Is the Poly hack an additional bullet for regulations?

Hi,

today we had another major hack, where the thieves took over $600 million in crypto assets. Poly, the multichain DeFi site, has been the newest victim.

The sum is humongous, and a lot of people have been ruined by this hack.

Now, the question is, why DeFi project, and crypto in general is not safe when it is supposed to be one of the safest technology out there.

Do we need independent safety certifications? Here I think yes, but it shall be done voluntarily, and the people shall be able to be aware of this so that they can choose wisely.

With the certifications, the issue is, they can be mandatory and state ruled, which is dangerous, as the De(centralized) part in DeFi is gone. If a central power can dictate, it is not independent any more.

A lot of countries are now trying to regulate crypto to have a control over it. DeFi is one of the hardest things that a state can control and impose rules on it. Firstly, if the chain is safe, it autoregulates, it is capitalism in its purest form, where value is decided by demand and availability, not depending on the people holding it. It is not taking care of the race, background and anything else about the staker, but only about the stake and the market. This is capitalism, free from anything else.

Capitalism is the form of finance where the state does little to none intervene, and we know states, they don't like free markets, that can also crash but can also free a lot of people.

I think that this hack will bring another argument for governments to control DeFi, which is somehow wrong, as I can only say Bernie Madoff, or Wirecard where the governments have been in control, rumours are that some left wing chancellor candidate was also involved, but these are rumours. So a control of government does not mean safety in the end, and systems can be hacked.

How do you see it?

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