Cryptocurrencies: how regulators lost control | FT Film
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- Опубліковано 14 лис 2021
- Leading voices from the cryptocurrency industry, including Binance CEO 'CZ' and Sam Bankman-Fried of FTX, and Financial Times reporters tell the story of how the cryptocurrency industry ballooned into a market worth more than $2tn with little regulatory oversight. How did regulators lose control and can they get a grip now? Or is there a danger that overregulation stifles innovation? Read more at on.ft.com/3ccLQHs
Produced, directed and edited by Daniel Garrahan
Join the discussion with FT Live at the FT Crypto and Digital Assets Summit: crypto.live.ft.com
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The way people talk about how profitable cryptocurrency and bitcoin trading is, please can anyone help me on the right track
Forex and crypto trading is one of the profitable money exchange service that elevate Investors and their financial status
Poor orientation has cause some failure in forex trade
@@maximusrodger1889 You're right, how many millionaires do you know who got rich from a savings account? This is why I am investing more crypto currency and it has paid off.
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She helped me recover what I lost trying to trade my self
Who's this professional everyone is talking about I always see her post on top comment on every UA-cam video I watched
I think I'm interested how can I get in touch with Mrs Charlottes
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8:00 played on leveraged trading and then blame binance when liquidated 🤦🏻♂️
Lol these people honestly. No ones fault but hers.
Just wanted to write a comment too 🤣 no mercy for levereged people. People need to realize that as long as you don't own the coins yourself they're not yours! Also when on a hot wallet (marketplace wallet p.e)
Same with Facebook being blamed for what Cambridge analytics did.
Platforms being blamed for what users do.
If that's the case, then America, the treasury, and the fed should be blamed for enabling drug trafficking, since drug traffickers use dollars.
People are fgn idios
@@gwho well to be fair the whole political and international interest was focused on laundering money and enforcing drug cartels but mkay
@@xXxBurnerable Honestly it certainly isnt as big of an issue as crimes committed using cash. Crimes committed using crypto account for only 0.34% of all the crypto transactions. In comparison, it is usually 5% with cash (based on all cash transactions).
So Katie trades with high leverage, but it doesn't go the way she was hoping for. She get liquidated because she took too much risk. Then she expects to get her money back... Her name should be Karen!
Obsolutely
I'm really sorry for your loss Katie that was my profit.
👏😅👏👍
Amateurs should absolutely not touch leverage. She clearly has no idea what she was doing if she got liquidated, I mean no stop losses? Gambling your full account at once?
Awful mistakes
@@yuridavila6095 Yes. Got liquidated. Want money back. What world is she living in?
Pretty much all examples on this presentation focus on exchanges. Anyone wanting to own crypto needs to understand this one commandment.... not your keys not your crypto. Everyone wanting crypto needs to own their own cold storage wallet that they are in physical ownership of and hence have ownership of their own keys. As well, everyone in crypto should own their own blockchain consensus node. It pushes out more consensus as well as mitigating central authority control that could manipulate the currency/commodity spot value. So, own your own keys and run a consensus node on your crypto blockchain. Those two rules are necessary for any crypto user. Otherwise, you are in the exact financial system you are trying to run away from!
Be your own bank.
If this was a requirement crypto's popularity would absolutely tank.
What's a consensus node
@@footballmint that's fine though. If people want to play with this stuff on exchanges that function in the same way as regular stock exchanges let them be regulated. I don't see how it's possible to regulate a DEX or DAO though.....
As Michael Saylor says, look at Bitcoin as a store of value like gold. It is not a currency. Then you'll understand Bitcoin. People holding gold do many things to protect it but do not have the capability of moving it instantly and it is unconfiscatable. No agency forced by government can take it away. As more people hold their own consciousness node it becomes impossible to confiscate.
Bunch of big banks and institutional traders talking about crypto 😂😂😂
They must be frightened of what is coming!
They want that sweet cartel dollar
@@julianshepherd2038 I know right... that's why the governments won't legalize all the drugs!
