Israel urges global ban on binary options

[Zzzz1]

it has very much to do with the argument. Its ironical that often the small fish in the fry are the ones that scream the loudest about taxes. But let's stick to the point. Taxes was never the issue to start with.

It is about protecting stupid people from doing harm to themselves. And there are a lot of stupid people in this world. And someone else brought it very succinctly to the point: If its not to protect them from themselves then at least to not allow stupid people to fuck it up for the rest of us. Look at those CHF trades, some stupid people who were completely over-leveraged brought down a whole brokerage firm. Not that I am wining about FXCM, but this or the billions of taxpayer money, used to save failed mortgage lenders and insurers, should simply not happen. Better to put in better safeguards and regulations to not let it get there anymore.

What do you know about my career...and what's that have to do with the argument.. say I'm your sprinkler repair guy digging holes all day.. does that make my arguments less valid.? Taxing alcohol and tobacco has never deterred anyone. It's just an easier way to pass more taaxes through the guise of deterring bad behavior..

 

[Zzzz1]

you have it the other way around. It was not too much regulation but too little. The "pain clinics" in Florida are the result of too little regulations and letting shady doctors get away with this instead of banning them from ever practicing again. The problem really is that shady characters in the US have way too many opportunities to go about their business. Because of too little regulation or too unintelligent regulation.

This has always been the argument for subsidizing bad behavior and using coercion to force people into behaving "correctly".. through regulation a ton of people are using heroin. Opiates are prescribed by doctors and the pain clinic epidemic was within the regulatory system for a really long time... If you think government can control addiction by banning substances and prohibition you wrong... I don't think you realize what you are saying.. the war on drugs is finally being realized as doing more harm then good...

 

[CyJackX]

This has always been the argument for subsidizing bad behavior and using coercion to force people into behaving "correctly".. through regulation a ton of people are using heroin. Opiates are prescribed by doctors and the pain clinic epidemic was within the regulatory system for a really long time... If you think government can control addiction by banning substances and prohibition you wrong... I don't think you realize what you are saying.. the war on drugs is finally being realized as doing more harm then good...

How does this subsidize bad behavior? The black market means costs of goods like heroin are higher.
Pharmaceutical abuse is a problem that needs to be curbed. Legal marijuana should hopefully do that.

 

[MrMuppet]

This is definitely not about protecting people from doing something stupid. Everyone who has a slight glimpse of an idea of how binary options for retailers are traded and priced knows that it is a product you cannot make any profit in the long run.

It is all OTC, market makers control prices, payouts are heavily skewed against the taker and you cannot close the position when you like. Different to serious exotic OTC derivatives, binaries are an all or nothing bet with a payoff of "lose 1$ or make 75cts"
The conflict of interest is huge, since the clients loss is the market makers profit.

That even goes so far that in case you want to affiliate with some of those guys, they pay you 100% of your losses in case one of your customers has a lucky win streak with size.

So yeah, I'm totally against bullshit like regulating futures options or other regular products. but binaries have nothing to do with trading per se...you know, the supply and demand game. It's just a product which has been created to fleece idiots and by accident the majority of the binary mafia is located in Israel.

So I can definitely understand that the regulating bodies there want to do something about it...I mean there where times when Jews where blamed for causing severe damage to economy and ripping off innocent people which had some "unpleasant" consequences.

With this background it is quite obvious that the officials don't want to have anything to do with those crooks.

 

[cdcaveman]

it has very much to do with the argument. Its ironical that often the small fish in the fry are the ones that scream the loudest about taxes. But let's stick to the point. Taxes was never the issue to start with.

It is about protecting stupid people from doing harm to themselves. And there are a lot of stupid people in this world. And someone else brought it very succinctly to the point: If its not to protect them from themselves then at least to not allow stupid people to fuck it up for the rest of us. Look at those CHF trades, some stupid people who were completely over-leveraged brought down a whole brokerage firm. Not that I am wining about FXCM, but this or the billions of taxpayer money, used to save failed mortgage lenders and insurers, should simply not happen. Better to put in better safeguards and regulations to not let it get there anymore.

I like how you keep calling me a small fish .. you obviously think that does something good for your argument.... regulators were involved with ever blow up your stating... And all you call for is more regulation and more regulation... One day when the gov keeps us from making any mistakes and we are all assigned jobs you won't be such a interventionist

 

[Zzzz1]

I simply stated that small guys usually scream the loudest about taxes. If you felt addressed then I apologize.

