• Cryptopocalipse? Regulation is coming, maybe coming hard.

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    #2467535

    Times are changing (maybe):

    https://apnews.com/article/cryptocurrency-technology-health-congress-1f90a144e449e5e80858661c741557f8

    Excerpt:

    After 13 years, at least three crashes, dozens of scams and Ponzi schemes and hundreds of billions of dollars made and evaporated, cryptocurrencies finally have the full attention of [the US] Congress, whose lawmakers and lobbyists have papered Capitol Hill with proposals on how to regulate the industry.

    The latest bipartisan proposal came Wednesday from Sens. Debbie Stabenow, D-Mich., and John Boozman, R-Ark. It would hand the regulatory authority over Bitcoin and Ether to the Commodities Futures Trading Commission. Stabenow and Boozman lead the Senate Agriculture Committee, which has authority over CTFC.

    Bills proposed by other members of Congress and consumer advocates have suggested giving the authority to the Securities and Exchange Commission.

    This year, crypto investors have seen prices plunge and companies crater with fortunes and jobs disappearing overnight, and some firms have been accused by federal regulators of running an illegal securities exchange. Bitcoin, the largest digital asset, trades at a fraction of its all-time high, down from more than $68,000 in November 2021 to about $23,000 on Wednesday.

    While cryptocurrencies have had crashes before, most recently in 2018, this crash has been broader and more systemic. A major hedge fund filed for bankruptcy earlier this summer, which in turn has caused other cryptocurrency brokers to collapse as well. Some crypto brokers have falsely claimed that their customers’ deposits are backed by deposit insurance, like banks are.

    Ex-Windows user (Win. 98, XP, 7); since mid-2017 using also macOS. Presently on Monterey 12.15 & sometimes running also Linux (Mint).

    MacBook Pro circa mid-2015, 15" display, with 16GB 1600 GHz DDR3 RAM, 1 TB SSD, a Haswell architecture Intel CPU with 4 Cores and 8 Threads model i7-4870HQ @ 2.50GHz.
    Intel Iris Pro GPU with Built-in Bus, VRAM 1.5 GB, Display 2880 x 1800 Retina, 24-Bit color.
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    • #2467607

      This is FUD.

      • #2467623

        FUD? I find it both objective and reassuring: no fake scare-mongering there. At any rate, this thread I have started deserves the courtesy of more than a three-word dismissal, with one of the three words a three-letter one.

        Looking forward to more, I await some fully argued comments.

        Ex-Windows user (Win. 98, XP, 7); since mid-2017 using also macOS. Presently on Monterey 12.15 & sometimes running also Linux (Mint).

        MacBook Pro circa mid-2015, 15" display, with 16GB 1600 GHz DDR3 RAM, 1 TB SSD, a Haswell architecture Intel CPU with 4 Cores and 8 Threads model i7-4870HQ @ 2.50GHz.
        Intel Iris Pro GPU with Built-in Bus, VRAM 1.5 GB, Display 2880 x 1800 Retina, 24-Bit color.
        macOS Monterey; browsers: Waterfox "Current", Vivaldi and (now and then) Chrome; security apps. Intego AV

      • #2467633

        Sauregurkenzeit

        • #2467692

          Another off-topic reply, this on about pickles. Well, someone with something worth reading still might show up. After all this is not a trivial matter, even if some people insist in trivializing it.

          Ex-Windows user (Win. 98, XP, 7); since mid-2017 using also macOS. Presently on Monterey 12.15 & sometimes running also Linux (Mint).

          MacBook Pro circa mid-2015, 15" display, with 16GB 1600 GHz DDR3 RAM, 1 TB SSD, a Haswell architecture Intel CPU with 4 Cores and 8 Threads model i7-4870HQ @ 2.50GHz.
          Intel Iris Pro GPU with Built-in Bus, VRAM 1.5 GB, Display 2880 x 1800 Retina, 24-Bit color.
          macOS Monterey; browsers: Waterfox "Current", Vivaldi and (now and then) Chrome; security apps. Intego AV

        • #2468159

          ridicule in the press

          FZdwlD4WQAACkws

          .

          * Is this a fact: "foreignpolicy.com/2022/04/25/the-real-threat-to-social-media-is-europe", Really? * get out of the poisonous Metaverse *
          2 users thanked author for this post.
        • #2468270

          Loosely translates as “I exchange CO2 budget for Bitcoin”. Courtesy of Google Translate services.

