Indonesia Regulator Says Financial Firms Banned From Facilitating Crypto Sales

Indonesia's Financial Services Authority (OJK) on Tuesday warned that financial firms are not allowed to offer and facilitate sales of crypto assets amid a boom in crypto trading in Southeast Asia's largest economy. From a report: "OJK has strictly prohibited financial service institutions from using, marketing, and/or facilitating crypto asset trading," the regulator said in a statement posted on Instagram. It warned that the value of crypto assets often fluctuates and that people buying into the digital assets should fully understand the risks. "Please beware of allegations of Ponzi scheme scams in crypto investments," it added, without elaborating. The warning follows similar concerns by the central banks of Thailand and Singapore.

I don't think any sane economy

[rsilvergun]

wants crypto. It uses a ton of electricity and creates mountains of e-waste (those mining rigs don't last forever and ASICs get replaced with newer/better models constantly).

It doesn't even get you freedom. When the price of Bitcoin dropped Tether minted 1 billion coins out of thin air to keep it from dropping below $30k (necessary because if it falls below that several big bitcoin holder are likely to sell, since that's where they bought in, and that would crash the market). The exchanges have repeatedly shown they can and will stop trades when large scale theft is done, which sounds good until you realize how much central power that implies.

Basically, Tether's owners are the Fed Reserve and the Exchanges are the Banks. We managed to recreate the banking system, only worse because there's little or no regulation to protect average consumers and it's orders of magnitude more costly to run.

Still great for money laundering though, which is why El Salvador's (very corrupt) gov't is all over it. I mean, if I was a dodgy dictator looking to drain money out of my citizens pockets and hide it out of reach in case I needed to get out of dodge in a hurry crypto would be ideal for that...

Real money is a function of real governments.

[mmell]

It's one of the main sources of power for any government. It's one of the main reasons people collectively enact governments (courts and infrastructure are a couple others). After that, we found all sorts of cool things governments can do - like regulating an economy based on something more convenient than the barter system, for example.

Only those who stand to profit from it want unregulated, uncontrolled finance. It's an active step back to the old barter system, which remains ripe for abuse. The temp

There's 2 ways to look at that

[rsilvergun]

if you maintain your democracy, it's not a source of power, it's a source of economic stability and growth. We stopped maintaining our democracy in the 80s expecting the free market to do it for us as if by magic while electing feel good politicians and actors instead of pro-consumer administrators.

We can still fix this though. Vote in your primary, look for pro-voting and pro-consumer candidates. Watch out for feel-good candidates who slickly tell you stuff that pushes your buttons. Remember, both side

Re:

[mmell]

For ANY government, money is one of three primary sources of power. The other two are the courts and the military. The rest is all just fluff.

Re:

[jeremyp]

I don't understand the argument that people will sell a commodity if it drops below the price at which they bought it. The only reasons to sell in that scenario is if you need the money now or if you expect the commodity to drop significantly further and not recover. The strategy "we'll sell when we are certain to make a loss" doesn't work as a general rule.

Bitcoin has had loads of burst bubbles in its history and has always bounced back. This particular dip may be different from the others but I've yet to

2 reasons

[rsilvergun]

1. you think the commodity will drop further in price, and thus want to cut your losses.

2. (the more likely one here), you're such a large player that you selling will tank the market, allowing you to move in and buy at a fraction of the current value. Furthermore your large buys will cause the market to recover, allowing you to make a killing off sales later on.

#2 is what happens when you let wealth inequality get too out of control. Money is power, and people with disproportionate amounts of it can

To sell them energy, perhaps?

[mmell]

After all, that's Texas' primary resource. They can see renewable energy sources coming hard for their money - of course they want to sell as much as they can, as fast as they can.

Not all the suckers in the virtcoin game are investors.

Good ol' rsilvergun with the FUD...

[DeplorableCodeMonkey]

It uses a ton of electricity and creates mountains of e-waste (those mining rigs don't last forever and ASICs get replaced with newer/better models constantly).

You continue to squawk these talking points in every thread and are cheerfully immune to any citations I and others provide that show how full of shit you are when you say things like this, particularly about the energy use issue.

I've lost track of the number of times I've posted on how efficient Solana, Cardano and Ripple (and Ethereum 2 which is Pr

Bounce that dead cat crypto bros...

[denzacar]

Bounce it while you can.

Shame no one will go to prison for this.
Well, there's always hope some poor schmuck or two who lost it all will go a huntin for crypto creeps who will end up pocketing millions.
Unlike fake money, real guns and ammo really ARE deflationary. In proper hands they can deflate a person-like object from a mile away.

And there's time. Grudges are also a great investment, completely resistant to inflation or regulation.