Chamath tries to explain things. Sounds a bit douche-baggy, but maybe it's just my view.
https://www.youtube.com/watch?v=9u5q7nDPbJYReminder: he is the dude who pushed the SPAC s-t onfolks.
Yet, some of his points are, perhaps, valid, as far as the mechanics is concerned.
Still, I don't get why he puts it on bitcoin when most (or at least a large part) of those dealings were in eth.
People did not read the contracts they were signing (while going ga-ga for "yield").
IMHO, insolvencies here are just the start. Wait until all those highly leveraged financial companies start to "pop" when IR approach 5%.
1. I disclose first I do not like Chamath, and I do not support most of his fundamental positions.
2. His reasoning on top of those positions is impeccable.
3. He believes the state needs to protect stupid retail. Specifically by banning them from doing things.
4. He believes only people like him should be able to do certain things with money.
5. He conflates things like Terra and Three arrows and Binance with Bitcoin. WE have been shouting from the rooftops for 10 years that THESE THINGS ARE NOT BITCOIN.
Bitcoin does not need regulation, and CANNOT BE REGULATED. Companies that trade in the dark and "off chain" can, and probably SHOULD be regulated. That Celsius douche was such a obvious conman from the beginning. As are many of the exchange owners.
My main problem with this video is he conflates all the fortune tellers, grifters and scammers with Bitcoin.
What they are "arbing" is the ignorance of people as to what Bitcoin actually is and why it is important to take custody of your own asset. It is a DIGITAL BEARER ASSET. And he who bears it... OWNS it.
I made most of my Bitcoin playing poker starting in 2011. Even back then I was NEVER LEAVING MY COINS ON THOSE SITES. I also never left my coins on exchanges.
I trust Bitstamp, or Kraken or Binance EXACTLY as much as I trust TradeOgre.
Yes. "Third layer" trusted companies BADLY need to be regulated. Or avoided... One or the other.