Comment on US passes Genius Act, first major national crypto legislation

• BrikoX@lemmy.zip ⁨4⁩ ⁨days⁩ ago

  Promising something and then not delivering it while stealing the money in the process. The same could be true for FIAT, the difference is that FIAT is regulated, so most people would go to jail for it, while cryto is now above the law for the same.

  I have no issue with crypto as a concept (e.g. Monero), it’s just that 99% of the crypto are just scams, rug pulls and fraud.

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• burgerpocalyse@lemmy.world ⁨3⁩ ⁨days⁩ ago

  im gonna do a rug pull on you

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  • locuester@lemmy.zip ⁨2⁩ ⁨days⁩ ago

    I’m not an idiot that’s buying shit that rug pulls. It’s just dd. A lot of ppl like to gamble memecoins and shitcoins.

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• knightly@pawb.social ⁨4⁩ ⁨days⁩ ago

  Both, but currencies are dependent on the trustworthiness of a government that can at least theoretically be held accountable by its citizenry, while crypto is dependent on the banks and whales that own almost all the crypto.

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  • locuester@lemmy.zip ⁨4⁩ ⁨days⁩ ago

    Both are dependent on banks and whales. Only one is dependent on the trustworthiness of a govt tho.

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    • knightly@pawb.social ⁨3⁩ ⁨days⁩ ago

      Fiat doesn’t need banks and whales, it can operate just as well with centralized postal banking and wealth taxes. Their existence in our economy is a choice, not a necessity.

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      • locuester@lemmy.zip ⁨3⁩ ⁨days⁩ ago

        The usd has a huge dependence on other nations accepting it, and capital being injected by wealthy nations and people. It’s backed by military might and threats for not using it as a reserve currency to trade oil.

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  • zebidiah@lemmy.ca ⁨3⁩ ⁨days⁩ ago

    Tell me more about these trustworthy governments that can be held accountable…

    Can you point to the trustworthy government in this article?

    … Is the trustworthy government in the room with us right now?

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