General > General Technical Chat
Silicon Valley Bank Collapses
tom66:
--- Quote from: EEVblog on March 16, 2023, 07:06:14 am ---So the US federal government shuts down a Signature Bank and stipulates that the bank that buys it not be involved in crypto in any way? (presumably also going forward?)
How is this not a direct federal government attack on the crypto industry?
CBDC conflict of interest much.
The rug pull is in plain sight.
https://www.coindesk.com/policy/2023/03/16/signature-banks-prospective-buyers-must-agree-to-give-up-all-crypto-business-report/
--- End quote ---
Meh. We've had so many try to make crypto a success and all I see is one scam after another. Any financial industry would be shaken by a major bank collapsing but effectively from crypto in the space of just a decade we've seen Terra/Luna crash, FTX completely implode, Celsius bankruptcy, Mt.Gox theft, numerous rug pull coins, and many more. There's a reason banks are regulated, and if crypto is to succeed it will need to be tightly regulated, which kinda defeats the whole point so I'm not sure whether crypto in the current form ever makes any sense except for criminal activity.
EEVblog:
--- Quote from: tom66 on March 16, 2023, 10:26:19 am ---Meh. We've had so many try to make crypto a success and all I see is one scam after another. Any financial industry would be shaken by a major bank collapsing but effectively from crypto in the space of just a decade we've seen Terra/Luna crash, FTX completely implode, Celsius bankruptcy, Mt.Gox theft, numerous rug pull coins, and many more. There's a reason banks are regulated, and if crypto is to succeed it will need to be tightly regulated, which kinda defeats the whole point so I'm not sure whether crypto in the current form ever makes any sense except for criminal activity.
--- End quote ---
Crypt is a direct threat to governments and their coming CBDC's, they'll take every opportunity they can to shut it down.
tom66:
--- Quote from: EEVblog on March 16, 2023, 10:36:38 am ---
--- Quote from: tom66 on March 16, 2023, 10:26:19 am ---Meh. We've had so many try to make crypto a success and all I see is one scam after another. Any financial industry would be shaken by a major bank collapsing but effectively from crypto in the space of just a decade we've seen Terra/Luna crash, FTX completely implode, Celsius bankruptcy, Mt.Gox theft, numerous rug pull coins, and many more. There's a reason banks are regulated, and if crypto is to succeed it will need to be tightly regulated, which kinda defeats the whole point so I'm not sure whether crypto in the current form ever makes any sense except for criminal activity.
--- End quote ---
Crypt is a direct threat to governments and their coming CBDC's, they'll take every opportunity they can to shut it down.
--- End quote ---
A decentralised system will still need some kind of financial regulation. What the current experiment with crypto has shown is it is not sustainable to expect the market to regulate itself.
EEVblog:
--- Quote from: tom66 on March 16, 2023, 10:49:47 am ---A decentralised system will still need some kind of financial regulation. What the current experiment with crypto has shown is it is not sustainable to expect the market to regulate itself.
--- End quote ---
In this case it's not regulation, it's an attempt at active supression.
coppice:
--- Quote from: tom66 on March 16, 2023, 10:49:47 am ---A decentralised system will still need some kind of financial regulation. What the current experiment with crypto has shown is it is not sustainable to expect the market to regulate itself.
--- End quote ---
Nobody has ever come up with a decentralised financial system. They like to talk about crypto as decentralised, but every scheme proposed so far has a choke point where people can take control.
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