RE: Sam Bankman-Fried's Arrest And Why It's Good News For Crypto.
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This I believe is why many people feels the crypto space is a safe haven for their crimes and atrocities since they can easily get away with them than in real time. The worse that usually happens to a person found wanting or with a unpleasant behaviors is that whatever is associated with them will be dumped like in the case of LUNA.
Great opinion piece. If I have one comment, about this particular article it's the likelihood LUNA was some highly leveraged hedge fund that wanted to de-peg UST and do so by dumping LUNA with extremely large amounts of borrowed BTC or $$ to dump quick and kill the chance of re-peg due to the inflationary algorithm under extreme pressure. Given Tether is mainly the non-backed stablecoin of choice for Alameda before they imploded themselves - and both Tether bank Deltec Bank and Trust Limited + FTX and most of Alameda seemed to have all been operating in a structured partnership for years operating on many exchanges using Tether and loaned USDT - I would say the LUNA dump and UST de-peg, in theory of the game, would prob have been to destroy a Tether competitor and to also keep FTX/Alameda the most powerful Tether players in the game. It's not so much conspiracy as a story that would make sense. I take crypto events with a grain of salt. Some plausibly real world true events and some part of the story that teaches us what the dangers and possible uses/outcomes of these nascent blockchain and token instruments are as we begin to enter a newer, more self-custodied crypto hodler space.
I don't so much care to see people jailed. I just care to see crypto operate on chain and decentralized to make it immune from falsified auditing, falsified financial reporting, hidden using of deposits to make highly risky bets that cause CH 11 filings! Bitcoin as Satoshi designed it in its most alpha first official released Win 7 EXE software form could already function this way.
It's time to move on to the way Bitcoin and its many PoW innovative sister projects are meant to operate. As well as Web 3 networks with their own on-chain rules that automate the system to work perfectly without any authoritative party needed to meddle with it. Like... #HIVE
I also don't care about seeing folks like him behind bars, I mean, Sam is a brilliant person else he won't have created a multibillion dollar company, but holding him accountable will perhaps make more people be cautious of the system they've built here and ensure no such incidents happen again, since they'll know they can be arrested and made to face justice which is quite rare in the crypto space right now. I might not send SBF to jail if I were a judge, but I'd get him to use his brains to create a better system, and also ensure there's a way to pay back those who had lost money from his actions. Not sure how this would work especially since he has now been charged with more sinister crimes, but it's sure better than having such a brilliant mind though in jail doing nothing and solving no problems.