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Started By
Message
re: Crypto Selling Continues Friday.....
Posted on 11/11/22 at 1:02 pm to boomtown143
Posted on 11/11/22 at 1:02 pm to boomtown143
quote:
ABSOLUTELY NOT
So the very things that are causing the bulk of this chaos, you don’t want to see regulated?
Kevin O’Leary made the point earlier today that institutional players have to rely on some sort of centralized exchange structure just because of size. I’m not agreeing with him. I don’t know. But whether he’s right or not (and he also took a hot bath on FTX), you don’t think it would be a good idea to regulate the centralized side? Better for institutions not to be players in this space?
1
Posted on 11/11/22 at 1:12 pm to TigerIron
quote:
Note that if you've been following this at all, it means that his firm is definitely in danger of folding.
He could have been lying. I have no idea. I don’t know anything about Galaxy other than what he claimed - that they’d written off their (claimed) $76.8 million exposure to FTX. But I think that Galaxy is a listed company, so if he was playing funny with the truth, he’ll (also) be facing legal problems. Course, I don’t know that I’d be surprised by that, considering all the craziness that’s going on now.
Posted on 11/11/22 at 1:15 pm to Jag_Warrior
My opinion, for what it's worth, is consumers should be allowed choices in what they use. I should be able to use a regulated exchange or an unregulated exchange. There should be a framework set up that says if an exchange wants to be legit or licensed or whatever, then they can abide by these standards and oversight and apply for licensure. If you want to degen, you're more than welcome to use those other exchanges that don't meet these guidelines. Buyer beware. DYOR. CYA. NFA. Whatever other acronym you want to use for "it's all on you."
Posted on 11/11/22 at 1:59 pm to BottomlandBrew
I agree with you. I’d say that the past few months will be a learning experience (an expensive one) for a lot of people.
Posted on 11/11/22 at 3:27 pm to Billzbobo
People still playing ponzi? JFC.
Posted on 11/11/22 at 6:16 pm to SlidellCajun
Wish my $1000 buys moves the market but unfortunately they don’t
Posted on 11/11/22 at 6:17 pm to Jag_Warrior
Yes Centralized exchanges need to be regulated for those who want to use a centralized exchange.
And people need to hold their own coins
Those two things fixes all this mess.
I’ll prefer utilizing a decentralized exchange though
And people need to hold their own coins
Those two things fixes all this mess.
I’ll prefer utilizing a decentralized exchange though
This post was edited on 11/11/22 at 6:20 pm
Posted on 11/11/22 at 7:27 pm to Billzbobo
Don’t know how any of you “invest” in crypto. You should spit in your own faces
Posted on 11/11/22 at 7:51 pm to Jag_Warrior
quote:
But for you guys who are deep in it, would you agree that centralized exchanges need to be tightly regulated,
They already are. What SBF and crew have done is very illegal and theyll likely wind up in jail.. Regs wont always stop dirtbags from neing dirtbags, especially when theyre well connected like SBF.
But to answer your question: yes...centralized, custodial entities need heavy regs.. what i want to avoid is heavy handed regs on decentralized protocols. Those have all been fricking stellar, save for a hack here and there on newer platforms and save for UST/Terra, which many OGs called out as a shite ponzi for a long time (and wasnt very decentralized, in actuality).
Uniswap, Maker, Aave, Compound, CULT DAO, etc. Have all run flawlessly.. Nobody's been scammed or fricked by them. Code is their regulation.
This post was edited on 11/11/22 at 7:57 pm
Posted on 11/11/22 at 8:30 pm to cwill
quote:
People still playing ponzi? JFC.
The most traditional type of scam is still the best. #believemath
Posted on 11/12/22 at 12:51 am to molsusports
We are still early in crypto. This thread confirms it. We are going to be so rich in a few years when everyone is buying crypto in their 401ks.
Posted on 11/12/22 at 9:03 am to tenderfoot tigah
quote:
We are still early in crypto.
Every year... 14 years and zero use cases outside of scams. Don't stop believing.
Posted on 11/12/22 at 9:08 am to UltimaParadox
It took a good 20 years for anyone to find a good use for the car, ipod, iphone, website, television, radio - crypto and BTC are right on track really! Usefulness is coming any year.
Posted on 11/12/22 at 9:28 am to Hulkklogan
quote:
They already are.
Tightly regulated, I said. I think not. But I’m just going by O’Leary’s comments yesterday.
quote:
What SBF and crew have done is very illegal and theyll likely wind up in jail.