They are terrified!! 😆
The people can’t be trusted with their financial freedom.
If that narrative doesn’t leave you seething with anger, especially given the mess the pompous idiots have made of their centralized positions then Crypto probably isn’t for you. I’m a technologist and I see this eating ever more of their lunch every day, rarely in my life have I been so thrilled.
Consumer protection lol. More like monopoly protection
I like the "Everybody is involved, but nobody is in charge" quote. Well, look around. Everyone currently in charge is screwing up everything. The globalists dream is a FedCoin type of currency that they can program so you can only buy what is approved. Phuc them. If we don't wrest control of the payments system, we'll all be slaves for certain. I'll take terrorism AND freedom over their idea of security and enslavement.
They're scared because they can't manipulate crypto. They can't print coins and dole them out as they see fit.
Regulators can suck my nuts
@@akivaweil5066 please elaborate
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“Oh no I left my crypto on an exchange and it’s gone!” First thing I learned when getting into crypto was not your wallet not your crypto
Regulate for consumer protection?
Let's not be naive. There's already so much crap within the financial markets for the past few decades and have what regulators done?
The regulators want to be involved to stay relevant and to maintain some sort of control
I like and have crypto but I'm happy to admit that there are some serious pitfalls and that the movement has gotten careless and reckless in what was originally the purpose of blockchain/crypto. There are now lots of crypto projects that do literally the same thing as what's already been around in traditional finance/internet but because it's 'crypto' it is somehow revolutionary and better?
Don't care what anyone thinks but regulation/governance is always needed. And not just some community voting protocol in which the majority of token holders don't even vote but purely hold to profit at some later stage.
Crypto right now is like the wild west, people are falling victim to crimes like rug pulls but that's okay because it's 'decentralized'? Regulations are like traffic lights are to driving. People are really trying to demonize the whole thing until something bad happens to them
I just think it's funny to see these story's of people who put all their money into projects like squid or shiba , or loose it by leaving it on an exchange, or not using a hardware wallet correctly. people need to be accountable for themselves, if the Gov needs to do something just regulate that the projects need to clearly put a warning on their website, and that's it
“ There are now lots of crypto projects that do literally the same thing as what's already been around in traditional finance/internet but because it's 'crypto' it is somehow revolutionary and better?”
Actually, some of them are better. If you don’t understand why then you obviously don’t understand how finance works.
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Here's why the SEC and FTC are wrong about crypto: as soon as you create a bitcoin wallet that gets resolved to the chain, and money exchanges hands, and licensed business are accepting it for transactions between citizens and other registered businesses, it's guaranteed to fall under their jurisdictions.
The reason crypto isn't regulated is because the SEC and FTC are scared to admit they don't understand it well enough to make rules that won't make them look incompetent.
A mature, responsible adult would admit their shortcomings, given they are working for tax payers, asking tax payers for help would be perfectly reasonable. We're not looking for force faults into wasteful endeavours, be honest and we'll figure it out much more quickly than pretending they don't think currency is currency with dictionaries and wiki searches available.
"The reason crypto isn't regulated is because the SEC and FTC are scared to admit they don't understand it well enough to make rules that won't make them look incompetent."
I thought I was the only one thinking this. Neat.
@@wizard7314 No, everyone thinks this. It's obvious when senators didn't even know how facebook makes money.
Absolute garbage analysis…… scary music and
All the Usual themes:
1. Lose all your funds
2. Terrorism
3. Scams
4. No regulation
this is what the hedge fund and govt trying us to sacared
The benefits of regulation can stand on its own. When you reference the credit default swaps created during the 2008 as an example of why we need regulation, you lose me, at least. Credit Default Swaps were not illegal and are still not illegal - often delivered under ambiguous derivatives. Crypto markets are succeeding for many reasons one of which is because the Federal Reserve makes the rules that harm more than benefit the economy. The 2008 crises started when US congress relaxed the lending rules for purely political purposes. With hardly any ability to borrow, people with low credit scores were loaned money underwritten by the Feds who were under instructions to do so by politicians who desperately wanted to point to larger home ownership because of their political actions. When people stopped paying their mortgages, the very loans they should never have qualified for to begin with but for politicians relaxing the rules, the 2008 crises gurgled to the surface. Banks were blamed in the press but politicians were and are the culprits. Crypto currencies avoid political decisions and rely soley on financial and economic decisions.
