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Re:Coinbase says buying and selling temporarily disabled ami... by slg on Friday December 22, 2017 @12:24PM (#15989136)
I can't help find it funny as the libertarian cryptocurrency fans slowly realize why we have all these dang laws. There are plenty of financial regulations that could use updates or tweaks, but an overwhelming majority are put in place to protect people and try to ensure transactions are as fair as possible. Cryptocurrencies too often throw the baby out with the bathwater.
Re:Coinbase says buying and selling temporarily disabled ami... by munificent on Friday December 22, 2017 @01:18PM (#15989608)
The entire Bitcoin saga has been the most shining example of this classic narrative:

1. Technology people are presented with a social/cultural/government situation that seems inelegant, irrational and overly complex.

2. They decide to "solve" that problem using technology.

3. Even with the new technology, it somehow appears everything is not miraculously better.

4. Technology people propose layering a few small social fixes on top of their technology to address the "minor issues" left by their brilliant technology.

5. They fail to realize all of their kludgy human-level patches on top of the technology are merely less-mature forms of the social structure they claimed to have replaced in step 2. Now we have an even less elegant, more irrational, more complex social institution, mixed with non-helpful technology.

6. Now the problem is not fun to work on any more (too much squishy inelegant human stuff), so they wander off to "solve" some other cultural malady.

Re:Coinbase says buying and selling temporarily disabled ami... by oceanghost on Friday December 22, 2017 @01:32PM (#15989713)
There's a law of economics that, crashes occur when everyone who can remember the reason we have laws to prevent them is dead.
Re:Coinbase says buying and selling temporarily disabled ami... by Robotbeat on Friday December 22, 2017 @02:39PM (#15990260)
I think that's the Minsky Moment, basically that long periods of stable investment growth lead to increased risk-taking, inflation of a bubble, and eventually a crash.
Re:Coinbase says buying and selling temporarily disabled ami... by slg on Friday December 22, 2017 @01:29PM (#15989692)
I like how you laid that out. We are seeing a very similar process happen with Uber and Airbnb at varying rates.
Re:Coinbase says buying and selling temporarily disabled ami... by fullshark on Friday December 22, 2017 @03:47PM (#15990748)
Maybe i'm dense but where else has this classic narrative unfolded? Social media? What you are describing seems to me more common with bureaucratic solutions than technological ones.
Re:Coinbase says buying and selling temporarily disabled ami... by logiclion on Friday December 22, 2017 @05:21PM (#15991408)
web app tools...
Re:Coinbase says buying and selling temporarily disabled ami... by ellius on Friday December 22, 2017 @01:06PM (#15989514)
Matt Levine has some amusing commentary about how crypto currency is going to rapidly reenact the entire history of the evolution of the modern financial system.
Re:Coinbase says buying and selling temporarily disabled ami... by mancerayder on Friday December 22, 2017 @01:29PM (#15989693)
I can't find the quote now, but in that same line of thought he suggests that at some point in the near future, crypto currency enthusiasts will un-invent fire.
Re:Coinbase says buying and selling temporarily disabled ami... by stephengillie on Friday December 22, 2017 @08:15PM (#15992293)
Well, fire is considered harmful.
Re:Coinbase says buying and selling temporarily disabled ami... by shalmanese on Friday December 22, 2017 @09:02PM (#15992486)
Only backwards
Re:Coinbase says buying and selling temporarily disabled ami... by mr_spothawk on Friday December 22, 2017 @12:48PM (#15989365)
Meanwhile, the libertarians in the crowd are nodding, having expected this... and protected themselves from the fallout ahead of time.
Re:Coinbase says buying and selling temporarily disabled ami... by ineedasername on Friday December 22, 2017 @01:21PM (#15989635)
Could be most did in terms of not having their coins in an exchange, but their coins, wherever they are, just lost value for everyone looking to spend a bit of their money today. Off-exchange storage prevents against exchange-based theft, but not overall loss of value. If that loss of value stems from fraud on a single exchange it still impacts the libertarian crowd.
Re:Coinbase says buying and selling temporarily disabled ami... by whytaka on Friday December 22, 2017 @01:11PM (#15989554)
No true Scotsmen.
Re:Coinbase says buying and selling temporarily disabled ami... by ineedasername on Friday December 22, 2017 @01:22PM (#15989644)
The only true Scotsmen are the ones who agree with me :)
Re:Coinbase says buying and selling temporarily disabled ami... by em3rgent0rdr on Friday December 22, 2017 @06:26PM (#15991749)
Exactly. And not just libertarians, but any bitcoiner who understood that a prime motivation behind bitcoin was not having to rely on centralized financial entities!
Re:Coinbase says buying and selling temporarily disabled ami... by ceejayoz on Friday December 22, 2017 @12:36PM (#15989262)
Yup. The last few years has basically been a real-time history lesson on how the modern financial and regulatory systems came to be. Must be fairly fascinating for economists and historians.
Re:Coinbase says buying and selling temporarily disabled ami... by wsinks on Friday December 22, 2017 @12:52PM (#15989392)
I can feel it! It's fascinating.