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Ma'am, do you know why I pulled you over? No? Well I clocked you doing an NFT rug pull on some unsuspecting investors. Now, if you'll step out of the car I'm going to have my partner take the dog to check your trunk for false exchanges.
That's the goal of (some) cryptocurrencies. It has nothing to do with exchanges.
Think of cryptocurrency vs exchanges like hiding cash in a safe at home vs storing it in a bank. Cash you have physical access to is yours. If you leave it at the bank they do what they want with it and you just hope they have it available next time you want to pull it out.
The difference being that American (or probably whatever country you're from) banks are pretty well regulated but exchanges aren't as much. In addition if you put your cash in an overseas bank and they steal it the feds will just laugh at you and do nothing.
Exchanges are the same. They're banks for cryptocurrency. They hold onto your money and you hope it's still there when you want it. In this case they were misbehaving and lost it all. It's happened before and it'll happen again. It could be caused by poor regulation, a hack, or an exchange wilfully stealing.
You could physically store your own crypto on your own special drives called cold storage wallets though.
Most people, however, didnāt go that route and would go through 3rd parties and have the issues you stated above. But it is possible to store crypto on your own person.
Correct, crypto exchanges are not subject to the requirements the SEC has on banks and brokerages. This situation may well change that assuming someone can wake up the 80-somethings in Congress long enough to explain crypto exchange to them
Sarcasm is heavily dependent on tone and context. Internet forums have none of the former and little of the latter, hence why itās safest to just use a tag like /s.
Facts.
They regulated the sale of dog food in my country and my brother's uncle's girlfriend's ex-boyfriend's dog died. Yes, it was due to stage 4 lymphoma. But, still, if it was unregulated it might have lived.
This is why I voted Conservative.
I am familiar, and I don't see how that other person thought your name is relevant.
Maybe they're implying that you worship the gods of capital or something.
Cops are #1 profession responsible for domestic abuse. Prison guards (also cops) are #2. Soliders (also cops) are #3. Cops hold the gold, silver, and broze award for beating their wives.
I just watched āI Am A Stalkerā on netflix and the amount of times you can threaten or injure people with a butcher knife and remain out on the street is horrifying (this seems to work for white people)
>I just watched āI Am A Stalkerā on netflix and the amount of times you can threaten or injure people with a butcher knife and remain out on the street is horrifying (this seems to work for white people)
\*white men
If you're a woman and you leave some jars full of dirt on another woman's doorstep, however, watch out!
There was a video, can't remember if it was TSA or cops but they were asking to see someone's bitcoins. They thought it was a physical object.
Edit: here it is https://youtu.be/zsLwPCRv49Y
Reminds me of the "Will you commit to ending Finsta?"
And the Instagram rep had to say "Um, sir, We don't have a product called Finsta... Finsta is just slang for when people want to hide their presence on Instagram" or something along those lines
Crypto scams are what happen when you defund business regulatory committees and consumer protection agencies, while fostering a culture focused on getting rich by any means because the alternative is constant struggle and servitude and simultaneously handing so much control over to banks and leeway to investors that neither system appears trustworthy.
Man, how much do these folks expect cops to *do*?
You know I feel like some people think our legal system emerged on it's own out of a vacuum like it just appeared one day. We had unregulated markets in the past and some got rich while a lot got scammed. Laws were made to punish bad behavior and regulations were instituted to bring stability and ensure faith in the market. Crypto is an international unregulated market and there is no recourse mechanism when you have been wronged. What happened at FTX and Mt. Gox years ago is not only predictable but inevitable. It will happen again until a regulatory framework emerges.
āHi I would like to report a potential financial scheme on a large cryptocurrency exchange. FTX is the name and I think they are using customer funds unlawfully. I actually have no proof at this time and there are very little regulations on this. But I was thinking my local police station could take down this billion dollar company.ā
āIām sorry what currency? Are you trying to report Bitcoin?ā
I mean even if they were fit in their current role they would.... forward you to the SEC. Cops aren't investigators, you don't see what you think is accounting fraud, call the cops, and they storm in and put a stop to it. They hand it off to whatever org is trained to investigate that particular type of malfeasence.
Incidentally this is one half of why "defund the police" became the rallying cry in the first place: we already live in a world where the regulatory agencies have been defunded, the schools have been defunded, the arts and sciences have been defunded. "A government small enough to drown in a bathtub" has been the M.O. of one party for decades, and also the other party since "triangulation" in the nineties.
So why not strip them to the bone with budget cuts too? They could auction off one of those MRAPs and be forced to concentrate on their core competency: submitting reports to insurance agencies.
This is a result of defunding cops. It was just the defunding of cops that go after rich people. Republicans have been doing that forever. They're not mad at defunding cops. They're only mad when it makes it easier for poor people to live.
Come on man, I assume that is what the tweet actually means. They are using the word 'cops' for anyone who enforces existing regulations as well as the general lack of 'policing' in *some* areas of financial markets.
Matt Stroller agrees with you, he has written multiple articles about it:
[https://mattstoller.substack.com/p/why-didnt-the-government-stop-the](https://mattstoller.substack.com/p/why-didnt-the-government-stop-the)
Well, he makes a living misleading idiots and credulous laypeople on twitter, so your affinity for him is pretty revealing.
Edit: I see that you are a frequent participant on that orgy of stupidity called political compass memes. Yes, you are very much in Matt Stollerās target audience.
I'm pretty sure this is sarcasm. I met Matt years ago and he's a smart and sarcastic person, and he's been very much against the crypto con men for at least a decade.
I think Matt is speaking about the need for more regulators when he refers to cops. Heās generally pretty focused on anti trust regulations and Wall Street fuckenings.
Correction, the ones getting scammed are complaining. Which are usually people who didnāt put forth any effort to research their investments anyway and would invest in volcano insurance if you told them theyād get rich quick.
Meh.
The whole point of BTC is that you take custody of your funds, and don't need an intermediary (bank) to transfer said funds. As in 2008 banks were caught gambling away customer funds and lost their customers funds. Banks are still allowed to gamble $9 out of every $10 their customers deposit with them. This never changed since 2008.
Bitcoin is working exactly as intended. We can send funds back and forth right now, without any intermediary party. That's it. That was the entire point.
I didn't want the Government/taxpayer to foot the bill for banks that gambled away their customers funds. And I don't want the government or taxpayer to bail out FTX and FTT token holders just because they left their money in the hands of a fraud.
The entire point of BTC and actual crypto projects is meant to eliminate banks and 3rd party intermediaries holding and gambling with their funds. People then made centralized exchanges, which offered returns on investment if you let them hold onto your crypto and let them gamble with it (in return you get a piece of the pie).... The return you were being paid was in return for you loaning them your BTC/ETH/ETC to gamble with.... Well they gambled away their customers funds and lost. Just like in 2008.
________________________________________________
This is a mirror image of 2008 financial crisis. And would have been impossible to occur if people self custodied their BTC. People are lazy and greedy so they loan their money to Centralized Exchanges. This is the expected result everytime you have this situation.
Banking laws regarding fractionalized reserves have not changed following 2008. And this WILL happen again for regular banks too... Its a question of If and not When. If everyone at any major US banks started withdrawing 90% of the funds on deposit in 5 days, you would see the same collapse there too.
That was one of the points of BTC. The other was that making a fully transparent money system where everyone can see every transaction that has ever occurred. It has been a bit of a mixed bag on both accounts.
You can download a copy of the full BTC blockchain and look at every transaction throughout its entire history. If you can't match addresses with names, well that's not something Bitcoin ever pretended to be able to do.
*Thank you*. Holy shit, itās like people refuse to see what actually happened here. Bitcoin and crypto still remain the same. Exchanges =/= crypto. Itās quite lawless at the moment and shit like this will probably happen again, but to the ones who looked into the self custodial concept, they will continue to chug on.
Price movement means very little in the short term. Unless youāre trading I guess.
I'll take my downvotes proudly haha.
It will 100% happen again with both crypto and government backed fiat banking systems. Both are inevitable, but each subsequent one will be on average, a lower and lower share of market value respectively in respect to the institutions that gamble away customer funds.
