Are Regulators Protecting Crypto Users or Hurting Them?
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?
About LeoFinance
LeoFinance is a blockchain-based Web3 community that builds innovative applications on the Hive, BSC, ETH and Polygon blockchains. Our flagship application: LeoFinance.io allows users and creators to engage & share micro and long-form content on the blockchain while earning cryptocurrency rewards.
Our mission is to democratize financial knowledge and access with Web3.
Twitter: https://twitter.com/FinanceLeo
Discord: https://discord.gg/E4jePHe
Whitepaper: https://whitepaper.leofinance.io
Our Hive Applications
Join Web3: https://leofinance.io/
Microblog on Hive: https://leofinance.io/threads
LeoMobile (IOS): https://testflight.apple.com/join/cskYPK1a
LeoMobile (Android): https://play.google.com/store/apps/details?id=io.leofi.mobile
Delegate HIVE POWER: Earn 16% APR, Paid Daily. Currently @ 2.8M HP
Hivestats: https://hivestats.io
LeoDex: https://leodex.io
LeoFi: https://leofi.io
BSC HBD (bHBD): https://wleo.io/hbd-bsc/
BSC HIVE (bHIVE): https://wleo.io/hive-bsc/
Earn 50%+ APR on HIVE/HBD: https://cubdefi.com/farms
Web3 & DeFi
Web3 is about more than social media. It encompasses a personal revolution in financial awareness and data ownership. We've merged the two with our Social Apps and our DeFi Apps:
CubFinance (BSC): https://cubdefi.com
PolyCUB (Polygon): https://polycub.com
Multi-Token Bridge (Bridge HIVE, HBD, LEO): https://wleo.io
▶️ 3Speak
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.
Posted Using LeoFinance Beta
I've never heard anyone thank a regulator within the context of crypto.
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.
Posted Using LeoFinance Beta
Their track record is too loud for me to buy the idea of protecting crypto users as the real goal of regulators.
Posted Using LeoFinance Beta
https://twitter.com/1415155663131402240/status/1612670195944026113
The rewards earned on this comment will go directly to the people( @rzc24-nftbbg ) sharing the post on Twitter as long as they are registered with @poshtoken. Sign up at https://hiveposh.com.