Bitcoins/Litecoins/Virtual Currencies
- Thread starter Tripamang
- Start date
Arden
Blackwing Lair Raider
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Intrinsic
Person of Whiteness
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More lessons learned in Crypto... don't shift stuff around on no sleep.
Was just moving Eth and a couple of things thinking, "Man it'd be nice to just have stuff in Meta now that I've moved the majority off the other exchanges." Not considering that not all tokens are on the same net, which is obviously true.
Now I need to jump through some hoops to get access to my VET within MetaMask. Get a VET wallet, do the Private Key / Keystore, connect stuff, and move stuff back. Seems like a manageable pain in the ass. And it doesn't even make sense b/c worth anything or not it was better to be staking VTHOR than nothing. But I was just rolling along moving stuff around and wasn't thinking. And there are no checks or confirms in place.
Oh well, like I said, lesson learned. And didn't really lose anything but time (maybe a few cents of gas).
Was just moving Eth and a couple of things thinking, "Man it'd be nice to just have stuff in Meta now that I've moved the majority off the other exchanges." Not considering that not all tokens are on the same net, which is obviously true.
Now I need to jump through some hoops to get access to my VET within MetaMask. Get a VET wallet, do the Private Key / Keystore, connect stuff, and move stuff back. Seems like a manageable pain in the ass. And it doesn't even make sense b/c worth anything or not it was better to be staking VTHOR than nothing. But I was just rolling along moving stuff around and wasn't thinking. And there are no checks or confirms in place.
Oh well, like I said, lesson learned. And didn't really lose anything but time (maybe a few cents of gas).
- 1
swayze22
Elite
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also been sponsoring the hockey playoffs, got the doge nascar car, amongst other things
swayze22
Elite
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what's their revenue compared to coinbase,binance,kraken,gemini, etc? How about amd and nvidia?
This crypto stuff must be pretty popular - know where I can find more info?
- 1
Tmac
Adventurer
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If only they banned crypto and guns there would be no more crime! That’s the failed logic here right?
- 1
Better to have your IT security audited in peacetime by digital thugs than find out what security holes you have after war breaks out
- 1
Tmac
Adventurer
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I’ve thought about doing this bc my lead Dev is not anal at all when it comes to security. Any recommendations for people who do this?
Asshat wormie
2023 Asshat Award Winner
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That is fairly epic fail of reasoning. Without crypto, ransomware has no way to exist; without guns, crime exists just fine.
Arden
Blackwing Lair Raider
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You don't know wtf you are talking about. Ransomware existed before crypto. Do some research.
Asshat wormie
2023 Asshat Award Winner
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We have a weekly secrets in git repository report from scanning. You would not believe the amount of shit we catch each week.
Sanrith Descartes
Veteran of a thousand threadban wars
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I hear a bell tolling in the distance...
Bitcoin Draws More Scrutiny From Regulators Worried About Fraud
Regulators are signaling they want more control over an expanded cryptocurrency universe that has pushed further into Wall Street activities without the investor and consumer protections that apply to traditional securities and financial services.
The catch: no single regulator inspects crypto exchanges or brokers, unlike in the securities and derivatives markets. Regulators step in only when they believe U.S. law applies to a particular cryptocurrency or transaction, based on the way the asset was sold or traded.
Once a quirky asset that required navigating special exchanges to buy, cryptocurrencies can now be easily purchased on mobile apps from PayPal Holdings Inc.(PYPL), Square Inc.'s Cash app and Robinhood Markets Inc.
"A lot more money is being put into it, there is a lot of trading and the uses seem to be expanding," said Dan Berkovitz, a commissioner on the Commodity Futures Trading Commission. "I see a concern about whether we have a shadow financial system developing, and that should be a question for all of the regulators."
Securities and Exchange Commission Chairman Gary Gensler has told House lawmakers that investor protection rules should apply to crypto exchanges, similar to those that cover equities and derivatives. Regulated exchanges are required by law to have rules that prevent fraud and promote fairness. But crypto exchanges face no such standard, Mr. Gensler said at the Piper Sandler Global Exchange and FinTech conference last month.
"When you go into one of these exchanges, you don't know whether the order book is accurately reporting the bids and the offers," Mr. Gensler said. "You don't really know if there is front-running. You don't know whether some of the trading that is reported is real or fake." Front-running involves the misuse of customer information to trade for one's own gain.
The House Financial Services Committee recently formed a working group of 12 Democratic lawmakers to consider potential legislative changes aimed at digital assets, such as an oversight regime as Mr. Gensler recommended.
Lawmakers are still learning about the industry, but many Democrats welcomed Mr. Gensler's call, said Rep. Jim Himes (D., Conn.), a member of the working group. "There is not a single shred of evidence over many centuries that new financial systems or new systems of currency grow organically in an unregulated way and lead to good outcomes," he said.
