Statement on Potentially Unlawful Online Platforms for Trading Digital Assets

Re:Statement on Potentially Unlawful Online Platforms for Tr... by wincy on Wednesday March 07, 2018 @01:00PM (#16538318)

The burden of proof is on the new product, not the current society. I don't think he needs "data and deep analysis", that work needs to be done by the people trying to convince you cryptocurrencies are the future.

When the status quo is disrupted, it's perfectly reasonable to assume that it's a passing fad or won't work out. A product or asset, especially a radical step like cryptocurrencies, succeeding and being valuable is the exception, not the rule.

There's a reason accredited investors exist, because they're expected to know better.

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Re:Statement on Potentially Unlawful Online Platforms for Tr... by CryptoPunk on Wednesday March 07, 2018 @01:51PM (#16538762)

Society shouldn't ban everything that hasn't proven to be socially beneficial.

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Re:Statement on Potentially Unlawful Online Platforms for Tr... by dragonwriter on Wednesday March 07, 2018 @02:11PM (#16538926)

Exchanges of the types prohibited by existing securities laws are not prohibited merely because they haven't proven to be socially beneficial, but because they have proven to be massively harmful.

The idea that cryptocurrency as a subject of trading changes that in any way is a claim which requires some substantial basis before it would warrant an exception to the general rules written into law.

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Re:Statement on Potentially Unlawful Online Platforms for Tr... by CryptoPunk on Wednesday March 07, 2018 @02:16PM (#16538964)

There is absolutely no proof that it's "massively harmful". It's impossible to quantify all of the positive and negative effects of any type of exchange, let alone to "prove" the effects are net harmful.

>>the general rules written into law.

I'm arguing against the principle that we should ban anything not proven to be socially beneficial.

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Re:Statement on Potentially Unlawful Online Platforms for Tr... by yownie on Wednesday March 07, 2018 @07:22PM (#16541228)

Not to mention the authorities have a dearth of existing legislation under which to already prosecute bad actors in the crypto space. Ponzi schemes, fake ICO's and outright theft and extortion are already thoroughly addressed by existing legislation / property law. Summarily banning the thing you fine inconvenient to investigate is just lazy regulation, at best.

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Re:Statement on Potentially Unlawful Online Platforms for Tr... by Karunamon on Wednesday March 07, 2018 @03:39PM (#16539660)

The burden of proof is on the new product, not the current society

Why do you think that's how it works? Society is not a formal debate, and its members should be able to question any aspect of it at any time for any reason, whether or not they think they have a better idea. The entire concept of "burden of proof" is out the window here since many of its mores do not exist for rational reasons!

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