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UsedToBsmart t1_ixmqsfg wrote

Why? The crypto bros loved the fact it wasn’t regulated - we should just sit back and watch it burn.

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AcidShAwk t1_ixms4un wrote

Crypto bros don't need exchanges to trade.

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MajesticWaterBuffalo t1_ixmss36 wrote

They need the exchanges to sell to the greater fool.

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[deleted] t1_ixnmuh4 wrote

[deleted]

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newnamesam t1_ixnwjju wrote

You missed the point or don’t understand what you’re gambling on.

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dudeedud4 t1_ixo54jn wrote

Huh? I've never used an exchange and just make a thread on forums going like "[H]$50 paypal [w]$45 eth/btc/whatever"

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TheNewGirl_ t1_ixo6xq3 wrote

ah yes because thats so much better than normal money

when you have to do all that bs anytime you want to convert your shit into a form you can actually spend on goods and services ...

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Liraal t1_ixpydd8 wrote

It's actually funnier than that - most if not all cryptocoins don't have escrow or exchange mechanisms built in, only give/send, at most swap for other crypto. If someone goes on a forum and asks for "paypal for XXX $ElonCumRocket," there is absolutely 0 guarantee of not getting stiffed, without a trusted 3rd party that they explicitly reject. Absolutely hilarious when you consider this.

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t-poke t1_ixqns2x wrote

You’re not doing anything to defend crypto’s safety and security with this post.

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dudeedud4 t1_ixqoevy wrote

The security is the anonymity for this. Way safer than a crypto bro exchange.

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t-poke t1_ixqoraw wrote

Safer until you send a completely anonymous stranger on the internet 50 bucks on PayPal then they ghost you.

Not to mention in this example, if it goes well, you’re losing 10% in value.

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dudeedud4 t1_ixqozge wrote

The example is just that, an example. The lower amount coming in is an incentive and based odd the fees/time it took years ago. And I've never had a problem doing it this way. Always used trusted members on forums.

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in-game_sext t1_ixn0tb6 wrote

There are exchanges that can't be regulated (called DEX's)

If there is crackdown on centralized exchanges then more people will just start using DEX's.

−36

Agent_Angelo_Pappas t1_ixnhw2c wrote

If they opted for a “centralized” exchange in the first place that suggests they’re not interested in those. A regulatory crackdown probably won’t be good for Bitcoin like you think

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in-game_sext t1_ixni3ek wrote

People use what they prefer until its no longer a choice. Then they use the next option available.

I didn't realize that was difficult for people to grasp.

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Agent_Angelo_Pappas t1_ixniq01 wrote

Virtually no one “prefers” being responsible for their own financial security. Most people aren’t IT security experts and are human and subject to make errors. It’s not rational to take on all that risk yourself

I suspect most people getting burned by these exchanges are just going to go back to banks, not an even worse version of those exchanges. i DiDnT rEaLiZe tHaT wAs DiFiCuLt FoR yOu To GrAsP

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newnamesam t1_ixnx9hd wrote

That’s all well and good until they get banned at the DNS level, by ISPs, and by banks. Yes, there are workarounds but Ponzi schemes like crypto depend on new blood primarily from the uneducated. They’re not the kind to use IPs as addresses and intermediaries.

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Myss-Cutie t1_ixn0elg wrote

Not true. It makes it easier but it’s perfectly legal and common to sell to local currency without exchanges.

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ItIsYourPersonality t1_ixna03k wrote

It’s so funny to see people so uneducated about a subject trying to take a victory lap over things they do not understand.

Crypto bros are rejoicing that scams they pointed out years ago are finally proving to be scams. Centralized exchanges are simply taking customer money and buying other things with it instead of backing customer assets. That why Not Your Keys = Not Your Crypto.

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celtic1888 t1_ixnbrz2 wrote

And the goal posts are dragged even further by the crypto bros………

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Aazadan t1_ixnxwat wrote

Naa. I’m as anti crypto as you can get, and exchanges are still a good deal more sketchy than even the more speculative coins out there.

