Posts about cyber currencies

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Cpadave
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Posts about cyber currencies

Post by Cpadave »

Can we ban all the posts related to cyber currencies? Cyber currencies are not investments and this is not the right forum for it.
supersecretname
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Re: Posts about cyber currencies

Post by supersecretname »

Yeah, well, you know, that's just, like, your opinion, man.
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Re: Posts about cyber currencies

Post by jebmke »

I'm not a moderator but I would say, no, they won't ban these posts. Among other reasons, the forums are not strictly about "investments." There are sub-forums on non-investment financial topics as well as a forum on consumer topics.
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oldfatguy
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Re: Posts about cyber currencies

Post by oldfatguy »

Wouldn't it be easier for those who aren't interested to just ignore them?
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Blueskies123
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Re: Posts about cyber currencies

Post by Blueskies123 »

Don't some people say the same thing about gold or Tesla stock?
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dukeblue219
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Re: Posts about cyber currencies

Post by dukeblue219 »

Using the term "cyber currency" suggests you have little knowledge of the subject.

As long as posts about bidding for the cheapest toilet installation or merits of three different newspapers are allowed, then crypto is going to stick around. You don't have to buy in, but it's a hot topic in investing and worthy of discussion.
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nisiprius
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Re: Posts about cyber currencies

Post by nisiprius »

Speaking strictly personally, as a cryptocurrency skeptic, my personal reading of the forum rules is that cryptocurrencies don't fall under any of the "unacceptable topics." They don't even come close. The forum is supposed to be "inspired by Jack Bogle" but (contrary to what some people seem to think) I'm not aware of any attempt by moderators or forum owners ever to limit the scope of discussion topics to "things Jack Bogle would have liked."

Where you draw the line as to what is "an investment" is hard to say. I assume that you are drawing the distinction (made by Bogle, among others) between "long-term investment" and "short-term speculation." One dictionary definition of "Property or another possession acquired for future financial return or benefit." I think cryptocurrency does fit that broad definition. Another one, filtered by my recollection from things bobcat2 has said, is that "savings is whatever you don't spend, and investment is whatever you do with your savings," and cryptocurrency fits that, too.

Finally, and, sure, it really galls me to say this, the total market cap of cryptocurrency--in my opinion a complete wild guess because I think the cryptocurrency market is brittle and would not respond well to any attempt to realize that value--has been stated ot be $2 trillion. That is something like 2% of the total value of all of the worlds' stock markets combined. And while I tend to push back on exaggerated claims that cryptocurrency has gone mainstream--misrepresentation of pilot projects, tentative experiments and publicity stunts as proof that it is already mainstream--the sheer scale as of 2021 is breathtaking.

I'm watching to see whether the SEC ever approves a cryptocurrency ETF. I hope they won't. I don't think they will. If they do it will lower my opinion of the SEC. But they certainly might, and the crypto fans seem to expect it. (Note that GBTC is not "an ETF" or anything close to it; it is merely a registered security that the SEC allows brokers to trade). But if a true ETF, regulated under the Investment Company act of 1940, is approved, I think it will be pretty darned hard to argue that it is not an investment.

I would not support a ban on discussion of cryptocurrencies in the forum.
Last edited by nisiprius on Thu May 06, 2021 8:30 am, edited 3 times in total.
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livesoft
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Re: Posts about cyber currencies

Post by livesoft »

I think some folks wanted to ban discussion of ETFs about ten years ago.

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Cpadave
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Re: Posts about cyber currencies

Post by Cpadave »

These so called currencies are often used in criminal activities. Allowing discussion to promote it is just wrong.
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JoMoney
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Re: Posts about cyber currencies

Post by JoMoney »

It's been going for close to a decade now, but I still think it's a fad that will die off :wink:
Seriously, if any of the stories out there about "Tether" and the massive leverage being used to prop up the crypto markets are true, one good shock could be the end this.
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Re: Posts about cyber currencies

Post by ensign_lee »

Cpadave wrote: Thu May 06, 2021 8:33 am These so called currencies are often used in criminal activities. Allowing discussion to promote it is just wrong.
So does cash though? Are we supposed to ban talk about things denominated in USD? (like stocks, bonds, etc?) Or about USD itself?
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Re: Posts about cyber currencies

Post by sperry8 »

Cpadave wrote: Thu May 06, 2021 8:33 am These so called currencies are often used in criminal activities. Allowing discussion to promote it is just wrong.
True. But so is cash. Should we ban the discussion of cash as well? The point is, criminals use the same methods we all use - just illegally. Further, banning discussion of the things criminals use doesn't stop them from using it, it just hides us from being aware of it. Better to have a light shined in every corner so we can see what is going on.
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SlowMovingInvestor
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Re: Posts about cyber currencies

Post by SlowMovingInvestor »

Cpadave wrote: Thu May 06, 2021 8:33 am These so called currencies are often used in criminal activities. Allowing discussion to promote it is just wrong.
There is a current ongoing thread about how Coinbase has stringent ID checks ...

