Regulation is not a matter of if, it’s a matter of when, how it’s implemented is what we need to be concerned about. Nothing I’m saying is new or groundbreaking, they’re aware…
Agreed 100%. A bit OT here, but can any brighter minds opine on what is the risk of UST and other Terra stablecoin regulation, given that they are not fiat backed?
I’ve been going off the thesis that when USDT implodes (is regulated to oblivion), and other stable coins suffer as in the US they need to register and operate as banks (or something fundamentally similar) given the fiat backing, that UST could take the place of USDT and become the predominant stablecoin on exchanges and elsewhere. But, that is predicated on the assumption that Terra UST would not be regulated as it’s not fiat backed in any shape or form. Am I missing something and is there a US legal framework for even synthetic stablecoins to be regulated?
So we arrive at the truth. Greed > sustainability. Playing ponzi games with people’s finances is what ends up with prison sentences / global most wanted lists once it collapses.
If this indeed a fully centralized system it becomes absolutely vital there’s oversight and regulation and rightly so.
You can’t have it both ways.
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On the topic of decentralization and permissionless, who actually turned off EthAnchor for 10 hours yesterday, why and how?
Was this capital controls at play to prevent a collapse as hundreds of millions of degenbox UST tries to get out of the system?
Do we know what other covert capital controls are in play?
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Thinking in absolutes often leads to conspiracy theories, more than often the truth lies somewhere in the middle.
I’ve given up on this, carry on and I’ll do my best to ignore the next fud narrative.
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