Avoiding Future Crash Events Like FTX And LUNA.
Times like this are when many of those people who have publicly spoken against crypto get to shine. We get the numerous "I told you so" and backlash against the crypto industry. An outsider may feel like they are right with the many scam, crashes and hacks. Unfortunately, events like these tend to drive more people out of cryptos especially those who have lost most or all they invested through one or all of the series of events that have been happening since the bear market started.
"The threat to crypto is within crypto ". This was a saying my friend coined a couple hours ago, after pointing out the fact that many of the issues the crypto space is facing right now were caused by those making use of the technology, not outsiders and these may keep happening if some actions are not taken to protect the space.
Right now, the crypto space can't afford to have another another catastrophic event with magnitudes like that of FTX and LUNA and this isn't just about how badly the market would perform if it happens. I think it would be pretty bad for the reputation of the crypto space and would drastically reduce rate of adoption. We are already battling with a bear market, many are struggling, so many people are holding on with their might, abs
After events like FTX and LUNA, I sometimes wonder if the crypto space does need some form of regulation and laws, of course not to hinder the freedom it offers but to protect investors against effects of massive crash, mismanagement of funds and scams in the space. Some countries like the US already have some laws and law makers are working on making sure there's more and this is one of the major reasons why Sam Bankman-Fried Of FTX is currently under heavy investigation for criminal acts.
I would love to hear thoughts on regulations and other possible ways we can avoid catastrophes like those we've seen this year.
