USInDecline
New member
- Joined
- Jul 4, 2019
- Messages
- 3
- Reaction score
- 4
- Gender
- Male
- Political Leaning
- Libertarian - Right
I watched Steven Mnuchin the other day give a press conference about the dangers of cryptocurrencies and the need for regulation. One of his complaints centered around the fact that crypto is not backed up by anything other than "thin air". Excuse me Steve, what exactly is our dollar based on since we left the gold standard? And you want to lecture us about "thin air" based currency? Or how about how the "bad guys" can use crypto to do bad things? The "bad guys" do bad things now with traditional currencies. Sounds to me that someone doesn't want competition if you ask me or at the very least, wants their cut. Maybe people don't want to rely on a heavily debt-burdened dollar that keeps rolling off the press? Maybe people want some privacy on what they purchase w/o Big Brother's eye? It doesn't always need to be about criminal activity.
Now when it comes Libra (Facecrook's cryptocurrency), I can see how people are skeptical. Facecrook's history of being a bad privacy actor doesn't help the cause but lets not paint the whole industry under one, broad brush. It's hard to have faith in the regulators when the regulators routinely fail their jobs or are complicit themselves in bad behavior.
In the end, it's comical that a guy from the investment banking industry wants to warn the American public of the dangers of using a non-traditional form of currency. There's some irony in there if you ask me.
Just one man's opinion.
Now when it comes Libra (Facecrook's cryptocurrency), I can see how people are skeptical. Facecrook's history of being a bad privacy actor doesn't help the cause but lets not paint the whole industry under one, broad brush. It's hard to have faith in the regulators when the regulators routinely fail their jobs or are complicit themselves in bad behavior.
In the end, it's comical that a guy from the investment banking industry wants to warn the American public of the dangers of using a non-traditional form of currency. There's some irony in there if you ask me.
Just one man's opinion.