The problem of the financial crisis was largely too little oversight and regulation. Rating agencies could rate triple A whatever they wanted , banks were allowed prop trading and there was no segregation of agency and proprietary trading. Then small guys were asked to get into mortgages they should have never been allowed to get into. And having allowed that fucked up the lives of many other ordinary people that were otherwise running very prudent debt. Housing prices were deflated for many years just because those houses happened to be located near zones of subprime mortgage borrowers. If you are still claiming that regulation then was sufficient or even too stringent then I don't know what else to say.

Retail binary options are a ripoff game in the same way than unregulated gambling is. Bad actors are allowed to roam freely and cheat the gullible. Again, you should consider moving to an uninhabited island because what you want damages a lot of other people. I am very happy that my brokers are very prudent when it comes to risk and make the life of very small players difficult (by limiting what they can or cannot do) but because of that such brokers have been in the business for decades and have safekept mine and others' funds. Self regulation is fine as long as it works. Most of the times it does not. Or look at the price of rare prescription drugs.there are a few firms that should be forced to lower their prices because what they are doing is price gouging. It harms society, mate.

I like how you keep calling me a small fish .. you obviously think that does something good for your argument.... regulators were involved with ever blow up your stating... And all you call for is more regulation and more regulation... One day when the gov keeps us from making any mistakes and we are all assigned jobs you won't be such a interventionist

 

[cdcaveman]

I simply stated that small guys usually scream the loudest about taxes. If you felt addressed then I apologize.

The problem of the financial crisis was largely too little oversight and regulation. Rating agencies could rate triple A whatever they wanted , banks were allowed prop trading and there was no segregation of agency and proprietary trading. Then small guys were asked to get into mortgages they should have never been allowed to get into. And having allowed that fucked up the lives of many other ordinary people that were otherwise running very prudent debt. Housing prices were deflated for many years just because those houses happened to be located near zones of subprime mortgage borrowers. If you are still claiming that regulation then was sufficient or even too stringent then I don't know what else to say.

Retail binary options are a ripoff game in the same way than unregulated gambling is. Bad actors are allowed to roam freely and cheat the gullible. Again, you should consider moving to an uninhabited island because what you want damages a lot of other people. I am very happy that my brokers are very prudent when it comes to risk and make the life of very small players difficult (by limiting what they can or cannot do) but because of that such brokers have been in the business for decades and have safekept mine and others' funds. Self regulation is fine as long as it works. Most of the times it does not. Or look at the price of rare prescription drugs.there are a few firms that should be forced to lower their prices because what they are doing is price gouging. It harms society, mate.

Yes I am. I think a high cost (not necessarily monetary) often deters people from doing stupid things, not always but often.

Ps: and maybe the opposite holds true in your case: if you started to make more right choices in your career you should easily end up in the top tax bracket. It's not that hard to get there. Sorry , I could not resist to play that irony in your comment.

This and another post you made were directed towards me my perceived small fishness. Then you turn and say I'm associating myself in that bracket and your sorry.. what are you a politician or something? Haha.. come on man... Listen to yourself... Fannie may was involved in scamming the people and in turn the gov used the melt down as a way to almost completely nationalize the mortgage industry. Are you Barney Frank?

 

[Zzzz1]

Used the meltdown...who is wearing the tin foil hat here?

We need regulations in financial services and what Israel proposes is a good thing. Cudos.

Over and out.

This and another post you made were directed towards me my perceived small fishness. Then you turn and say I'm associating myself in that bracket and your sorry.. what are you a politician or something? Haha.. come on man... Listen to yourself... Fannie may was involved in scamming the people and in turn the gov used the melt down as a way to almost completely nationalize the mortgage industry. Are you Barney Frank?

 

[cdcaveman]

Attack venders fine.. but the binary derivatives are not at fault.. same thing happen in 2008.. derivatives for blamed for a terrible regulatory failure....regulators fail and call for more regulation and then they blame the free market wildcats...

 

[Needless Promo]

There's nothing wrong with binary options. Buyers get paid for exposure, sellers get to cut losses or exposure… It's not like it's a scam or something, it's just an option. There are unethical brokering and trading practices all over the market, why target binary options?