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This is effective altruism at its finest. They will finally give Congress and the SEC the egregious case they need to craft (and enforce) new laws governing DeF

This is effective altruism at its finest. They will finally give Congress and the SEC the egregious case they need to craft (and enforce) new laws governing DeFi. The industry as a whole will become safer due to their malfeasance. If that's not altruism, I don't know what is!

angio 4y ago
How is FTX related to DeFi in any way?
- marcus0x62 4y ago
  Well, clients believed their money was centralized at FTX. They now realize it has been decentralized to many other places.
- VLM 4y ago
  The FTX business model was to initiate regulatory capture, spend a flood of money on the usual DC insiders to make all competitors DeFi illegal in the USA, then they just happen to soak up all the profits. It would have worked out fine if they had just held it together until after they hired the US Gov to put all their competitors out of business. They would have been too big to fail and these smaller numbers could all be swept under the rug by larger numbers. Well, startups lose money until they make money of course. One of the guys who's company was about to get shut down by the legislation FTX was purchasing, decided to out FTX's questionable balance sheet (if he's taking us out, then we're taking him out first...), and the rest is history. If you pay the right people, the us government strongly supports anticompetitive policies. That side of the story was going to be very profitable.
- jmyeet 4y ago
  Guilt by association. No, seriously. Do you expect Congress or the SEC or the DoJ to understand (and, perhaps more importantly, care) about the difference? I'm quite serious: all they're going to hear is "crypto".
defen 4y ago
The Adrian Veidt theory of FTX. I like it!
JumpCrisscross 4y ago
> will finally give Congress and the SEC the egregious case they need to craft (and enforce) new laws governing DeFi Lumis and Gillibrand's proposals went from being considered for omnibus insertion to DOA. The people who write the coming rules are not going to be friendly towards industry.

angio 4y ago

How is FTX related to DeFi in any way?

marcus0x62 4y ago
Well, clients believed their money was centralized at FTX. They now realize it has been decentralized to many other places.
VLM 4y ago
The FTX business model was to initiate regulatory capture, spend a flood of money on the usual DC insiders to make all competitors DeFi illegal in the USA, then they just happen to soak up all the profits. It would have worked out fine if they had just held it together until after they hired the US Gov to put all their competitors out of business. They would have been too big to fail and these smaller numbers could all be swept under the rug by larger numbers. Well, startups lose money until they make money of course. One of the guys who's company was about to get shut down by the legislation FTX was purchasing, decided to out FTX's questionable balance sheet (if he's taking us out, then we're taking him out first...), and the rest is history. If you pay the right people, the us government strongly supports anticompetitive policies. That side of the story was going to be very profitable.
jmyeet 4y ago
Guilt by association. No, seriously. Do you expect Congress or the SEC or the DoJ to understand (and, perhaps more importantly, care) about the difference? I'm quite serious: all they're going to hear is "crypto".

defen 4y ago

The Adrian Veidt theory of FTX. I like it!

JumpCrisscross 4y ago

> will finally give Congress and the SEC the egregious case they need to craft (and enforce) new laws governing DeFi Lumis and Gillibrand's proposals went from being considered for omnibus insertion to DOA. The people who write the coming rules are not going to be friendly towards industry.