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(Yahoo)   Biden to regulate Crypto next month?   (finance.yahoo.com) divider line
    More: Awkward, President of the United States, Thomas Jefferson, Washington, D.C., lead investigator, White House, Office of the Comptroller of the Currency, United States, United States Capitol  
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2158 clicks; posted to Politics » on 24 Jan 2022 at 8:18 AM (16 weeks ago)   |   Favorite    |   share:  Share on Twitter share via Email Share on Facebook



195 Comments     (+0 »)
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2022-01-24 7:50:09 AM  
Release the executive order as an NFT.
 
2022-01-24 7:51:40 AM  
I wonder if this will cause Nvidia and AMD stock to decline.
 
2022-01-24 8:00:29 AM  
What exactly should a pyramid scheme funded by pyramid scheming be called?
Double secret pyramid?
 
2022-01-24 8:01:39 AM  
I thought we outlawed snake oil?
 
2022-01-24 8:11:28 AM  

snocone: What exactly should a pyramid scheme funded by pyramid scheming be called?
Double secret pyramid?


Fractal 5D dodecahedron scheme
 
2022-01-24 8:12:42 AM  
Who would have thought that "currency" based on a doge meme, would need regulatory oversite???
 
2022-01-24 8:22:36 AM  

snocone: What exactly should a pyramid scheme funded by pyramid scheming be called?
Double secret pyramid?


a grain silo
 
2022-01-24 8:24:18 AM  
I assume people who matter are risking their own money playing with crypto scams and their inevitable bailout is being prepared.
 
2022-01-24 8:24:28 AM  
ask Federal agencies to determine their risks and opportunities,

These people are so stupid.  I know all the answers to these questions:.

Risks:
1.  Not getting rich from crypto.
2.  Being an old geezer who doesn't own crypto.
3.  Just not understanding the technology of the future.

Opportunities:
1.  Getting rich from crypto.
2.  Being a hip and cool bro with lots of crypto.
3.  Living in the future with crypto!
 
2022-01-24 8:25:48 AM  

Jiggatron69: snocone: What exactly should a pyramid scheme funded by pyramid scheming be called?
Double secret pyramid?

a grain silo


A grain silo used to store grain silos.
 
2022-01-24 8:26:59 AM  
I'm anticipating a grand alliance between those who think investing in gold is great because it's _real_ money, and those who advocate in investing in _crypto_ to hide their money from gubermint. In fact, I'm thinking crypto_gold is a good idea. It can be advertized via televangelists and sold in a novel multi-level marketing structure.
 
2022-01-24 8:27:43 AM  
I don't know what you folks have in terms of knowledge about crypto.  But it is a worldwide thing.  And a whole shiatton of people have got their hands in it.  And a whole lot of actual legitimate companies both US and outside have got stakes in it.

It would be a disaster to any government to try to regulate it.

The system is running just fine as it is.  What on Earth would be the benefit to regulating it?  Except for the benefits that it would afford the government.  And that is hardly an incentive for anyone else to want it to happen.
 
2022-01-24 8:29:16 AM  

snocone: What exactly should a pyramid scheme funded by pyramid scheming be called?
Double secret pyramid?


♫I've been told
Someone in the know
Can be sure that his luck is as good as gold
Money in the bank
And you don't even pay for it, if you fold
A dollar in the shape
Of the pyramid that's printed on the back♫
 
2022-01-24 8:30:26 AM  
Fark user imageView Full Size
 
2022-01-24 8:31:39 AM  

wademh: I'm anticipating a grand alliance between those who think investing in gold is great because it's _real_ money, and those who advocate in investing in _crypto_ to hide their money from gubermint. In fact, I'm thinking crypto_gold is a good idea. It can be advertized via televangelists and sold in a novel multi-level marketing structure.


What if their gold investments are functionally no more than NFTs?
 
2022-01-24 8:33:03 AM  
I wonder how many Fark cryptobros will show up in this thread that were mysteriously absent from this thread?
 
2022-01-24 8:33:07 AM  

Rapmaster2000: ask Federal agencies to determine their risks and opportunities,

These people are so stupid.  I know all the answers to these questions:.

Risks:
1.  Not getting rich from crypto.
2.  Being an old geezer who doesn't own crypto.
3.  Just not understanding the technology of the future.
4. Getting caught having sex with minors

Opportunities:
1.  Getting rich from crypto.
2.  Being a hip and cool bro with lots of crypto.
3.  Living in the future with crypto!
4. Having sex with minors



I added one for you.
 
