bradmillscan on Nostr: Many are upset with the VARA regulations that just released in Dubai. The majority of ...
Many are upset with the VARA regulations that just released in Dubai.
The majority of “crypto businesses” and scampreneurs I saw moving to Dubai were unethical grifters and digital snake oil CEOs who extracted fortunes with crypto token ponzi scams and were moving their illgotten gains to Dubai.
Would anyone be surprised at these harsh regs what with all the talk about haram and riba in the UAE?
The opening ceremony of SRT had a message and lesson all about warning against riba.
Crypto = riba and haram.
Bitcoin = halal.
I understand the perspective of libertarians who value free markets who think over-regulation of “crypto” is a bad idea.
However it seems in line with what you’d expect from a strict conservative kingdom.
Do they want the next round of Celsius, Luna, FTX and other companies launching their scams from Dubai?
One of my wife’s friends is a high end architect in Dubai, we had dinner and she was telling me about all the crypto clients she worked with and some she turned down.
Every one of them had some massive exit scam in the last few years in crypto where their project is now either down 98% or irrelevant in some other way.
These grifters are buying crazy real estate in Dubai and surrounding areas … it really makes you pissed off to see these scammers get away with their hoards of illgotten gains with no consequences.
It makes you want to cheer for the regulators, for everything to burn down … then the only thing that would be left standing is the true decentralized projects.
Satoshi was anonymous for a reason after all.
Obviously that’s not going to happen, the crypto cartel has too much influence & lobbying power … but regulators will tame the crypto grifdustry.
VARA regs (and other regulations worldwide including USA) seem to be not super relevant to Bitcoin anyway.
When I was handing out the bitcoin Lightning network tip cards to all the staff members, many of them poor people from countries like Nigeria, Kazakstan, Bangladesh, etc - a bunch of them told me stories about how they had a Binance account already and they were holding “crypto” … mostly trash penny stock level garbage.
One of the security guards on the beach told me he lost his life savings of $3000 in Luna.
This “industry” is mostly cancerous to bitcoin and the billions of people in the world who need it.
I find it hard to feel bad for strict regulation of the MLM and penny stock industry - not shedding any tears that some crypto founders operating in grey areas preying on financial illiterate people, siphoning billions adding little value, now have more onerous rules to setup in one of the most excessively wealthy cities in the world.
I’m still jetlagged though 😬
The majority of “crypto businesses” and scampreneurs I saw moving to Dubai were unethical grifters and digital snake oil CEOs who extracted fortunes with crypto token ponzi scams and were moving their illgotten gains to Dubai.
Would anyone be surprised at these harsh regs what with all the talk about haram and riba in the UAE?
The opening ceremony of SRT had a message and lesson all about warning against riba.
Crypto = riba and haram.
Bitcoin = halal.
I understand the perspective of libertarians who value free markets who think over-regulation of “crypto” is a bad idea.
However it seems in line with what you’d expect from a strict conservative kingdom.
Do they want the next round of Celsius, Luna, FTX and other companies launching their scams from Dubai?
One of my wife’s friends is a high end architect in Dubai, we had dinner and she was telling me about all the crypto clients she worked with and some she turned down.
Every one of them had some massive exit scam in the last few years in crypto where their project is now either down 98% or irrelevant in some other way.
These grifters are buying crazy real estate in Dubai and surrounding areas … it really makes you pissed off to see these scammers get away with their hoards of illgotten gains with no consequences.
It makes you want to cheer for the regulators, for everything to burn down … then the only thing that would be left standing is the true decentralized projects.
Satoshi was anonymous for a reason after all.
Obviously that’s not going to happen, the crypto cartel has too much influence & lobbying power … but regulators will tame the crypto grifdustry.
VARA regs (and other regulations worldwide including USA) seem to be not super relevant to Bitcoin anyway.
When I was handing out the bitcoin Lightning network tip cards to all the staff members, many of them poor people from countries like Nigeria, Kazakstan, Bangladesh, etc - a bunch of them told me stories about how they had a Binance account already and they were holding “crypto” … mostly trash penny stock level garbage.
One of the security guards on the beach told me he lost his life savings of $3000 in Luna.
This “industry” is mostly cancerous to bitcoin and the billions of people in the world who need it.
I find it hard to feel bad for strict regulation of the MLM and penny stock industry - not shedding any tears that some crypto founders operating in grey areas preying on financial illiterate people, siphoning billions adding little value, now have more onerous rules to setup in one of the most excessively wealthy cities in the world.
I’m still jetlagged though 😬