Cryptocurrency: Must Regulate Itself, Else It's Corrupt, And Its Mission Will Fail

[grarpamp]

We really could have handled the 2008 Great Financial Crisis better...

ArchaeoHistories @histories_arch
In medieval Catalonia (Spain), bankers who became bankrupt, were
publicly disgraced by town authorities, and given nothing but bread _
water to eat until creditors were paid off. After a year, if bankers
failed to paid, they would be beheaded & their property sold off to
pay them



scott @scott_lew_is
the existence of a corrupt relationship between Sam Bankman-Fried and
Gary Gensler is becoming more and more plausible as more facts come
out. latest: FTX general counsel used to report to Gary Gensler at the
CFTC as his lead counsel.

Ser Jeff Garzik @jgarzik
What was SBF lobbying against? DeFi. 🤔 What would have prevented
this? DeFi. 🤔 What exchanges already publish real-time
proof-of-reserves? DeFi. 🤔 What will US regulators try to shut down?
DeFi. 🤷‍♀️

To perform the Regulatory Capture maneuver, design a rule that sounds
good to regulators because it sounds like it will protect citizens,
but make sure that it will actually prevent your competition.
suzuha ⚡🌙 @dystopiabreaker
SBF was explicitly advocating *against* protocols that prevent the
type of fraud he performed! he was advocating for legislation that
would choose more fraud-prone structures as winners!

Interesting. @GaryGensler runs to the media while reports to my office
allege he was helping SBF and FTX work on legal loopholes to obtain a
regulatory monopoly. We're looking into this.