I see your point, but don't you think that classifying crypto as online gambling might oversimplify its potential for legitimate financial innovation? Let's consider the nuances of crypto before jumping to conclusions 🤔.
In the post-2008 world sports gambling has exploded. We really do need to wipe out crypto gambling schemes, but also the so called legit mainstream gambling going on around major league sports.
it's only a matter of time until there are major scandals around sports betting. imagine if it came out that the super bowl QB took a dive to rig a game
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My capitalist bank wasn't too happy about me buying crypto and tbh that made me buy more. Although 99% of it is truly a scam, some of it have proper use cases and if you want to truly battle capitalism you'll have to realize that at some points your transactions must be completely anonymous.
That would be a huge step in securing financial stability for 18-35yo men and also guarantee you'd lose their vote 90-10 in every election going forward lol
Yeah well they shouldn't be able to do that either, basically caused the last great recession and nobody got punished for it so they're still doing it. Feels like that gamble hurt the consumers a lot more
Well this kind of blew up (for me at least) so let me clarify my stance: the stock market was not created to "democratize" anything, it was created so people with wealth can gamble at the chance to create more wealth. Any other read of it is pro capitalism nonsense.
100% Even at their BEST that was the case. Companies need capital to expand or whatever, so they issue stock. Rich people buy said stock because they believe the company has strong plan. Company gets bigger, stock value goes up as it's a share of ownership in a successful company. Rich get richer.
It also divorces wealth from production in many ways, so many of the wealthiest people are only that way because they've converted production into imaginary value
and that's the best and most practical version of stock markets. not what we have now where it's completely divorced from how well a company performs in their core business. no matter what it's always pure speculation that the value will go up.
Ok, so this is my nerdy solution for that. Basically establish a set period (a week? a month? 3 Months?) and have MASSIVE penalties for selling any stocks that have been held for shorter than that period. Also, ban stock buybacks again.
Instead of a set period, why not just charge a small (hundredth of a percent, maybe) tax per transfer? The gamblers will pay an unbearable amount, the buy-and-hold people won't even notice.
stock buybacks are pure market manipulation. stock price SHOULD reflect the success of the company. If they goose the numbers w/ buybacks then it no longer is reflective of the company performance.
a fee per transfer doesn't REALLY help when big players are making trades in fractions of a second
A transaction tax-- it's not a fee! we're not doing anything for you! we're just taking your money!-- works *astonishingly* well. .1% is enough to completely eliminate day-trading.
all it would do is require adjusting those algorithms to account for the tax. Maybe it prolongs it from 0.1s to 0.5s or maybe even 1s. It has nothing to do with company performance at that point. It's just gambling. It needs to be long holdings, days or weeks long.
Yeah, as it stands its effectively the opposite by design. Actual worker ownership looks more like the John Lewis Partnership in the UK, where the PLC is held by a trust on behalf of the 70k+ employees who elect a 58 member representative council, and share in a company wide annual performance bonus
There is no value to btc either, and at the least paper money has the backing of a powerful organization (the government). There's a reason the USD doesn't fluctuate nearly as much as crypto in value, and there's a reason the value of a cryptocurrency is directly in reference to its USD conversion.
It doesn’t work that way. This has already previously been illegal and unregulated and millions of people activated their free will to participate through various means. Just as people did with alcohol during prohibition. But you cannot conveniently close off the internet this way.
Couldn't this apply to the stock market as well though? Ultimately investment is all just legalized gambling on the economy. Only with well diversified stocks you're pretty much guaranteed to make gains over time so long as capitalism itself doesn't collapse.
The first time I mentioned crypto to my parents over a decade ago when I was younger/dumber, they immediately called it gambling and I was like "huh? Nooo, it's just like a new form of currency that's gonna go up in value quicker"
BUT ACTUALLY, THE BOOMERS WERE RIGHT ABOUT THAT ONE KIDDO!
It’s been a minute but MoneyGram allowed the recipient (the one facing greater legal peril in contraband transactions, generally) of the payment to not show ID if they had a short passcode provided by the sender
Ultimately these things are consequences. Banning them is, what do you call them, a band-aid?
It's like banning drugs. You need to ask why people do this stuff and address the root problem.
(The root problem is capitalism)
Also, gambling benefits corporations and hence the mega-wealthy who hoard it, whereas illegal drug dealing puts money into the local community, so it's actually better for the economy.
But yeah, the point stands regardless of the comparison.
Unfortunately republicans have just realised they can rug pull their electors with shitty memecoins, so they won’t ever let that happen. Insider trading for members of Congress is not enough anymore, they need that sweet crypto scam money
Same here. Neo-Prohibitionist nonsense. Gambling is the least deleterious of anything we regulate as a vice, and in terms of honesty and deceit, insurance industries (which we don’t regulate thusly) are just worse.