00
Tulip craze wasn’t created for political reasons, was it? It’s called greed. Crypto is one big scam
THAT!!! 👏
That happened because of regulations, not from lack of regulations
the market regulates itself. if something is such a great idea, it won't need to be mandatory. govt goons don't know jack about industry.. those who've been working in said industry for years do.
we will not back down, we will not comply. the reign of the inbred "nobility" is OVER.
:)
Given that major British banks have recently been caught money laundering (eg NatWest) , enabling tax evasion (eg HSBC), and rigging foreign exchange markets (eg Barclays) then I would suggest the FT has some nerve in suggesting that Coin is out of control. It is your City of London that handles dirty money daily with regulators unable to stop corrupt British finance.
Yes, let’s have the FT do a news report on laundering of FIET. What a bombshell story that would be. So convenient to be pointing the finger at crypto NOW. Banks have been operating, slipping around regulation from the beginning, it’s so blatantly obvious.
Please do proper research on insurance on crypto FT
*Despite the economic crisis,this is a Still a good time to invest in stock and Crypto,*
The rich spend less and invest more
Investing in these economic crisis will be one of the best thing to do,
You're right I think stock and Crypto are the best to invest right now☺️
As stock's are good but crypto is better
I wanted to trade crypto but got confused by the fluctuation in price
Well done BIS for putting your head above the parapet 👏
What makes Crypto appealing in a macro sense is that its supply is limited, unlike the dollar. It can't be manipulated by a central bank. But that's also a flaw. Because the supply is limited, wild price swings are created around demand peaks and valleys. And for anything to be an effective currency(medium of exchange), it must have stable prices.
U mean like a stablecoin
@@renarich4942 stablecoins are directly tied to the dollar and the dollar is manipulated by the FED
Best to try not overgeneralising crypto. Bitcoin is limited in supply but it is also decentralised and so changing it is virtually impossible. This is not the case for many cryptos. The wild price swings are due to high-leveraged trading. And it is still new and seen as risk-on asset class (ironically, the moment Bitcoin gets seen as "stable and steady" is the moment its price will shoot through the roof because it will sell out almost immediately).
@@pmc9194 Can you supply proof that crypto trading is leveraged? what lender would lend / collateralize such a volitile commodity?
@@lakeguy65616 Not quite sure if you're being serious. Leveraged trading is what crypto is known for, and one of the key aspects for which its been called upon to regulate. Please do some research before suggesting it doesn't exist.
Lots of traditional takes... for those interested in a more forward looking perspective check out yesterday's interview on Bankless with the former chair of the CFTC. Regulation is addressed more effectively along with practical wisdom for navigating the next couple years.
This was like watching the staff of Blockbuster warning people off Netflix because the internet is unreliable.
Regulators never had control in first place, look at predotary financial institutions that were bankrupting all these companies for years, blockchain is the future, decentralised finance will put a stop to all this corruption by cutting out the middle man, the time has come
Decentralised unregulated means DYOR - with enough research into any crypto project or exchange you should be able to determine for yourself if that project or exchange is worth your investment. Anything can crash….. oil hit ZERO not so long back so even regulated assets have dangers.
NEVER invest more than your willing to loose and if you 125x on a leveraged exchange prepare to be burned ……
Yeah we need regulators, whos goiing to manipulate the price without them crooks
One of the reasons that the housing market went bust and the CDS market lost control was that the subprime mortgage market was very opaque to the market participants, and you had commercial banks, investment banks, and rating agencies acted irresponsibly. However, decentralized blockchain can't act irresponsibly because it runs exactly as how it was coded, and all transactions happened on the blockchain are transparent to all, no hiding info(except the real identity of each address, which shouldn't be our concern). Therefore, you wouldn't have such things as when the problem gets too big to solve because you can always access the data on the blockchain as long as you have an internet connection.
