, especially when there's lobbying behind it, creates an environment where the only people who can navigate it are the people lobbying for it. As much as we need regulations for pollution, I'm of the opinion we need less regulation for many other things.
Banks are a great example. Banks should be regulated. If I put my money into a bank I want it guaranteed there.
But the industry has successfully lobbied itself extensions in their charters and ventured into financial and investment territory, which I don't believe should be coupled with banks.
Investing and securities (like cryptocurrencies) have an inherent downside - it can go up OR down. I don't need a short sighted politician to put laws in place to protect me from having my investments go down. That's part of the game. If you don't know what you're getting into, you shouldn't get into it.
But thanks to regulations, it's essentially impossible to open a bank or have competitive services, while they get to abuse their positions to leech money from the general population.
There's no reason that banks (safely storing money) and investment companies should be a single entity.
And before you mention inflation, realize that your savings account makes 0% interest, for any useful purpose.
If I want to start or invest in crypto under my own accord, there's no reason I shouldn't.
Don't want to lose your money on cryptocurrency? Don't put your money into it. We don't need regulations for that. We need common sense.
This idea that you deserve a risk free ROI is a moral hazard for society.
Disclaimer: I haven't ever bought cryptocurrencies, because I don't understand it and I'm not an idiot. It's gambling, pure and simple, and the people who lost their money deserved it.