Mike 🍻 is a user on chinwag.im. You can follow them or interact with them if you have an account anywhere in the fediverse.
Mike 🍻 @mike

Following cryptocurrency news about compromised exchanges and people being scammed is like learning lessons from a heavy-handed cartoon series from the 90s, except at the end of each episode we learn why an existing financial sector regulation exists instead of why friendship is good or racism is wrong.

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@mike I guess we're just going to reinvent all the banking and financial laws until it's just like regular currency.

@mortonfox having met some human beings and seeing how they tend to work, that outcome would not actually surprise me one bit.

@mike Financial sector regulations exist because: a) financial sector is just pure bad engineering, b) politics. Cryptocurrencies don't need any regulations. First noone forces you to use cryptofin at all. If you're stupid and ignorant it is going to be much better for you to never, ever use them. And if you do use them, don't be stupid and don't store your funds in 3rd parties wallets.