Crypto Opinions & News UK lawmakers consider regulating cryptocurrency as they do gambling

[vtqhtr413]

Content source

https://thenextweb.com/news/crypto-no-intrinsic-value-or-useful-social-purposeshould-be-regulated-as-gambling

The crackdown on cryptocurrency escalated recently when lawmakers called for consumer trading to be regulated like gambling. In a new report by a cross-party committee, British politicians claimed the likes of Bitcoin and Ether have “no intrinsic value” and serve “no useful social purpose.”

They also noted several adverse impacts of cryptocurrencies. Specifically, they highlighted the vast energy consumption, the risk to consumer traders, and the criminal use in scams, fraud, and money laundering.

Due to the public risks, the committee warned against regulating trading as a financial service — which the UK government has proposed. “Effective regulation is clearly needed to protect consumers from harm, as well as to support productive innovation in the UK’s financial services industry,” said Committee chair Harriett Baldwin.

 

[MuzzMelbourne]

...support productive innovation in the UK’s financial services industry...

...have “no intrinsic value” and serve “no useful social purpose...

Clearly, they have zero understanding of what underpins Blockchain tokens. This is like saying Functions or DLL's have "no intrinsic value" to programming.

While I support the total ban of Bitcoin, its not because of its harm to society its because of its harm to Blockchain development.

If people want to flush their money down the toilet, let them, just don't destroy a burgeoning industry trying to stop them.

 

[MuzzMelbourne]

The basis of Crypto Currencies...

...but, I guess security, transparency, accountability, scalability and choice have no intrinsic value to the finance/banking industry.

Smart contract - Wikipedia

en.wikipedia.org

 

[Zero Knowledge]

While I support the total ban of Bitcoin, its not because of its harm to society its because of its harm to Blockchain development.

Interesting view Muzz. So, you don't like Bitcoin but like blockchain and crypto? You should really be a PHD student writing a thesis on crypto

 

[MuzzMelbourne]

... So, you don't like Bitcoin...

I totally agree with everything the EU and UK say about Bitcoin...

It has zero inherent value, its pure speculation, the dumbest investment and, biggest con job since Bernie Madoff was THE investment guru...

But Blockchain is, thankfully, not all about Bitcoin, even though you would think it was...

The way I view it is, with Blockchain's Smart Contract functionality, you have to look at what the token is capable of, not what its current value is!

For example, how would you like to own shares in the if-then-else statement, or the print command, etc. etc. and get, automatically, paid a cut every time that function is used, anywhere, in perpetuity.

That's the trick with Blockchain and the game is to evaluate the utility(value) of each token in a particular industry sector. Some are good for customer records, some for supply chain, some for financial transactions and yes, artwork authentication/tracking(NFTs).

Bitcoin is totally screwing-up development/trust in the Blockchain/Web3 sector... and I HATE it with a passion!

Ethereum on the other hand... Polygon... Algo... Solana... Ooki... there are thousands of USEFUL tokens, just like programming operations/functions...

The trick is which one's will fly and which will crash... there's your investment potential right there.

IMHO...

 

[Zero Knowledge]

Muzz interesting viewpoint and analysis If you think Bitcoin has zero inherent value surely other coins and tokens also have zero inherent value too? I can't see how assets like NFT's are anything but zero value assests and just basically playthings for the rich who pay with monopoly money.

The trick is which one's will fly and which will crash... there's your investment potential right there.

To be honest I think those days are gone and are not coming back ever. Maybe when it was in its infancy you could make large stacks of money but now, I feel the market is saturated and the returns are minimal. Everyone is looking for the next Bitcoin but there seems little innovation or progress in the crypto sphere to warrant large investments in new coin/token offerings. It seems the market is just filled with exchange coins pumping their own value and USD tokens, but not much exciting offerings that move things forward.

I'm not sure about crypto in the end, I'm not a expert like you are Muzz so I'll leave it to you and your analysis

 

[MuzzMelbourne]

I totally understand and agree on the investment front ZK, totally.

I bought 20 tokens for a grand total of A$50 a couple of years ago, primarily for the exercise of setting-up a wallet and creating an exchange portfolio, and the thing's tanked! Still worth $A18 but very unlikely to ever regain value. But $A32 is cheap for a course into crypto currencies, learned heaps, so good value for mine.

But, Blockchain has never been about money for me, its the technology that I'm cheering for. Lots of great public good potential if handled well...

What happens with it remains to be seen of course.