People can act irrationally in a transparent system. Transparency doesn’t equate to rational behaviour. Values have flatlined today, do you know why? No one else does across multiple currencies despite a transparent system…
@@RA-gh3gg I agree that people will act irrationally, but my point is the market will self-correct itself quickly (in every few weeks or few months) before it goes too large and become too big to fail (2008 financial crisis took years before busted). And that's why you often see high volatility in crypto markets because participants (and the market itself) know how much leverage is in the market and will try to deleverage itself before going further.
@@jia7833 I think this was what Greenspan was counting on from the banks, and see where that thought got the US?
Yeah, investing in Bitcoin will fulfill your needs.
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This missing story from this piece is that there are initiatives within the crypto community that are trying to implement regulation.
Hedera hashgraph is an example of how future crypto can be regulated. The governing council of HBAR has the likes of IBM, EDF and Standard Bank on them.
I wasn't sure if I heard you say what they were made out of.
that's why it's a shitcoin
The speed of innovation and wealth creation is too fast for regulators to handle
Crypto is like Lasers ... when Lasers were invented no one knew what to use them for ... they were cool and a scientific curiosity ... now we use lasers everywhere and for everything. Crypto and the blockchain tech will be the same.
LoL people just want to become rich. People should know that crypto is used for payments not investment. Just like lasers, people now know how to use them. USE them not invest. Use it as a currency hence the name cryptocurrency. Or should we name it now cryptoinvestment instead? 🤭
@@loveredmoon2600 It is still an investment because of how new Bitcoin is. It provides a service in the form of sound and stable money.
@@akivaweil5066 read the whitepaper, it clearly states that it is a peer to peer payment system not an investment, don't get me wrong, it is the future if people started using it for payments, but for now it is not yet the future if people are just hoping to be rich and treating it as an investment.
@@loveredmoon2600 The whitepaper is a load of garbage because it never was updated to allow for more transaction per second. The early adopters are being rewarded, therefore it is an investment.
@@akivaweil5066 The whitepaper just simply states what bitcoin is and FYI early adopters are not the only one that are incentivized. Bitcoin is simply a peer-to-peer electronic cash system.
My favourite quote ‘regulators do catch up eventually.’
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brace yourself, here comes the FUD
MEGA FUD!
the whole point about it is not to be controlled by an entity!
A more interesting question would be: Why do regulars want to control everything?
(There are good reasons, don’t get me wrong)
Because there is chance of illegal activity by crypto since its unregulated.
They want money and power, they don't care about people loosing money. Governments are the real scammers with their toilet paper money.
@@SandeepMeena79 look at the crimes because of cash
Currency is trust. In the future the most trustful trust-less currency will win. This means Main Street will win not Wall Street (eg derivatives) and these Wild West coins, including Bitcoin.
Edit: 2024 “trust” is not ephemeral it’s mathematical. Trust can be calculated. Which is why the most trustful-trustless currency will win. It changes the game from endless political arguments to “shut up and calculate”. Anybody anywhere in the world can calculate the trust in a chain of transactions.
..trust me 😎
crypto currencies are the main reason why there will be an intrest rate increase. there is alot of loaned money put into crypto and there is no way for debt collectors to collect crypto assets, that means that there is a risk.
There will be an interest rate increase because of economic mismanagement by the Government. Invest in Bitcoin or Bitcoin Cash it's sound money with a limit of 21 million coins - not like the paper trash we use day to day that the Government prints with gay abandon.
Please explain to Katie Martin that BTC/crypto is FU money
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+1
Consumer protection or Monopoly protection?
The acting in this film was top-notch. we better give the fed a ring so they can come and suck all the juices out.
Regulators are from the government, they know best and they exist to protect us! What could go wrong? 🤣
They only protect banks and high net worth individuals
Why should it be controlled I thought that was exactly why it was created?
