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Madoff was also involved in a highly regulated industry. That's one thing that confuses me about all of this. A main selling point - probably _the_ main selling
by bnralt 4y ago
Madoff was also involved in a highly regulated industry. That's one thing that confuses me about all of this. A main selling point - probably _the_ main selling point - for crypto has been that it allows users to avoid the current legal framework. And that was also the main reason FTX gave for moving to the Bahamas - there was much less regulations.
It's strange to see people actively seeking a space outside of the government's legal jurisdiction, and then getting incensed that the government isn't entering that jurisdiction more quickly to protect them when things inevitably go sideways.
- eric_cc 4y agoYou’re confusing things. Centralized exchanges like FTX are acting as asset custodians in the same way as a bank, or a stock broker. FTX is not a cryptocurrency. Crypto users that espouse freedom from government are usually talking about being able to use crypto, on chain, without government interference. They don’t want to be taxed for using bitcoin as a currency, be able to use decentralized services without complex regulations and tax laws, etc. etc I’ve never heard the case made that asset custodians should be able to steal assets from their customers regardless of the underlying asset.