tag:blogger.com,1999:blog-6704573462403312459.post6925278034781571401..comments2024-03-29T02:53:03.321-04:00Comments on Moneyness: Let it burnJP Koninghttp://www.blogger.com/profile/02559687323828006535noreply@blogger.comBlogger9125tag:blogger.com,1999:blog-6704573462403312459.post-49873501033505848762022-12-30T09:42:22.286-05:002022-12-30T09:42:22.286-05:00"I say actively burn it down"
Banning c..."I say actively burn it down"<br /><br />Banning crypto is one option. The problem with that is then you foreclose on my point #4. That is, you prevent people from ever providing regular financial products using blockchains as databases.JP Koninghttps://www.blogger.com/profile/02559687323828006535noreply@blogger.comtag:blogger.com,1999:blog-6704573462403312459.post-36802107041581539572022-12-30T09:37:42.602-05:002022-12-30T09:37:42.602-05:00I agree with most of what you say. It's not an...I agree with most of what you say. It's not an investment and is mainly gambling. I disagree with you that gamblers don't deserve some very basic regulatory protections, especially since crypto gambling mimics so many elements of traditional investing.JP Koninghttps://www.blogger.com/profile/02559687323828006535noreply@blogger.comtag:blogger.com,1999:blog-6704573462403312459.post-39877108018944075362022-12-30T09:28:10.559-05:002022-12-30T09:28:10.559-05:00I'm not sure the VQF is what you think it is:
...I'm not sure the VQF is what you think it is:<br /><br />"The VQF SRO is officially recognised, regulated and supervised by FINMA, which is why this supervisory system is referred to as (legally and officially) controlled self-regulation."<br /><br />It's basically another regulated institution.<br /><br />To be clear, I would be fine with this sort of institutional arrangement for crypto. For instance, in Canada all broker-dealers are overseen by IIROC, a self-regulatory organization (like the VQF) that is in turn regulated by our securities commissions. We recently brought crypto exchanges under IIROC jurisdiction. That's what I meant when I said that "Canada and Japan have already taken these steps." IIROC jurisdiction over crypto exchanges is a good thing, and the US should do the same thing.JP Koninghttps://www.blogger.com/profile/02559687323828006535noreply@blogger.comtag:blogger.com,1999:blog-6704573462403312459.post-45306498668408406292022-12-30T05:34:42.456-05:002022-12-30T05:34:42.456-05:00Here an example of self regulation in Switzerland:...Here an example of self regulation in Switzerland:<br /><br />https://www.vqf.ch/en/srompolaviejanoreply@blogger.comtag:blogger.com,1999:blog-6704573462403312459.post-20349142367229470062022-12-29T13:13:12.007-05:002022-12-29T13:13:12.007-05:00I know people that have lost money in FTX, and the...I know people that have lost money in FTX, and they are not complaining. They knew that was a risk, and they regret not having been more dilligent. Given that everything around us is hyper-regulated, I think we all tend not to be dilligent enough, so maybe we need more than 10 years (or more FTX like events) to begin to see clients demanding self-regulation.mpolaviejahttps://www.blogger.com/profile/07019090624748286662noreply@blogger.comtag:blogger.com,1999:blog-6704573462403312459.post-17469637194146745252022-12-29T10:51:09.744-05:002022-12-29T10:51:09.744-05:00Outside of the failed efforts of a few desperate t...Outside of the failed efforts of a few desperate third world dictators, no country has allowed tax payment in crypto. Neither has crypto been used as a reasonable store of predictable value, or as reliable means of payment. It is not money.<br />It is also not an investment; because it funds nothing that produces value.<br />What it is, is a collectable, like beanie babies and tulips.<br />Taxpayers should not fund the effort to regulate crypto, other than to ringwall it, so that it cannot claimed as assets by financially important institutions. The government should make it clear that if you want to gamble on finding a bigger fool, you are on your own.Anonymousnoreply@blogger.comtag:blogger.com,1999:blog-6704573462403312459.post-8612947204751663522022-12-29T08:22:15.002-05:002022-12-29T08:22:15.002-05:00The last ten years was an experiment in self-regul...The last ten years was an experiment in self-regulation. And the failure of FTX -- the world's second largest exchange -- was a culmination of that approach. It's a good as sign as any that the industry needs to be regulated along the same lines as regular financial entities, and quickly.JP Koninghttps://www.blogger.com/profile/02559687323828006535noreply@blogger.comtag:blogger.com,1999:blog-6704573462403312459.post-13846111815086696162022-12-29T07:48:09.301-05:002022-12-29T07:48:09.301-05:00Wouldn't the let-it-burn approach be a very in...Wouldn't the let-it-burn approach be a very interesting higher level experiment to see if a specific industry is capable of self-regulating?<br /><br />For this specific industry, it could be some proof of reserves standard, non custodial and/or decentralized exchanges, specific auditing standards, etcmpolaviejahttps://www.blogger.com/profile/07019090624748286662noreply@blogger.comtag:blogger.com,1999:blog-6704573462403312459.post-53854610873979428062022-12-28T12:11:49.393-05:002022-12-28T12:11:49.393-05:00Mostly OK. Point 3 might get one accused of being ...Mostly OK. Point 3 might get one accused of being a pollyanna, if we aren't going to regulate it, and clearly, we aren't up to the task. Casino and sports betting sites are nowhere near as linked up to the financial system so the analogy isnt quite right. Heck with letting it burn, I say actively burn it down. And take the sports betting disgrace of an industry with it. Geehttps://www.blogger.com/profile/01362688534684797536noreply@blogger.com