Hey Crypto Bros,
This has been a rough ride lately in Cryptoland, let’s be real. The FTX Fallout keeps hitting hard with new information almost daily. We’re not even close to being done with seeing the dust settle just yet. Here in Canada regulators have used this as an excuse to lock down elements of Leverage on Regulated Centralized Exchanges. Some of their ideas are good and I totally support them, but I do believe there is some level of leverage that should be allowed, even though I don’t use leverage myself in my own long term investing.
We want to see Bad Actors go to jail and we want to be able to trust that centralized exchanges are not using user funds in their own trading business.
But we also want to give Investors the same tools they have now in the legacy system, with the added benefits of Digital Assets. I talked a few weeks ago how we saw this happen with major banks in 2008 and that’s one of the reasons Bitcoin was invented. The world needs trustless money and that’s why Bitcoin doesn’t have a spokesperson or CEO. That’s the beauty of Bitcoin, it is software that just works, without the need for a “trusted” 3rd party.
So, I agree with some of the ideas from the Canadian Regulators. I also think there’s more talking that should happen between bureaucrats, the industry and the informed public.
See you in the Metaverse,