News for hackers. Stuff that matters.

A comment on Elizabeth Warren Gives SEC July 28 Deadline to Figure Out Crypto Regulation. Parent comment

Re:Elizabeth Warren Gives SEC July 28 Deadline to Figure Out... by kerng on Thursday July 08, 2021 @02:52PM (#27776251)
Regulation makes sense, as it will allow it to become mainstream. Also a lot more clarification and guidelines needed around taxation with DeFi and related products - government really has to do tremendous catch up.
[ Parent | on HN ]
Re:Elizabeth Warren Gives SEC July 28 Deadline to Figure Out... by BrissyCoder on Thursday July 08, 2021 @04:23PM (#27777140)
I balk whenever someone calls DeFi 'a product'. You can't actually do anything with it. It's just a bunch of hand waving and shuffling more crypto around. The emperor has no clothes.
[ Parent | on HN ]
Re:Elizabeth Warren Gives SEC July 28 Deadline to Figure Out... by kerng on Friday July 09, 2021 @12:17AM (#27780436)
Comments like this make me wonder how misunderstood a lot of the crypto space is and how little many know about it.

It's very normal in finance to call financial offerings, lending, loans, etc. products.

Some DeFi products offer nice rewards even - like somewhere around 12% pa for more risky, but about 6% pa for low risk products.

We are far from close to mainstream usage and early adopters probably will benefit the most.

[ Parent | on HN ]
Re:Elizabeth Warren Gives SEC July 28 Deadline to Figure Out... by BrissyCoder on Friday July 09, 2021 @10:18PM (#27790608)
What's to understand? I can get a loan on crypto but I have to put the same amount of crypto as collateral. What is the point of this?

If I go to a bank I can get a loan for a car and use the car I'm purchasing itself as collateral.

[ Parent | on HN ]
Re:Elizabeth Warren Gives SEC July 28 Deadline to Figure Out... by kerng on Saturday July 10, 2021 @04:13PM (#27796109)
That is one product. The benefit is related to growth and related taxation (but might depend on the country you are in).
[ Parent | on HN ]
Re:Elizabeth Warren Gives SEC July 28 Deadline to Figure Out... by BrissyCoder on Saturday July 10, 2021 @09:19PM (#27797759)
> The benefit is related to growth

Right... so pure speculation then with no underlying utility.

[ Parent | on HN ]