2022-01-24 8:33:10 AM  
Can't regulate crypto it has blockchain. Blockchain is what crypto craves.
 
2022-01-24 8:35:00 AM  

wademh: I'm anticipating a grand alliance between those who think investing in gold is great because it's _real_ money, and those who advocate in investing in _crypto_ to hide their money from gubermint. In fact, I'm thinking crypto_gold is a good idea. It can be advertized via televangelists and sold in a novel multi-level marketing structure.


If I had no conscience, I'd be selling a bunch of "Patriot" or "Christian" branded NFTs to the gullible.

If I've thought of it, I'm sure someone else is doing it already.
 
2022-01-24 8:35:08 AM  

durbnpoisn: I don't know what you folks have in terms of knowledge about crypto.  But it is a worldwide thing.  And a whole shiatton of people have got their hands in it.  And a whole lot of actual legitimate companies both US and outside have got stakes in it.

It would be a disaster to any government to try to regulate it.

The system is running just fine as it is.  What on Earth would be the benefit to regulating it?  Except for the benefits that it would afford the government.  And that is hardly an incentive for anyone else to want it to happen.


Why do you supposed we have finance laws in the first place?
 
2022-01-24 8:36:32 AM  
Cool, so tax exchanges of tokens in a distributed replication chain for money already.
 
2022-01-24 8:37:08 AM  

Parthenogenetic: wademh: I'm anticipating a grand alliance between those who think investing in gold is great because it's _real_ money, and those who advocate in investing in _crypto_ to hide their money from gubermint. In fact, I'm thinking crypto_gold is a good idea. It can be advertized via televangelists and sold in a novel multi-level marketing structure.

If I had no conscience, I'd be selling a bunch of "Patriot" or "Christian" branded NFTs to the gullible.

If I've thought of it, I'm sure someone else is doing it already.


Someone is doing it already.
Fark user imageView Full Size
 
2022-01-24 8:38:01 AM  

downstairs: Release the executive order as an NFT.


This thread is now an NFT.

'nother Fark trainwreck.
 
2022-01-24 8:40:00 AM  

Cheron: Can't regulate crypto it has blockchain. Blockchain is what crypto craves.


Can't regulate crypto because making a permanent public record of every transaction is how very smart people keep their info from falling into the government's hands.
 
2022-01-24 8:41:26 AM  

durbnpoisn: I don't know what you folks have in terms of knowledge about crypto.  But it is a worldwide thing.  And a whole shiatton of people have got their hands in it.  And a whole lot of actual legitimate companies both US and outside have got stakes in it.

It would be a disaster to any government to try to regulate it.

The system is running just fine as it is.  What on Earth would be the benefit to regulating it?  Except for the benefits that it would afford the government.  And that is hardly an incentive for anyone else to want it to happen.


What do you think "regulate" means?
 
2022-01-24 8:41:28 AM  

Ishkur: durbnpoisn: I don't know what you folks have in terms of knowledge about crypto.  But it is a worldwide thing.  And a whole shiatton of people have got their hands in it.  And a whole lot of actual legitimate companies both US and outside have got stakes in it.

It would be a disaster to any government to try to regulate it.

The system is running just fine as it is.  What on Earth would be the benefit to regulating it?  Except for the benefits that it would afford the government.  And that is hardly an incentive for anyone else to want it to happen.

Why do you supposed we have finance laws in the first place?


To regulate official currency?

And the thing is, whatever 1's and 0's you are passing around on the blockchain don't mean anything until you cash out - to actual official regulated currency.  And if you cash out enough, you will have to pay taxes on it.

In short, the regulation is there, more or less.

I dunno...  Mark it funny all you want.  I just don't see that there is any reason or point for governments to get involved in any of this shiat.  Especially if the only reason is to "protect the consumers" or some nonsense.  Anyone who is buying/selling crypto knows the risks.  And if they don't they shouldn't be there.  I don't see the point in the government stepping it to "make it more safe".  Pffft...  Unneeded intrusion.
 
2022-01-24 8:41:57 AM  

Rapmaster2000: Parthenogenetic: wademh: I'm anticipating a grand alliance between those who think investing in gold is great because it's _real_ money, and those who advocate in investing in _crypto_ to hide their money from gubermint. In fact, I'm thinking crypto_gold is a good idea. It can be advertized via televangelists and sold in a novel multi-level marketing structure.

If I had no conscience, I'd be selling a bunch of "Patriot" or "Christian" branded NFTs to the gullible.

If I've thought of it, I'm sure someone else is doing it already.