Cryptocurrencies developed with virtually no regulation. In 2014, then-Federal Reserve Chairwoman Janet Yellen said the central bank didn't have authority to regulate bitcoin or similar cryptocurrencies. At the time, bitcoin's total market value was $4.3 billion. It is now valued at about $622 billion, with millions of individual investors and a handful of public companies, including Tesla Inc., holding bitcoin or similar cryptocurrencies.
The Treasury Department, now headed by Ms. Yellen, is in the early stages of reviewing whether its authority to regulate payment networks could apply to some crypto assets. One possible tool: using the Financial Stability Oversight Council, a panel of top regulators headed by Ms. Yellen, to target crypto assets such as cash-backed stablecoins, which some regulators have said could become a source of systemic risk, according to people familiar with the discussion. Such a move would allow regulators to write rules governing those activities and give authority to the Fed over stablecoins.
Some policy makers have said stablecoins could fuel financial panics if users come to doubt the value of the underlying collateral. "It will be practically impossible for Treasury and FSOC not to examine the financial stability risks of digital assets and how they can use their authorities to address those risks," said David Portilla, a former Obama-era Treasury staffer who is now a partner at Cravath, Swaine and Moore LLP.
Crypto's varied forms and uses make it hard to assign the whole asset class to one regulator. Some coins facilitate payments, while stablecoins substitute for national currencies, making it easier to swap from one crypto asset to another. Others reward programmers who validate transactions on blockchain networks or develop new applications.
For now, the SEC is the industry's de facto overseer. But its regulatory model frustrates crypto companies, which say investor protection rules don't always fit how cryptocurrencies are used. One example: the SEC hasn't made clear how brokerages can safely hold crypto assets that are deemed to be securities, since the method of custody differs significantly from how stocks are held.
The SEC's enforcement actions have also jolted the market, creating uncertainty about whether assets were issued and traded legally. The SEC last year sued Ripple Labs Inc., the company behind cryptocurrency XRP, alleging the sale violated investor protection rules. At the time, XRP was the world's third-largest cryptocurrency by market capitalization. Ripple disputes the SEC's claims and is fighting the agency in federal court.
Crypto firms say regulators should write rules that fit their industry, rather than relying on enforcement actions to set precedents. In the absence of federal rules, some companies have committed to a code of conduct, modeled on one developed for the global foreign-exchange market, said Michelle Bond, the chief executive of the Association for Digital Asset Markets, which developed the framework.
"There needs to be a high level of regulatory engagement," Ms. Bond said. "Attempts to regulate digital assets are unlikely to succeed if you don't have engineers, developers and programmers at the table, because the technology can be highly complicated."
Newer crypto innovations are likely to further challenge traditional regulation. Peer-to-peer networks for swapping digital tokens or allowing investors to earn interest on their deposits, for instance, are gaining market share. The networks work like exchanges but don't hold investors' assets.
These decentralized exchanges, or DEXes, lack traditional touch points for regulators, such as the involvement of brokers who earn fees by connecting people who want to trade.
Mr. Berkovitz, the CFTC commissioner, said in a speech last month that some activities on decentralized exchanges, such as trading derivatives, could be illegal. The sale of commodity futures in the U.S. generally must be done on regulated markets overseen by the CFTC.
"There are organizations out there to audit the code, but can you really trust any private entity to look out for the public interest?" Mr. Berkovitz said. "Traditionally that has been a government function to evaluate whether these things are in the public interest."
Bitcoin Draws More Scrutiny From Regulators Worried About Fraud
Regulators are signaling they want more control over an expanded cryptocurrency universe that has pushed further into Wall Street activities without the investor and consumer protections that apply to traditional securities and financial services.
The catch: no single regulator inspects crypto exchanges or brokers, unlike in the securities and derivatives markets. Regulators step in only when they believe U.S. law applies to a particular cryptocurrency or transaction, based on the way the asset was sold or traded.
Once a quirky asset that required navigating special exchanges to buy, cryptocurrencies can now be easily purchased on mobile apps from PayPal Holdings Inc.(PYPL), Square Inc.'s Cash app and Robinhood Markets Inc.
"A lot more money is being put into it, there is a lot of trading and the uses seem to be expanding," said Dan Berkovitz, a commissioner on the Commodity Futures Trading Commission. "I see a concern about whether we have a shadow financial system developing, and that should be a question for all of the regulators."
Securities and Exchange Commission Chairman Gary Gensler has told House lawmakers that investor protection rules should apply to crypto exchanges, similar to those that cover equities and derivatives. Regulated exchanges are required by law to have rules that prevent fraud and promote fairness. But crypto exchanges face no such standard, Mr. Gensler said at the Piper Sandler Global Exchange and FinTech conference last month.
"When you go into one of these exchanges, you don't know whether the order book is accurately reporting the bids and the offers," Mr. Gensler said. "You don't really know if there is front-running. You don't know whether some of the trading that is reported is real or fake." Front-running involves the misuse of customer information to trade for one's own gain.
