U.S. Regulators to Back More Oversight of Virtual Currencies

rgMekanic

[H]ard|News
Joined
May 13, 2013
Messages
4,756
U.S markets regulators from the Commodity Futures Trading Commission (CFTC), and the Securities and Exchange Commission (SEC) will be providing testimony to the Senate Banking Committee over the risks virtual currencies pose to investors and the financial system. There is currently no single U.S watchdog of virtual currencies, and today's hearing will largely be for fact-finding, focusing on the powers of the SEC and CFTC to oversee cryptocurrency exchanges, how the watchdogs can protect investors from volatility and fraud, and the risks posed by cyber criminals intent on stealing digital tokens.

In my opinion this has to do with the Coincheck hack, as well as the government wanting their cut. Since this is only fact-finding, it's tough to say if today's hearing will impact cryptocurrency value right away.

Congressional sources told Reuters the hearing will largely be a fact-finding exercise focusing on the powers of the SEC and CFTC to oversee cryptocurrency exchanges, how the watchdogs can protect investors from volatility and fraud, and the risks posed by cyber criminals intent on stealing digital tokens.
 

Nukester

[H]ard|Gawd
Joined
Mar 21, 2016
Messages
1,428
And thus regulation, taxes and all of the joys that making money with the greenback.
 

SomeoneElse

[H]ard|Gawd
Joined
Jan 16, 2007
Messages
1,936
And so goes the saying nothing in this life is free.....gota punish thought who think so! /s
 

Aireoth

2[H]4U
Joined
Oct 12, 2005
Messages
3,839
And so goes the saying nothing in this life is free.....gota punish thought who think so! /s
More like death and taxes. Taxes at least pay for things you use every day, death just means you don't give a fuck anymore.
 

sfsuphysics

I don't get it
Joined
Jan 14, 2007
Messages
14,093
Yeah pretty much, if some person can sell their limited edition #1 issue of a comic book for 100 more than what they paid for it and be subject to taxes, so should be the case with anything else.
 

lironmiron

Limp Gawd
Joined
Apr 7, 2016
Messages
267
It figures that all this cryptocalamity started exactly the day after AMD announced that they were upgrading their capacity to meet crypto demand and that they had invested in making a crypto SKU.
 

bugleyman

[H]ard|Gawd
Joined
Oct 27, 2010
Messages
1,227
It figures that all this cryptocalamity started exactly the day after AMD announced that they were upgrading their capacity to meet crypto demand and that they had invested in making a crypto SKU.
Yeah, but I don't think the effort will be wasted. Though the valuations are out-of-whack, I doubt cryptocurrencies are going to disappear. Regulation is a necessary step on the road to legitimacy.
 

kinjo

[H]ard|Gawd
Joined
Dec 17, 2010
Messages
1,053
Reasonable regulation is probably one of the best things that can happen in the long run for crypto currencies. That being said protecting investors from Fraud=good, protecting them from volatility = BS. Some investments are risky if you chose to make investments without taking the time to learn the risks you deserve to get burnt.
 
Joined
May 16, 2007
Messages
623
maybe they should be called crypto investments instead of currencies if they're going to remain so volatile.
 

lostin3d

[H]ard|Gawd
Joined
Oct 13, 2016
Messages
2,043
But still no investigation into the price gouging that has occurred multiple PC components in the last 18 months. You know what they say. . . .follow the money trail.
 

Azphira

[H]ard|Gawd
Joined
Aug 18, 2003
Messages
1,823
Crypto currencies remind me of the guy on craigslist thinking his 7 year old television is still worth $400.
 
  • Like
Reactions: _l_
like this

_l_

[H]ard|Gawd
Joined
Nov 27, 2016
Messages
1,151
unfounded prediction: the Governments of the world will hit miners especially hard with taxes, especially in the USA because we need at least 5 more super carriers in the next 5 years so "thanks miners (and nVidia)"
 
Joined
Oct 1, 2004
Messages
714
But still no investigation into the price gouging that has occurred multiple PC components in the last 18 months. You know what they say. . . .follow the money trail.
It's supply and demand, not price gouging. And besides, computer components are luxury items. We're not talking milk and bread here.
 

oldmanbal

2[H]4U
Joined
Aug 27, 2010
Messages
2,198
But still no investigation into the price gouging that has occurred multiple PC components in the last 18 months. You know what they say. . . .follow the money trail.
Problem is that the prices hikes are on the retail side of things, who can charge whatever they want, where there is no incentive to offer a reasonable price right now.

Contrast that with something like the LCD television price fixing in the 2000s that were orchestrated by the manufacturors to artificially inflate pricing to a ludicrous level. It's why people used to have to pay 2 thousand dollars for a standard 50 inch 1080p screen. The immediate fallout after the LCD scandal came to light pretty much cut television prices by a half to a third of what they were within about six months.

