Tether starting to lose its peg too, after Terra did

Re:Tether starting to lose its peg too, after Terra did by cupofpython on Thursday May 12, 2022 @11:59AM (#31356022)

this is about as logical as saying "just because we signed a contract doesnt mean I need to uphold my end of the contract. you should have known I wasnt going to be able to fulfill my end of our agreement"

I agree with personal responsibility but not at the expense of communication.

Imagine if every single person who moved a package was required to open the package and confirm the contents. It may be the only way to accept personal responsibility for its contents, but it's dumb. I am telling you what the contents are and if I am lying to you then I need to be held accountable. Especially if the contents are dangerous and I told you they are safe.

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Re:Tether starting to lose its peg too, after Terra did by fsn4dN69ey on Thursday May 12, 2022 @02:17PM (#31358023)

Yes but the thing is that you know that this "asset class" is unregulated - in fact it's one of its strongest selling points and one of the traits people tout as a benefit - it should be abundantly clear that "non-scams" are the exception not the norm.

If I write "i owe you a billion dollars for your 64 diamonds" on a minecraft sign you shouldn't be surprised if I don't hold up my end of that.

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Re:Tether starting to lose its peg too, after Terra did by cupofpython on Friday May 13, 2022 @10:45AM (#31368339)

Regulation has almost nothing to do with it. Regulation is a means to make accountability scalable. you could write a never ending list of possible regulations, but the ones we settle on are the ones we need due to the ways people end up abusing a lack of regulation. It does not absolve the abusers of accountability.

The more a community holds itself accountable without regulation, the less regulation the community needs. If people always avoided unregulated assets because of your logic - we wouldnt have any regulated markets today.

Non-scams are the norm where I come from and with the people I interact with. Maybe it is cultural. Some cultures held people accountable for their bullshit and some didnt... and now the expectations for responsibility are different. "you should expect to get scammed" vs "if you find a scammer we will deal with them"

>If I write "i owe you a billion dollars for your 64 diamonds" on a minecraft sign you shouldn't be surprised if I don't hold up my end of that.

If you take my 64 diamonds, deny me a billion dollars, and then refuse to give the 64 diamonds back.. that is theft. In minecraft, I would then proceed to remove your health bar, take what I want from you, pour lava buckets on your house, etc. And you should not be surprised by that.

Abusing a lack of regulation causes chaos, and hinders the ability of communities to grow stronger. Weak communities enable unnecessary suffering. There is an ethical responsibility to make an example out of people who manipulate communication to scam others. It is one of the few things nature allowed us to have to enable building communities in the first place.

If scamming is currently the norm, then it is currently hunting season.

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Re:Tether starting to lose its peg too, after Terra did by danielmarkbruce on Thursday May 12, 2022 @10:54PM (#31362748)

Regulation or lack of it doesn't fundamentally change contract law. So, it's not the same thing. People who say financial markets shouldn't be regulated are not saying you shouldn't be able to litigate.

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