Bitcoin and the cryptospace is threatened by this legislation backed by Sam

[yhiaali3]

It is not surprising to hear such news, Sam Bankman seems to be the poster child of the US government and especially the Democrats.
I read a couple of days ago that Congresswoman Maxine Waters, chair of the House Committee on Financial Services, politely asked former FTX CEO Sam Bankman-Fried to attend a congressional hearing on the collapse of the cryptocurrency exchange (this request was made via a tweet)

But the congresswoman was surprised by the SBF's response, that he will testify when he has finished learning and reviewing what happened. (via a tweet on twitter also)



https://twitter.com/SBF_FTX/status/1601186246990401537

All followers of the case wondered why the SBF was asked to attend via a tweet on Twitter and not through an official congressional subpoena?

Full details can be found here: https://www.pymnts.com/cryptocurrency/2022/sbf-taps-ghislaine-maxwell-attorney-in-ftx-case/


Really shameful, SBF is responsible for people losing millions of dollars while being politely treated like a spoiled brat by the US government.

[wavessurfing]

an interesting tweet following sam arrest

https://nitter.net/RepTomEmmer/status/1602678073261948930#m

[Darker45]

If such platforms would be gone, I'm very sure a different kind would take over. Developers are pretty much aware that there is a considerable demand all over the world. New platforms, probably better ones, would come out in no time.

While I'm not really technical and cannot provide you specifics, I have read countless of times why this DeFi thing is full of flaws to the point that they're all but decentralized. The great majority of them have central points of failure. Proof of which is the massive number of so-called DeFi platforms that ended up hacked or being exploited. Billions and billions are lost because they're fake. That they are severely criticized for carrying the decentralized label is certainly justified.

What type of demand are you talking about and what types of platforms of the different kind will take over?

The demand for Bitcoin would have probably remained high despite centralized platforms like FTX, Binance, BlockFi, Celsius, Voyagers, 3AC and the like not approved for operation.

If only centralized exchanges didn't become a thing, we could have better ones. DEx could have been the thing. So if centralized exchanges would perish for good, DExes could take over, or anything that would at least sell buyers with real Bitcoin and not just fake numbers.

Also, I cannot defend the hacks in Defi, however, what I can say is we should never discourage support of the development of protocols that encourage self custody and open accessibility. Billions were lost in them yes but how much were lost in centralized platforms like Blockfi and other centralized cryptolenders.

I also agree with Defi as not being 100% decentralized. I reckon the classification called Defi is a wrong. It should be called open finance.

Whatever you call it, but not decentralized, because they're not.

Let's not measure how much is lost by whichever. They're both bad apples in the market. They both should be avoided. They're both losing people's money. Fake decentralization is no better simply because centralized exchanges lost bigger within the year. Last year alone, DeFi lost north of $10 billion.

Development is never discouraged. It's just that standards are set high.