The House Financial Services Committee recently formed a working group of 12 Democratic lawmakers to consider potential legislative changes aimed at digital assets, such as an oversight regime as Mr. Gensler recommended.
Lawmakers are still learning about the industry, but many Democrats welcomed Mr. Gensler's call, said Rep. Jim Himes (D., Conn.), a member of the working group. "There is not a single shred of evidence over many centuries that new financial systems or new systems of currency grow organically in an unregulated way and lead to good outcomes," he said.
Cryptocurrencies developed with virtually no regulation. In 2014, then-Federal Reserve Chairwoman Janet Yellen said the central bank didn't have authority to regulate bitcoin or similar cryptocurrencies. At the time, bitcoin's total market value was $4.3 billion. It is now valued at about $622 billion, with millions of individual investors and a handful of public companies, including Tesla Inc., holding bitcoin or similar cryptocurrencies.
The Treasury Department, now headed by Ms. Yellen, is in the early stages of reviewing whether its authority to regulate payment networks could apply to some crypto assets. One possible tool: using the Financial Stability Oversight Council, a panel of top regulators headed by Ms. Yellen, to target crypto assets such as cash-backed stablecoins, which some regulators have said could become a source of systemic risk, according to people familiar with the discussion. Such a move would allow regulators to write rules governing those activities and give authority to the Fed over stablecoins.
Some policy makers have said stablecoins could fuel financial panics if users come to doubt the value of the underlying collateral. "It will be practically impossible for Treasury and FSOC not to examine the financial stability risks of digital assets and how they can use their authorities to address those risks," said David Portilla, a former Obama-era Treasury staffer who is now a partner at Cravath, Swaine and Moore LLP.
Crypto's varied forms and uses make it hard to assign the whole asset class to one regulator. Some coins facilitate payments, while stablecoins substitute for national currencies, making it easier to swap from one crypto asset to another. Others reward programmers who validate transactions on blockchain networks or develop new applications.
For now, the SEC is the industry's de facto overseer. But its regulatory model frustrates crypto companies, which say investor protection rules don't always fit how cryptocurrencies are used. One example: the SEC hasn't made clear how brokerages can safely hold crypto assets that are deemed to be securities, since the method of custody differs significantly from how stocks are held.
The SEC's enforcement actions have also jolted the market, creating uncertainty about whether assets were issued and traded legally. The SEC last year sued Ripple Labs Inc., the company behind cryptocurrency XRP, alleging the sale violated investor protection rules. At the time, XRP was the world's third-largest cryptocurrency by market capitalization. Ripple disputes the SEC's claims and is fighting the agency in federal court.
Crypto firms say regulators should write rules that fit their industry, rather than relying on enforcement actions to set precedents. In the absence of federal rules, some companies have committed to a code of conduct, modeled on one developed for the global foreign-exchange market, said Michelle Bond, the chief executive of the Association for Digital Asset Markets, which developed the framework.
"There needs to be a high level of regulatory engagement," Ms. Bond said. "Attempts to regulate digital assets are unlikely to succeed if you don't have engineers, developers and programmers at the table, because the technology can be highly complicated."
Newer crypto innovations are likely to further challenge traditional regulation. Peer-to-peer networks for swapping digital tokens or allowing investors to earn interest on their deposits, for instance, are gaining market share. The networks work like exchanges but don't hold investors' assets.
These decentralized exchanges, or DEXes, lack traditional touch points for regulators, such as the involvement of brokers who earn fees by connecting people who want to trade.
Mr. Berkovitz, the CFTC commissioner, said in a speech last month that some activities on decentralized exchanges, such as trading derivatives, could be illegal. The sale of commodity futures in the U.S. generally must be done on regulated markets overseen by the CFTC.
"There are organizations out there to audit the code, but can you really trust any private entity to look out for the public interest?" Mr. Berkovitz said. "Traditionally that has been a government function to evaluate whether these things are in the public interest."
swayze22
Elite
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That's not really "news", just continuation of we don't know how to take peoples money and we are still working on figuring out a way that isn't blatantly saying we've missed out of billions so we are taking it now. The SEC/Government hasn't been able to properly wrap their head around crypto the entire time while users of the crypto have asked for clarity for just as long.
There are a lot of "could be" and "may be" in that BS. Guy talks about evolution of financial systems and references "no good outcomes".....good outcomes for who?
All I know is if 12 democrats are running the committee it's only going to be good for the poors and the politicians's buddies.
same govt stance as always - your risk, our profits.
There are a lot of "could be" and "may be" in that BS. Guy talks about evolution of financial systems and references "no good outcomes".....good outcomes for who?
All I know is if 12 democrats are running the committee it's only going to be good for the poors and the politicians's buddies.
same govt stance as always - your risk, our profits.
Mist
Eeyore Enthusiast
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Not true, you can also play the equivalent of the old Dope Wars BBS game for real money with it.
Asshat wormie
2023 Asshat Award Winner
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Now if we could somehow do Legend of the Red Dragon with it, that would be somethings I would invest into.
