Watch: Senator Hickenlooper Breaks Down The Crypto Crisis

We don’t post every clip of social media content from Colorado politicos, but this brief and informative explanation of the ongoing crisis following the collapse of the FTX cryptocurrency exchange from Sen. John Hickenlooper is well worth fifty seconds of your time. Hickenlooper is calling for crypto exchanges to be regulated with the same scrutiny as banks, and if you’re one of the thousands of crypto investors who just lost their shirt in this largely unregulated uninsured market it’s tough to disagree.

9 Community Comments, Facebook Comments

  1. Genghis says:

    Nice. Two points:

    1. Watching crypto shit the proverbial bed is extremely funny, as is watching the dumbass lolbert cryptobros doubling down and losing more to the tune of generalized whining about the government not doing anything.

    2. Cryptobros will unite, and to some extent have united, behind that legendarily laughable notion that they didn’t really lose a shitload of money speculating in the 21st century’s most obvious fucking scam, but rather earned something of actual value – through merit! – that was then taken away from them.

    • marklane1351 says:

      So a completely unregulated and uninsured financial something or other, that is neither money nor stock and is not associated with or representative of anything that exists outside of the computer netherworld went belly up? Let me know why this is surprising to anyone.

  2. Meiner49er says:

    It would be funny, Genghis, if our State hadn't jumped on board with impeccable timing.

    I doubt we lost much, but it's a symbol of how many fools were parted with their money: mainly us taxpayers.

    • Voyageur says:

      Well, we only accepted dollars.  Cryptos had to be converted to dollars before we took em.  I see no loss to the state and a big favor to crypto freaks forced to convert to dollars before the crash.

      As to you losers,  Here is a sure fire way to recoup.  Tulip bulbs for just $10 a bulb.  They wil trade at $1,000 or higher within two weeks.

    • JohnInDenver says:

      The cryptocurrency release said

      A sufficient amount of cryptocurrency to cover the tax, obligation and fees is converted to dollars and remitted to DOR to complete the online transaction. Service fees include an additional $1.00 plus 1.83% of the payment amount.

      So, $1,000 due in American money had to be be $1020 in exchange value of crypto, making PayPal $18.30 happier than they would have been.  Who knows if PayPal's crypto wallets actually kept the cryptocurrency as an "investment" for the corporation, or if they sold it immediately to someone who wanted it.

       

  3. DavidThi808 says:

    I disagree with Hick. Crypto is fundamentally a scam, a Ponzi scheme. You can dress it up all you want, but that doesn't make it similar to a currency, stock, or commodity.

    This guy explains it well.

    • spaceman2021 says:

      Exactly.  True currency has to have stability and the backing of a sovereign.  Crypto has neither.  The fact that it has to be converted to dollars demonstrates that it doesn't function as true currency.  Blockchain technology is important and useful, crytpo isn't. 

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