Re:Ethereum founder on U.S. crypto crackdown
by api on Saturday September 23, 2023 @11:19AM
(#37624052)
You’re right that the financial industry screws people over. I don’t trust the financial industry.
The problem is that crypto is part of the financial industry and seems to have become a repository of its worst elements due to lack of accountability, reversibility, or regulation.
Crypto is like a financial version of the “de-policing” experiments in places like San Francisco. “We’re tired of cops abusing their power” but they forgot that without the cops you get abused instead by a bunch of random bandits.
Getting rid of all financial regulation to rein in central banks has the same effect. Now you get eaten alive by the hordes of smaller time scammers that were being held at bay by the system.
The problem is that crypto is part of the financial industry and seems to have become a repository of its worst elements due to lack of accountability, reversibility, or regulation.
Crypto is like a financial version of the “de-policing” experiments in places like San Francisco. “We’re tired of cops abusing their power” but they forgot that without the cops you get abused instead by a bunch of random bandits.
Getting rid of all financial regulation to rein in central banks has the same effect. Now you get eaten alive by the hordes of smaller time scammers that were being held at bay by the system.