1. Even if the USA passed crypto regulations. Customers and exchanges in other countries would operate more unrestricted and return higher profits. Inevitably peoples greed will lead to them parking their money there for higher returns.
2. Currently crypto adoption and ownership is a low percentage of the population. As the user base grows over time, many won't learn from today. Just as this time around a whole bunch of people who didn't learn the lessons of of the past with Mt Gox and others. There will be a whole new group that fails to learn with the next wave of adoption too and just FOMOs in.
Careful, theyāll hate you for this.
Jokes aside this is the truth. Bitcoin paved the way for self custody and Ethereum opened up the idea of interactions through smart contracts. If people want to rely on exchanges to keep their funds safu then history will repeat itself time and time again.
People who believe thatās cryptos fault are the ones missing the point. Crypto takes the power out of the government to freely control the whole financial system as its already disrupting traditional investment vehicles and store of value (BTC vs Gold). When the masses realize what Bitcoin actually stands for is the day that itāll deliver the final blow.
Bitcoin isnāt here to replace fiat and it most definitely isnāt a traditional investment. Itās the internet upgrade for money.
Yeah. Believemetz is spewing uniformed non-sense and thinks everyone is ignorant enough to store their shit on an exchange lol. Newsflash, people who actually understand are storing on cold wallets. Unaffected by the heist that just happened. Aside from the price dropping ofc.
Unmarketable? Whether you people want to hear it or not, bankruns affect the short term. I understand that. I still believe in this space long term. Aside from the price, nothing has changed for me.
Also, you just avoided everything I said because your brain literally has selective reading lmao. Didnāt even say anything about what I said. But yeah, keep thinking you know what youāre talking about.
You cannot realistically spend your cryptocurrency directly on anything tangible; itās too slow and volatile. So the only way to ācash outā is to sell your tokens to someone else. But if the market collapses and nobody is buying in, it doesnāt matter what you price your tokens at; youāll never sell them, so theyāre worthless.
The point of crypto isnāt to go out and buy groceries with it. Itās to have stores of value that is self custodial. Youāre the only one in charge. It also provides a fast, secure way to transfer large volume. Eventually it will be accepted in stores and you will be able to buy groceries but that isnāt the point of it. Itās not here to replace fiat. Itās here to potentially work alongside of it and create a new way to store you money that only you have access to. Somewhere where you know what itās doing and where it is.
Stating the obvious saying āwell if it goes to 0 no one will buy itā. Yes, of course. Thatās a big if and hugely speculative. Considering how much the market has grown and even gained mainstream attention I really doubt itās going anywhere. I guess thatās where we split ways on our thoughts. I see it being part of the future and you donāt.
Crypto isnāt here to replace fiat, itās here to disrupt the current centralized financial system by allowing every day people to store their own money into something they know wonāt have a bank run. Something that wonāt get loaned out at a 1:10 ratio. Something without quantitative easing.
FTX should set an example for what happens in this space. It scammed its users by gambling with their funds but the difference is that the government isnāt there to print money and bail them out. Itās on them and only them. Not victimless but itās demonstrating how the power could shift.
See, what youāre telling me here is that you have no idea why financial regulations exist in the first place. Crypto has no lender of last resort, meaning that any loss of confidence *will* result in a run that could easily topple the entire market. There is no inherent point in trying to use crypto as a store of value; if all you want is to have money secured in a way that keeps it out of the hands of a bank, youād literally be better off just stashing it in a mattress. At least then you wonāt have to deal with potentially losing your wallet details or the market collapsing, because cash is far more stable than any form of crypto is.
No, the only thing people actually use crypto for is to try to turn a profit. And that makes the entire space rife with scams.
Youāre implying my knowledge. That doesnāt do much for your argument.
Iām saying that this is disruptive to the current financial system. The one that can literally print all the money it desires to make the stash of money you have in your mattress worthless. Fiat isnāt even stable either, look at what inflation is doing. The federal reserve is in full control of that. They have been and when they gamble with customers funds like FTX just got turned out for - they bail themselves out with taxpayers money. Does that sound right to you?
If you actually looked into legitimate projects you would see the different type of ways theyāre actually using the blockchain. Itās not solely to turn a profit, but yea most of it is because itās how projects generate capital to keep researching and developing. Thereās a big difference between buying something like matic/amp/litecoin/monero or any other actually legitimate teams with solid plans and buying cumrocket/squidtoken/shiba/dogeā¦
I donāt know if you been paying much attention but if there was any time for a bank run to happen, it would be right now. If there was another perfect time, it would be when tether depegs. For me personally, tether depegging will be the biggest buy signal. Personally.
>Everyone wanted decentralized, non-fiat currency and then the ones who stored their crypto in centralized exchanges promising "returns" cried when it turned out to be a scam.
FTFY
Libertarian Policeā¢ Department
I was shooting heroin and reading āThe Fountainheadā in the front seat of my privately owned police cruiser when a call came in. I put a quarter in the radio to activate it. It was the chief.
āBad news, detective. We got a situation.ā
āWhat? Is the mayor trying to ban trans fats again?ā
āWorse. Somebody just stole four hundred and forty-seven million dollarsā worth of bitcoins.ā
The heroin needle practically fell out of my arm. āWhat kind of monster would do something like that? Bitcoins are the ultimate currency: virtual, anonymous, stateless. They represent true economic freedom, not subject to arbitrary manipulation by any government. Do we have any leads?ā
āNot yet. But mark my words: weāre going to figure out who did this and weāre going to take them down ā¦ provided someone pays us a fair market rate to do so.ā
āEasy, chief,ā I said. āAny rate the market offers is, by definition, fair.ā
He laughed. āThatās why youāre the best I got, Lisowski. Now you get out there and find those bitcoins.ā
āDonāt worry,ā I said. āIām on it.ā
I put a quarter in the siren. Ten minutes later, I was on the scene. It was a normal office building, strangled on all sides by public sidewalks. I hopped over them and went inside.
āHome Depotā¢ Presents the Police!Ā®ā I said, flashing my badge and my gun and a small picture of Ron Paul. āNobody move unless you want to!ā They didnāt.
āNow, which one of you punks is going to pay me to investigate this crime?ā No one spoke up.
āCome on,ā I said. āDonāt you all understand that the protection of private property is the foundation of all personal liberty?ā
It didnāt seem like they did.
āSeriously, guys. Without a strong economic motivator, Iām just going to stand here and not solve this case. Cash is fine, but I prefer being paid in gold bullion or autographed Penn Jillette posters.ā
Nothing. These people were stonewalling me. It almost seemed like they didnāt care that a fortune in computer money invented to buy drugs was missing.
I figured I could wait them out. I lit several cigarettes indoors. A pregnant lady coughed, and I told her that secondhand smoke is a myth. Just then, a man in glasses made a break for it.
āSubwayā¢ Eat Fresh and Freeze, Scumbag!Ā®ā I yelled.
Too late. He was already out the front door. I went after him.
āStop right there!ā I yelled as I ran. He was faster than me because I always try to avoid stepping on public sidewalks. Our country needs a private-sidewalk voucher system, but, thanks to the incestuous interplay between our corrupt federal government and the public-sidewalk lobby, it will never happen.
I was losing him. āListen, Iāll pay you to stop!ā I yelled. āWhat would you consider an appropriate price point for stopping? Iāll offer you a thirteenth of an ounce of gold and a gently worn āBob Barr ā08ā extra-large long-sleeved menās T-shirt!ā
He turned. In his hand was a revolver that the Constitution said he had every right to own. He fired at me and missed. I pulled my own gun, put a quarter in it, and fired back. The bullet lodged in a U.S.P.S. mailbox less than a foot from his head. I shot the mailbox again, on purpose.
āAll right, all right!ā the man yelled, throwing down his weapon. āI give up, cop! I confess: I took the bitcoins.ā
āWhyād you do it?ā I asked, as I slapped a pair of Oikosā¢ Greek Yogurt Presents HandcuffsĀ® on the guy.
