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SEC says it will deregulate cryptocurrencies with 'Project Crypto' (qz.com)
submitted 1 year ago by to c/technology@lemmy.world
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In a Thursday speech, U.S. Securities and Exchange Commission (SEC) chairman Paul S. Atkins announced “Project Crypto,” an initiative to modernize the country’s securities rules and regulations to move financial markets on-chain.

“Under my leadership, the SEC will not stand idly by and watch innovations develop overseas while our capital markets remain stagnant,” he said at an America First Policy Institute event in Washington D.C. His plan includes measures to reshore crypto businesses that have left the country and to ensure that “archaic rules and regulations do not smother innovation and entrepreneurship in America.”

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[–] 2 points 1 year ago (11 children)

Other blockchains have continued moving on

Sure. But they're relegated to the realm of highly sketchy pre-mining schemes and pump-and-dump market gambits. There's no serious third party mining community for these boutique coins.

I expect its obsolescence will catch up with it and overcome that inertia.

We still have people digging yellow rocks out of the ground and shoving them in big vaults to store fiscal value.

If that's not obsolete, I'm not holding my breath on Bitcoin.

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  • [–] 4 points 1 year ago (10 children)

    Ether has a market cap of $450 billion, and that doesn't count all the other tokens running on the Ethereum blockchain. It's been running since 2013. If you call that a "boutique coin" based on "pump-and-dump" then clearly you've either got a highly biased or highly ignorant view of cryptocurrency.

    If that's not obsolete, I'm not holding my breath on Bitcoin.

    There are technical flaws in Bitcoin that could literally crash it if they aren't patched out before they become exploitable, as in it's at zero value and will never recover. That's not something that can happen to gold.

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  • [–] 1 point 1 year ago (9 children)

    the Ethereum blockchain

    Ah, yes. The fine folks that gave us NFTs.

    No pump and dumps to be found over there

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  • [–] 1 point 1 year ago* (7 children)

    To be fair, the concept of an NFT was very cool when it was first imagined, but then all people used NFTs for was stupid gifs to be sold like trading cards or fucking pogs...

    But the concept is cool if you actually use it for something. For instance, you can create an NFT as a digital key (like a literal key that unlocks something) or as a legal deed that proves ownership of something. Then you have a digital asset that can be resold or folded into a smart contract, where the digital item actually controls something physical. For instance, you could design an NFT to be the actual key that can unlock and start a car. If you sell this digital asset, you will not be able to start the car, but the new owner will. That is cool, monkey gifs are stupid bullshit. And if you try to convince people to buy bullshit, that makes you a scammer.

    But Etherium didn't invent the stupid bullshit, they just created a system that made more interesting things possible. And then with the power to do anything, some people made the stupidest shit in the world. It's like, you can hand someone a pencil and paper and some people will use that to prove a theorem, some people will sketch a landscape, and some people will draw a huge cock and balls... But you don't blame the people that created the pencil and paper.

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  • [–] 1 point 1 year ago* (6 children)

    the concept of an NFT was very cool when it was first imagined

    Going to have to agree to disagree.

    It was always vaporware. A bunch of empty promises that predicted a digital monoculture. Feel like I have to carve "Ready Player One was a Dystopia!" on a baseball bat and hit people with it.

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  • [–] 1 point 1 year ago (5 children)

    So I'm hearing that perhaps the idea I talked about in my example didn't sound cool to you. But it was cool to a lot of people, and your opinion doesn't speak for everyone. And it does work, like today.

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  • [–] 1 point 1 year ago (4 children)

    it was cool to a lot of people

    So were pogs

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  • [–] 1 point 1 year ago (3 children)

    So you really think the ability to trade digital keys is useless? That's honestly weird.

    I mean there are so many instances of people actively using digital keys right now, so clearly that part of the functionality has value. Surely there are situations where one might want to sell access to something, and the ability to transfer a digital key with a single transaction would be useful.

    I think you're being overly dismissive based on preconceived notions.

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  • [–] 1 point 1 year ago (2 children)

    So you really think the ability to trade digital keys is useless?

    When the keys cost several hundred dollars to generate? I'd say the price vastly outstrips the reward.

    I mean there are so many instances of people actively using digital keys right now

    Bailey: "Cryptocurrency is useful."

    Moot: "Oh, so you think cryptography is useless?!"

    I think you’re being overly dismissive

    That's fine. I don't really value your opinion.

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  • [–] 1 point 1 year ago (1 child)

    When the keys cost several hundred dollars to generate? I'd say the price vastly outstrips the reward.

    It does not necessarily have to cost that much... But even if it did, the key to my Honda cost a couple hundred dollars to copy, so that's not really different.

    I don't expect to change your mind, but it seems worth pointing out that the things you're saying are pretty dumb.

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  • [–] 1 point 1 year ago

    It does not necessarily have to cost that much…

    And yet that's the selling point behind proof-of-work cryptocurrency models. The whole reason they have value is the raw material cost to fabricate a new key.

    Absent that cost, it's not cryptocurrency. It's just cryptography.

    things you’re saying are pretty dumb

    Hey, good luck out there.

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