FTX Collapse Creating Chaos as Users Ask for Regulations
FTX nearing bankruptcy has sent much of the crypto industry into a tailspin. The company once had a $32b evaluation and is now headed towards extinction after Binance opted out of the acquisition.
Simon Mak, Professor at Southern Methodist University in Dallas, TX, points out that these companies have sizable effects not only on the market but in the crypto technology space in general. This also begs the question of who, if anyone, is regulating the moral compass that these companies theoretically possess.
“The spirit of cryptocurrencies was to be a funding mechanism to support cool blockchain projects that solve tough and unaddressed problems in society. Now, let’s fast forward to 2022 where cryptocurrencies have now become the main focus in using blockchain for good to solve societal problems.
Why? Easy answer, and it’s the same answer as always, greed and the unmitigated pursuit of wealth without a moral compass. The nuance, however, in this answer is that in the new digital world, wealth and crime scale rapidly, specifically for blockchain. Wealth and crime began with a cohort of technologists, many of whom were educated at top-tier universities like MIT.
It is beyond shameful that there are people who have been gifted with technical superpowers and instead of using their superpowers for good, they use them to increase their personal pocketbook.”
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