> ...crypto is just relearning the basic lessons of finance that banks and corporations learned decades ago.

To my way of thinking, they’re not relearning anything—they’re specifically using lessons learned from history as a playbook to make, well, illicit gains.

Everyone keeps saying regulation is the key, however in todays thread about 'not getting rich trading options' [0], all I see is people talking about how they lost money or that the game is rigged by the biggest players... and that is in one of the most regulated and well known markets on the planet.

I don't see how regulation fixes anything.

[0] https://news.ycombinator.com/item?id=33547658

>>This isn't to say that decentralized finance is exactly the same as traditional finance, because it isn't.

This has almost nothing to do with decentralized finance. FTX was a traditional centralized financial institution catering to crypto.

The leading DeFi apps have had no problems this cycle, and that's because they're fully on-chain, with every transaction validated atomically/in-real-time to be following the protocol's accounting rules. DeFi's transparency and accountability is what the best CeFi firms strive for.