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I'm extremely pleased that the FTX debacle seems to be preventing any further integration of cryptocurrency into the existing financial system, and perhaps even
by monero-xmr 4y ago
I'm extremely pleased that the FTX debacle seems to be preventing any further integration of cryptocurrency into the existing financial system, and perhaps even reverse it. I want absolutely no ties whatsoever between it and what I consider a morally bankrupt system of central planning, money printing, moral hazard, lack of skin in the game, bailout culture...
Let the cryptocurrency ecosystem develop (and implode) on its own. If you lose money, it's on you. No bailouts, no government help, no nothing. IMO in 30 years the system will either have trust eliminated with rock-solid stability, or it will die out. My hope is the system will self-police as a grand economic experiment. The less the government intercedes the better things will be longterm.
- polygamous_bat 4y agoI agree, with the added stipulation that every Cryptocurrency product gets regulated like tobacco: with large labels warning lay-people of the inherent dangers of "being your own bank". I have nothing against idealists trying to reinvent economy and speed-running 200 years of banking regulation in a decade. But I draw the line when someone has to discourage their grandpa from putting their retirement savings in the likes of FTX because the grandpa saw a flashy ad during Superbowl half-time.