All Forum Posts by: Eric Carr

Opinion | Crypto Is Crashing. Where Were the Regulators? - The New York Times (nytimes.com)

Given this reality, the bluntness of a recent speech on crypto regulation by Lael Brainard, the Fed vice chair, is almost shocking.

True, Brainard didn’t go as far as Jim Chanos, the famous short-seller, who called crypto a “predatory junkyard.” But she came close. The very first heading in her remarks was, “Distinguishing Responsible Innovation From Regulatory Evasion,” and she strongly suggested that much of the crypto universe is driven by the latter. Traditional banking is regulated for a reason; crypto, in bypassing these regulations, she said, has created an environment subject to bank runs, not to mention “theft, hacks and ransom attacks” — plus “money laundering and financing of terrorism.”

Cryptocurrencies have been around since 2009, and in all this time they have never come to play a major role in real-world transactions — El Salvador’s much-hyped attempt to make bitcoin its national currency has become a debacle.

BillNew Mexico11h ago

How would you regulate what’s nothing more than mathematical ephemera? Might as well regulate the Tooth Fairy or the Easter Bunny. But I believe you have captured the essence of the fad called crypto… “postmodern pyramid scheme”. Well said Mr. Krugman, we’ll said.

The thing about Bitcoin I don't understand is the level of fervor people exhibit.  They are so sure they are right there can be no discussion.  Their mind is made up, there can be no further review.  If it moves 5x in either direction, that just proves their premise.  I am open to all possibilities and opportunities, but I measure risk carefully in everything I invest in.  Bitcoin is still speculation and is not a good  currency due to its volatility.  No one can see the future, there is no certainty and further, how do you know we are going to be better off in this brave new world?  

Should monetary and fiscal policy even exist?  In the post bitcoin world it is a free for all.  I trust the wisdom of crowds even less than our government.  

While I have no great love for our government or its systems and abuse, I can not begin to imagine how my standard of living or happiness will improve because of Bitcoin. Perhaps If you are a successful bitcoin trader, then sure. give it another year before deciding if you are a successfully trading bitcoin.  We, the US and by extension its citizens have an unfair advantage on the world stage as the leading economy and military power.  We collectively do not want to level the playing field, we will be worse off.    

Digital current and block chain are a fact and will become a greater part of our daily lives, but like it or not it will be owned and run by governments and central banks.  China has outlawed Bitcoin in-favor of their own digital current, if the US and the EU follow suit, Bitcoin will face real challenges and be relegated to criminal activity.  

Yet you post every semi allegedly positive factoid about it continually. Either an obsession or a money maker......

Just sayin' .......

@Eric Carr You are really pushing this Bitcoin thang......why?

I don't know enough about it to be comfortable with putting a dime into it. So I won't. Will I regret it? Probably not. Real Estate is a milleniums old proven commodity that I am comfortable with.

As we say in Arizona, "chacun à son goût"

Still doing nothing.I am ok missing out on this one. While blockchain tech has some good use cases, not a fan of a new currency that is unregulated and not controlled.

This post probably won’t age well but so be it.

Turkey's bitcoin as an indicator? What's next, Punxsutawney Phil choses bitcoin over US savings bond.

 Everything is getting kicked in the teeth right now.  Bitcoin is getting shot in the head.  As it should.  It was a scam from the get-go in 2009.