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I’m pleased that the crypto meltdown is happening before the speculators convinced people to make it an actually significant part of the economy. Let us all see
by colechristensen 4y ago
I’m pleased that the crypto meltdown is happening before the speculators convinced people to make it an actually significant part of the economy. Let us all see on display the failed promises of decentralization and deregulation.
The fact that it is even a question that an account needs to be taken over to save an entire currency from insolvency is proof that nobody should touch the stuff.
Until the SEC starts getting people put in prison, the entire crypto sphere should not be trusted by anybody.
- dubswithus 4y agoThe whole economy is melting down. Crypto will be back in a few years.
- mlyle 4y agoSmaller than before, with appropriate securities regulation and audit, I hope.
- dubswithus 4y agoThere is just no way the SEC can deal with all the new projects coming out every month. It hasn't even gone after most of the ICO's of 2017. Why do you think it will be smaller? There are more VC funds than ever before pumping more money into the system.
- mlyle 4y agoVCs are about to starve; this makes everyone more selective. Next time around, when things pick back up, expect the SEC to be engaged from the beginning.
- dubswithus 4y agoI expect them to go after big fish like popular decentralized exchanges and DeFi projects that offer staking.
- BaseballPhysics 4y agoTo compare the crypto implosion to the broader economic recession, as though they're at all equivalent, is to say the least an error in scale. I suspect people who watched the Hindenburg said similar things: Well, you know, planes crash from time to time, but trust us, blimps will be back.
- dubswithus 4y agoIt became more clear during the pandemic. Speculation is a human need. It's not going away. See the reality for what it is and not what you wish it to be.
- lima 4y ago> Until the SEC starts getting people put in prison, the entire crypto sphere should not be trusted by anybody. They are going to do just that: https://www.sec.gov/news/press-release/2022-78 https://www.sec.gov/news/press-release/2022-78 And why wouldn't they? Crypto isn't a magical vaccum where existing laws don't apply.
- colechristensen 4y agoThe SEC seem to be heading in that direction, but they have been slow to react and haven't yet exercised reasonable regulation.