Nobody "really" understands blockchain. That's why nobody can regulate it.
Let’s just accept the reality, digitalization is happening daily. When humans fully accept the virtual world like we are currently adopting slowly; crypto currency’s will be the currency to the virtual world, Nft will be the art and the meta verse will rule the world, in simple terms meta verse, nft and crypto currency’s is the future; get used to it.
I like the part about "you can trust the central banks---you know a name."
No...that's the point about Central Banks. Nobody knows who's on the ledger.
As soon as we can buy crypto with fiat currencies on decentralized exchanges the regulator are DONE and we can finally be free of their financial manipulation.
The bottom line is anything that threatens swift and the USD global reserve currency status will be stopped. If the USD gets dropped as global reserve we could see the USA collapse.
Even without crypto the US dollar has been in trouble. Combined with the political circus freakshow the US is, the rest of the world has totally lost trust in the US and therefore it’s dollar as the global currency.
Blockchain an amazing innovation with a huge future. Governments, as awful as they are, don’t take kindly to competing currencies. Cryptocurrency success is likely to lead to capital controls. But imagine a future where states secede and new government is setup based on a decentralized currency. Government will then have to serve the public, not the other way around. Crypto plays a big role in future secessions.
The US has been collapsing for decades!
@@slartibartfast2452 great point. long-term political risk is perhaps the most challenging to forecast with any reasonable accuracy . but the fundamental economic numbers don’t bode well for the U.S. It is now moving into the territory where historically the results have been currency crisis, rampant inflation, economic collapse, and political upheaval. Debt in its own currency and being the world’s reserve currency are the main things keeping the Titanic from going down now.
@@CJinsoo quite right. I have an uncle that is a finance Prof and has worked with different organizations globally to help countries utilize their own resources to improve their economic standing. Some 12ish years ago I was speaking with him on the phone. Out of nowhere he just started cracking up laughing. I said what's so funny? He replied I'm watching the financial report on CNN. I asked why that was so funny. He said, basically you have a lot of wealthy old men running around like mad trying to save their system and there's not a God dam thing they can do about it. I asked what does this mean long term. He replied, it means I expect to see the fall of the US as a nation within my lifetime. He is presently 75 and still quite active in the world of finance.
Well Concordium is solving this kind of issue with the blockchain they have built for businesses. Privacy centric but they have built-in user identity at the protocol level which means business don't have to compromise on compliance when entering the crypto market!
What do you mean compromise on compliance? Cash is private & untraceable yet that is still compliant. Privacy is the normal & always has been, do not change the system now to make a surveillance police state. I & many others have zero intention of doing business with survlance companies.
Monero & other privacy focused cryptos are what will take over. I have zero intention of adopting & using useless CBDC's & other spy coins.
Instead take personal responsibility & accept the risk of getting screwed over. Protect your assets with encryption & have back ups, dont keep all your eggs in 1 basket (or crypto in 1 wallet). You must protect yourselves & you will be much more secure & prosperous than entrusting your retirement to the government.
It's has been so difficult for me trading on my own because i have had much losses.Think the real market is manipulated, please can anyone help me out or tell me what I'm doing wrong.
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People are scared of investment because of high rate of scammers on the market
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Lol that woman "they liquidated my account" - no you decided to margin/futures trade. You gambled and you lost. Grow up.
I like how they talk about regulatory bodies - they did so well in the lead up to 2008 didn't they?
Ridiculous video trying to scare people away from crypto.
FT talking about regulators being afraid of the fact that there is no central person (s) controlling crypto, is exactly the reason why crypto was created in the first place..
Regulation may be desirable but I doubt it is deliverable. The regulators resemble King Canute. The challenge for authorities is how to limit damage and maybe even profit from the momentum that it cannot oppose. Daft as it may seem holding Bitcoin reserves may be the best first step.
Why regulations ???? Who regulating those who prints Billions of Dollars and Bailing the Failures ???