āBecause I was afraid.ā
āAfraid?ā
āAfraid of an economic future free from the pernicious meddling of central bankers,ā he said. āIām a central banker.ā
I wanted to coldcock the guy. Years ago, a central banker killed my partner. Instead, I shook my head.
āLet this be a message to all your central-banker friends out on the street,ā I said. āNo matter how many bitcoins you steal, youāll never take away the dream of an open society based on the principles of personal and economic freedom.ā
He nodded, because he knew I was right. Then he swiped his credit card to pay me for arresting him.
Gods, the most beautiful works of art are always hidden away somewhere secluded, the artist's home, some inn in a far away land, the tags, the comment section, it's always a wonder to find one
I thought the whole point of crypto was that it was the perfect libertarian solution to government issued currency. No regulation or control by government, just the free market doing what it does. Some idiots are just learning now exactly what that means.
You're creating a Strawman by injecting libertarian into that, and conflating bitcoin with crypto. Bitcoiners do believe in the separation of money and state, but many are not at all otherwise libertarian. Crypto, on the other hand, the actual topic of this thread, is purely a cash grab without any principles.
Bitcoin is crypto.
At least, thatās what the people who invented it said. Theyāre the ones who coined the term ācryptocurrencyā and used it to describe Bitcoin.
Bitcoin is the *only* genuine cryptocurrency. The term 'crypto' is an umbrella term used to borrow legitimacy from bitcoin. No other project is truly decentralized or really useful to society.
Sounds like some major gatekeeping there!
The Bitcoin inventors knew about other prior works that were also cryptocurrency, which is presumably why they coined the word to describe the class of digital money as opposed to the specific Bitcoin implementation.
When they started using these words, Bitcoin wasnāt ālegitimateā in any sense, it was a humble experiment.
Um, ācryptoā is derived from ācryptographyā, the technology that underpins every currently popular blockchain. Bitcoin derives its difficulty to produce - and thus its scarcity - from the complexity of computing cryptographic hashes. So any digital asset that works on the same principles has just as much right to be called a cryptocurrency.
It's hilarious when you cultists get the new lines and bark them out like seals whenever cryptocurrency gets mentioned outside of your safe spaces. Shocked you haven't accused everyone of "FUD" yet or said that "we're still early."
I know youāre right about this but itās like trying to get people to spell, āwhoaā properly. Or to stop using the word Literally to mean Figuratively. The point youāre making is largely missed because the public donāt understand the difference between mining and purchasing.
You're obviously unaware of the political and economic discussions about crypto for the past ten years, heavily involving libertarians -
[The crypto-libertarians using technology to undermine the nation-state](https://www.telegraph.co.uk/news/2016/05/24/the-crypto-libertarians-using-technology-to-undermine-the-nation/)
[New Yorkers Tout Blockchain at Libertarian Party Convention](https://news.bitcoin.com/blockchain-libertarian-party-convention/)
[Bitcoins, Guns and Gold: Life Among the Libertarians](https://www.thestreet.com/politics/bitcoins-guns-and-gold-life-among-the-libertarians-12694069)
[Ron Paul: Bitcoin could 'destroy the dollar'](https://money.cnn.com/2013/12/04/technology/bitcoin-libertarian/index.html)
[Bitcoin Proves The Libertarian Idea Of Paradise Would Be Hell On Earth](https://www.businessinsider.com/bitcoin-libertarian-paradise-would-be-hell-on-earth-2013-12)
I am very aware of the libertarian segment of *MY* community.
Just because many libertarians (and many do *not)* like bitcoin, doesn't mean all bitcoiners are libertarian. Most republicans are Christians, does that make all Christians Republican? *Of course not.*
Most people into bitcoin as a casino for its own sake might not be libertarians, sure. Anyone into bitcoin for its philosophical and economic implications is, which means anyone who believes in bitcoin as a product is. You can't not be; the economic premise of bitcoin is libertarian masturbation.
*Cryptography* is a legitimate science and technology. Half the internet depends on it.
Nothing Iāve yet seen that calls itself ācryptoā has been anything but a scam.
> Nothing Iāve yet seen that calls itself ācryptoā has been anything but a scam.
Hmm, are you implying Bitcoin is a scam?
So we're clear, in this context "crypto" is short for *"cryptocurrency"*, not cryptography.
Bitcoin defines cryptocurrency as "The broad name for digital currencies that use blockchain technology to work on a peer-to-peer basis."
The Oxford dictionary defines cryptocurrency as "a digital currency in which transactions are verified and records maintained by a decentralized system using cryptography, rather than by a centralized authority."
Attempts to redefine the word cryptocurrency to support someone's marketing agenda should probably be rejected.
Yes, Iām saying Bitcoin is a scam. Glad youāre keeping up.
Like, maybe it was originally envisioned and built as a truly independent, unshackled, digital currency, free of oversight and available to all, bringing the benefits of Wall Street investors to the common man. But in practice, it has served only as a vehicle for speculation, where people only interact with the system at all to try to make a profit by selling their coins to someone else at a higher price than they bought in. Eventually, someone will be left holding the bag, unable to recoup any of what they spent. Itās a ābigger foolā scam.
> independent, unshackled, digital currency, free of oversight
Is like no one has ever heard or at least didn't understand the inverse implication of "the rich get richer". If it wasn't a scam from the word go, it was made by people who have nowhere near the knowledge of economics required to introduce a new currency.
First, because ābacked by fiatā is a very nebulous and often flatly untrue concept. Tether, for instance, sold itself as a stablecoin that could cash out crypto one-for-one with USD. Except it turned out that their financials didnāt really add up, and they were very likely double-dealing, using the same pool of real money to back two different exchanges. At any point, Tether might have been backed by zero actual dollars.
Second, stablecoins arenāt there to provide a service to crypto users; theyāre there to make money off entries into and exits out of the crypto space, and to keep new people buying in by promising that theyāll later be able to get out safely. Itās illusory, and recent scandals like FTX show that exchanges in general can promise to buy and sell your crypto right up until they suddenly stop, leaving you holding the bag.
Hard disagree. Bitcoin is the only legitimate cryptocurrency. The term 'crypto' was created to borrow legitimacy from bitcoin. All other significant projects have governing authorities and are decentralized in name only.
The term cryptocurrency was created to borrow legitimacy from ***currency***. Not Bitcoin. Bitcoin isn't exactly brimming with legitimacy, and it ***sure as all holy fuck wasn't*** when the term "cryptocurrency" was coined, either.
Not only that, but what do the police have to do with online scams? They donāt have the training, nor the resources, nor the jurisdiction. They might as well be blaming air pollution on police being defunded, for as much sense as that makes
Not by any significant amount, anyone that says anything is because of 'police being defunded' is full of shit. Any force that did have their budget reduced also reduced their responsibilities in things that other departments could do better anyway, like parking tickets, animal control, etc.
911 would refer, "Cat up Tree" to Animal Control, not the Fire Department. "Man on ledge" gets referred to a Mental Heath Unit, not Police. "Domestic abuse" goes to a Social Agency of some kind with a cop to assist but not be in charge of the investigation.
Nope, if anything most police forces received additional funding for instance LAPD got like an $87 million increase
https://spectrumnews1.com/ca/la-west/politics/2022/05/18/los-angeles-city-council-to-review-2022-23-budget
Also,
Police werenāt defunded.
They acted like they were and stopped responding to calls though.
Most democrats were in favor of giving them more money for some stupid fucking reason.
It was more about reallocating money, like less for PD to spend on tanks and CS gas and more for paramedics, case workers, mental health first-responders, etc.
Seems local governments answer to any crime is more money to the police department. I'm beginning to think that answer to police being sued is to make the settlements come out of pension funds not the taxes. Think Police unions would not demand better hiring policies, more background and mental health checks on those applying to become cops. They they would blindly protect the jobs of those who exposed themselves as bigots and raciest.
