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  #51  
Old 03-08-2019, 07:34 AM
Northern Piper is offline
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That's true. I was thinking making more of regulators specifically aimed this sort of activity.

Normally any business which takes in large amounts of money from consumers, for financial services, are heavily regulated: banks, insurance companies, trust companies, securities brokers, etc.

There doesn't seem to be anything that applies to business that take in deposits of crypto-currencies. One of the articles stated that the BC Securities commission declined jurisdiction, because they didn't have authority to regulate crypto deposit-takers.
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  #52  
Old 03-08-2019, 11:43 PM
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The Securities Commission was correct; they do not have authority, and do not want the authority, to regulate video-game play money.

If there was anything else going on like money laundering, identity theft, securities fraud, Ponzi scheming, or tax fraud then the authorities will proceed on that basis.
  #53  
Old 06-25-2019, 09:59 AM
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In the least-surprising-ever update to this story,
Investigators Say Late Owner of QuadrigaCX Crypto Exchange Siphoned Client Holdings
  #54  
Old 06-25-2019, 10:37 AM
bob++ is offline
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One wonders who the "clients" were/are and whether the money they lost was real money, in the sense that they had taken it from the analogue world, or just the fictional profit from the appreciation of the digital currency?
  #55  
Old 06-25-2019, 10:46 AM
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Quote:
Originally Posted by Quercus View Post
I'm shocked!
  #56  
Old 06-25-2019, 10:48 AM
The Lurker Above is offline
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Awww, you beat me to it. Have my 2nd favourite "surprised" reaction.
  #57  
Old 06-25-2019, 11:02 AM
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Quote:
Originally Posted by bob++ View Post
One wonders who the "clients" were/are and whether the money they lost was real money, in the sense that they had taken it from the analogue world, or just the fictional profit from the appreciation of the digital currency?
It wasn't lost, he spent it. Regardless of whether it was appreciation, it was real money that belonged to somebody else who will never get it back. The concept of a "paper loss" is a rationalization by people who lose money.
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