I will get to self regulation later on in the post as first this is about someone who lost a small fortune who I happened to bump into today.
I bumped into an old colleague today whilst at the shops and it was good to catch up on events as I haven't seen him for years. The last time I had spoken to him was when he had been taken to the cleaners by the MTI scam back in December of 2020. He had invested not only his own money, but also convinced family members to get involved which is a lesson well learned.
No surprise is the guy is back in crypto and has taken him a good 15 months to recover from the scam. No one likes losing money and he did mention not your keys not your crypto so halleluiah there may be hope for him yet. I never asked him what he has invested into or via where and how as that will be for the next meeting planned for next week. The good thing is he has at least got over that bad period and is back on his feet in crypto again.
We all have to learn the hard way which is the best way as no one likes losing hard earned cash. We have to pay for the lessons in life as they are the ones we never repeat again or shouldn't. If you do then either it is bad luck or you possibly need a brain transplant.
This made me wonder how many "investors" have been caught out by Luna and by FTX as there must be many. What lessons would they have learned by this and will they keep their portfolio on the exchange or on a cold wallet going forward.
The problem with the crypto community is that only a small percentage seem to understand what they are actually doing. Not the people on Hive as somehow we are all well informed but outsiders who call themselves crypto investors but literally have no clue. Maybe they think it is cool or something and miss the point entirely as this is somehow becoming more fashionable to have some sort of crypto investment. You are not part of the new crowd unless you are hodling something it seems.
Fast forward to around the 4 minute mark as this is where he talks about self regulation and what they are planning to develop. A team is already in place working on this.
I was watching a video today presented by Shahaf Bar-Geffen the CEO of Coti who mentioned regulation. Coti being a bank are in the middle as they are seeing this from both sides. He said the crypto community ahs failed to regulate themselves and the regulators are failing the blockchain industry so no one is winning at this point. What Coti are planning is to have tools available for blockchains to use for self regulation whilst not hindering innovation and freedom which is the most important thing. This will be interesting to see what the team comes up with as this is all for blockchains and self regulating. Would be great if an industry can self regulate without any outside interference. I do agree the industry needs to do more in order to prevent outside interference.
