Are Regulators Protecting Crypto Users or Hurting Them?

in #hive-1679222 years ago

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In this clip from the AMA, Mitch and I ask one of the most important questions circulating in Crypto right now: are regulators going to help or hurt the industry?

Some people go as far to say that SBF was planted by regulators to implode the crypto industry from the inside.

I don't necessarily buy that story but I do think that Regulators will take full advantage of the situation - as they always do.

We already hear them talking about crackdowns on various aspects of the industry and looking for ways to make it "impossible for this to happen again".

But take a look at TradFi. Look at traditional banks. If everyone went to the bank and tried to withdraw simultaneously, the banking system would collapse. There's not enough of their fake money for us to withdraw all at once.

Every system is a ponzi scheme at some level. The question is: which one will blow up and which one will be able to hold out long enough to grow and keep themselves afloat?

What's your take on regulation in crypto post-FTX?

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Their track record is too loud for me to buy the idea of protecting crypto users as the real goal of regulators.

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I've never heard anyone thank a regulator within the context of crypto.

In my view, the crypto space should expect regulations/policies to support the further growth. No matter we like or dislike, governments runs states and the mainstreaming of the blockchain tech depends on the alignment governments provide. Crypto money, bitcoin and the blockchain tech are different to different people. The blockchain tech can utilize support through regulations in solving real world process problems that clogs our services as of now.
Use of NFTs and smart contracts to support borrowing and lending in developing countries, and use of the tech to improve service delivery are things I hope regulators see.

Misuse of public money is crime and the regulators will use that as an excuse to draft a policy that governs the growing sector of crypto. I wish they do no destroy the positive developments happening in the space.

I would prefer to see free markets figure it out. We need more transparency; not regulation. Open source code, security audits (like the ones CUB and POLYCUB) and bug bounties that incentivize white hats (or even grey hats) to help fix vulnerabilities. Above all: Not Your Yeys! Not Your Crypto!

We need education better regulated investors. Adults are not children. They should not be treated as if they are still in middle school. Cryptosphere out innovated the global financial industry in a few years bootstrapping themselves and building from scratch. Regulation is will slow down innovation by a significant degree.

Last year I wrote a long article explaining what I could find about FTX and it is a very deep rabbit hole. It is far bigger than cryptocurrency.

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There's a lot of sensationalism about the crypto industry. The mainstream media always makes it seem like everything that happens in the crypto industry is totally new, we know it isn't.

Just recently, there was something like a bank run in China, the government hosed down people that were going to bank to withdraw their money.

There was also that incident in Lebanon where a citizen went to the bank with GUN to withdraw his own damn money because the bank refused to give him when he "asked nicely" and while he got arrested, he eventually got his money . It was for his dad's medical bills.

Tradfi has well documented failings with far reaching effects. How many real estate crashes and stock market crashes have happened in the past 10 years, you don't see the feds waxing lyrical about "clamping it down" but when it's crypto, their dick gets hard.

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