Someone is doing it already.
[Fark user image 850x1204]


What a joke.
 
2022-01-24 8:42:46 AM  

durbnpoisn: Anyone who is buying/selling crypto knows the risks.


Hmm.  I'm gonna sorta have to disagree with you on that one.
 
2022-01-24 8:43:08 AM  

durbnpoisn: I don't know what you folks have in terms of knowledge about crypto.  But it is a worldwide thing.  And a whole shiatton of people have got their hands in it.  And a whole lot of actual legitimate companies both US and outside have got stakes in it.

It would be a disaster to any government to try to regulate it.

The system is running just fine as it is.  What on Earth would be the benefit to regulating it?  Except for the benefits that it would afford the government.  And that is hardly an incentive for anyone else to want it to happen.


It should be regulated for the same reasons all sorts of other things should be regulated.  Because humans suck and will always do the worst thing possible given enough time.  People need to be protected from that.
 
2022-01-24 8:44:57 AM  
Here's the problem with crypto:  everything.
 
2022-01-24 8:46:22 AM  

durbnpoisn: Ishkur: durbnpoisn: I don't know what you folks have in terms of knowledge about crypto.  But it is a worldwide thing.  And a whole shiatton of people have got their hands in it.  And a whole lot of actual legitimate companies both US and outside have got stakes in it.

It would be a disaster to any government to try to regulate it.

The system is running just fine as it is.  What on Earth would be the benefit to regulating it?  Except for the benefits that it would afford the government.  And that is hardly an incentive for anyone else to want it to happen.

Why do you supposed we have finance laws in the first place?

To regulate official currency?

And the thing is, whatever 1's and 0's you are passing around on the blockchain don't mean anything until you cash out - to actual official regulated currency.  And if you cash out enough, you will have to pay taxes on it.

In short, the regulation is there, more or less.

I dunno...  Mark it funny all you want.  I just don't see that there is any reason or point for governments to get involved in any of this shiat.  Especially if the only reason is to "protect the consumers" or some nonsense.  Anyone who is buying/selling crypto knows the risks.  And if they don't they shouldn't be there.  I don't see the point in the government stepping it to "make it more safe".  Pffft...  Unneeded intrusion.


I'm mostly in agreement with you on the 'caveat emptor', but now you have Too-Big-To-Fail banks, large pension funds, and other financial entities loading up on crypto assets because Very Smart People have convinced the trustees all the cool kids are doing it first.

Sooner or later, that means Big Government is going to have to bail them out when a crypto crash occurs.

If my tax dollars are going to be wasted lining some asshole's pockets, it better be over physical assets like oil, coal, real estate, or pharmaceuticals, dammit.
 
2022-01-24 8:47:44 AM  
Get your money laundering out of the way now, folks.
 
2022-01-24 8:48:31 AM  

Rapmaster2000: Parthenogenetic: wademh: I'm anticipating a grand alliance between those who think investing in gold is great because it's _real_ money, and those who advocate in investing in _crypto_ to hide their money from gubermint. In fact, I'm thinking crypto_gold is a good idea. It can be advertized via televangelists and sold in a novel multi-level marketing structure.

If I had no conscience, I'd be selling a bunch of "Patriot" or "Christian" branded NFTs to the gullible.

If I've thought of it, I'm sure someone else is doing it already.

Someone is doing it already.
[Fark user image 850x1204]


Theft has gotten so edgy and cool these days.
 
2022-01-24 8:49:23 AM  

LL316: durbnpoisn: I don't know what you folks have in terms of knowledge about crypto.  But it is a worldwide thing.  And a whole shiatton of people have got their hands in it.  And a whole lot of actual legitimate companies both US and outside have got stakes in it.

It would be a disaster to any government to try to regulate it.

The system is running just fine as it is.  What on Earth would be the benefit to regulating it?  Except for the benefits that it would afford the government.  And that is hardly an incentive for anyone else to want it to happen.

It should be regulated for the same reasons all sorts of other things should be regulated.  Because humans suck and will always do the worst thing possible given enough time.  People need to be protected from that.


Protected from that?  By the same people that rip us off on a regular basis?  By the same people that allow things like lotteries and sports betting because they get a cut?  By the same people that allow alcohol and cigarettes because they make a ton of money from it?  By the same people that allow the medical insurance industry to exist simply because they make money from it?

I'm sorry, but that is a load of crap of an argument.
 
