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Cryptocurrencies facilitate shady deals - Where are the governance principles?

Sidney Vianna

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#11
Corporate governance. The kind of governance that prohibits unethical practices, such as bribery, for example. the kind of governance that commits the organization to sustainable practices, to fair trade, to income that is gender neutral, etc...

Governments and the regulations will see this as revenue stream via taxation. The gist of my original post was about corporate governance and the importance to distance oneself from unethical practices.
 
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#12
Corporate governance. The kind of governance that prohibits unethical practices, such as bribery, for example.
Forgive me, but I'm still not sure I completely understand what you are calling for...
Are you suggesting simply internal policies by individual corporations? Which ones?

- The targets of the ransomware (ala "we don't negotiate with terrorists"-type policy)?
- The exchanges (who knowing what money is used for is none of their business)?
- The organizations perpetuating the thefts (ya right..)?

You suggest a prohibition on bribery for example. If a corporation explicitly puts this into a formal policy, what effect does this have in practice? Further, what does this have to do with cryptocurrency?

(P.S. I'm not trying to be deliberately obtuse. I'm honestly not understanding what you are proposing...) :eek:
 

Ninja

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#13
2. Regulating how Crypto is used - this, I think, is more Sidney's concern, but I don't see how you could limit/regulate transactions in practice.
Agreed...and this is why it is a valuable question/debate to ask.have.

I, however, can easily see how it could be limited (though harder to regulate).
"Real Estate, Securities and Banking under FDIC insurance shall not be performed in currencies not backed by a sovereign power."
Easy, peasy...

Corporate governance would be imposed on corporations who trade in the currency...not on the currency market itself. Simply add 'Whatever corporate stuff you want' to the regulation.

Yep, a lot of people are excited with cryptomonies....
Agreed also.
A whole lot of folks were excited about Cold Fusion too...

At the end of the day, the only tool for broad brush is regulation.
Aside from that broad brush, it is pretty hard to avoid caveat emptor...and that didn't work out to well for derivatives as I recall...and they got regulated...so they changed the name and it's again caveat emptor for 'bespoke tranche opportunities'...

I'm a totally free market guy...with transparency.
I, personally, would opt for a requirement that public corporations and financial houses governed by the SEC be required to disclose how much of their stated value was in the form of crypto, and whether or not a financial instrument invested partially or fully in crypto.
Let people buy or sell or trade in whatever they want to...as long as you don't lie about what it is...:2cents:
 

Ninja

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#14
I'm not sure what you mean... Are you referring to fiat currencies that have experienced hyper-inflation?
Nope...just wondering if the "full faith and credit" has ever been worthless and you got nothing for your cash...as could happen with crypto if no one wanted it...

Granted that hyper-inflation could be as good as the same thing...that certainly has happened, Italy for one...
 

Sidney Vianna

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#15
Are you suggesting simply internal policies by individual corporations?
Yes. As I said, the ones that accept cryptocurrencies for commercial transactions. At the end of the day, a criminal will want to buy his Gulfstream V, his Rolls Royce Bentayga and his estate in the Cote D'Azur. If cryptocurrencies could not be used for such purchases, it would be a good thing.
You suggest a prohibition on bribery for example. If a corporation explicitly puts this into a formal policy, what effect does this have in practice?
It depends on how serious the organization is. No different than a QMS. Some are serious, others aren't.
Further, what does this have to do with cryptocurrency?
Everything. Cryptocurrency is used for preventing tracing of shady deals, including corruption.
 

Ninja

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#16
Cryptocurrency is used for preventing tracing of shady deals, including corruption.
IMHO...There is no way to avoid such things...and there never will be.
What is the world's oldest profession?
And what's the second...(stealing from the first...).

It's all about risk/benefit at that point...
 

Sidney Vianna

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#17
IMHO...There is no way to avoid such things...and there never will be ……
Imagine if everybody thought the same about child and slave labor, climate change, conflict minerals, etc. It is inevitable, so let’s be complicit.

If someone offers me a Rolex in a street corner for US$100.00, I don’t even stop to look at the piece. Chances are it is either counterfeit or stolen. Either way, I know well that my lack of interest will not stop counterfeiting nor watches being stolen.
 

Ninja

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#18
Imagine if everybody thought the same about child and slave labor, climate change, conflict minerals, etc. It is inevitable, so let’s be complicit.

If someone offers me a Rolex in a street corner for US$100.00, I don’t even stop to look at the piece. Chances are it is either counterfeit or stolen. Either way, I know well that my lack of interest will not stop counterfeiting nor watches being stolen.
Understood, and your examples are quite pertinent...but I'm not sure in that context (or in corporate responsibility) why Crypto would be treated different than dollars, bullion, bearer bonds or Euros...all of which are also used for illicit activities.

Why target Crypto specifically?
It is an enabling tool like anything of value, not the problem.
 

Statistical Steven

Statistician
Staff member
Super Moderator
#20
I do not believe a global currency is sustainable. The basic tenets of crypto are flawed in conversion across economies. Though people smarter than me have told me that it is easily incorporated. Sounds way to easy to use for illegal purposes.
 
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