Also said like someone with a lifetime positive expectation at gambling of a reliability high enough that I was required to declare it as income, as only unskilled gambling winnings are tax-free in Canada.
Does making an income from it mean the bad behavior from an addictive activity is curbed?? Do the masses have the same ability? Do you think about them in your decision to support that industry?
I am happy YOU have been able to over Come it..
And until you can show me where someone can be sufficiently skilled at being drunk or stoned, such as the act itself enriches their lives, then you’re kinda stuck conceding my point.
(the third bird is all the diyers worldwide who are forced to detransition)
I get it's a joke, but crypto litterally exists as a way to bypass online payment methods that are mostly centralized and owned by corporate americans.
It's mostly a con, but it has its perks, especially now
The technical part works, you can use it to pay anyone that has a wallet, and even if a lot of coins are highly volatile, some people are okay being payed with it
So yeah technically the whales could crash most cryptos values, but we won't have a lot of alternatives in an authoritarian world
Democracy isn't working because capitalism more likely, the votes in most national elections are anonymous also for a good reason even though it's mostly protecting nazis, one could argue it will also protect leftists from them now.
This, really, because otherwise you need to ban all the stock trading apps too and the juice isn’t worth the political squeeze that would be required to get that done. Better spent on UBI or something, and a better chance of getting done. But securities might work.
While tempting, stocks can be an accessible way for the average joe to make a significant amount of necessary income. I've had friends that have invested, and when they suddenly went up, made a fair bit of money. thousands isnt life-changing, but for many, that's "pay off my debt" money.
While tempting, lotteries can be an accessible way for the average joe to make a significant amount of necessary income. I've had friends that have bought tickets, and when their numbers came up, made a fair bit of money. thousands isnt life-changing, but for many, that's "pay off my debt" money.
Short term investment is just putting money in something and hoping it goes up, when it equally can go down. Unless you're working with additional information on a particular company that isn't general knowledge it's the definition of gambling, it's just wearing a business suit while pitching itself
Good idea but what are we gonna do to make transactions untraceable? The vast majority of crypto usage is speculative trading, but there needs to be a digital truly private way of making transactions, especially with cash getting phased out eventually.
Your phone is filled to bursting with extremely powerful ways to ruin your life. Post that hot take. Sext your partner's dad.
If you need crypto and sportsbets to ruin your life you lack commitment to the bit.
I think the reason they're dragging their feet on that one is because with that logic, you could technically argue that stocks themselves are just long-term gambling. But that's just a conspiracy theory of mine.
Actually online gambling regulations should be improved to follow the European example so that it’s kept away from illegality while it prevents excesses in a way that could show the way for other addictions involving data. But crypto should be prohibited.
Comments
Why stop at stocks? People speculate on agricultural commodities, private sector bonds, even land.
Now we're talking sense Congress can get behind.
I don't see the problem with stock buybacks...
a fee per transfer doesn't REALLY help when big players are making trades in fractions of a second
And if big players are making trades in fractions of a second, doesn't that mean they're making a lot of them so they'll pay a lot?
No creativity.
No servicing.
Then:
NO EARNINGS!
Until a spectator steals it all at least.
Bitcoin breaks this historical pattern.
#Bitcoin #BTC
gacha games good
gacha game practices bad
I can verify anything
Pls at the least help SHARE. I’m dying out here
This is good technology, bad people just use it to scam the uninformed.
BUT ACTUALLY, THE BOOMERS WERE RIGHT ABOUT THAT ONE KIDDO!
then i think we will have our own federal crypto currency backed by bitcoin.
i hope i’m wrong.
I wonder if anyone thought of that
It's like banning drugs. You need to ask why people do this stuff and address the root problem.
(The root problem is capitalism)
The better comp isn't black market drug dealers, but big pharma pushing opiates and meth on doctors & patients and creating new drug addicts.
But yeah, the point stands regardless of the comparison.
A rich person wouldn't lie and can't be wrong... They're rich, which makes them intelligent and moral.
Right guys?... Right?
I am happy YOU have been able to over Come it..
Can you name any other vice that has unregulated versions of it that are just worse?
I get it's a joke, but crypto litterally exists as a way to bypass online payment methods that are mostly centralized and owned by corporate americans.
It's mostly a con, but it has its perks, especially now
So yeah technically the whales could crash most cryptos values, but we won't have a lot of alternatives in an authoritarian world
https://youtu.be/WTdesPMjW6Q
If you need crypto and sportsbets to ruin your life you lack commitment to the bit.
Let’s not play the same game the other side is doing in the WH right now.
Fucking snowflake generation