Re: New York Looks to Slap Digital Currency With Death Sentence
Sometimes, it's interesting to see how ignorant some people are of reality. In their mind, they can move markets and is the center of the universe. NYC? Some fishing town...
Yeah unless you consider gross domestic product, trading activity and the fact that it is the 12th biggest economy in the world.
I think you are underestimating the gravity of their pull. Weren't you around in 2008?
You missed sarcasm on the last part, and the tone of the whole post
People have no idea how lack of regulation have been running down crypto. Vast majority of existing crypto 'heavy weights' have vested interest in demonizing regulations mainly because it would cut them off from doing their profiteering.
The regulation is going to be written by Wall Street, which is a far more corrupt and world-destroying entity than crypto, because they operate under the pretense that they are good and necessary and aren't evil shits (which the vast majority are -- evil, spoiled, unnecessary shits, deadset on making the world a worse place to live in during their lifetimes).
Here, its just a freeforall with no pretense. To me thats the more honorable option.
Exchanges have been running on hot air and lack of reserves for too long, and they will be swept aside.
I have no idea if this is true or not but I hope for their sake its not.
From what we have seen in the last 12 months of crypto, we learned that corruption finds a place to rest its head no matter where. If you think crypto and altcoin/exchange scene is any less corrupt then wall street, you are really foolin yourself.
It's a fact that exchanges have been running empty for a long time and basically trading substantially above what they are capable of dispatching at any given time. Their duplicity makes lehman brothers and jp morgan look law abiding in comparison, if you consider the scale of the respective businesses and especially the time frame in which such corruption took root.
This is now a muti billion dollar economy set up in less then 5 years, with which people were essentially fleeced willingly of their money and fucked by their own child like view of what corruption is. Because they were being cheeky and cheering on 'fuck the regs, fuck the gov, fuck DA MAN, fuck banksters etc', while common thieves and internet gamers were stealing their money faster then any 'bankster' did and in larger amount. and in shorter amount of time.
How many tens of hundreds of millions went with gox, crypto rush, and now mintpal? How many scams and disappearing devs have we seen? How many pump and dump groups operating while dumping not just on the public but on each other? These fools will be prison meat in 3 weeks tops if regs come into play and they find out how easily their identities are going to be revealed to the world.
You can feel good about 'sticking it to the man' while little whores like ryan kennedy are robbing you blind from behind their monitors for a sum far more then jp morgan did.
If we have learned anything, it's that these cheeky 20 and 30 somethings with attitude need to check their place.
Any question?