I agree that discussion about using crypto to get around KYC/AML or tax laws would be wrong, and discussion of the politics of crypto would be off topic (and we do see occasional posts that veer into those terrritories), but certainly discussion of its investment potential or lack thereof is very much on topic.

I'm very familiar with crypto tech, but I found the discussion of NFTs here very interesting.
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Watty
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Re: Posts about cyber currencies

Post by Watty »

Cpadave wrote: Thu May 06, 2021 7:59 am Can we ban all the posts related to cyber currencies? Cyber currencies are not investments and this is not the right forum for it.
A big issue with trying to do something like this is that someone would have to spend time to enforce it.

The moderators do a great job of keeping these forums civil and out of things like politics but until it actually becomes a problem there is no reason to try to have them spend time enforcing a rule like this.

There would also be a lot of posts that would be in a gray area like if someone posted their portfolio and they have a percentage of their investments in cryptocurrency. The problem is that unlike some political comment a moderator could not edit out the reference to cryptocurrency without changing the overall context of the rest of the post.
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Re: Posts about cyber currencies

Post by JonnyDVM »

The number of posts on cryptocurrency is off the charts right now, I agree. That’s because the market is so hot. I presume it will simmer down as things in that particular ecosystem cool off.
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runner3081
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Re: Posts about cyber currencies

Post by runner3081 »

This request makes no sense.

Should we also ban all mortgage questions because not everyone owns a house? Or car purchase questions because not everyone owns a car?
BeerTooth
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Re: Posts about cyber currencies

Post by BeerTooth »

at the center of your computer mouse, you'll find a scroll wheel. When I see a topic that doesn't interest me, I simply rotate that wheel towards me and move on to the next topic
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Re: Posts about cyber currencies

Post by oldfatguy »

Cpadave wrote: Thu May 06, 2021 8:33 am These so called currencies are often used in criminal activities. Allowing discussion to promote it is just wrong.
Lots of things are used in criminal activities including cash, bank accounts, cell phones, cars, etc.
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Re: Posts about cyber currencies

Post by IMhooked »

supersecretname wrote: Thu May 06, 2021 8:04 am Yeah, well, you know, that's just, like, your opinion, man.
THE DUDE.....brilliant.

Don't click on them :D
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Re: Posts about cyber currencies

Post by supersecretname »

For those actually interested in learning, I recommend going through this free course. You certainly don't have to buy, but you should at least understand what you don't like about it.
https://learn.saylor.org/course/view.php?id=468
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Re: Posts about cyber currencies

Post by dukeblue219 »

oldfatguy wrote: Thu May 06, 2021 9:30 am
Cpadave wrote: Thu May 06, 2021 8:33 am These so called currencies are often used in criminal activities. Allowing discussion to promote it is just wrong.
Lots of things are used in criminal activities including cash, bank accounts, cell phones, cars, etc.
Thats actually an interesting analog. Cell phone possession was banned at a lot of (most?) high schools in the 90s and early 2000s, including mine, not because they were a distraction but because only drug dealers would need a cell phone. If you were caught with a cell phone it was an automatic suspension and the phone was confiscated.

It was a stupid rule and made it a lot harder to call mom for a ride home from practice when there weren't any more payphones left. It was a a rule made by those ignorant of the real world out of fear alone.
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Re: Posts about cyber currencies

Post by nisiprius »

Cpadave wrote: Thu May 06, 2021 8:33 am These so called currencies are often used in criminal activities. Allowing discussion to promote it is just wrong.
The mods appear to be very strict about removing any posting that suggests any illegal activity. If you see any posting about cryptocurrency (or anything else), that appears to be suggesting that someone do something illegal, report it with the little exclamation mark button, top right of the posting.

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Re: Posts about cyber currencies

Post by LadyGeek »

The mods also ensure that a discussion stays civil and abides by the Forum Policies.

If anyone thinks the forum policies should be changed, please PM me to discuss.

This thread has run its course and is locked (rant, questioning forum policies).
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