UST/Luna debacle an opportunity for regulators over Stablecoins?
Crypto regulation is a topic I personally dread simply because the crypto community is up against law makers with no thorough understanding of how cryptocurrency works yet very quick to regulate crypto in ways only of benefit to them with claims of protecting people from loss of money and cryptocurrency's volatility.
The stablecoin market is quite a huge one with market cap of over $162 billion, USDT Tether dominating the stablecoin market cap at over $74 billion. Imagine for a second if USDT could lose its peg to the Dollar we will be seeing absolute chaos at a larger magnitude than Terra UST that led the crypto market to plunge bearing in mind stablecoins plays vital roles in DeFi.
We are in the I told you so kind of situation at the moment following UST/Luna crash with so many loss of funds due to liquidation, people apparently taking their lives over loss of funds certainly does call for more regulation. It won't be a surprise seeing regulations coming the way of stablecoins which might further impact the market for some time before things pick up towards bull season.
Being unable to shut down crypto presents a nightmare to governments therefore its disruptive nature is prone to attacks with the only power over it now being regulation. The fact that regulation is needed in crypto can't be denied, however regulating crypto in ways that hinders its growth in terms of development is uncalled for and those deploying such means are only going to be setting themselves back in blockchain/cryptocurrency developments.
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I wish we have the options of regulations in Nigeria, right here, it's outright ban. I think it's because there are no sophisticated ways to actually regulate it in most backward economies. What can I say, I think, till the end of time, government will keep aiming to regulate crypto.
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It seems that the world is heading towards the abolition of any rules, in order to put very strict rules on all of humanity, including the crypto world.
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I think it's more about making money. The government feels that since they're not In control, they cannot fully tax it to their satisfaction
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Yes, we do not know what kind of worm will appear in the head of the rulers of this world in the next second and will relieve its need there.
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When you don't have the infrastructure put in place, regulation becomes impossible with the case of Nigeria so the best thing to avoid long story and headache is to ban crypto.
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Abi, they just ban the whole thing especially since all their money is channeled to looting the country
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It's a fact and the best we can do is develop around them and we all know how inefficient they are at regulating things. It's going to be a shitshow no matter how things go.
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You know, it's like a twisted story where there is no perfect exit, all the rabbit holes lead to the wrong place I want to go)
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Lol and the wrong places are the places that pays of lol.
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we also pay when we get to the wrong place, at least with our time.
I wish this kind of wrong place was 2-3 decades ago
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You stole my pipe dream)
Lol is it?
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I'm talking about a trip to the past)
Okay
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I can't say that it's good, it's sad. lol)
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We get those sad pasts we wish had done things differently you know
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I wouldn't look at it like that. This is something that you cannot buy with money, experience after past mistakes, the main thing is not to repeat them again.
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This is true, I wouldn't dispute this, experience is the best of teachers.
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Yes, and note that you have already paid for this lesson and you do not need to take loans)
Lol that's of course if you listened and don't repeat the mistake again.
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This is the hardest part of it.)
I can relate
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Yes, it's not a bad idea to tie past experience in a knot and tighten it tight)
😃😃 so they don't show up and get repeated, they stay tightened in a knot 😃
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You can say so, but, having felt the knot, you can remember the previous mistakes)
I think it is an opportunity for the regulators to put them for stablecoins. It's a disruption to the market and the big wealthy investors probably would not mind having the regulations to help them.
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I do think regulators are going to come after stablecoins, I hope it is not going to be laws that will hinder growth generally within crypto. So far stablecoins have been part of DeFi, cryptos alone on DeFi with its volatility won't be pleasing at the moment.
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regulation might be needed in crypto but how many country can actually regulate because this technology is beyond them.
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That is a problem with regulation, the technology is not well understood yet which makes it difficult to make laws around it. You just can't come up with laws around something you don't understand.
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I agree with you but let wait and see what they come up with.
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Yes we just have to see how things unfold.
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When the market is bad, everyone is not sure about the direction of the market, and can only rely on their belief in cryptocurrency, hoping that the direction is correct.
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Yes it also boils down to knowing a particular currency well to be able to predict its performance. Thanks buddy
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