Exchanges exist primarily to let people bypass blockchain limitations, when it’s those very limitations that are what allow crypto to deliver on any promised benefits. Basically, whether you agree that there are benefits to crypto or not, the benefits of all transactions being on a ledger, security, and so on rely on the blockchain actually being used.

A market where such an idea can prove successful or not can’t exist with exchanges in the picture, and it never could.

That said, a lot of people like them for the convenience. Despite the fact that every single one of them has proven to be a scam.

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UsedToBsmart t1_ixojfsb wrote

It’s the circle of life, a scam trading platform for a scam investment.

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ItIsYourPersonality t1_ixnbuq1 wrote

You’re really highlighting your knowledge on the subject.

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celtic1888 t1_ixncldk wrote

Yes…. The cry of the crypto bros

‘You don’t understand our genius’

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ItIsYourPersonality t1_ixnd0ur wrote

If you don’t understand that giving someone you don’t know all of your money in exchange for pixels on a webpage is stupid, then no you don’t understand my “genius” (I’d call it common knowledge personally, but it’s apparently not common to you).

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Agent_Angelo_Pappas t1_ixnid1h wrote

Most my money exists digitally in a ledger. 30 years on still have it. Turns out you can safely store your savings digitally if you just know who to give it to take care of it(in my case a regulated federally insured bank)

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t-poke t1_ixqo8b7 wrote

I have no problem giving my bank all my money in exchange for pixels on a webpage because they’re highly regulated and the government insures it if something does go wrong.

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TheNewGirl_ t1_ixo77oz wrote

so its worse than normal money and normal banks

because I can put my money in a bank to utilize whatever services or purchuse any goods I desire and it is still my money even if I leave it there for years ...

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ElectronicOcelot3251 t1_ixpagq6 wrote

Nope not even close. The whole point of crypto is self custody and you actually own your assets. A CEX is more like a bank. They don't actually have your money.

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t-poke t1_ixqo1pq wrote

Imagine if after a bank collapse, instead of the FDIC covering everyone’s loss, a bunch of obnoxious internet bros blamed the victims by saying “nOt yOuR CaSh, NOT YoUr MOnEy!”

Crypto is a shit stain on the underwear of humanity.

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ripvannwinkler t1_ixnmsq0 wrote

Crypto never needed exchanges to be used as intended. Turns out, once the intent became "make a lot of money", the exchange proved it's usefulness in convincing a larger group of people in the value of the currency. Turns out, you can't have these types of exchanges without regulation to ensure the safety and security of said currency.

Who knew?

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TheNewGirl_ t1_ixo7iic wrote

without an exchange how the fuck do I spend my crypto on goods and services

most the places i buy shit I need from dont take crypto

If you are saying I personally have to find peer to peer trades to get cash for my crypto everytime I wanna actually spend it , how the fuck is that better than normal money that doesnt require that extra bullshit

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Warmstar219 t1_ixojrsv wrote

Some people just can't get it through their head that crypto is objectively worse than regular money in almost every case.

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freeman_joe t1_ixpsp1d wrote

https://nomadcapitalist.com/finance/offshore/your-bank-account-is-no-longer-sacrosanct/

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Liraal t1_ixpyxlg wrote

I read your comment history for context to this random link and can't say I'm surprised. Posts to CC and collapse, shills random crypto and dismisses criticism as FUD. I did not even need to open the article to predict which way (ancapistan) and how much (very) biased it was going to be.

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freeman_joe t1_ixpz69t wrote

What criticism I dismissed as FUD?

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Agent_Angelo_Pappas t1_ixq1jck wrote

>“Account made few days ago hating on crypto”

You, three days ago, responding to someone voicing criticism you didn’t like hearing. You need therapy bro, not crypto.

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freeman_joe t1_ixq8hzq wrote

Yes because out of nowhere there was this account and commented only on nano sub. I had many discussions with people about nano who responded with normal critical points. Not just some random account like this made 3 months ago and mostly commented nano negatively. That is suspicious. And I didn’t dismiss him as FUD.

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Agent_Angelo_Pappas t1_ixq95wc wrote

Sorry, I couldn’t read this comment because I was too distracted by the screeching sound of goalposts being moved.

