Re:Solend seized $170M of user funds
by colinsane on Sunday June 19, 2022 @05:54PM
(#31803904)
> they will quickly realise that regulations will wipe out the majority of tokens and projects unable to comply with them
might this be part of the DYOR reasoning? some gut-level reaction that “unless we encourage every individual user to take responsibility, then most of those users will welcome 3rd party (govt/bureaucratic) regulators”?
i don’t know that this is wholly delusional, either — i think it’s just a difficult culture to preserve during massive growth. but look at any mid/large crypto project and they usually show off their audits. audits which they willingly paid for because enough users care about it that demonstrating your system is hardened actually has positive ROI. it happens enough that distinct auditors each have their own reputation (oh, X audited notable project Y => their audit on new project Z probably means something). this whole auditing system is in some very real sense a form of “self-regulation” — but the whole thing is predicated on DYOR.
might this be part of the DYOR reasoning? some gut-level reaction that “unless we encourage every individual user to take responsibility, then most of those users will welcome 3rd party (govt/bureaucratic) regulators”?
i don’t know that this is wholly delusional, either — i think it’s just a difficult culture to preserve during massive growth. but look at any mid/large crypto project and they usually show off their audits. audits which they willingly paid for because enough users care about it that demonstrating your system is hardened actually has positive ROI. it happens enough that distinct auditors each have their own reputation (oh, X audited notable project Y => their audit on new project Z probably means something). this whole auditing system is in some very real sense a form of “self-regulation” — but the whole thing is predicated on DYOR.