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Crypto shouldn't be regulated. It's explicit purpose is to bypass the regulation overhead of fiat, stick it to the man so to speak. The fallout of things like F
by internetter 2y ago
Crypto shouldn't be regulated. It's explicit purpose is to bypass the regulation overhead of fiat, stick it to the man so to speak. The fallout of things like FTX is a natural consequence of the crypto community's wishes and the government stepping in to bailout and prosecute is contrary. FAFO imo.
- fourside 2y agoNothing says “stick it to the man” like having heads of state and some of the wealthiest people on the world be heavily invested and doing business with crypto.
- hiq 2y agoWhat do we do if crypto becomes important enough such that events such as FTX downfall have an impact on non-crypto activities?
- mrguyorama 2y agoWe are sure working our assess off to make another financial panic and Great Depression.
- tim333 2y agoThing with FTX is it was sold as a regular investment via superbowl ads etc. I'm not sure it needs special regulations, different from those for buying and selling used cars, beanie babies etc. but should still be subject to basic stuff like don't steal your clients money.
- flowerthoughts 2y agoThe biggest problem there was all the talk of FDIC secured deposits as a way to legitimize the centralized crypto exchanges. First, don't advertise falsehoods, obviously. Second, if your money is tied up as Beanie Babies, the question whether they are stored in high security vaults or a shed is a dangerous red herring.
- tim333 2y agoWith FTX the main issue was separating client funds. In all such business client funds should belong to the clients and not be taken by SBF or whoever to gamble with.