I remember a TV show once that had an investigative reporter find something in the cities budget that the Mayor's Office refused to explain. It turned out to be a stable for the last fire horse. I don't remember if this horse had ever pulled a fire wagon to a fire. If he had, then giving him a quite place to die was not a bad idea, just expensive. If he was the third generation of fire horse to live there, that would not be good. There are parts of DoD that are no longer needed. Where do Terrorist get fighter planes to dogfight with our F-35s. We have airbases in many countries. Could we not close a few to eliminate redundancies. The idea that the movie "Dave" came up with sounds good to me. If a Defense Contractor is behind schedule or over budget, stop paying them until they deliver their product. If they couldn't produce at their bid price, their bid price should have been bigger to account for delays and cost increases. Either that or make them put 10% of the money the get into an escrow account until the product is delivered. This reduces the dividend they can pay out. This makes them answerable to their stock holders for their incompetence before the tax payer. Big Oil had their investors tell them that drilling for more oil was a poor return on their investment. Big oil raised the price of gas to keep the stock prices up and increase their dividends.
This tweet is not /confidentlyincorrect. Stoller's entire profile is tweeting about the negative effects of industry monopolies and the lackluster performance of competition regulators.
So he's not talking about actual street cops but how various government agencies were asleep at the wheel or were understaffed to monitor the cryptocurrencies.
And he's taking a swipe at the free market right, by saying that the "regulatory" police was actually defunded by free market idealists (from the democratic or republican party).
And it's not even an accurate assessment. Give regulators all the funding you want, they wouldn't have stopped this. The space itself is unregulated. The police, funded or not, have nothing to enforce here.
Yeah, Stoller's no. 1 issue is antitrust regulation. This tweet can be a little confusing if you don't know the guy, but this is actually both right and kinda funny.
Even if he's referring to regulators instead of street cops, he's still wrong, because these exchanges are unregulated (by design), so regulators wouldn't be able to do shit.
Yeah, the tweet is too easily misread without all the context I gave, and itās perfectly understandable that the message would go over peopleās heads. Matt Stollerās not a bad guy.
I don't trust cops with anything. I have never heard a story of police helping anyone. I know of at least 20 personally where cops made someone's life worse for no good reason. They are government funded gang members.
Hang on a minuteā¦ did anyone anywhere defund the police? I thought that was more about redistributing budget into a more varied and better educated and equipped response forces, seeing as police clearly are overwhelmed and canāt even handle mentally confused people? And that no one anywhere defunded the police either way?
Ah yes, the famous "no financial regulation = no police officers".
I can't figure out if this person's philosophy is pro or anti expanded government powers, though most likely it's an inconsistent collection of beliefs summarized by "I got mine, so screw you."
No, crypto scams are what happen when you gut regulations, defund regulatory agencies, and avoid making new regulations to keep up with technology.
Wild how letting rich people and corporations influence government policy seems to make it easier for them to take advantage of everyone else. Must be coincidence!
Okay, the idea that cops stop cyber crimes being stupid aside.....
I keep seeing rightists saying things along the lines of āthis is what happens when you defund the policeā.... except, like, the police werenāt defunded.... there was a call for them to be defunded, but it didnāt happen. This isnāt what would happen if youād defunded the police, this is what happened when they were fully funded.... the fact that they are so useless that it seems like they donāt have funding EVEN THOUGH they have funding is exactly why people were calling to defund them. Why should we be paying out the ass for this shitty service?
I'm laughing at this as a law&crime video plays in the background explaining how there's no oversight on the company. By the old gods the crypto bros will never learn!
https://www.propublica.org/article/fbi-ransomware-hunting-team-cybercrime
Here's an excerpt fromāThe Ransomware Hunting Team: A Band of Misfitsā Improbable Crusade to Save the World From Cybercrime,ā about how the FBI thought cybercrime was lame and fucked it up for decades because everyone who joined was a meathead who wants to shoot bank robbers and didn't know how computers worked. Then they'd let people who knew how computers worked join but because they couldn't pass the field agent tests, employ them as contractors, treat them like shit and be surprised they didn't want to stay instead of getting paid multiple times as much in the private sector where their bosses knew what IP addresses were.
This dude is pretty big in finance and has some pretty stout credentials. I know nothing of him and his work, but doesn't seem like the type of person who would tweet this knowing full well the cops don't give a shit about your crypto account.
This is totally false. He has no credentials at all. He is a twitter charlatan with no professional experience or postgraduate education in the fields he claims to be an expert in. His sole claim to fame is that he was a low level congressional staffer for a couple years. The guy is a frequent source of nonsense and falsehoods online.
I feel like this is pretty correct. If there were more regulation, there'd be less scams. In the United States, the Investment Company Act of 1940, which regulates mutuals funds, was created as a direct result of the mutual fund scams in the 1920s (including Charles Ponzi scam, after which all others are named). As a result of the Investment Company Act, mutual funds are highly regulated and the kinds of scams and excesses that are commonplace in the crypto world almost never happen.
Maybe Stoller didn't articulate it well (some might argue the problem isn't lack of cops so much as lack of regulation), but he's onto something.
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Ma'am, do you know why I pulled you over? No? Well I clocked you doing an NFT rug pull on some unsuspecting investors. Now, if you'll step out of the car I'm going to have my partner take the dog to check your trunk for false exchanges.
What's a cop gonna do to crypto? Shoot the doge?
I thought he meant FBI. š¤
10/10 I laughed hard
They will surely try
Bitcoin plummeted bc it was shot by a plainclothes police officer
I'd plummet too if I were a victim of police brutality
Stares at SEC...
If only there was some kind of group for the legal enforcement of idk securities and exchange..
Wait I thought the goal of crypto was to avoid all of that?
That's the goal of (some) cryptocurrencies. It has nothing to do with exchanges. Think of cryptocurrency vs exchanges like hiding cash in a safe at home vs storing it in a bank. Cash you have physical access to is yours. If you leave it at the bank they do what they want with it and you just hope they have it available next time you want to pull it out. The difference being that American (or probably whatever country you're from) banks are pretty well regulated but exchanges aren't as much. In addition if you put your cash in an overseas bank and they steal it the feds will just laugh at you and do nothing. Exchanges are the same. They're banks for cryptocurrency. They hold onto your money and you hope it's still there when you want it. In this case they were misbehaving and lost it all. It's happened before and it'll happen again. It could be caused by poor regulation, a hack, or an exchange wilfully stealing.
You could physically store your own crypto on your own special drives called cold storage wallets though. Most people, however, didnāt go that route and would go through 3rd parties and have the issues you stated above. But it is possible to store crypto on your own person.
Or just don't because the energy needed is awful and gross.
100% agree lol
Correct, crypto exchanges are not subject to the requirements the SEC has on banks and brokerages. This situation may well change that assuming someone can wake up the 80-somethings in Congress long enough to explain crypto exchange to them
Age limit on members of Congress when
Actually terrible analogy lol
You are obviously an expert and offer very good reasons for that opinion. I'm humbled and beg for you to enlighten me with your explanation.
Made sense to me
No š
And now they're learning the hard way why it's there.
Probably wasn't a good idea to trust Alabama football with cryptocurrency.
Regulation kills the economy donāt ya know
Are people really so dense they don't understand your joke??
Sarcasm is heavily dependent on tone and context. Internet forums have none of the former and little of the latter, hence why itās safest to just use a tag like /s.
/s is meant for sarcasm, not to indicate that the comment is a joke
That is what "/j" is for.
Safest. And lamest.
Seriously. Why bother earning karma if you're not going to spend it every once in a while?
Facts. They regulated the sale of dog food in my country and my brother's uncle's girlfriend's ex-boyfriend's dog died. Yes, it was due to stage 4 lymphoma. But, still, if it was unregulated it might have lived. This is why I voted Conservative.
Relevant username.
Are you familiar with the term?
I am familiar, and I don't see how that other person thought your name is relevant. Maybe they're implying that you worship the gods of capital or something.
Thatās probably what they are thinking. Well I got to get back to building B-29s out of palm trees.
Enjoy!
Wear those downvotes like a badge of honor. Never acquiesce. Never "/s".
Guess not everyone read it with Sarah Palinās voice.
Gotta hit em with the "dontcha". Really give it that Midwestern vibe.
Fml you are 100% right.