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freeman_joe t1_ixpzdhc wrote

All centralized solutions lead to abuse of power. Simple example of centralization are dictatorships. When one person or small group have all the power they will abuse it. Article I provided shows that it happened with bank same happened with FTX.

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ostralyan t1_ixoc7f7 wrote

Usually, I just use cash for goods and services. Sometimes credit.

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wyvernx02 t1_ixqb2z6 wrote

>how the fuck is that better than normal money that doesnt require that extra bullshit

Because it's not, and if you somehow thought it was, you fell for the grift.

You are trying to treat crypto like stocks instead of the shitty fake currency it actually is.

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timmerwb t1_ixop24j wrote

Why do you care? It’s clear you’re not on board. That’s ok. Stick to “normal” money. I’m sure you’ve got something better to do.

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QuintoBlanco t1_ixp0yax wrote

People care because it affects everyone, not just people who love crypto.

Things were fine when people were mining with their personal risk. But now crypto creates financial instability and it uses too much energy.

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timmerwb t1_ixq54lq wrote

I see OP cannot be bothered to answer - that is the level of interest of these moronic down voters. It's not 2008 btw. I don't know a single person "affected" by this - and that includes me, someone with huge cryptocurrency exposure since 2016. And FYI, Ethereum doesn't use proof of work mining. Again, you are clearly someone who knows little about the subject but yet feels the need to comment mindlessly on it. Please stop spreading FUD.

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QuintoBlanco t1_ixqth8e wrote

Your sphere of knowledge isn't reality.

Bankruptcies affect creditors. People who financially rely on those creditors are also going to be affected.

The use of energy to create a virtual currency also affects others. Energy is not a infinite resource. Generating energy pollutes the environment.

Mining farms affect the neighborhoods they are in.

They can create noise and the power requirements might mean that power companies need to break up the street to install extra cables.

Mining farms also put a strain on the availability of microchips. Each boom in mining has created shortages in the microchip market.

Also, you either replied to the wrong post or you simply don't know how to read. I never mentioned proof of work mining.

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timmerwb t1_ixqv8f1 wrote

Mining farms employ proof of work. Services like YouTube and Amazon use more energy than Ethereum (proof of stake). But, as I said, you’re clearly not interested in reality.

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QuintoBlanco t1_ixqxt0j wrote

Are you suggesting that I think Amazon is a great thing?

I didn't mention a last argument. My main problem with crypto is that so many people who like crypto are sad cunts who get upset and start to cry when somebody disagrees with them.

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newnamesam t1_ixnwgle wrote

Regulation will make it burn faster and hotter. Exchanges are going to lose a lot of money when it becomes harder to launder.

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[deleted] t1_ixo96cs wrote

[deleted]

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newnamesam t1_ixoifi7 wrote

Everyone from investment firms to faux banks were already playing in the space. What does regulation give them that they don't have now, and why would they do it if it's now the same class of asset that they're already have?

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atleft t1_ixoh2ic wrote

FTX *was* regulated, and their actions clearly violated regulations. Since they clearly weren't enforced here, will additional regulations even matter?

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SomethingDumbthing20 t1_ixoi46e wrote

Crypto exchanges are very loosely regulated. There's no federal regulation and only a handful of states have crypto specific money transmission laws. Regulating these entities like banks is the only way it'll ever truly be a safe place to store funds. The current system doesn't work because it's too easy to fudge the books and examinations are too infrequent.

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UsedToBsmart t1_ixojnv2 wrote

Who was it regulated by?

−1

atleft t1_ixooe2a wrote

The CFTC: https://bettermarkets.org/newsroom/ftx-was-registered-with-and-licensed-by-the-cftc-which-failed-to-properly-regulate-or-supervise-it-and-its-innumerable-former-cftc-officials/

More on the failure of regulators: https://time.com/6235816/ftx-collapse-legal/

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UsedToBsmart t1_ixopssz wrote

The specific entity, FTX Derivatives US, was regulated by the CFTC and it did NOT file for bankruptcy. This was a company that FTX purchased and renamed. Overall FTX was not regulated.

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