A Call For Crypto Regulation As A Result Of FTX Crash

beatrice3em in #hive-167922 • 2 years ago

Happy day to members of the Leo finance community, I hope you all are doing well.

One of the pending crypto cases I wouldn’t say is in crypto court though is the case of losses in FTX funds.

Recently did Sam Bankman Fried filed for bankruptcy case as regards FTX saga.

It is necessary to understand that money evaporated from user’s wallet through drainage method and they were prevented from exchanging their asset in their own favor. Where is the decentralization we're clamoring for?

Bankruptcy is a legal case involving financial organization who gets into business deals that are unfavorable and ends in loss.

This may lead to physical attack of the person in question (SBF) and hence the court needs to warrant the protection of his life but it has to be dully followed.

In my own opinion I think he should continue the process but be prepared for proper questioning because there is nothing you will tell me that happen in this case you prevented liquidity of your asset and all of a sudden people saw a drain in their asset, how do you intend to even explain this to me it was a collaborative effort of the CEO and other third parties.

Source

This is purely visible scam in crypto hiding under the shade of court.

What would really be the outcome of the case or are you trying to tell me that over billions of investors’ funds are currently hanging somewhere in the air? This is purely a joke to my understanding. It is visible that in this case funds were not efficiently managed and are gone; funds were used to bet which is not supposed to be so because they trusted you enough to build on your existing system.

There is a need for implementation of laws guiding crypto in order to favor investors.

I will be presenting reactions as regard

Here is a tweet from popular business man Elon Musk, he likened the case to another’s opinion stating clearly that SBF was bad at league.

This is a statement considering SBF deeds in the financial sector I am very sure he didn’t play his cards right and at the end of the day lost the battle.

My suggestion as regards this issue

In crypto were you don’t know about the life of anyone claiming to be a CEO of any financial company, it is very essential for investors to call for Regulation.

Source

Regulation in crypto will prevent such cases because of the presence of governing bodies to look after people funds.

In crypto regulation according to my suggestion, the CEO of any crypto companies should not only be responsible for funds management.

Source

I know there can be a scenario of liaising with third parties to carryout fraudulent act under regulations but this calls for the needs of ensuring artificial system of protection which is linked to informing the user is been built.

However this body regulating crypto will be responsible for repayment if there are losses encountered such as the case of Sam Bankman Fried.

Thanks for reading, let’s all support crypto regulation now.

#leofinance #investment #crypto #ftx #proofofbrain #leo #creativecoin #waivio #hive-engine #finance

2 years ago in #hive-167922 by beatrice3em

1.39 VYB

Sort:

Trending

[-]

latinowinner 2 years ago

earlier stages, lots to be done

0.00 VYB

[-]

beatrice3em 2 years ago

Honestly, lots and lots to be done. If we call crypto the future finance it must have to do away with curruption else no difference.

0.00 VYB

[-]

lookplz 2 years ago

To anyone with a brain, it's pretty clear he was a plant into the crypto world to gain more control over it. Governments are pathetic and will do anything and everything possible to control the people. This is the perfect example of it. I'm not anti-semetic, but I do also find it quite funny that he's Jewish, when Kanye (Who's seen the top and the power that resides there.) is claiming things are controlled by Jews. Seems not too outlandish when you consider the control governments are trying to push because of this Jewish person's "mis-step" as if he's stupid.. when he got to the top. Convenient for him to have failed while being intelligent enough to get to that point, magically, out of nowhere. Seems maybe there is some sort of agenda beyond face value and maybe exposure of that is starting to ruin careers and maybe there are those to blame. Governments are to blame above all else, as they were meant to protect and serve us, which they do minimally if at all. They seek power, control, and subservience. Crypto can't be bought, sold, or controlled. That is what those who seek power, fear the most. Whoever they may be.

0.00 VYB

[-]

lookplz 2 years ago

Regulation is just a means of control. Governments should not control money any more than an individual should control another's. WE should all be in control of our money and be the ones responsible for ourselves. The problem with humanity is the weakness in thinking we need numbers or to work together for everything. Sometimes the strength that comes from numbers is individuals working, strongly, alongside one another, without needing control or obedience from another or to be tied or bound to one another against our will. Broad laws do not cover every situation, experience, or moment. They should never be applied as a blanket, every case should be handled differently. Laws should not be solid, they should be adaptable. Most are not. Most are rule of law and obey or die or be put in a cage. Most laws are not to protect, but to ensure obedience. Government doing anything, is not for your benefit, it is for the benefit of the government.

0.00 VYB

[-]

beatrice3em 2 years ago

Now how sincere the individuals you are referring too will be when they are meant to control. That was even why I suggested an AI system that cannot cheat. Because humans could colaborate to do that.

0.00 VYB

[-]

beatrice3em 2 years ago

Well that's true dear, you said crypto cannot be bought or sold, I actually understand that people in power also contributed to FTX crash. But what measures can you think should be made available because it seems the government we know and don't trust seems to be better than a known trust person.

For instance I never knew SBF from anywhere but I got friends that invested into his idea though they have lost thier investment. So how do we get to control that.

0.00 VYB

[-]

hivebuzz 2 years ago

Congratulations @beatrice3em! You have completed the following achievement on the Hive blockchain And have been rewarded with New badge(s)

You received more than 2500 upvotes.
Your next target is to reach 2750 upvotes.

_{You can view your badges on your board and compare yourself to others in the Ranking}
_{If you no longer want to receive notifications, reply to this comment with the word STOP}

Check out the last post from @hivebuzz:

	HiveBuzz World Cup Contest - Round of 16 - Recap of Day 2
	Our Hive Power Delegations to the November PUM Winners
	HiveBuzz World Cup Contest - Recap of the last day of the group stage.

Support the HiveBuzz project. Vote for our proposal!

0.00 VYB

[-]

beatrice3em 2 years ago

Thanks for the badge @hivebuzz

0.00 VYB

[-]

hivebuzz 2 years ago

You're welcome @beatrice3em.

BTW, may we ask you to support our proposal so our team can continue its work?
You can do it on Peakd, ecency, Hive.blog or using HiveSigner
https://peakd.com/me/proposals/248

Your support would be very helpful.
Thank you!

0.00 VYB