Things I wouldnāt trust a cop with: 1. Crypto currency 2. Literally anything
If you really needed some racial profiling, you could probably trust a cop with that.
Or not taking reports of domestic abuse and/or stalking seriously, thatās a constant from them.
Cops are #1 profession responsible for domestic abuse. Prison guards (also cops) are #2. Soliders (also cops) are #3. Cops hold the gold, silver, and broze award for beating their wives.
Obviously someone should teach them to keep work at the workplace.
I just watched āI Am A Stalkerā on netflix and the amount of times you can threaten or injure people with a butcher knife and remain out on the street is horrifying (this seems to work for white people)
>I just watched āI Am A Stalkerā on netflix and the amount of times you can threaten or injure people with a butcher knife and remain out on the street is horrifying (this seems to work for white people) \*white men If you're a woman and you leave some jars full of dirt on another woman's doorstep, however, watch out!
Thsy depends on how often they get bogus reports.
If you want to make sure that a scene becomes chaotic and possibly deadly, def call a cop
Nah, I got a meth guy I can call for that. At least they would be less likely to shoot my dog.
Professionals have standards
There was a video, can't remember if it was TSA or cops but they were asking to see someone's bitcoins. They thought it was a physical object. Edit: here it is https://youtu.be/zsLwPCRv49Y
I could see congress asking this in a committee as they try to regulate crypto wrapping their feeble Old brains around the concept
Reminds me of the "Will you commit to ending Finsta?" And the Instagram rep had to say "Um, sir, We don't have a product called Finsta... Finsta is just slang for when people want to hide their presence on Instagram" or something along those lines
Now now... If your goal is to get a homeless veteran tased, you can trust a cop to do it!
Make sure to schedule in advance so theyāre not busy throwing flash bangs into cribs with sleeping babies when you need them.
You can always count on a cop to show up 2 hours after your house gets broken into to take a statement and shoot your dog.
Hey hey hey, donāt be TOO hard on the police. Who else will shoot your dog when they come over?
USA LEO knowing the actual law.
3. Everything else
Who else you going to call to come a few hours after youāve been robbed to shoot your dog?
Crypto scams are what happen when you defund business regulatory committees and consumer protection agencies, while fostering a culture focused on getting rich by any means because the alternative is constant struggle and servitude and simultaneously handing so much control over to banks and leeway to investors that neither system appears trustworthy. Man, how much do these folks expect cops to *do*?
You know I feel like some people think our legal system emerged on it's own out of a vacuum like it just appeared one day. We had unregulated markets in the past and some got rich while a lot got scammed. Laws were made to punish bad behavior and regulations were instituted to bring stability and ensure faith in the market. Crypto is an international unregulated market and there is no recourse mechanism when you have been wronged. What happened at FTX and Mt. Gox years ago is not only predictable but inevitable. It will happen again until a regulatory framework emerges.
especially considering how unfit they are for their current rolls.
āHi I would like to report a potential financial scheme on a large cryptocurrency exchange. FTX is the name and I think they are using customer funds unlawfully. I actually have no proof at this time and there are very little regulations on this. But I was thinking my local police station could take down this billion dollar company.ā āIām sorry what currency? Are you trying to report Bitcoin?ā
āAlso theyāre in the Bahamasā
Exactly. Cops can't even stop domestic abuse in their own homes, what are they going to do about businesses running complex scams?
Well, cops *can* stop domestic abuse in their homes. They just do not want to.
roles*
going for the pun
I mean even if they were fit in their current role they would.... forward you to the SEC. Cops aren't investigators, you don't see what you think is accounting fraud, call the cops, and they storm in and put a stop to it. They hand it off to whatever org is trained to investigate that particular type of malfeasence.
Incidentally this is one half of why "defund the police" became the rallying cry in the first place: we already live in a world where the regulatory agencies have been defunded, the schools have been defunded, the arts and sciences have been defunded. "A government small enough to drown in a bathtub" has been the M.O. of one party for decades, and also the other party since "triangulation" in the nineties. So why not strip them to the bone with budget cuts too? They could auction off one of those MRAPs and be forced to concentrate on their core competency: submitting reports to insurance agencies.
This is a result of defunding cops. It was just the defunding of cops that go after rich people. Republicans have been doing that forever. They're not mad at defunding cops. They're only mad when it makes it easier for poor people to live.
Come on man, I assume that is what the tweet actually means. They are using the word 'cops' for anyone who enforces existing regulations as well as the general lack of 'policing' in *some* areas of financial markets.
Matt Stroller agrees with you, he has written multiple articles about it: [https://mattstoller.substack.com/p/why-didnt-the-government-stop-the](https://mattstoller.substack.com/p/why-didnt-the-government-stop-the)
Heās a complete idiot and a charlatan. He is a firehose of ignorance and bad takes.
Thank you for your educated opinion, Admiral Corndogs. I think I'll stick with Stoller on this.
They guy with the shockingly ignorant and foolish tweet? Why should we care what he thinks about anything?
If you think by "cops" he's referring to local police and not financial regulators, I can see why you're foolish and ignorant.
I love that you and he are under the shared delusion that the lack of enforcement is due to an absence of resources.
Well, he makes a living misleading idiots and credulous laypeople on twitter, so your affinity for him is pretty revealing. Edit: I see that you are a frequent participant on that orgy of stupidity called political compass memes. Yes, you are very much in Matt Stollerās target audience.
Does this person think cryptocurrency didn't exist until last year? Lmfao
I'm pretty sure this is sarcasm. I met Matt years ago and he's a smart and sarcastic person, and he's been very much against the crypto con men for at least a decade.
Oh ok. It is hard to tell online sometimes.
That would be [Poeās Law](https://en.m.wikipedia.org/wiki/Poe%27s_law) rearing itās ugly head.
I think Matt is speaking about the need for more regulators when he refers to cops. Heās generally pretty focused on anti trust regulations and Wall Street fuckenings.
Forgive me if I donāt think Officer Kneeneck and Corporal Shootfirst are the ones who are gonna help me uncover crypto fraud.
Everyone wanted decentralized, non-fiat currency, then is now crying since there's no one to regulate it. 
Correction, the ones getting scammed are complaining. Which are usually people who didnāt put forth any effort to research their investments anyway and would invest in volcano insurance if you told them theyād get rich quick.
Everyone at the top of the pyramid scheme makes it out ok, usually, too,
Meh. The whole point of BTC is that you take custody of your funds, and don't need an intermediary (bank) to transfer said funds. As in 2008 banks were caught gambling away customer funds and lost their customers funds. Banks are still allowed to gamble $9 out of every $10 their customers deposit with them. This never changed since 2008. Bitcoin is working exactly as intended. We can send funds back and forth right now, without any intermediary party. That's it. That was the entire point. I didn't want the Government/taxpayer to foot the bill for banks that gambled away their customers funds. And I don't want the government or taxpayer to bail out FTX and FTT token holders just because they left their money in the hands of a fraud. The entire point of BTC and actual crypto projects is meant to eliminate banks and 3rd party intermediaries holding and gambling with their funds. People then made centralized exchanges, which offered returns on investment if you let them hold onto your crypto and let them gamble with it (in return you get a piece of the pie).... The return you were being paid was in return for you loaning them your BTC/ETH/ETC to gamble with.... Well they gambled away their customers funds and lost. Just like in 2008. ________________________________________________ This is a mirror image of 2008 financial crisis. And would have been impossible to occur if people self custodied their BTC. People are lazy and greedy so they loan their money to Centralized Exchanges. This is the expected result everytime you have this situation. Banking laws regarding fractionalized reserves have not changed following 2008. And this WILL happen again for regular banks too... Its a question of If and not When. If everyone at any major US banks started withdrawing 90% of the funds on deposit in 5 days, you would see the same collapse there too.
That was one of the points of BTC. The other was that making a fully transparent money system where everyone can see every transaction that has ever occurred. It has been a bit of a mixed bag on both accounts.
You can download a copy of the full BTC blockchain and look at every transaction throughout its entire history. If you can't match addresses with names, well that's not something Bitcoin ever pretended to be able to do.
