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It gets fixed by largely replicating the traditional finance system, which would of course be completely pointless. The whole point of crypto is to evade govern
by noelsusman 4y ago
It gets fixed by largely replicating the traditional finance system, which would of course be completely pointless. The whole point of crypto is to evade government regulations, which means this kind of stuff is inevitable.
- xtracto 4y agoThe problem with all these current Crypto "projects" is that they don't want to be boring. Banks and other typical financial institutions are boring; and there's a good reason for that. There's a reason why you have all those audits, certifications, compliance programmes and red tape. We (as developers/workers) may like it or not; but as customers we love it. Banks are audited every month to verify that their reserves are there. They are also audited to see the balance between their risks and assets. Their systems are audited to ensure accountability (everyone must take at least 5 days of PTO a year, to ensure no single point of failure/fraud). But the kids that are creating these new Crypto CeFi companies hate being boring. They got in because of the millions and the whirlwind of excitement that the Crypto space brings. And for that reason they have a mess in their internal ledgers. I love Blockchain technologies, Bitcoin and Ethereum. But I couldn't care less for all the "cool kids" wanting to get into this train without proper adult supervision.