2022-01-24 8:49:37 AM  

durbnpoisn: Ishkur: durbnpoisn: I don't know what you folks have in terms of knowledge about crypto.  But it is a worldwide thing.  And a whole shiatton of people have got their hands in it.  And a whole lot of actual legitimate companies both US and outside have got stakes in it.

It would be a disaster to any government to try to regulate it.

The system is running just fine as it is.  What on Earth would be the benefit to regulating it?  Except for the benefits that it would afford the government.  And that is hardly an incentive for anyone else to want it to happen.

Why do you supposed we have finance laws in the first place?

To regulate official currency?

And the thing is, whatever 1's and 0's you are passing around on the blockchain don't mean anything until you cash out - to actual official regulated currency.  And if you cash out enough, you will have to pay taxes on it.

In short, the regulation is there, more or less.

I dunno...  Mark it funny all you want.  I just don't see that there is any reason or point for governments to get involved in any of this shiat.  Especially if the only reason is to "protect the consumers" or some nonsense.  Anyone who is buying/selling crypto knows the risks.  And if they don't they shouldn't be there.  I don't see the point in the government stepping it to "make it more safe".  Pffft...  Unneeded intrusion.


Everything you said is true for stocks, give or take the "people know the risks" part.
 
2022-01-24 8:53:08 AM  

snocone: What exactly should a pyramid scheme funded by pyramid scheming be called?
Double secret pyramid?


Inception pyramid? Scamception? Recursive Ponzi scheme? Denver Ouroboros hustle?
 
2022-01-24 8:55:11 AM  

Dafatone: durbnpoisn: Ishkur: durbnpoisn: I don't know what you folks have in terms of knowledge about crypto.  But it is a worldwide thing.  And a whole shiatton of people have got their hands in it.  And a whole lot of actual legitimate companies both US and outside have got stakes in it.

It would be a disaster to any government to try to regulate it.

The system is running just fine as it is.  What on Earth would be the benefit to regulating it?  Except for the benefits that it would afford the government.  And that is hardly an incentive for anyone else to want it to happen.

Why do you supposed we have finance laws in the first place?

To regulate official currency?

And the thing is, whatever 1's and 0's you are passing around on the blockchain don't mean anything until you cash out - to actual official regulated currency.  And if you cash out enough, you will have to pay taxes on it.

In short, the regulation is there, more or less.

I dunno...  Mark it funny all you want.  I just don't see that there is any reason or point for governments to get involved in any of this shiat.  Especially if the only reason is to "protect the consumers" or some nonsense.  Anyone who is buying/selling crypto knows the risks.  And if they don't they shouldn't be there.  I don't see the point in the government stepping it to "make it more safe".  Pffft...  Unneeded intrusion.

Everything you said is true for stocks, give or take the "people know the risks" part.


I see people ask questions on Quora all the time like, "Is Bitcoin a scam?", or "Is this site offering [stuff] a scam?"  And the answer is always, "Yes. Your default position should be that everything is a scam.  Until you can find evidence to prove otherwise.  So don't even get involved."

Having said that, people will know that is the case, and still take the risk.  And you are right that the stock market is exactly like that.  If you ever get an email saying "buy this stock."  It's a scam.  Period.
 
2022-01-24 8:56:12 AM  

durbnpoisn: By the same people that allow alcohol and cigarettes because they make a ton of money from it?


Your whatabout went off the rails here.
 
2022-01-24 8:57:49 AM  

durbnpoisn: I don't know what you folks have in terms of knowledge about crypto.  But it is a worldwide thing.  And a whole shiatton of people have got their hands in it.  And a whole lot of actual legitimate companies both US and outside have got stakes in it.

It would be a disaster to any government to try to regulate it.

The system is running just fine as it is.  What on Earth would be the benefit to regulating it?  Except for the benefits that it would afford the government.  And that is hardly an incentive for anyone else to want it to happen.


Yeah!!!  Nobody is getting scammed with pump and dumb schemes or other activities that are illegal in a legitimate system!  Let them keep running their scams, no matter how many people lose their shirts!  It's totally running fine as a platform for con artists and heroin dealers!
 
2022-01-24 8:58:17 AM  
I'm just saying, why shouldn't we allow people to sell fake medicine marketed as legitimate? People know the risks.
 
2022-01-24 8:58:23 AM  

durbnpoisn: I don't know what you folks have in terms of knowledge about crypto.  But it is a worldwide thing.  And a whole shiatton of people have got their hands in it.  And a whole lot of actual legitimate companies both US and outside have got stakes in it.

It would be a disaster to any government to try to regulate it.