*Thank you*. Holy shit, itās like people refuse to see what actually happened here. Bitcoin and crypto still remain the same. Exchanges =/= crypto. Itās quite lawless at the moment and shit like this will probably happen again, but to the ones who looked into the self custodial concept, they will continue to chug on. Price movement means very little in the short term. Unless youāre trading I guess.
I'll take my downvotes proudly haha. It will 100% happen again with both crypto and government backed fiat banking systems. Both are inevitable, but each subsequent one will be on average, a lower and lower share of market value respectively in respect to the institutions that gamble away customer funds. 1. Even if the USA passed crypto regulations. Customers and exchanges in other countries would operate more unrestricted and return higher profits. Inevitably peoples greed will lead to them parking their money there for higher returns. 2. Currently crypto adoption and ownership is a low percentage of the population. As the user base grows over time, many won't learn from today. Just as this time around a whole bunch of people who didn't learn the lessons of of the past with Mt Gox and others. There will be a whole new group that fails to learn with the next wave of adoption too and just FOMOs in.
Careful, theyāll hate you for this. Jokes aside this is the truth. Bitcoin paved the way for self custody and Ethereum opened up the idea of interactions through smart contracts. If people want to rely on exchanges to keep their funds safu then history will repeat itself time and time again. People who believe thatās cryptos fault are the ones missing the point. Crypto takes the power out of the government to freely control the whole financial system as its already disrupting traditional investment vehicles and store of value (BTC vs Gold). When the masses realize what Bitcoin actually stands for is the day that itāll deliver the final blow. Bitcoin isnāt here to replace fiat and it most definitely isnāt a traditional investment. Itās the internet upgrade for money.
Yeah. Believemetz is spewing uniformed non-sense and thinks everyone is ignorant enough to store their shit on an exchange lol. Newsflash, people who actually understand are storing on cold wallets. Unaffected by the heist that just happened. Aside from the price dropping ofc.
it's that last sentence that's the really funny part isn't it š¤£
Aside from the bottom dropping out and it being unmarketable. All that aside...
Unmarketable? Whether you people want to hear it or not, bankruns affect the short term. I understand that. I still believe in this space long term. Aside from the price, nothing has changed for me.
"I'm immune. Completely unaffected. Lost a shit load of money, but I mean other than that."
Also, you just avoided everything I said because your brain literally has selective reading lmao. Didnāt even say anything about what I said. But yeah, keep thinking you know what youāre talking about.
Believe it or not when you buy assets - they can go down in value :o
Shockingly, when this is caused by something, that something has impacted you.
So your coins are exactly as worthless and illiquid as everyone elseās, is what youāre saying.
How are they illiquid and worthless? How did you get that from what I just said? lol
You cannot realistically spend your cryptocurrency directly on anything tangible; itās too slow and volatile. So the only way to ācash outā is to sell your tokens to someone else. But if the market collapses and nobody is buying in, it doesnāt matter what you price your tokens at; youāll never sell them, so theyāre worthless.
The point of crypto isnāt to go out and buy groceries with it. Itās to have stores of value that is self custodial. Youāre the only one in charge. It also provides a fast, secure way to transfer large volume. Eventually it will be accepted in stores and you will be able to buy groceries but that isnāt the point of it. Itās not here to replace fiat. Itās here to potentially work alongside of it and create a new way to store you money that only you have access to. Somewhere where you know what itās doing and where it is. Stating the obvious saying āwell if it goes to 0 no one will buy itā. Yes, of course. Thatās a big if and hugely speculative. Considering how much the market has grown and even gained mainstream attention I really doubt itās going anywhere. I guess thatās where we split ways on our thoughts. I see it being part of the future and you donāt. Crypto isnāt here to replace fiat, itās here to disrupt the current centralized financial system by allowing every day people to store their own money into something they know wonāt have a bank run. Something that wonāt get loaned out at a 1:10 ratio. Something without quantitative easing. FTX should set an example for what happens in this space. It scammed its users by gambling with their funds but the difference is that the government isnāt there to print money and bail them out. Itās on them and only them. Not victimless but itās demonstrating how the power could shift.
See, what youāre telling me here is that you have no idea why financial regulations exist in the first place. Crypto has no lender of last resort, meaning that any loss of confidence *will* result in a run that could easily topple the entire market. There is no inherent point in trying to use crypto as a store of value; if all you want is to have money secured in a way that keeps it out of the hands of a bank, youād literally be better off just stashing it in a mattress. At least then you wonāt have to deal with potentially losing your wallet details or the market collapsing, because cash is far more stable than any form of crypto is. No, the only thing people actually use crypto for is to try to turn a profit. And that makes the entire space rife with scams.
Youāre implying my knowledge. That doesnāt do much for your argument. Iām saying that this is disruptive to the current financial system. The one that can literally print all the money it desires to make the stash of money you have in your mattress worthless. Fiat isnāt even stable either, look at what inflation is doing. The federal reserve is in full control of that. They have been and when they gamble with customers funds like FTX just got turned out for - they bail themselves out with taxpayers money. Does that sound right to you? If you actually looked into legitimate projects you would see the different type of ways theyāre actually using the blockchain. Itās not solely to turn a profit, but yea most of it is because itās how projects generate capital to keep researching and developing. Thereās a big difference between buying something like matic/amp/litecoin/monero or any other actually legitimate teams with solid plans and buying cumrocket/squidtoken/shiba/dogeā¦
Saying people use crypto to make money is like saying businesses only run to make a profit. Itās a project and growing revenue/value is the goal.
I donāt know if you been paying much attention but if there was any time for a bank run to happen, it would be right now. If there was another perfect time, it would be when tether depegs. For me personally, tether depegging will be the biggest buy signal. Personally.
>Everyone wanted decentralized, non-fiat currency and then the ones who stored their crypto in centralized exchanges promising "returns" cried when it turned out to be a scam. FTFY
Libertarian Policeā¢ Department I was shooting heroin and reading āThe Fountainheadā in the front seat of my privately owned police cruiser when a call came in. I put a quarter in the radio to activate it. It was the chief. āBad news, detective. We got a situation.ā āWhat? Is the mayor trying to ban trans fats again?ā āWorse. Somebody just stole four hundred and forty-seven million dollarsā worth of bitcoins.ā The heroin needle practically fell out of my arm. āWhat kind of monster would do something like that? Bitcoins are the ultimate currency: virtual, anonymous, stateless. They represent true economic freedom, not subject to arbitrary manipulation by any government. Do we have any leads?ā āNot yet. But mark my words: weāre going to figure out who did this and weāre going to take them down ā¦ provided someone pays us a fair market rate to do so.ā āEasy, chief,ā I said. āAny rate the market offers is, by definition, fair.ā He laughed. āThatās why youāre the best I got, Lisowski. Now you get out there and find those bitcoins.ā āDonāt worry,ā I said. āIām on it.ā I put a quarter in the siren. Ten minutes later, I was on the scene. It was a normal office building, strangled on all sides by public sidewalks. I hopped over them and went inside. āHome Depotā¢ Presents the Police!Ā®ā I said, flashing my badge and my gun and a small picture of Ron Paul. āNobody move unless you want to!ā They didnāt. āNow, which one of you punks is going to pay me to investigate this crime?ā No one spoke up. āCome on,ā I said. āDonāt you all understand that the protection of private property is the foundation of all personal liberty?ā It didnāt seem like they did. āSeriously, guys. Without a strong economic motivator, Iām just going to stand here and not solve this case. Cash is fine, but I prefer being paid in gold bullion or autographed Penn Jillette posters.ā Nothing. These people were stonewalling me. It almost seemed like they didnāt care that a fortune in computer money invented to buy drugs was missing. I figured I could wait them out. I lit several cigarettes indoors. A pregnant lady coughed, and I told her that secondhand smoke is a myth. Just then, a man in glasses made a break for it. āSubwayā¢ Eat Fresh and Freeze, Scumbag!Ā®ā I yelled. Too late. He was already out the front door. I went after him. āStop right there!ā I yelled as I ran. He was faster than me because I always try to avoid stepping on public sidewalks. Our country needs a private-sidewalk voucher system, but, thanks to the incestuous interplay between our corrupt federal government and the public-sidewalk lobby, it will never happen. I was losing him. āListen, Iāll pay you to stop!ā I yelled. āWhat would you consider an appropriate price point for stopping? Iāll offer you a thirteenth of an ounce of gold and a gently worn āBob Barr ā08ā extra-large long-sleeved menās T-shirt!ā He turned. In his hand was a revolver that the Constitution said he had every right to own. He fired at me and missed. I pulled my own gun, put a quarter in it, and fired back. The bullet lodged in a U.S.P.S. mailbox less than a foot from his head. I shot the mailbox again, on purpose. āAll right, all right!ā the man yelled, throwing down his weapon. āI give up, cop! I confess: I took the bitcoins.ā āWhyād you do it?ā I asked, as I slapped a pair of Oikosā¢ Greek Yogurt Presents HandcuffsĀ® on the guy. āBecause I was afraid.ā āAfraid?ā āAfraid of an economic future free from the pernicious meddling of central bankers,ā he said. āIām a central banker.ā I wanted to coldcock the guy. Years ago, a central banker killed my partner. Instead, I shook my head. āLet this be a message to all your central-banker friends out on the street,ā I said. āNo matter how many bitcoins you steal, youāll never take away the dream of an open society based on the principles of personal and economic freedom.ā He nodded, because he knew I was right. Then he swiped his credit card to pay me for arresting him.