Anybody find it funny they have SAM B. on here as a expert talking about regulations 😅😊
🤣
When I was young, we were hoping for a tax on financial transactions to limit excessive speculation and alleviate world poverty. Now, the financial system is embracing electronic money with dog mascots. I feel old.
The world is changing faster every day, adapt or get left behind 🌍
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R.I.P. regulators
7:48. Bitcoin futures are on the banks. That is their invention, not cryptos'.
Regulator controls
- crypto creators
- miners
- exchangers
- wallet
- investors
- traders
I'm actually tired of working about stocks...it's driving me nuts these days, I think crypto investment is far better than stock..
Trading crypto has been a lucrative way of making money
Stocks are good but crypto is more profitable
I'm new to forex trade and I have making huge losses but recently I see a lot of people earning from it. can someone please tell me what I'm doing wrong
all you need is a professional trader else you will continue making losses
How can someone know a professional account manager that is trustworthy when legit once are hard to find this days
Yes cryptocurrency can be controlled. When this video was aired on Nov 2021, BTC was controlled all the way down to below $18,000 BTC, wipe out 80 % to 90 % of altcoins. SO YES, IT CAN BE CONTROLLED.
nice hit piece. who sponsored it?
Crypto is a medium of investment, not a currency, and it is a growing drag on the real economy.
I have a hard time believing the elites don't understand this.
Elitism is grossly overrated ♿
They are ignorants. But they had power. Until today.
It’s the unexpected as always if the regulator loose control over the sea land and the mainland right this would mean the loss of control over the crypto business hence why pushing for the ban of the green pass due to the possibility of implementing alternative systems.
this order would supersede the traditional fiscal law and regulations.
So it’s your call for real this time.
It seems to me that the big traditional financial institutions want crypto to be regulated, which is strange because these are the same firms that did not want derivatives regulated prior to 2008. These are the same firms that blew up the financial markets and who got bailed out by ordinary taxpayers but these same firms are still paying billions in bonuses to the same greedy arrogant executives...
Why do they want Crypto regulated? Could it be that having nearly destroyed the worlds economies that they now feel a sense of guilt and would like to try to protect the public or perhaps it is because they they fear the loss of control in the future world of money!
Big corporations want crypto regulated because they control regulators. The same people rule FT, JPM, GS, SEC, they rotate through these institutions as the years pass.
The money that pays them come from the same regulated financial system. And they dont like when people start sending their money to a parallel system, controlled by other people.
FT is definitely not a reliable source
wow "consumers protection" nice words right there..
Maybe just set up a dedicated cryptocurrency regulator with jurisdiction over all its national users.
That's the idea....being uncontrolled......no middle man....as soon they will regulate the liquidity will disappear.
Crypto currencies can not only make new businesses they can create entire new economies
Please, government, help me protect me from myself. I never mentally progressed passed 8th grade so I'm incapable of taking responsibility for my own actions.
Thank you. All this damn paternalism makes me want to 🤮. And Katie Martin…is she a reporter or does she work for a central bank. Every word from her mouth was regulation.
The way things have been going, I'm not surprised how fast Crypto has boomed in popularity. Just look at how the Gov continues to spend us into poverty. When I was a kid, you could put cash in a savings account and earn interest.. That's basically gone now, and within my lifetime the value of the dollar has decreased almost 70%. That's right, 70% folks, and I'm not that old. So don't give me this crap about regulation blah blah blah, if I just hold dollars I'm losing purchasing power every day.
The irony of people running exchanges promoting how revolutionary crypto is relative to the existing systems has become quite clear over the past year. Crypto doesn’t replace the banking system, it requires its own banking system-the exchanges-to be usable and those are currently worse than the traditional banks.