Possibly. But as of right now, a lot of people are still trying to figure out what he/they actually did - and the legality is still in question. Apparently he had over a hundred associated companies playing this game. It’s truly mind boggling. I’m not personally affected, but I also wouldn’t cry if they found a way to torch him over this.
quote:
Regs wont always stop dirtbags from neing dirtbags, especially when theyre well connected like SBF.
I totally agree with you there. But I believe O’Leary was mostly referring to the reporting regs, or lack thereof. In the U.S., we can’t even agree on who should regulate what in the crypto space, much less what those regulations should be. I’m guessing that’s about to change though. Too many of the big boys got whacked on this one. And as we all know, that’s not allowed.
Posted on 11/13/22 at 12:48 am to UltimaParadox
quote:
Every year... 14 years and zero use cases outside of scams. Don't stop believing.
When you don't know that you don't know.
Ethereum is a decentralized app store with thousands of decentralized apps on it.
Posted on 11/13/22 at 1:27 am to Big_Sur
quote:
It took a good 20 years for anyone to find a good use for the car, ipod, iphone, website, television, radio - crypto and BTC are right on track really! Usefulness is coming any year.
Blockchain technology (which you thumbed your nose at in the OT thread) is growing in popularity. People are exploring use cases beyond cryptocurrency. It certainly isn’t taking 20 years to figure out use cases. It’s already happening.
Posted on 11/13/22 at 3:29 am to LordSaintly
quote:
Blockchain technology (which you thumbed your nose at in the OT thread) is growing in popularity. People are exploring use cases beyond cryptocurrency. It certainly isn’t taking 20 years to figure out use cases. It’s already happening.
Yep. The so called conservatives in this thread don't realize that in poor countries, people cannot just drive to the bank and partake in all of the services we take for granted. Defi is a blessing to these people.
Posted on 11/13/22 at 8:06 am to tenderfoot tigah
You sound like what I imagine a Reddit thread looks like full of crypto bros trying to reassure themselves the house isn’t burning down after FTX. The technology! And Myrtle in Ethiopia- she ain’t got a debit card, her kids will feast from the blockchain!
Posted on 11/13/22 at 8:33 am to rocksteady
Those of you advocating for more centralized exchanges are missing the overall picture of crypto and why it came to be in the first place.
Fiat currency as we have today is HIGHLY regulated. Does that make it better? Did regulations prevent 2008? Did it prevent what we have now?
You have regulations and control moving the value of an unsubstantiated currency.
What is the value of Bitcoin? Just what people believe it is? You could say the exact same about the US Dollar.
Freely exchanging currency. With no centralized control. No exchange rates. No oversight. Free invisible hand.
It is honestly the closest we have gotten to resorting back to freely trading gold for goods and services as we’ve ever gotten.
Has centralized banking improved your lives? Then why would you want MORE of it?
EDIT: exchanges such as crypto.com and FTX are no better than Lehman brothers. Taking your money and doing frick all with it while they tell you “yes you have 2 Bitcoin safe on our exchange” while the capital you invested is traded over and over again back and forth. —- buy a cold storage wallet. If you don’t own the keys to your crypto it is not truly yours.
Fiat currency as we have today is HIGHLY regulated. Does that make it better? Did regulations prevent 2008? Did it prevent what we have now?
You have regulations and control moving the value of an unsubstantiated currency.
What is the value of Bitcoin? Just what people believe it is? You could say the exact same about the US Dollar.
Freely exchanging currency. With no centralized control. No exchange rates. No oversight. Free invisible hand.
It is honestly the closest we have gotten to resorting back to freely trading gold for goods and services as we’ve ever gotten.
Has centralized banking improved your lives? Then why would you want MORE of it?
EDIT: exchanges such as crypto.com and FTX are no better than Lehman brothers. Taking your money and doing frick all with it while they tell you “yes you have 2 Bitcoin safe on our exchange” while the capital you invested is traded over and over again back and forth. —- buy a cold storage wallet. If you don’t own the keys to your crypto it is not truly yours.
This post was edited on 11/13/22 at 8:36 am
Posted on 11/13/22 at 9:00 am to tenderfoot tigah
quote:
When you don't know that you don't know.
Ethereum is a decentralized app store with thousands of decentralized apps on it.
Well sure all those smart contracts on the chain!!!! Which is probably the number 1 thing exploited today in the Crypto space. Except it is extremely expensive to run the app directly on the Ethereum virtual machine.. So most apps actually reside in centralized servers that are much cheaper and faster than the slow old technology that is Ethereum Blockchain.
Don't stop believing my friend
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