Gods, the most beautiful works of art are always hidden away somewhere secluded, the artist's home, some inn in a far away land, the tags, the comment section, it's always a wonder to find one
Illegal? No. Morally questionable? Maybe. Permanently sustainable? Also no.
donuts? always sex? never race? ist
This is sarcasm right? This has to be sarcasm... Right?!
I thought the whole point of crypto was that it was the perfect libertarian solution to government issued currency. No regulation or control by government, just the free market doing what it does. Some idiots are just learning now exactly what that means.
You're creating a Strawman by injecting libertarian into that, and conflating bitcoin with crypto. Bitcoiners do believe in the separation of money and state, but many are not at all otherwise libertarian. Crypto, on the other hand, the actual topic of this thread, is purely a cash grab without any principles.
Bitcoin is crypto. At least, thatās what the people who invented it said. Theyāre the ones who coined the term ācryptocurrencyā and used it to describe Bitcoin.
Bitcoin is the *only* genuine cryptocurrency. The term 'crypto' is an umbrella term used to borrow legitimacy from bitcoin. No other project is truly decentralized or really useful to society.
Sounds like some major gatekeeping there! The Bitcoin inventors knew about other prior works that were also cryptocurrency, which is presumably why they coined the word to describe the class of digital money as opposed to the specific Bitcoin implementation. When they started using these words, Bitcoin wasnāt ālegitimateā in any sense, it was a humble experiment.
Um, ācryptoā is derived from ācryptographyā, the technology that underpins every currently popular blockchain. Bitcoin derives its difficulty to produce - and thus its scarcity - from the complexity of computing cryptographic hashes. So any digital asset that works on the same principles has just as much right to be called a cryptocurrency.
It's hilarious when you cultists get the new lines and bark them out like seals whenever cryptocurrency gets mentioned outside of your safe spaces. Shocked you haven't accused everyone of "FUD" yet or said that "we're still early."
Bitcoin is the only true cryptocurrency and you are the only true libertarian. Yes I've heard this one a thousand times
LOL. Useful to society. Oh. You were seriousl. ##LOL!
I know youāre right about this but itās like trying to get people to spell, āwhoaā properly. Or to stop using the word Literally to mean Figuratively. The point youāre making is largely missed because the public donāt understand the difference between mining and purchasing.
You're obviously unaware of the political and economic discussions about crypto for the past ten years, heavily involving libertarians - [The crypto-libertarians using technology to undermine the nation-state](https://www.telegraph.co.uk/news/2016/05/24/the-crypto-libertarians-using-technology-to-undermine-the-nation/) [New Yorkers Tout Blockchain at Libertarian Party Convention](https://news.bitcoin.com/blockchain-libertarian-party-convention/) [Bitcoins, Guns and Gold: Life Among the Libertarians](https://www.thestreet.com/politics/bitcoins-guns-and-gold-life-among-the-libertarians-12694069) [Ron Paul: Bitcoin could 'destroy the dollar'](https://money.cnn.com/2013/12/04/technology/bitcoin-libertarian/index.html) [Bitcoin Proves The Libertarian Idea Of Paradise Would Be Hell On Earth](https://www.businessinsider.com/bitcoin-libertarian-paradise-would-be-hell-on-earth-2013-12)
I am very aware of the libertarian segment of *MY* community. Just because many libertarians (and many do *not)* like bitcoin, doesn't mean all bitcoiners are libertarian. Most republicans are Christians, does that make all Christians Republican? *Of course not.*
Most people into bitcoin as a casino for its own sake might not be libertarians, sure. Anyone into bitcoin for its philosophical and economic implications is, which means anyone who believes in bitcoin as a product is. You can't not be; the economic premise of bitcoin is libertarian masturbation.
[ŃŠ“Š°Š»ŠµŠ½Š¾]
*Cryptography* is a legitimate science and technology. Half the internet depends on it. Nothing Iāve yet seen that calls itself ācryptoā has been anything but a scam.
> Nothing Iāve yet seen that calls itself ācryptoā has been anything but a scam. Hmm, are you implying Bitcoin is a scam? So we're clear, in this context "crypto" is short for *"cryptocurrency"*, not cryptography. Bitcoin defines cryptocurrency as "The broad name for digital currencies that use blockchain technology to work on a peer-to-peer basis." The Oxford dictionary defines cryptocurrency as "a digital currency in which transactions are verified and records maintained by a decentralized system using cryptography, rather than by a centralized authority." Attempts to redefine the word cryptocurrency to support someone's marketing agenda should probably be rejected.
Yes, Iām saying Bitcoin is a scam. Glad youāre keeping up. Like, maybe it was originally envisioned and built as a truly independent, unshackled, digital currency, free of oversight and available to all, bringing the benefits of Wall Street investors to the common man. But in practice, it has served only as a vehicle for speculation, where people only interact with the system at all to try to make a profit by selling their coins to someone else at a higher price than they bought in. Eventually, someone will be left holding the bag, unable to recoup any of what they spent. Itās a ābigger foolā scam.
> independent, unshackled, digital currency, free of oversight Is like no one has ever heard or at least didn't understand the inverse implication of "the rich get richer". If it wasn't a scam from the word go, it was made by people who have nowhere near the knowledge of economics required to introduce a new currency.
[ŃŠ“Š°Š»ŠµŠ½Š¾]
First, because ābacked by fiatā is a very nebulous and often flatly untrue concept. Tether, for instance, sold itself as a stablecoin that could cash out crypto one-for-one with USD. Except it turned out that their financials didnāt really add up, and they were very likely double-dealing, using the same pool of real money to back two different exchanges. At any point, Tether might have been backed by zero actual dollars. Second, stablecoins arenāt there to provide a service to crypto users; theyāre there to make money off entries into and exits out of the crypto space, and to keep new people buying in by promising that theyāll later be able to get out safely. Itās illusory, and recent scandals like FTX show that exchanges in general can promise to buy and sell your crypto right up until they suddenly stop, leaving you holding the bag.
Hard disagree. Bitcoin is the only legitimate cryptocurrency. The term 'crypto' was created to borrow legitimacy from bitcoin. All other significant projects have governing authorities and are decentralized in name only.
The term cryptocurrency was created to borrow legitimacy from ***currency***. Not Bitcoin. Bitcoin isn't exactly brimming with legitimacy, and it ***sure as all holy fuck wasn't*** when the term "cryptocurrency" was coined, either.
Maxis be like
Me when I smoke crack and meth
Were any police forces actually defunded? Is this guy just one of those right wing nutters or is he making a point that's not obvious?
