why is the sec regulating crypto and trying to """protect""" us?
does anyone actually want their "protection"? i would bet less than one percent of people investing in crypto actually want the sec to regulate it, so why the fuck are they coming in and trying to spoil everyone's dinner.
what the fuck is their problem.
They used to control all the money (fiat). Now they only control most the money. They want to control all the money again.
Just like how they "protect" us by not letting people with less than 1 million dollars invest early.
Systemic risk.
Look up Wildcat Banks and the consequences.
Look up margin trading and how it creates the Great Depression.
People are irrational, so systems that limit people's ability to destroy the economy (or outsource the damage to other economies) outcompete ones that don't. The SEC is bad for the individual, great for the group. Sadly technological advances plus postmodernism are causing social fragmentation returning us to the Hobbesian war of all against all. The SEC is fighting a losing battle. Seriously, they think they can fine developers of decentralized exchanges? Top Kek
they want their cut
Trying to throw their weight around and establish law/control as early as possible. Obviously as you pointed out, they're not trying to protect anyone at all. And you could make an argument that that's how ALL American government works in 2018 and why modern day politics are so laughable. The guise of Big Government being "necessary" for our society to function is an absolute joke in this day and age.
The USA will be better off splintering into balkanized regions without Big Brother controlling muh freedoms, which will inevitably happen in the next 100-200 years. We're already at each others' throats, but we're more afraid of China and Russia than we are of each other. This is quickly changing.
You ever heard of Mafia "protection" its like that
>does anyone actually want their "protection"?
Yes, I do.
I sold in December last year and realized, that crypto is not going anywhere with the amount of fraud right now. As easy as it is for one to "invest" into a project, as easy is it to just hype a project, collect some ETH/BTC and run away with the ICO-money.
Or even better: to NOT run away and meme to "work for the project" even lets you seem a serious business owner. You can waste away the money in plain sight of the "investors" with no backlash whatsoever.
Look what Julian Hosp did with TenX. He got 70 million USD. All he did was employ a couple of actors. He cannot code, he has no clue about finance and all he does is doing motivational speeches for the last decade. He literally commited fraud and is doing what he did before.
If you realy love crypto, you want to have it crash into the ground and many people locked up for life.
You may now proceed to larp being a "liberarian" hating the state. Does not change that crypto is dead and no sane professional will touch it until all of this does not change.
I accept the consequences of my actions and don't want protection. If you invest in scams, that's your personal right.
Easy money. The sec is pocketing 200k-400k per ico without any effort.
It also gets rid of future icos which are all scams anyway
Even if it means that a few couple of people will win and the tech will become tainted by fraud and it will hurt the future prospects of the technology?
It is literally a swamp that could be drained.
If it were easy to get rich for regular people, it would be a lot harder for businesses to hire deperate wage slaves. That's why you have to have at least 1 million dollars in non real estate assets before you can legally invest. Oh, and public equity just exists so the banks have someone to buy their bags.
deregulation and anonymity is where the best innovations lie. do you really think bitcoin would exist if it had to go through all of the """"regulation""" set in place by the sec? fuck no.
the same goes for cryptonote, mimble-wimble and more than likely, eth as well. I am fine with there being 1000 scams if just one of them brings innovation like this.
this is the price you have to pay imo. if you know what you are doing you wont fall for any of the first 980 scams anyway. which means you only really need to take a 1 in 20 risk. which is no different than vc's.
>if you know what you are doing
Which is the whole point why we need regulation. No one can know what he does under these in these conditions, apart from a selected few, who take part in the manipulation. This is the whole reason, why e.g. cornering in regular markets is illegal.
You delude yourself if you think that
>muh 20 selected projects
will somehow magically behave different than the 980 scams. Even if these projects are in fact better, the scams dictate the whole market and they taint the "better" products by hitting them with an overall extreme overevaluation, which will always crash back down to more reasonable levels and never recover to what they were before.
You do not calculate your risk. You cheat yourself by sugarcoating both upside and downside risk, just to get the result you like to have.
so i come back to the original point. if it was for regulation, bitcoin would not exist right now, neither would monero, nor eth.
Instead, the coins that will exist would be ripple, stellar, vechain. These are centralised shitcoins... The best innovations in crypto are usually proposed by people that are under pseudonymous identities. With regulation, coins like this would never be able to take off from the ground.
>No one can know what he does under these in these conditions, apart from a selected few, who take part in the manipulation
thats just plain wrong. If you do your research you can tell what's not a scam easily. e.g. seeing eth in 2014 it was easy for anyone who actually understood the tech to see that it was not a scam. Same with monero etc.
Their excuse is that it pertains to American investors. If an american investor does something in crypto that isn't allowed by law they will sweep in as hard as they can to take it out. For example making a trade on BitMex would mean the SEC goes after Arthur. The government apparantly thinks Americans are retarded and need to be protected and wear safety helmets, it seems like they are right.
Because the government functions as a organism which defends itself with government services that function like an immune system
>The best innovations in crypto are usually proposed by people that are under pseudonymous identities.
Which is something I agree with, but
>With regulation, coins like this would never be able to take off from the ground.
is plain wrong.
Look, lets make an example. KMD is a good project and no one knows who jl777 actually is. It might be a good project and I actually believe it is.
But that is not the point of regulation. KMD is listed on bucket shops and the price is manipulated to hell and back by p&d, tape painters and simply hyping shills. In the case of KMD, the regulation simply concerns the market conditions, not the project itself.
Other example is LTC. Lee is known - his face, his name, his nationality.
Yet he was a major player in the p&d of LTC (which is a criminal offence, which he will be very likely arrested and judged for within the next years) by dumping all his stuff after hyping LTC for weeks in TV.
>If you do your research
Thats the point. No one can do it, because not enough information regarding the market is made public. In regular markets, people go to jail fast, if they even delay certain information - in crypto, it is just "yeah, well thank you" and you could have make all research in the world, you would get fucked.
why is the sec regulating stocks and trying to """protect""" us?
does anyone actually want their "protection"? i would bet less than one percent of people investing in stocks actually want the sec to regulate it, so why the fuck are they coming in and trying to spoil everyone's dinner.
what the fuck is their problem.
tl;dr SEC pretends to be protective over citizens, but in fact wants to control and regulate crypto
Fuck em
you're acting like the valuation of legit projects is a problem. but nobody cares about fiat valuation beyond functioning costs except speculators, and speculators need to be flushed out as much as possible for a healthy crypto ecosystem anyway
Do you ever read Reddit? Most people who bought in 2017 really think regulation is a good idea and scream manipulation whenever their coins go down.
Then you have no problem getting robbed and the tech going nowhere?
Well, okay.
because of people like john mcafee running pump and dumps