Quote from: gentlemand on June 21, 2018, 09:59:09 AM

Quote from: exstasie on June 20, 2018, 11:10:31 PM

I'm pretty sure it's not "an incompetent fuckhole"......

When it comes to this area, it most certainly is.

Their crypto markets seemingly became bigger than their actual stock market for a bit. Despite this there was literally no financial regulation or taxation applied to their exchanges.

You're talking about like an eight-month period. How fast do you think governments move, LOL? It's always foolish to hastily pass laws. They released new regulations in January of this year (obviously their primary concern was KYC).

Are you sure cryptocurrency/exchanges didn't fall under any existing laws, or that exchanges were following all laws? I don't see why exchanges would be absolved of custodial responsibilities (especially with fiat money), or requirements to protect data, pay taxes, etc. just because cryptocurrency isn't legally defined.

Quote from: gentlemand on June 21, 2018, 09:59:09 AM

I genuinely cannot believe any other developed country would be that incompetent in allowing something so potentially disastrous to spring up unchecked. At the very least they could've applied laws from other areas as a stopgap.

I'm genuinely surprised at your disbelief. Cheesy

Chinese exchanges operated the same way for many years. Until.......last year? You could fund accounts anonymously (fiat or cryptocurrency), no licenses, no ID (which is why so many westerners used Okcoin.cn). Accountability for anything? Haha, that's funny. I'm fairly sure the major Chinese exchanges were shadow banks, on top of it all.