Do We Really Need Regulations in Crypto? .:. Late Night Blogging
Okay, in this post I would like to have your mind widely open... To think differently... To think outside the box... Before rushing to judge my opinion on this... We are all on the same page and we all want to see crypto winning, but... For what price?
After the FTX debacle, my first thought was... We need crypto regulations... This is a catastrophic event that will hurt crypto a lot... After that I watched a lot of videos on this topic, and lately, read a post by @howzat on this topic too... At that moment, I asked myself a question that not many did... Do We Really Need Regulations in Crypto?
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We, humans, have one very bad characteristic... We always like to take the easiest path... If we can avoid some hurdles that can "flex" our muscles, we will avoid them... And become weaker instead of stronger... Maybe we are lazy to "invent" some better way, or we are just "silenced" by the huge MSM machine to follow the herd... I know that you will call me a conspiracy theorist, but we all were against crypto regulations, and now, after the FTX shitcase, everyone is calling for it. Goal succeed!
It reminds me on C-19 masks, lockdowns and distancing... In the beginning, everyone was against it, and then, everyone followed the herd, without questioning anything... The same happens at these moments with crypto... Crypto didn't fail, centralized entities did! We can't forget that... We are not allowed to forget... The point of crypto is decentralization, escaping from centralized banks and institutions... They came into our space, played the game following their rules (not crypto rules), and failed!
I want to underline once again that I was on the first line to call for regulations when FTX failed... It was an impulsive "objection"... That's how you fall into every single trap in your life... Someone lures you and you make an impulsive movement and make a mistake... So, it's time to take a deep breath, calm down, and think outside the box...
I'm a strong believer that nobody can be OVER someone else... Nobody is more important than some other... Rules SHOULD be the same for everyone... I know that's not the case (SBF is a living example... the guy is playing games at home after robbing billions from people... he will probably never go to jail...)... Anyways, the point is... If we, as individual investors can learn to use hardware wallets, then institutions can do it too... I know that they have some limitations, but working in the newborn industry is risky...
Some tools aren't even invented, but that's not an excuse for not working in that direction to find a solution... Instead of building on DEXes, "institutions" find an easier way and send their money to SBF to manage crypto for them... Like, WTF?! That has nothing to do with crypto at all... I said this before in some of my previous blogs, you can't look at crypto as just another stock in your portfolio... This is a completely different game... Put your big boy pants on and play by crypto rules if you want... If not, GTFO! (sorry for this, I got triggered... 😃)
Investors need protection of their assets.
@howzat
No, they don't! As a responsible adult, I can live "without the protection" and I can take care of myself, my family, and my assets... I don't need a freakin' bank to "protect my money from evil", I can put it on the blockchain and remember my private key... If I can, then the multi-billionaire company can do it too... You can find the way IF YOU WANT...
No, it's easier to go back to a traditional finance system that has failed hundreds of times than develop something better... And to be honest... It isn't about going on an easier path, it is always about the CONTROL and POWER... It's scary to give that back to the people... Who knows what can they do...
Well, guess what? We don't need approvals at all... We have crypto and we will take our power back! With or without you...
Thank you for your time,
~ph~
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Great points there Zoltan, people got screwed because they took the easy way out, we need decentralization, thanks for sharing and stay awesome.
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I feel that those that are looking for "protection" or "guarantee" don't understand the concept of risk management. There is always risks involved in investing, be it market risk or counterparty risk, and if one is not comfortable with the risks, then they shouldn't be buying cryptos.
As a person who lived in a "3rd world country" and experienced how "promises" of "secured" investments are a pure lie, I do understand that nothing is SAFU 😃
When shit hits the fan, everyone runs to the woods... including (especially) banks, politicians, etc... But, I do understand that people from "western countries" don't understand that as they didn't feel that on their own skin...
Knowing all this, I, even more, appreciate crypto, blockchain, and taking care of my own finances!
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Yeah I think for less developed countries, crypto is really a game changer for them.
I was wondering what regulators doing with regulations. SBF is not arrested, he is going to the conference to talk. Maybe SFB is going to talk about how to commit crimes, fraud, and steal millions while walking free even after being caught.
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He has literally bribed regulators to leave him alone to do whatever he wants... It's not true that there are ZERO regulations, as there are other companies that follow them... This was just an obvious example of corruption on the highest levels...
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I see there being two parallel running systems.
One fully connected to the legacy system - Regulated by governments, fully insured and all that jazz.
But the other parallel will be completely outside of the current system - It won't be regulated because it will be technically impossible to regulate.
For me, I want to build and be a part of the second parallel that provides humanity with permissionless money.
That's my end goal anyway.
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You are right, we are living in two parallel systems... It's weird, but we are living in the Matrix... lol... But, it's beautiful to see how OUR system is fixing the problem itself... Crypto and blockchain washout bad players and continue thriving... ;)
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Very few people in crypto understand (or in some cases, care) what crypto stands for. They just want to gamble or someone to gamble for them. And then talk trash about crypto after they lose everything.
It's hard to really build a true alternative system with people with such a mentality.
Regulations... Everything that handles fiat too will be regulated, that's almost certain. In fact, regulations already started... Have you been asked to regularly verify your account on major CEXes or have your account limited to withdrawal only?
The fight is to keep their power-greedy hands off crypto, as much as possible.
But let's not foul ourselves. We have plenty of problems. Have you seen what a dominant position Binance has? And CZ was looking to bring down a few other competitors besides FTX. Nothing like an induced "bank run".
And that's CEXes+DEXes.
Oh, yes... Binance has "used" this position to present themselves as "angels"... The irony is that it was exactly the same as what SBF did when he was "saving" companies after the LUNA crash...
Just today, I watched a video with Kathie Wood where she said a very simple observation about the FTX and their "investors"... It was something like: "When "traditional" investors research crypto, do the homework and UNDERSTAND it, then we can talk about real investing..."
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I don't like regulation but it's going to come. The people in power and those with money want to make sure they have power over things. So in this case, I think it's going to be the fiat system working out to have regulation and maybe the crypto decentralized space with no rules.
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Regulations are already here and you are right, we will have more and more of them... The bright side that I have noticed is that more and more intelligent people from "traditional" markets and finances start to realize the real power of decentralization... I know that doesn't mean a lot as many times, in "democracy", the smartest guys don't win...
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Rules... We need it but not with a formal regulator of the country's law. It's supposedly unspoken rules that everyone knows, like being kind to others, going far away from scammer and scam activity, and Never trusting anyone (Trust with your concerns). No connection to religion, politics, or any other like that.
That would be nice to see, but I doubt that it will be like that... 😃 As time goes by, I'm becoming more and more anarchist... :)
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