I wonder what role cryptocurrencies would play once central bank digital currencies start to gain momentum.
My guess is mostly a speculative and black market role.
I wonder what the point of a ‘central bank digital currency’ would be? Most of my dollars seem to be digital right now. I’ve only got a few of them under the mattress.
Literally the only line in that entire ad that meant anything at all was “Do Your Own Research.”
And as a former college teacher, I can tell you, even college students rarely know how to do research.
Lee also did a Levi’s 501 Jeans commercial touting the talent of Rob Liefeld…
Thrag
1996
Dodgecoin guy says what a lot of us assumed.
I know nothing about Bitcoin and Blockchain, but I stumbled across that thread recently and it’s brutal.
Menzo
1998
Yeah, definitely a good read - not too long.
While blockchain and cryptocurrency might have started off with innocent intentions, they have since attracted people who want to take advantage of the lack of regulation and oversight. The end result is always the same: the rich get richer at the expense of everyone else.
We need nations to step in and regulate ASAP.
Is there actually anywhere important where cryptocurrencies are not regulated?
Menzo
2000
Are there regulations in the US? Other than general “you’re really supposed to pay taxes on profits” which everyone ignores, I’m sure.
There is a growing body of tax code dealing with cryptocurrencies, although that may not be regulation in your eyes. They are certainly recognized as taxable.
ShivaX
2003
Everything is taxable.
Taxation isn’t regulation though.
If I go to a restaurant, I’ll pay some taxes, they’ll pay some taxes.
None of that has anything to with if they’re selling me rotten meat or not.
Which is a weird way of saying it’s not regulated, given that the SEC considers a wide swathe of cryptocurrencies to be securities. They did a bit of a fudge when writing the regulation which means things like BTC and ETH are not securities, but it put paid to a huge amount of crypto launches. ICOs were a really big deal before the regulation, and now they’re not, and they’re almost exclusively done outside the US.
Right. If “regulation” is code for “ban the fuckers”, well yes, that hasn’t happened in the US.
But I doubt there’s any serious crypto business in the US that doesn’t have to deal with serious regulatory compliance issues.
Menzo
2006
What are you talking about? There are no “serious regulatory compliance issues” in the US. Cryptocurrency is a big black hole and it’s not like the SEC is being super aggressive about it.
Maybe at a corporate level it’s something that, say, Disney would have to think about, but the vast majority of crypto is happening at the personal level, which has zero regulations as far as I’m aware.
There’s regulation around the sale and tax implications of Bitcoin, as well as reporting requirements on transactions. So there’s some regulation. But you are absolutely right that the regulation is a lot lot more spare than it ought to be for this sort of thing.
Menzo
2008
Just to be super clear: I want the US government to step in and regulate cryptocurrency in an effort to prevent it from becoming yet another tool for the rich and powerful to take advantage of the poor and (mostly) dumb.
That’s one of the reasons the SEC exists for securities. They, perhaps poorly, try to make sure everyone plays on the same field and has access to the same information at the same time.
If you’re implying that cryptocurrencies are somehow immune to or bypass financial regulation then that’s just wrong. Securities, money transmission and anti-money-laundering, derivatives trading and registration of fund managers are all bodies of law and regulation that apply to crypto transactions. In general, all that’s happened is agencies have had to decide what to classify a cryptocurrency or token as and then apply existing regulations.
So derivatives on crypto prices are treated the same as other derivatives and regulated accordingly. Managers of funds that invest in crypto have to be registered in the same way as other funds and managers. Coin offerings are now regulated as securities. Crypto exchanges are treated as money transmitters and have to conform to FinCEN regulations and implement an anti-money-laundering program.
I don’t even know what you mean here. Almost all “personal” ownership of crypto is going to be through some kind of crypto business who are regulated, as above. It’s all taxable, and just because you didn’t report your transactions doesn’t mean that CoinBase hasn’t. It’s not clear to me that you even know what regulation you expect or want.
