Fastackl.eth on Warpcast

Fastackl.eth pfp

Remeber the 2014 ETH ICO? Think that wasn’t the sale of an unregistered security? Of course it was. The real question is where would we be if Vitalik and co spent 12 mos + $2m trying to squeeze ETH into a 1933 paper shoebox instead of just launching. Guarantee ETH wouldn’t exist

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Metaversity pfp

Unfortunately, a whole range of crypto founders since then have dissed the SEC and convinced retail to raise quick money, only to not write one line of code or build a single project while rugging millions of dollars. Ethereum is a spectacular success. But millions of later investors have got got trying to emulate it

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Fastackl.eth pfp

SEC was formed in 1933, before the highway network was built and when only 10% of rural USA was electrified. They have neither the capability nor the interest to adapt to a world where anyone globally can create an asset by typing truffle migrate --network mainnet --reset. Instead they'll discredit and shut it all down

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Fastackl.eth pfp

Is regulation needed? Yes. But the SEC aren't set up to provide it. They're not even that effective in centralised markets. Education, readjustment of expectations (i.e. the state isn't going to save you from hurting yourself) and community vetting scale. Jailing engineers for writing software does not

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Metaversity pfp

Fair points ser. But so many people get scammed in crypto that they can only really get recourse from real life institutions. If the existing players in crypto turn a blind eye to the unwashed masses adopting crypto (and for the most part they do turn a blind eye - for e.g. MetaMask allows malicious signatures easily)

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You cannot expect the powers that be to not over regulate. How many people among us stepped up said Luna yields were unsustainable or that SBF was a maniac power grabbing everything. How can vetting happen when most people are visitors to the space and the existing one super quiet and nonchalant.

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Fastackl.eth pfp

They will regulate for sure but not to protect investors. They can't and they know it. It's regulatory theatre, just like TSA is security theatre. The best short sellers in the world (the real regulators) will tell you SEC are "archeologists" https://www.youtube.com/watch?v=55892jT06aI

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Metaversity pfp

I don’t disagree with you. I just think we need to fix our home independent of everything else. Anyone coming to crypto is just mince meat for one of the following: exchanges trading against customers, meme coin creators, scammers and phishing attackers, defective / fly by night protocol creators and rug NFT creators

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Permissionless is a utility only when new users are given advisory. Without advisory it is a slaughterhouse.

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Fastackl.eth pfp

IBKR, Robinhood etc. are regulated slaughterhouses. Crypto is a wilderness. Retail will get killed in either. They should understand this. As Honma wisely pointed out in the 18th century, never trade as a passtime. I'd say the same for crypto. Don't join as a passtime https://en.wikipedia.org/wiki/Honma_Munehisa

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Fastackl.eth pfp

Difference bw a slaughterhouse and a wilderness is in wilderness there is hope and excitement and a slaughterhouse there is only death. Crypto delivered in 2 years AAVE, Compound, Uni, DAI, countless other innovations that "Fintech" never achieved in 30 years. because, again we're free to learn from our failings fast

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Metaversity pfp

I wanted to state this yesterday. But there were too many other points to be made. But DAI is just half USDC. It is not immune from contagion. Doesn’t look like a 1000x technology to me. Wishful optimism at best. https://i.imgur.com/tUq7wCS.jpg

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Please read this thread for another spectacular example of 1000x innovation in DeFi https://twitter.com/BowTiedPickle/status/1634415551450587138?s=20

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Fastackl.eth pfp

Sums up why crypto is incredible. Equal opportunity. Unequal results. If people want equality they should stick to banks and keep their balances below $250k. Different strokes for different folks https://twitter.com/bowtiedpickle/status/1634415559080017920?s=46&t=wF5ULnIX1aykc2oQdSRGQg

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