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Courtesy of ZeroHedge. View original post here.

Know government regulation, know moral hazard.

No government regulation, no moral hazard.

We have been reading quite a bit about rumors of governments trying to regulate crypto currency.  If and when they do, we will be told that it is for our own safety, of this I am certain.   We will also be told that the crypto currency markets are not capable of self regulation, of this I am also certain, so they will try to roll it up under the authority of the banks.  

Self regulation? Not effective?  

lol

Like the Federal Reserve Bank being responsible for regulating and supervising the very same banks that own it?  

http://www.zerohedge.com/news/2016-05-24/nobody-ready-willing-or-able-as…

The Board of Governors of the Federal Reserve System has supervisory and regulatory authority over a wide range of financial institutions, including state-chartered banks that are members of the Federal Reserve System (state member banks), bank holding companies, thrift holding companies and foreign banking organizations that have a branch, agency, a commercial lending company subsidiary or a bank subsidiary in the United States. While the Board establishes supervisory policies, the Board delegates day-to-day supervision to the Reserve Banks.

https://www.newyorkfed.org/financial-institution-supervision/financial-i…

It's not like this government-mandated self-regulation of banks did anything to stop Well's Fargo from creating millions of fraudulent accounts for its customers.  Neither can the government-mandated SEC ever do much to stop the front running in the securities markets, as long as our elected representatives are paid to enable it (see the repeal of Glass-Steagall and the many ZeroHedge articles on HFT).  

Conflict of Interest is a term used to describe the situation in which a public official or fiduciary who, contrary to the obligation and absolute duty to act for the benefit of the public or a designated individual, exploits the relationship for personal benefit, typically pecuniary.

In certain relationships, individuals or the general public place their trust and confidence in someone to act in their best interests. 

http://legal-dictionary.thefreedictionary.com/conflict+of+interest

At this point in time, the only person I trust to act in my best interest is me.  This is one of the reasons I have come to like Bitcoin.  I have read the Satoshi Nakamoto white paper from 2008, and it is all about how to create a transaction system where there is no trust.  

Mother should I trust the government?

No!  Trust nobody!

Caveat emptor, bitchezzz!!!  

Trust only yourself.

Disintermediate.  

Do the work, and don't be lazy.

Don't buy into convenience.

As just one example, I have talked about with buying gold that Dollar Cost Averaging works well in rising markets associated with money printing, but for the love of all things HOLDy, at least fund and use our GDAX accounts that automatically come with every Coinbase account, and learn to place our own bids and asks, don't leave it entirely to the exchange…   


 

If you are new to these sorts of trading thingys (or just want to know how to negotiate a better price on a car, house, or anything) at least make sure you understand the differences between Principal and Agency trades.  How do you think Coinbase executes these regularly scheduled, "Repeat this buy," orders?  Are you going to get the best price, or are they going to bundle your order with a bunch of others, front-run you, then rear-end you, and do it all in their own sweet time?

Look, darling!  Our Bitcoin finally showed up in our account!!!!  

Enjoy a little bit of horse trading, but stay out of debt, and always have an exit strategy!

Viva The Wild West!

Viva disintermediation!

Viva Bitcoin!

h_h


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Click here to see some testimonials from our members!