GYEN IS EXPLODING!!!! 1000X
The timestamp 4:20 shortly before he shows to two fear mongers who are harping on government regulation as a means to protect consumers should be honest and state that they believe centralization deserves their power interest. Government officials, with their insider information and constantly for money are easily manipulated by their Allegiance to the status quo. It seems that our two friends here as well as most people within government needs to reset their philosophy into changing for the better versus maintaining essentially a system that Generates an equity and poverty for the entire world
MUCH RESPECT🙌 TO THIS TEAM⬆️⬆️
Defi trading is the future , try to regulate/tax/add fees to that 🐷 Wall Street . No need a exchange license if this run fully DEFI
It's mostly FUD
I have such contempt for these people.
Don’t loose it all because of fear,this TEAM☝️has been doing it and they’re still doing it.💯
I love that SBF was in this video as an expert... only to crash and burn one year later
Talk of digital passports linked to bank accounts, & inflation, make it imperative to accumulate Bitcoin Łitecoin and crypto asap...🌬..🏊🏾♀️...🏊♀️
My preference is for BCH which has a use other than for speculation as BTC transactions are slow expensive and unreliable - and there is more money in commerce than there is in 'digital gold'
BCH people often refer to themselves as ‘Bitcoin’. I see Bitcoin Litecoin and perhaps BCH working together depending on the type of transaction you wish to make.
*Investing cryptocurrency is the best way of getting ahead to build wealth Investing remains a priority. the cryptocurrency market has plenty of opportunities to earn a decent payout, with the right skills and proper understanding of how the market works , I pray that anyone who reads this will be successful in life...*
I start with $4,200 at the ending of may and I'm almost at $33,000 now! all thanks to Lisa
it's not about watching videos and wasting your time on strategies, I was ignorant doing so.. So I decided to try Mrs Lisa and ever since then she has made about $14,000 for every $5,000 I invested just in two weeks
I have been trading with Mrs Lisa for same months now, profits are very secured and she guarantees 100% percent return of profits on every investment. Invest and trade with Mrs Lisa she is the best.
I am glad I come to this comment section, I'm being motivated to start investing in Bitcoin places how do I contact Mrs Lisa
I invested $5000 is okay for a start.?
What makes crypto attractive to many investors is what makes it unattractive to governments. It's hard to track and tax.
we need new regulators, the current ones are too afraid of progress
They lost control and now things are pumping!
THE POINT IS: IT IS DECENTRALIZED BECAUSE NO ONE SHOULD CONTROL IT!!!! IT IS NOT A FAILURE, IT WAS BUILD THAT WAY, TO WORK THAT WAY! IT IS LIKE THAT TO BE FAIR TO EVERYONE!!!!!
Even if crypto is tightly regulated, it's still magic beans. If people lose their money buying magic beans, the specific mechanism of their loss is irrelevant.
The problem with crypto currency is the very very volatile "store of value". To use crypto currency for the retail of goods might not be "the retailer's cup of tea". When the crypto currency price is going up and up, it would look like a wise choice to accept it as payment. But when the crypto currency goes down 👇 in price... that's where retailers would cry out because of his losses....his bag of groceries was not "sold at the expected price/profit" he was expecting it to be. So in my opinion, stable coins should be the one used for and accepted by buyers and sellers in the wholesale or retail of goods, food, rent, services... just like fiat money, it is stable enough to have enough "shock absorption" in the retail business of small or medium sized enterprises. Stable coins after all are crypto and have the same "financial function" and it's closer to the fiat cash we are all used to.
Love ft
😂 loving all the comments ‘hating’ the idea of regulation….and look where we are now!
Derivatives market is a giant compared with puppy Bitcoin!
Financial Times definitely NGMI !!!!
Crypto is a tulip in a field of grain.
Hilarious watching this mid-July 2022!
Without cryptocurrency also people are doing money laundering
yes i heard the majority of the mainstream banks business is laundering and other similar activities, legal business makes up a small fraction of the total! these are 'regulated' by their mates
The consumer seems to have done ok without your regulations.
Gangster Paradise
You've pinpointed exactly why I'll be moving the HQ of my new startup to Somalia
@@noahmarx8297 Ukraine seems safer.
@@noahmarx8297 what are you working on Mark?
LOL. We really need those checks and balances. The current traditional financial system runs so well. We really need to mimic that.