A Call For Crypto Regulation As A Result Of FTX Crash
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.
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.
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.
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.
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.
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.
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.
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.
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earlier stages, lots to be done
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.