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> Traditional banks definitely go up bankrupt, and regulated financial entities definitely break laws, but it seems to happen with alarming frequency with crypt
by vageli 4y ago
> Traditional banks definitely go up bankrupt, and regulated financial entities definitely break laws, but it seems to happen with alarming frequency with crypto companies.
Traditional finance can be just as bad. Remember the savings and loan crisis? Just as regulations had to catch up with banking so too will they for cryptocurrency exchanges.
- petesergeant 4y agoSure, but I’ll note that you’re pulling an example from 30-40 years ago here where I’d be a little surprised if you couldn’t find an example of malfeasance leading to loss of deposits for at least every year since MtGox went down.
- vageli 4y agoYes but also consider how long banking has existed, and yet this still happened just 30-40 years ago. Cryptocurrency exchanges are relatively nascent in comparison.
- mrguyorama 4y agoThe fact that a lack of regulation results in a marketplace of scams was known before bitcoin was invented. Naivety of that is not acceptable. Bitcoin chose not to build in any protections in a financial systems to stop scams means they were purposely, or out of abject stupidity, leaving them out. Bitcoin doesn't get to say "oops we can add the ability to stop scams later" because it should have been table stakes from the very beginning But bitcoin was literally built to be free from regulation. Why is that?
- freejazz 4y agoOkay, but imagine instead recreating the system where the SLC happened vs continuing in one where it's been accounted for...