I think we should take back every word we uttered when we accused mainstream financial institutions of trying to stop “the crypto revolution”. Revolutions always come with a storm, but when they threaten the globe with depression, they should be checked. Now by ‘depression’, I mean mental and economic.
It’s been a while since I stumbled upon crypto philanthropy projects, only similar ones I’m aware of are comedians trying to make fun of Bankman’s effective altruism; sorry, Excessive altruism. I know he’s made a couple of good records; multiple Forbes mentions and appearance and surely one of the few very good men that gave other people’s money away. Anyhow you see it; I think he’s made a name for himself. His friends at the national media houses and his million Twitter followers can attest to that.
Enough of Sam though, but this whole ‘blurb’ is about him and how effective regulations would have saved millions of crypto gamblers (or investors) from a $10 billion incident. Just in case you are already taking back your words as we discussed earlier, I’d suggest you put a pause on it. Yeah, put a pause because the regulation attempts have never really been about investor protection.
If the United States government ever dipped its feet into crypto, it’d surely have some money stuck in FTX. Well, FTX US wasn’t part of the massacre and the funds should be safe. Even if Nayib left his nation’s bitcoins on FTX as the jokes told, he’d be glad to put an end to the losses he’s been counting since he put his nation’s money into bitcoin at ATH. I’m sure he is secretly DCAing or trimming his losses.
Regulations would have saved the collapse if there was ever an attempt at that. Unfortunately, that was never the case, and every word about stopping a revolution was factual. Even the United States officials were only bothered about the “super shadowy coders” whose only job was to deploy codes and use the blockchain… for fun. The real threats make donations to election campaigns and take front rows in political discussions.
At least the People’s Republic of China banned cryptocurrency mining and every crypto-related activity in the country, but I’m sure Jinping was more bothered about the portion of the nation’s power supply consumed by the miners in the country than the safety of the people’s fund in the firms that attempts to replace fiat.
About replacing fiat, I think we are devising a better way to go about it. Here’s my personal theory; exchanges and other custodial institutions are carting away investors’ and users’ funds and giving them (worthless) tokens as a replacement. That way everyone will have enough cryptocurrencies and less fiat. Revolution, yeah!
I guess most nations didn’t care about protecting their citizens since they’ve been already told that cryptocurrency isn’t a nationally recognized business. Every man to himself, the government is staying away from this one…until the next bullrun! About the investor, we wait on Sir. Bitboy for answers. You can save your statements about his paid shills, at least he didn’t give anyone’s funds away…literally. I suggest he takes a look at Sam’s new body build as portrayed by the New York Times (not sure I got that right).
I’d have loved to make a few statements about the new relief fund program by Binance’s tactician, but this blurb is limited to 600 words. I love to call it a blurb since it literally doesn’t even make much sense. But anyways, if this was cool to read, consider following us!
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