With the videocards, they are still giving the same MSRP's they always have, and selling them to retailers for the same prices. There's a reason why you can still buy Nvidia cards at MSRP on their website, while everyone else just wants to fuck you over and take your money. There are still pc builders that will let you add a second videocard to your build for around msrp as well. If you don't like the price from a particular retailer, don't support them, ever again, period. When I was a kid and they sold out of the baseball card packs I like to buy at my local card shop, I would just buy a different pack of cards. I didn't stamp my feet and call for an inquiry.
 
Joined
May 27, 2017
Messages
537
Where their is money (of any form) there is corruption, fraud, and theft. Cryptos aren't immune. If Uncle Sam wants to regulate and get his cut it might hurt crypto value but the protection money means Uncle Sam will prosecute fraud and theft preventing crypto from tanking completely. Regulations might be good for cryptos in the end, ensuring investor confidence.
 

lostin3d

[H]ard|Gawd
Joined
Oct 13, 2016
Messages
2,043
Problem is that the prices hikes are on the retail side of things, who can charge whatever they want, where there is no incentive to offer a reasonable price right now.

Contrast that with something like the LCD television price fixing in the 2000s that were orchestrated by the manufacturors to artificially inflate pricing to a ludicrous level. It's why people used to have to pay 2 thousand dollars for a standard 50 inch 1080p screen. The immediate fallout after the LCD scandal came to light pretty much cut television prices by a half to a third of what they were within about six months.

With the videocards, they are still giving the same MSRP's they always have, and selling them to retailers for the same prices. There's a reason why you can still buy Nvidia cards at MSRP on their website, while everyone else just wants to fuck you over and take your money. There are still pc builders that will let you add a second videocard to your build for around msrp as well. If you don't like the price from a particular retailer, don't support them, ever again, period. When I was a kid and they sold out of the baseball card packs I like to buy at my local card shop, I would just buy a different pack of cards. I didn't stamp my feet and call for an inquiry.
Thanks for the history on the LCD thing. I didn't know about that, just figured the price drop happened thru the natural supply increase/production numbers. I do remember how when they first arrived they were being marketed for closer to 10K for those 50"'s.

I mostly agree with you but in these cases, most people don't have another choice to pick from. They either buy what's available or don't. There isn't another pack of cards to pick.

I'm glad I was lucky enough to afford to get my pascals when they came out. I paid around $850 for my TI and just checked and Newegg is selling for $1399. I'm pretty sure that if cars/appliances jumped that much in an 18 month period congress would pay attention. If they did analysis on the side effects of this on the whole industry I'm pretty sure the numbers would be staggering.

When fuel consumption spikes they may go after the auto industry to increase efficiency but they also go after the oil producers. The same with electricity and electrical products, and speaking of electrical there's been some interesting stories about the consumption from Crypto. With Crypto we're only seeing a one sided approach at the moment.
 

oldmanbal

2[H]4U
Joined
Aug 27, 2010
Messages
2,198
Thanks for the history on the LCD thing. I didn't know about that, just figured the price drop happened thru the natural supply increase/production numbers. I do remember how when they first arrived they were being marketed for closer to 10K for those 50"'s.

I mostly agree with you but in these cases, most people don't have another choice to pick from. They either buy what's available or don't. There isn't another pack of cards to pick.

I'm glad I was lucky enough to afford to get my pascals when they came out. I paid around $850 for my TI and just checked and Newegg is selling for $1399. I'm pretty sure that if cars/appliances jumped that much in an 18 month period congress would pay attention. If they did analysis on the side effects of this on the whole industry I'm pretty sure the numbers would be staggering.

When fuel consumption spikes they may go after the auto industry to increase efficiency but they also go after the oil producers. The same with electricity and electrical products, and speaking of electrical there's been some interesting stories about the consumption from Crypto. With Crypto we're only seeing a one sided approach at the moment.
This is a tough situation, since you're pretty much forced to pay well over msrp for most videocards you want. At least it's not gasoline. I remember pictures of those gas lines in the usa in the 70s during the opec imbargo that essentially dried out all available gas in the USA, and lead to long lines of cars waiting to pay crazy prices for a few gallons of gas. We should be greatfull it's just gpus, and not water, food, or even. . .oxygen?

 

JerRatt

Limp Gawd
Joined
Nov 30, 2004
Messages
221
If the government could not define what the Internet was, and thinks Net Neutrality means freedom, then there is no way they can understand cryptocurrency. One of the primary functions of cryptocurrency is to skirt government, good luck with regulating that fully.
 
Top