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I did not read this bill, but I am vey worried that regulating it will bring crypto into the fold of regular financial markets/constructs and the government wil
by yalogin 4y ago
I did not read this bill, but I am vey worried that regulating it will bring crypto into the fold of regular financial markets/constructs and the government will bail out any perpetrators of fraud or mismanagement, like SBF, going forward. We have collectively lost the ability to say you screwed up and so you suffer the consequences and instead bail out collective failures of corporations. The larger the failure the higher the chance of bail out. I honestly don't see any value in crypto, am not alone in that, and unless that changes I don't want it to brought up to par with USD based constructs.
I should add that I would like to be educated if I am wrong in this thought process.
- andsoitis 4y ago> government will bail out any perpetrators of fraud What’s an example where this happened in the past?
- renonn 4y agoi’m sure you can think of one if you try
- kube-system 4y ago> the government will bail out any perpetrators of fraud or mismanagement, like SBF, going forward. The US government bails out very few financial institutions. https://www.fdic.gov/resources/resolutions/bank-failures/failed-bank-list/ https://www.fdic.gov/resources/resolutions/bank-failures/fai...
- albinofrenchy 4y agoIt isn't clear to me that regulations could or would cause that. Or that not being regulated would prevent it. FDIC / SIPC type protections would be beneficial to consumers in cases like FTX. I'm guessing if a crypto version of those things existed, FTX would have massively failed to secure membership since by all accounts it was outright fraud. And if they did, US consumers would receive some portion of their funds back. I think things like ethereum could have real value but as long as the landscape is littered with rugpulls and ponzi schemes I don't think it will realize that potential.