What we especially need to stress to regulators is that there's no relationship between the technical claims of cryptocurrency and our now over 13 years of experience. It's not decentralized, it's not a currency, it's not a store of value, and it's not a promising technology
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Pinboard Retweeted Trammell Hudson ✪
Cryptocurrency solves no problems that it didn't first create, and most of those it doesn't solve. Smart contracts are neither of those things—at worst they're an API for fraud, or as
@qrs put it, self-funding bug bounties at besthttps://twitter.com/qrs/status/1395784294451265536 …Pinboard added,
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I think most of us in the industry gave cryptocurrency a long leash because it's full of technical cleverness and seemed innovative just on those terms. But it's time we recognize that cleverness is being used as bait to defraud more people and perpetuate a con. Enough is enoughpic.twitter.com/Arnrqjtfvo
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The two things people need to know about cryptocurrency are completely non-technical: 1. If it doesn't work, it's just an easy to lose casino chip 2. If it works, it creates an end run around all financial regulation, and will be dominated by uses those regulations try to stop
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Some of those financial regulations are unjust. People can send remittances in crypto to relatives in repressive countries, and you hear their stories from boosters. But people also want to move billions in untraceable crime money around. Guess which traffic predominates
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The third path out of this dilemma is to legitimize cryptocurrency by bringing it into our existing regulatory structures, at which point it becomes indistinguishable from technologies that do the same thing at a fraction of the complexity and one millionth of the resource cost.
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The only reason proponents have to domesticate cryptocurrency is to maintain a situation like the status quo, where part of it (like Coinbase) sits in the legal economy, the rest of remains in the illegal economy, and pathways between the two continue to function smoothly.
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Remember the playbook that Uber used: 1. Promise a revolutionary technology ("self-driving cars are coming"!) 2. Use that promise as a pretext to ignore all regulation 3. Make a fortune 4. Drop the tech story Same goes for crypto
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Company? Not yet. Investors and founders? Yes.
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Yeah, aren't the founders billionaires? Seems to have worked great
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And Adam Neumann is doing fine too.
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The stock has gained 22% in the last 5 yrs - meaning, it's hugely underperformed indexes. Which doesn't prevent the founders from having gotten rich all the same. I don't believe the business has ever turned a profit.
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