Because citizens are being forced against their will to participate right? I don't know about the rest of you but I know I've held a gun to people's heads before and made them buy Bitcoin.
Edit: love the downvotes, fuck this place. Go ahead and hell ban me or something.
We ban and heavily regulate plenty of financial stuff so that people don't get taken advantage of. Payday loan regulations/bans are a good example.
The driver Out Of Position 2 airbag test comes to mind as one that causes worse airbags/safety, and increases cost.
Subprime? Insider trading? Organised crime?
They are all adults making decisions… why even have police? How much crime is committed by kids anyway?
Of course stealing and fraud and such should be illegal. But if I want to squander my money on bullshit, that is my right.
Ponzu schemes are a crime… are you against that regulation?
That's not what you're arguing for though. You're arguing for laws against participating in risky behavior by participants, regardless whether that risky behavior is a scam or not, on the grounds that they could lose money.
We don't ban fraud because people lose money, we ban fraud because people are deliberately misled, their rights are violated and they are stolen from, deliberately.
"We should ban people from taking risks", "no, I don't think so", "oh so you think fraud should be legal?" It's exhausting honestly. You should be able to come up with a better argument than this.
So if we “know” that USDT is a scam, and people are being deliberately misled then we should define it as fraud, or come up with some kind of new regulation. (By your own logic).
So we agree.
USDT is fraud. Which is illegal, so you are agreeing. Just you interpreted what they said as “introduce new law” whereas I interpreted it much more literally as public prosecutors should be taking action.
Well, there's a pretty big universe of meaning.
> Subprime
What is more wrong? Banks lending to people they know they can't afford it because they think the risk/reward ratio is worth it? Or governments not letting them feel the effects of the markets reaction?
> Insider trading
Honestly who gives a shit? This is the type of thing that would be quickly priced into the market.
> Organised crime
Are we talking about selling drugs? Or murder? Or sex trafficking. Because I have very different opinions between the first and the second two.
> why even have police
See above.
Anyone who seriously believes in a future of cryptocurrency should be calling this crap out instead of brushing everything bad about it under the rug and labeling it as FUD. The problem: very few people actually believe in cryptocurrency, most are looking for a quick buck instead.
This is known.
> Real people will get burned, badly.
Welcome to the game, there is a learning curve.
> You can't even depend on these exchanges to actually handle high trading volume when there are price crashes.
If they're centralized, you mean.
> It's honestly a joke that anyone trusts this system as it currently stands.
It's easy to distrust a system you don't understand.
> Anyone who seriously believes in a future of cryptocurrency should be calling this crap out
If you interacted with anyone in crypto you'd realize that they do.
> The problem: very few people actually believe in cryptocurrency, most are looking for a quick buck instead.
Why is that a problem? The ecosystem needs technologist and "market makers" (including individual traders in this) to function.
> welcome to the game.
Is this a game, or something useful, a currency system? If it's a game all your opponents are right. Truth is, some people get burned with every risk that people take, and everyone gets burned by some risk they take at some point, it is why most of us are risk averse. People get burned crossing the street.
> If they're centralized
Find me a single decentralized exchange that has the liquidity to handle high trading volume.
> It's easy to distrust a system that you don't understand
You're assuming detractors don't understand. It is self supporting fallacious logic, "if you don't agree with me that's because I know more about it than you"
As far as unaddressed points, to talk about crypto getting manipulated and pretend that heavily regulated markets like the housing market or stock market don't get manipulated is hilarious. Every market gets manipulated, but people pretend like the government solves that and cryptocurrency is the only market where this happens.
All in all I like cryptocurrency, and I don't like regulation for the most part. Before someone out there decides that this means I don't think murder should be illegal, I do, so no sense going down that line of discussion. But I don't think protecting people from predators is the same as protecting people from themselves, one is within the realm of a justice system and the other is not.
Do you not think the current economic system is a game? Because it is.
> single decentralized exchange...
Uniswap had no liquidity issues for blue chips with the recent crash.
Clearly there can be more liquidity in the market, but that’s not the argument.
> detractors don’t understand
Why would I think differently when they never do?
Assuming the rest of the response isn’t directed at me.