        • #2468366

          Quite right, this is how the artist ment it. It has a very and real bitter taste of recent policy; namely the selfconflicted energycrisis versus the importance of the deminishing impact of the bitcoinmonster. The bitcoinmonster seems to be ‘handeld’ by various (lawmaking) regulations by for instance the “EU monetary and lawmaking systems” and also some national ‘A Statebanks’ of the leading EU countries. That all is (to me) is some big blackbox mechanisms where the great magician plays the world stage.
          Some ‘newly’ introduced problems are the productioncrises in very specialized computerchips, that seems to lead policies of the very large/big economies and powers, where for instance regions like Brazil India Australia EU will take their place alongside the traditional players.
          So I do hope for real that this economic and militairy war in Ukraine will not extend to somerhing very much bigger, and that some civilisation and dignaty will not be buried alongside Taiwan.

          will_trade_carbonbudget_for_bitcoin

          * Is this a fact: "foreignpolicy.com/2022/04/25/the-real-threat-to-social-media-is-europe", Really? * get out of the poisonous Metaverse *
          • This reply was modified 6 days, 23 hours ago by Fred.
          • This reply was modified 6 days, 23 hours ago by Fred.
          1 user thanked author for this post.
        • #2468304

          According to the following entry from Wiktionary, the term can also mean “dog days of summer” or “slow news days”, as well as a reference to the summer pickling season.

          https://en.wiktionary.org/wiki/Sauregurkenzeit

          So maybe not quite what you may have thought, Oscar.

          1 user thanked author for this post.
        • #2468329

          Bob99: You may very well be right, as it is a colloquialism. But as a comment here, inappropriately written, with a single dismissive word in it that, as you translated it, means that there is nothing going on so anything, never mind how trivial or dubious, gets published. And so, overall, unhelpful.

          Now, once more, anyone with something articulate to say, with a full comment (more than 20 lines, preferably) this is your chance.

          Ex-Windows user (Win. 98, XP, 7); since mid-2017 using also macOS. Presently on Monterey 12.15 & sometimes running also Linux (Mint).

          MacBook Pro circa mid-2015, 15" display, with 16GB 1600 GHz DDR3 RAM, 1 TB SSD, a Haswell architecture Intel CPU with 4 Cores and 8 Threads model i7-4870HQ @ 2.50GHz.
          Intel Iris Pro GPU with Built-in Bus, VRAM 1.5 GB, Display 2880 x 1800 Retina, 24-Bit color.
          macOS Monterey; browsers: Waterfox "Current", Vivaldi and (now and then) Chrome; security apps. Intego AV

        • #2468371

          In this sence this is similar to the word ‘komkommertijd’ , funny it’s not to be translated directly.

          * Is this a fact: "foreignpolicy.com/2022/04/25/the-real-threat-to-social-media-is-europe", Really? * get out of the poisonous Metaverse *
    • #2468299

      A good bet was it would never succeed. Do I wish I had bought $100 of bit coin on spec13 years ago ? well yup. but it deserves to go he way of the dinos for its resource intensive implementation.

      🍻

      Just because you don't know where you are going doesn't mean any road will get you there.
      2 users thanked author for this post.
      • #2468375

        Indeed, it looks like some big pyramid-gambling, where the subversive/blackmarket world is leading from the start.
        For real automation and digitalisation men may not be ready for a long time (?).
        “Let them fix Windows-Update first, please”, (some sick joke).

        * Is this a fact: "foreignpolicy.com/2022/04/25/the-real-threat-to-social-media-is-europe", Really? * get out of the poisonous Metaverse *
        1 user thanked author for this post.
    • #2468386

      OK, my turn now:

      The blockchain is an idea that holds much promise for making possible really useful things. But not for enabling this unsustainable ideological fantasy of a world without governments, including, of course, a world economy without fiat-money issued and regulated by government-appointed central-bank “technocrats”, to make possible instead a world where nations’ prosperity, or misery, will be determined mainly by unrestrained, speculative free-markets.

      And speaking of unrestrained things, so far, cryptocurrencies have served, so very predictably, to make possible the current unrestrained currency speculation where billions have been won and lost, with a clear, if still incipient potential to destabilize the economy of the word. Given all the problems of global warming, inequality, a Six Mass Extinction in progress, and more, the world has enough on its plate to put up also with the financial turbulence caused by this noxious nonsense.

      Is this FUD? No, actually this is, worse, much, much worse: this is real.

      I do not think much of central bankers, whose jobs main stated purpose is to maintain an in fact precarious economic balance, trying to smooth-out otherwise sudden changes, even if it means pushing governments to avoid directing necessary resources where they are needed, for example, to deal with the real, serious, even urgent needs of many citizens (remember “Grexit”?), and with the many fast-developing global emergencies. But now even elected politicians in a position to do something about this mess seem to have decided to awake from their long self-satisfied stupor and are looking for ways to tie-down the monster they have allowed with their inaction to grow and grow. Finally, it is now up to them — and most particularly up to the unelected bankers, who I believe are the ones with the real power here — to start doing something with real consequences about this.

      Ex-Windows user (Win. 98, XP, 7); since mid-2017 using also macOS. Presently on Monterey 12.15 & sometimes running also Linux (Mint).

      MacBook Pro circa mid-2015, 15" display, with 16GB 1600 GHz DDR3 RAM, 1 TB SSD, a Haswell architecture Intel CPU with 4 Cores and 8 Threads model i7-4870HQ @ 2.50GHz.
      Intel Iris Pro GPU with Built-in Bus, VRAM 1.5 GB, Display 2880 x 1800 Retina, 24-Bit color.
      macOS Monterey; browsers: Waterfox "Current", Vivaldi and (now and then) Chrome; security apps. Intego AV

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