Re:FTX to file for U.S. bankruptcy, CEO resigns
by xxEightyxx on Friday November 11, 2022 @02:34PM
(#33565626)
What a wonderfully ignorant statement to make.
While not completely wrong, we have only to look at the various markets at play around the world to see how not very different they are to the crypto market.
Housing crisis of 2007/08. Even with regulation and a plenty capital market institutions, nearly all of the major banks collapsed and failed had it not been for government intervention.
Previous to that we had Enron and the Dot-Com bust. Previous yet, was the Savings and Loan crisis.
Even our current economic environment shares similarities in terms of middle-class wealth being destroyed - albeit less dramatically and at a slower rate.
There is one common theme among all economic events - certain groups/classes always fare better than others, either by design or just happenstance.
Ultimately regulation is without any real effect if it's not enforced or applied somewhat equally across the spectrum of investors - retail and capital markets. Greed and corruption are equally present in all areas of investing and governance.
While not completely wrong, we have only to look at the various markets at play around the world to see how not very different they are to the crypto market.
Housing crisis of 2007/08. Even with regulation and a plenty capital market institutions, nearly all of the major banks collapsed and failed had it not been for government intervention.
Previous to that we had Enron and the Dot-Com bust. Previous yet, was the Savings and Loan crisis.
Even our current economic environment shares similarities in terms of middle-class wealth being destroyed - albeit less dramatically and at a slower rate.
There is one common theme among all economic events - certain groups/classes always fare better than others, either by design or just happenstance.
Ultimately regulation is without any real effect if it's not enforced or applied somewhat equally across the spectrum of investors - retail and capital markets. Greed and corruption are equally present in all areas of investing and governance.