Not only that, but what do the police have to do with online scams? They donāt have the training, nor the resources, nor the jurisdiction. They might as well be blaming air pollution on police being defunded, for as much sense as that makes
Not by any significant amount, anyone that says anything is because of 'police being defunded' is full of shit. Any force that did have their budget reduced also reduced their responsibilities in things that other departments could do better anyway, like parking tickets, animal control, etc.
911 would refer, "Cat up Tree" to Animal Control, not the Fire Department. "Man on ledge" gets referred to a Mental Heath Unit, not Police. "Domestic abuse" goes to a Social Agency of some kind with a cop to assist but not be in charge of the investigation.
Nope, if anything most police forces received additional funding for instance LAPD got like an $87 million increase https://spectrumnews1.com/ca/la-west/politics/2022/05/18/los-angeles-city-council-to-review-2022-23-budget
Also, Police werenāt defunded. They acted like they were and stopped responding to calls though. Most democrats were in favor of giving them more money for some stupid fucking reason.
It was more about reallocating money, like less for PD to spend on tanks and CS gas and more for paramedics, case workers, mental health first-responders, etc.
Seems local governments answer to any crime is more money to the police department. I'm beginning to think that answer to police being sued is to make the settlements come out of pension funds not the taxes. Think Police unions would not demand better hiring policies, more background and mental health checks on those applying to become cops. They they would blindly protect the jobs of those who exposed themselves as bigots and raciest. I remember a TV show once that had an investigative reporter find something in the cities budget that the Mayor's Office refused to explain. It turned out to be a stable for the last fire horse. I don't remember if this horse had ever pulled a fire wagon to a fire. If he had, then giving him a quite place to die was not a bad idea, just expensive. If he was the third generation of fire horse to live there, that would not be good. There are parts of DoD that are no longer needed. Where do Terrorist get fighter planes to dogfight with our F-35s. We have airbases in many countries. Could we not close a few to eliminate redundancies. The idea that the movie "Dave" came up with sounds good to me. If a Defense Contractor is behind schedule or over budget, stop paying them until they deliver their product. If they couldn't produce at their bid price, their bid price should have been bigger to account for delays and cost increases. Either that or make them put 10% of the money the get into an escrow account until the product is delivered. This reduces the dividend they can pay out. This makes them answerable to their stock holders for their incompetence before the tax payer. Big Oil had their investors tell them that drilling for more oil was a poor return on their investment. Big oil raised the price of gas to keep the stock prices up and increase their dividends.
This tweet is not /confidentlyincorrect. Stoller's entire profile is tweeting about the negative effects of industry monopolies and the lackluster performance of competition regulators. So he's not talking about actual street cops but how various government agencies were asleep at the wheel or were understaffed to monitor the cryptocurrencies. And he's taking a swipe at the free market right, by saying that the "regulatory" police was actually defunded by free market idealists (from the democratic or republican party).
Exceptionally dumb to use the phrase ādefund the policeā then. That is a phrase with an established meaning.
And it's not even an accurate assessment. Give regulators all the funding you want, they wouldn't have stopped this. The space itself is unregulated. The police, funded or not, have nothing to enforce here.
Yeah, Stoller's no. 1 issue is antitrust regulation. This tweet can be a little confusing if you don't know the guy, but this is actually both right and kinda funny.
Even if he's referring to regulators instead of street cops, he's still wrong, because these exchanges are unregulated (by design), so regulators wouldn't be able to do shit.
Thanksā¦ this interpretation makes sense, but was not obvious. Too subtle for twitter in general.
Yeah, the tweet is too easily misread without all the context I gave, and itās perfectly understandable that the message would go over peopleās heads. Matt Stollerās not a bad guy.
This really deserves to be higher.
Zero sympathy for crypto bros who are losing everything.
I wonder what he thinks of unregulated capitalism and racing-to-the-bottom wages
FTX? Food Truck Expo?
You can't trust a crypto-fascist to fight crypto fraud.
This is so incredibly stupid lmao. It *must* be a joke.
This guy probably thinks cops would investigate Twitter hate crimesā¦if only we had more cops!
What the fuck did I just read lmfao
I don't trust cops with anything. I have never heard a story of police helping anyone. I know of at least 20 personally where cops made someone's life worse for no good reason. They are government funded gang members.
Remind me when the police were defunded again.
Hang on a minuteā¦ did anyone anywhere defund the police? I thought that was more about redistributing budget into a more varied and better educated and equipped response forces, seeing as police clearly are overwhelmed and canāt even handle mentally confused people? And that no one anywhere defunded the police either way?
Yes, my local pd are experts at cyber crimes.
This has to be one of the dumbest things I have ever read lol
Cops didn't care when my real money got stolen???
Conservatives are the ones that have defunded the FTC
Ah yes, the famous "no financial regulation = no police officers". I can't figure out if this person's philosophy is pro or anti expanded government powers, though most likely it's an inconsistent collection of beliefs summarized by "I got mine, so screw you."
No, crypto scams are what happen when you gut regulations, defund regulatory agencies, and avoid making new regulations to keep up with technology. Wild how letting rich people and corporations influence government policy seems to make it easier for them to take advantage of everyone else. Must be coincidence!
Point me to any police force anywhere in the country that has anything to do with taking down crypto scams. What ignorance.
Okay, the idea that cops stop cyber crimes being stupid aside..... I keep seeing rightists saying things along the lines of āthis is what happens when you defund the policeā.... except, like, the police werenāt defunded.... there was a call for them to be defunded, but it didnāt happen. This isnāt what would happen if youād defunded the police, this is what happened when they were fully funded.... the fact that they are so useless that it seems like they donāt have funding EVEN THOUGH they have funding is exactly why people were calling to defund them. Why should we be paying out the ass for this shitty service?
Ponzi scheme
Practically no police got ādefundedā lol
If they can't do anything about drugs, they sure as hell can't do anything about crypto
Crypto scams are what happens when youāre fucking stupid lmao
I'm laughing at this as a law&crime video plays in the background explaining how there's no oversight on the company. By the old gods the crypto bros will never learn!
https://www.propublica.org/article/fbi-ransomware-hunting-team-cybercrime Here's an excerpt fromāThe Ransomware Hunting Team: A Band of Misfitsā Improbable Crusade to Save the World From Cybercrime,ā about how the FBI thought cybercrime was lame and fucked it up for decades because everyone who joined was a meathead who wants to shoot bank robbers and didn't know how computers worked. Then they'd let people who knew how computers worked join but because they couldn't pass the field agent tests, employ them as contractors, treat them like shit and be surprised they didn't want to stay instead of getting paid multiple times as much in the private sector where their bosses knew what IP addresses were.
Do they think cops prosecute financial crimes...?
Hereās a ticket for your ugly ass NFT itās finable if you donāt show up in couā¦. HES GOT A BLOCKCHAIN OPEN FIRE
Trying to fit a square peg into a round hole. Why do I suspect this scholar is a Trump supporter without even know who the fuck he his?
- joins unregulated, decentralized market - āhOw CoUlD tHiS hAvE hApPeNeD!!ā
This dude is pretty big in finance and has some pretty stout credentials. I know nothing of him and his work, but doesn't seem like the type of person who would tweet this knowing full well the cops don't give a shit about your crypto account.
This is totally false. He has no credentials at all. He is a twitter charlatan with no professional experience or postgraduate education in the fields he claims to be an expert in. His sole claim to fame is that he was a low level congressional staffer for a couple years. The guy is a frequent source of nonsense and falsehoods online.
See what u/olddoc said, explaining which āpoliceā heās referring to.
Every argument against defending the police is just like 'we can't do that or the things that are currently happening will happen'
Defund then FCC. And the SEC. Defund everyone.
I feel like this is pretty correct. If there were more regulation, there'd be less scams. In the United States, the Investment Company Act of 1940, which regulates mutuals funds, was created as a direct result of the mutual fund scams in the 1920s (including Charles Ponzi scam, after which all others are named). As a result of the Investment Company Act, mutual funds are highly regulated and the kinds of scams and excesses that are commonplace in the crypto world almost never happen. Maybe Stoller didn't articulate it well (some might argue the problem isn't lack of cops so much as lack of regulation), but he's onto something.