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All the hand wringing will not stop, a minority of useless individuals wont be responsibile for their own stupidity and so politics paint themselves into a corner.
Why arnt MPs including CFDs in all this? Hiding the activity under 'financial' regulation is totally false, on the same premise as argued for crypto, the CFD is simply a gamble of whether a price rises or falls, serves no social perspective as isnt even owned by the person gambling and is highly leveraged.
All this because some people get 'addicted' and everyone else must then have to mollycoddle them and pay for their excesses.
GET FOOKED
https://www.bbc.co.uk/news/technology-65610851
'Lose everything'
The committee said "unbacked" crypto assets - typically cryptocurrencies with no fixed value - exposed "consumers to the potential for substantial gains or losses, while serving no useful social purpose".
"These characteristics more closely resemble gambling than a financial service," the MPs added.
Gambling helpline charity GamCare told the BBC that, in the past two years, it had heard from more than 300 people who said they were struggling with investing in cryptocurrency and other forms of online financial markets.
Research cited by MPs found 40% of new Bitcoin users were men under 35, commonly identified as the most risk-seeking segment of the population.
Castle Craig, a rehab clinic specialising in treating people with addictions, put us in touch with a young man who had lost heavily on crypto.
The former gambling addict told BBC News that, although he had given up gambling, he had turned to crypto.
Why arnt MPs including CFDs in all this? Hiding the activity under 'financial' regulation is totally false, on the same premise as argued for crypto, the CFD is simply a gamble of whether a price rises or falls, serves no social perspective as isnt even owned by the person gambling and is highly leveraged.
All this because some people get 'addicted' and everyone else must then have to mollycoddle them and pay for their excesses.
GET FOOKED
https://www.bbc.co.uk/news/technology-65610851
'Lose everything'
The committee said "unbacked" crypto assets - typically cryptocurrencies with no fixed value - exposed "consumers to the potential for substantial gains or losses, while serving no useful social purpose".
"These characteristics more closely resemble gambling than a financial service," the MPs added.
Gambling helpline charity GamCare told the BBC that, in the past two years, it had heard from more than 300 people who said they were struggling with investing in cryptocurrency and other forms of online financial markets.
Research cited by MPs found 40% of new Bitcoin users were men under 35, commonly identified as the most risk-seeking segment of the population.
Castle Craig, a rehab clinic specialising in treating people with addictions, put us in touch with a young man who had lost heavily on crypto.
The former gambling addict told BBC News that, although he had given up gambling, he had turned to crypto.
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The former gambling addict told BBC News that, although he had given up gambling, he had turned to crypto. PMSL
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It absolutely crazy. The majority of financial products are made up of people with varying amounts of knowledge winning money from people without sense.
By attempting to argue those that lose do so because, not of some degenerative trait that cant stop their own indulgences but because of addiction, that then means they have to reduce everything down to nothing....because some useless know nothing lost his shirt being feckless. A minority of stupid people could get everything shut down on this basis. |
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Im still waiting for Carolyn Harris to suggest all checkouts need scales to calculate a person's BMI and then to stop fatties from buying too much icecream because of the damage they are doing to the NHS through the epidemic of diabetes.
I wonder if she will? Im guessing her BMI is north of 30 so no. |
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and her iq is below it. all that hair dye has seeped into her tiny brain. she looks like a giant parrot
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Dunno about gambling, a lot of crypto seems to be out and out fraud and should be restricted on those grounds.
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As with the stock market, the person who turns up late gets nothing but the bill.
People invest in good ideas, everyone else speculates on the fear of missing out and its their money that rewards the early adopters. |
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there cant be anyone who thinks this is anything other than a massive risk
someone tried to get me to buy some 12 years ago. wish i had but i didnt understand it and declined |
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TBH I'd be much less bothered about them binning the whole crypto rubbish, as opposed to actual gambling.
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CFDs are as bad. Infact they are worse, the brokers encourage people to borrow money to gamble that an index will eith go up, or go down.
The customer making the gamble have to buy, or sell with the same broker that bought the underlying shares and holds them on the customer's behalf, the customer doesnt even own the certificate, the broker does. |
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Buying and selling (and trying to con people) about something that doesn't even exist and is a construct. The advert approaches/cons alone tell you all you need to know about this area of finance.
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My point is that by acting against gambling, they have created a rod for their own back. How can they possibly argue other things arnt as bad?
All on the basis that somebody loses because they acted stupidly, but it wasnt their fault it was down to an affliction so therefore the activity needs shutting down. |
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I do get other finance trading can be risky of course, but at least they aren't the downright criminal con artists that are around in crypto.
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Agree Stu, Share trading has been around for ever and is fairly strictly regulated. Horse and football betting ditto. Online games are a jungle and Crypto is just a confidence trick.
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Not sure why you are making this a political issue - gambling and crying foul when you lose is the very foundation of capitalism. So called "entrepreneurs" have been doing this for years. It's called bankruptcy!
You gamble with other peoples money and if you win, you do your best to keep all the gains and pretend you were very smart (instead of just lucky). If you lose, you say you were very unlucky, but you still transfer all of your assets to a trusted friend and transfer all of your debts to the poor souls that worked for you or supplied you. |
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Its a political issue because its the MP committee who are attempting to force the government's hand again on the basis people lose out at something.
If you end up bankrupt you cant be a director of another company (for years/ever?) as a punishment. But yes, everything is a gamble, but just because somebody loses out it doesnt mean the correct response is to shut down the activity. In relation to crypto, the government are a supporter of it and want it to be a feature of the future, thats the technology of it...but as with shares in stock of a company they have no underlying relationship of the thing they represent. Inflated assets all over the place, they going to determine what the correct prices are? And by the time a fad has been and rinsed out the stupid its already died down before regulators even realise they need to do something. |
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I'm just saying that bailing out losing gamblers is nothing new - we are all still paying for 2008.
When the Capitalists look like they might be onto a loser, they suddenly think Socialism (bail outs) are a good idea!   |
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ordure from waste management-socialism does not = bail outs. it means misery oppression and penury
it would never create the cash to bail anything out. if the sahara desert was owned and run by socialists there would soon be a shortage of sand, to quote thingybob |
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Here's a better solution, how about we hand over all our earnings to these coonts then ask them how best to spend it?
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Most scams are either illegal or highly controlled (like fruit machines and the National Lottery) but for some reason, Crypto is not.
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i always said on here years ago that crypto suits gamblers that is what it is but good gamblers dont panick when prices drop and in hindsight i should have sold at the top ive lost nothing yet, you only lose if you sell and it will pick up again maybe take a few years but it will imo
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It's a funny old world when gambling with other peoples money and crying foul when you lose is seen as legit/clever/respectable - but gambling with your own money is frowned upon and comes with an assumption that you are greedy/grubby/stupid.
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But it has no real asset backing. Like lending money for a new "house" that has not even got planning consent and probably never will.
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who says it is? its far too simple to declare bankruptcy and start again. should be made much harder as its often fraud and should be treated as such
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If it's gambling, will HMRC be refunding the CGT paid on cryptocurrency trading profits?
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If it's gambling, will people who bought Bitcoin at $68,000 be able to claim 'palpable error'?
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