bit¢oin$

i think crypto is too complicated for the government to address properly. and on top of that, it's complicated and it's tech. fuuuuuuck

― Karl Malone, Friday, May 21, 2021 11:24 AM (one minute ago) bookmarkflaglink

they already regulate many very complex markets, and crypto schemes wont hold up under that scrutiny, i dont think the tech part particularly matters, i think its mostly a question of whether they care enough to put pressure on global systems to make a lot of the bad stuff hard enough to do that retail investors ie the suckers get out of the game

but thats just the taking care of the investment scamming side, the thing they prob really want to do away with is the ransomware payoffs which they prob cant do anything about, cause youre not going to be able to totally stamp out crypto, someone will prob always be able to run exchanges in pariah/tax haven states, tho idk maybe they could make even that too much trouble

if you outlaw crypto, only outlaws will have crypto

in seriousness though, I don't think it's that complicated. If the US really wanted to end (or at least cripple) crypto, they could just ban it. Conduct raids on some high profile owners/traders, seize their computers or whatever. Shut down exchanges. Ban businesses from accepting it. No, it won't completely disappear, yes some of it will move overseas, but it will become untenable for most people to get involved in it.

I mean, if a government can't ban crypto, someone tell the market, bc people sure seem scared of China right now.

kinda think they would not do that but it certainly would work

china would tho lol

something like that kind of already happened

https://www.bloomberg.com/news/articles/2020-10-01/bitmex-founders-and-executives-are-indicted-in-new-york

yeah i mean theyve been regulating this stuff all long, there are rules that apply to crypto just like anything else, but it doesnt seem like the government has put big effort into the particularities of crypto... yet

on the other hand, you can just openly buy a fucking power plant right now and then successfully seek permission to expand it, purely for the purpose of mining. meanwhile congress is busy trying to figure out if they're cool with being fascists now

but after that, definitely cryptocurrency

the usa gov doesnt always do the most important stuff first

have a feeling there may be a number of very large corporations calling their fairly paid for representatives in government telling them to do something about the crypto right about now, were only hearing about a fraction of ransom wear attacks that have been paid off

I highly suspect the reason why they arrested the Bitmex guys is not because they thought it was "funding terrorism" or whatever but rather because they don't get a cut

honestly surprised theyve let it go on this long what with its stated intent of democratizing the worlds money

I highly suspect the reason why they arrested the Bitmex guys is not because they thought it was "funding terrorism" or whatever but rather because they don't get a cut

― frogbs

otm

regulation in this sphere seems like it will go as well as the war on drugs

as in, everyone's in on it and profiting, including the govt

will be interesting if that goes to a jury trial, cuz there's no way 12 randomly selected people are gonna understand a thing about it

tangentially related to all of this:

Roblox fans are buying digital Gucci bags for thousands of dollars

by the time a kid is old enough to get their first cryptowallet, they will be very accustomed to the idea of spending money that isn't really theirs on things that aren't real

Sometimes in federal juries in places like the SDNY you get pretty sophisticated jurors. But it's also a problem of many finance-related jury trials -- I once watched David Boies defend Hank Greenberg (AIG) in a civil lawsuit trial and shit was confusing as hell even for me, and I'm pretty sure that Boies was making it that way on purpose.

honestly, all this is just pushing my inevitable "go to the woods permanently" life outcome up several years. i kind of imagined being a bit older when i did that, but now i think i should be chopping down trees, making siege weapons and using them to destroy buildings with crytpo servers

i will become a wood elf

I can't stop watching the BTC price fall.

One of the weird things about BTC trading 24 hours is that the % drops are kind of meaningless.

I just want crypto to die so bad. It's a fucking plague.

all i've got is: don't let your friends be cryptofucks. if they do, yell at them and move to the woods with me. there are several open positions on this battering ram we've got going. we need 12 strong people to push this thing into the bitcoin factory

I'm more of a bard type

I still very much believe that there's a ceiling on the price of any crypto. IDK where that ceiling is, but there is always only so far that speculative money can take something. You eventually just run out of dumb money.

I just want crypto to die so bad. It's a fucking plague.

― longtime caller, first time listener (man alive), Friday, May 21, 2021 12:15 PM (two minutes ago) bookmarkflaglink

i think it will, at least the investing part, scams dont last forever

Yeah, that's correct, but they can last a really long time, cf Madoff.

then we will see a golden age of gaming where top of the line graphics cards can be had for five dollars

Also since it's kind of a meta-scam, I wonder how long it can be kept going by rolling money into new sub-scams of the scam (like now we have NFTs)

madoff, a legend in the scam world rip

the amazing thing about Bitcoin is that apparently literally everyone has made money on it. just like my sportsbetting friends who always text to brag after the game is over

it has generally gone up a shit ton

Madoff dying was the reason why Bitcoin's been doing so well. now that there's an angel in heaven blessing Ponzi schemes the price can only go up uP UP!!!

btw not sure if i ever told the story on here but i knew a guy who ran a hedge fund, was always talking about his various diversified investments, turns out he was just turning 95% of the money over to madoff lmao

You eventually just run out of dumb money.

*nature/financial documentary voice*

every year, tens of millions of children turn 18, and the pool of dumb money is replenished

lol

seriously, though. not just kids, either. it's anyone out there who has a shit job and doesn't feel like they've ever been remotely compensated for the amount of work they're putting in. that's actually most of the world, i think. look around at any job where it's understood that the workers may be high, and you'll see everyone watching binance even more closely than the prototypical sweaty basement cryptoturd

yeah I know, but there is in fact a ceiling on how much of that money there is in aggregate, and that's why bubbles do always eventually deflate.

yeah feel like its little understood how many of the retail investors are working class people buying $100 here or there

which makes the whole thing especially suck cause theyre the ones who will be left holding the bag

and also, curiously, those shouting the loudest and managing to somehow out-dogmatize christians, holy shit

reminds me of the tea party patriots

anyway, i guess the rational thing is just to stay 1000 feet away from all this and hope that it blows up on itself. but...i can't because i physically feel this shit invading my space and wellbeing! it is a tangible digital horde of fucking morons getting closer to my window each day.

Arguably you could spend less time on Twitter and take care of a lot of the problem.

haa

i dumped dozens of crypto image speculators (formerly self-described as digital artists) when i got back from becoming a LVL3 wood elf a few weeks ago. that did help!

idk what this means but anyway

We've successfully playing the #TSLA classic bubble and dispassionately #Ethereum looks similar. Presently, we are trying to find a low off yellow line or $2k. If we can then break $3580-36k great. But if we fail as #TSLA did @$780-800 that would confirm a bull trap = very bad. https://t.co/FmzdpzVhhB pic.twitter.com/q4GT2HYvwF

— Julian Brigden (@JulianMI2) May 21, 2021

pretty interesting crypto and tesla crashing at the same time

https://i.imgur.com/9BjTSDO.png

one of the best moves