Tone Vays is a great guy and I am a fan but he keeps saying Bitcoin should be regulated. He mentions it in a drive by shooting sort of manner but this issue needs to be discussed thoroughly. When WCN was asked, "Tone is still talking about regulations after what benjamin lawsky did?" Tone replied, "what Lawsky did is totally meaningless for Bitcoin." Below are my thoughts on the matter. Banking on Bitcoin, now showing on Netflix, served as a source for some of the information.
Tone, Crony Capitalism affects everything and everyone. benjamin lawsky used his position of authority in New York to raise barriers to entry through convoluted regulations, then resigned to consult people on how to navigate the system he created. This is very meaningful. He is filth, he is swamp, he should have two life terms plus 40 years instead of Ross Ulbricht. It is the difference between violent force and voluntary cooperation. Entrepreneurs who don’t have his bullshit license don't get investors. Businesses don't get started. People don’t get hired. Don't even get me started on the judicial branch and katherine b forrest, jed s rakkof, james robart etc.
That bastard benjamin lawsky even brought up terrorism to legitimize his kangaroo commission after nothing happened to legacy banksters who actually did launder money for actual terrorists.
Nick Spanos closed shop, people lost jobs, potential new Bitcoin fanatics were lost over FUD. I personally have pulled out of business plans because of government barriers. Look at business permits. Before you even make your first cent in a new endeavor you have to pay the mafia to play. That crushes the whole economy! I don't employ anyone and never will because of this!
bernie madoff said he could have been caught in 2003 but the bumbling investigators never asked the right questions. BofA CEO ken lewis said their dividend was sound on 60 Minutes one week before he slashed them. angelo mozilo said on national television with his tan and gold chain that Countrywide stock was sound AS he was selling it. FINRA? SITC? SEC? ETC? Crickets.
No Wall Street Executives served time for the 2008 meltdown or for money laundering charges.
Now honest working Americans cannot even afford to buy a home because the people who made bad loans to those who could not afford them were rewarded with money printed out of thin air by the criminal federal reserve. The dollar has lost 97% of its value since the government sanctioned the federal reserve's charter, leading to poverty for millions and an endless state of war. Those same counterfeiters have been holding interest rates at 0-1% for over 8 years now, a totally unnatural state that warps everything.
The criminal communist government of the United States IS the problem. They could have been ahead of the curve and changed the world themselves but they failed. Then they failed to even recognize the solution when it arrived, now they don't know whether to wind their butts or scratch their watches. They have NO MANDATE and must recuse themselves from this space. We the people are free and we tell government what to do, not the other way around, and we will not be treated as criminals for transacting funds. They do not "allow" us to change the world, that is our right. Government’s job is to punish criminals for crimes against others, not assume everyone is a criminal until proven innocent. maxine waters does not know Crimea from Korea; she is not qualified to manage a currency or anything else.
"I'm not in this purely from a business perspective. I'm trying to change the world and make it better. Building Bitcoin companies and begging for regulation that matches exactly the banking regulation that has caused so many problems is counterproductive" Erik Voorhees.
Charlie Shrem sold Bitcoin to a guy who sold Bitcoin to someone who takes drugs. Should he have gone to jail for that? Please let him know next time he's on your show. What else should this atrocity of a government jail us for?
Bitcoin is the solution to a broken system and you're still talking about regulations?
Bitcoin Welcome
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Good!
Pretty good read. I saw "banking on btc" but fell asleep about halfway through.....
Thanks, I thought the doc was well done. I think the world needs a clear explanation of blockchain and economics, both are unknown or little understood.
Good points well made. I had crypto on my radar for a long time, but I only took the plunge and invested properly a few months ago. Now I am preaching like a cult member about it and have had some extremely insightful convos with people. I have just spent a week camping with a bunch of amazing hippies (we have known each other as a community for decades) and there was a lot of interest within that community. The idea of disruptive technologies that take money creation out of the hands of bankers and into the hands of everyone that might want to give it a go can only be a good thing. The problem is that people like Tone come from a Wall St background and can't help but to bring their baggage with them. What is more, we have to be honest in that crypto trading is just like mainstream trading, just a bit less decentralised. There are whales, and FUD creators, and manipulators and speculators just the same, the main difference is that regular Joes now have a chance to beat them at their own game.
On the other hand there is a massive opportunity for cryptos to be steered in the right direction (like Steem and the fight against scammers, spammers and beggars), and that requires people that believe in the technology and the concept, not just in it for the $$$.
I have high hopes, but I also try to reign in my expectations, however interference from the powers that be is only around the corner, once big money decides they want in. Free markets are a pipe dream if only because entropy will lead to manipulation from big entities using govs as proxies.... Sad but true. We can only keep doing our own thing and coming up with ways to sideline them.
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Thanks. I don't think free markets are a pipe dream, they made America the richest country in the galaxy and shall return someday. The nerds are changing the game as we speak. Ironically, while politically authoritarian in many ways Asia has the freest markets in the world and are reaping the benefits. Travel our national parks and dabble in real estate and you will see Asians and their money everywhere. A true sign of financially successful systems.
They don't have benjamin lawskys over there.
But your comment is measured and appreciated. The history of monopolies is big entities using government to screw their competition. Point well taken. But ultimately the authority lies with the government and the bribee is a 1000xs more guilty and heinous than the briber.
I already see big money in Bitcoin, they have enough to keep it range bound, right now ~$4300 is an obvious target. But in the end Bitcoin will continue its rise. Their last target was ~$2700 and that finally failed, miserably. Camping is one of my favorite things in the world, very nice to meet you.
Thanks for the appreciation but I will say one more thing. They are not bribees any more, they are insiders that use the 'revolving door' system to get from corporation to government and back again time and time again, to the point that we have Trump as POTUS... who claims to be against the 'establishment' while being the dark side of it... Interesting times, for lack of a better word.
True dat. I am no fan of nepotism, cronyism, goldman sachs, benjamin lawskys, etc.... It is the nature of government to abuse authority. WHICH MEANS, its power must be extremely limited. In that way none of the above would be possible, we wouldn't have to worry about such abuse in the land of the free and home of the brave. Nepotism, cronyism, goldman sachs, benjamin lawskys, they would never exist in a limited government. #consitution
I can't stand Tone personally nor can I trust him
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