The system is running just fine as it is.  What on Earth would be the benefit to regulating it?  Except for the benefits that it would afford the government.  And that is hardly an incentive for anyone else to want it to happen.


There are zero benefits to crypto. All it does is cause more problems.
 
2022-01-24 9:00:39 AM  
I don't want the Feds to attempt to regulate and Biden take the blame when crypto inevitably crashes because the pool of bigger suckers who will pay in has dried up.
 
2022-01-24 9:03:40 AM  

durbnpoisn: To regulate official currency?


No, to regulate the greed and avarice of people.

If there are no laws then the markets are full of scams, fraud, thievery, liars, hustlers, charlatans and con men (and subsequently: Violence, hostility and volatility). Which is exactly what the crypto market looks like right now.

A market economy based on ripping each other off is very inefficient and countries can't have that. They need the markets to at the very least work properly, otherwise nothing can get done.
 
2022-01-24 9:06:24 AM  

Tyrone Slothrop: durbnpoisn: I don't know what you folks have in terms of knowledge about crypto.  But it is a worldwide thing.  And a whole shiatton of people have got their hands in it.  And a whole lot of actual legitimate companies both US and outside have got stakes in it.

It would be a disaster to any government to try to regulate it.

The system is running just fine as it is.  What on Earth would be the benefit to regulating it?  Except for the benefits that it would afford the government.  And that is hardly an incentive for anyone else to want it to happen.

There are zero benefits to crypto. All it does is cause more problems.


Elaborating upon this: there are zero benefits to crypto. At best, it is a volatile, high-risk investment that's rife with scams and money laundering, and at worse, it's a bunch of megalomaniacal tech bros in the throes of the Dunning and Kruger effect trying to reinvent capitalism, but worse, with themselves at the top of the social ladder.

By all accounts, crypto should've been a passing fad. The only reason it persists as it does because we constantly underestimate how strongly embedded its biggest evangelicals are within the tech industry, and how much capital they've sunk into this shiat. The only two outcomes of crypto is that this bubble will inevitably burst, sending things tits up not unlike the housing crash of 2008, or that we're going to have to just deal with it as crypto is normalized and live in the technocratic dystopian hellscape that it creates.
 
2022-01-24 9:06:29 AM  

snocone: What exactly should a pyramid scheme funded by pyramid scheming be called?
Double secret pyramid?


Tesseract?

Fark user imageView Full Size
 
2022-01-24 9:10:48 AM  

Rapmaster2000: Someone is doing it already.


If you haven't read about it yet, look into their "agreement" the FJB crypto uses--managers have the right to lock users' wallets at any time with no justification. Prevents them from selling/trading what they already own. Which is totally fine because the people buying them don't care, and they're also "pretty sure they wouldn't do something like that for no reason".
 
2022-01-24 9:11:12 AM  

Tyrone Slothrop: durbnpoisn: I don't know what you folks have in terms of knowledge about crypto.  But it is a worldwide thing.  And a whole shiatton of people have got their hands in it.  And a whole lot of actual legitimate companies both US and outside have got stakes in it.

It would be a disaster to any government to try to regulate it.

The system is running just fine as it is.  What on Earth would be the benefit to regulating it?  Except for the benefits that it would afford the government.  And that is hardly an incentive for anyone else to want it to happen.

There are zero benefits to crypto. All it does is cause more problems.


Well, there's a "benefit" if you can get some sucker to pay you more than you paid for your imaginary internet money.
 
2022-01-24 9:12:29 AM  
I'm out of the loop, I thought it was a strain of weed.
 
2022-01-24 9:12:33 AM  
That f*ckhead for Senator in Ohio is probably up sh*t creek on his crypto buys. Problem is he's the next f*cking senator from Ohio.
 
2022-01-24 9:13:32 AM  

NewportBarGuy: Tyrone Slothrop: durbnpoisn: I don't know what you folks have in terms of knowledge about crypto.  But it is a worldwide thing.  And a whole shiatton of people have got their hands in it.  And a whole lot of actual legitimate companies both US and outside have got stakes in it.

It would be a disaster to any government to try to regulate it.

The system is running just fine as it is.  What on Earth would be the benefit to regulating it?  Except for the benefits that it would afford the government.  And that is hardly an incentive for anyone else to want it to happen.

There are zero benefits to crypto. All it does is cause more problems.

Well, there's a "benefit" if you can get some sucker to pay you more than you paid for your imaginary internet money.


Maybe cryto is really the brainchild of unemployed WOW gold farmers.
 
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