Does crypto need regulation?

The collapse of #FTX and the Sam Bankman Freed (#SBF ) saga does not reflect #cryptocurrency or a need for regulation.

The fraud and scam of SBF and FTX are a symptom of greed and ignorance. We don't need regulation over the free market; people need to have self-regulation; it was pure greed and ignorance that caused the pain and suffering related to the scam that took place.

Investors who failed to do their due diligence, investors who blindly put money into an unregulated offshore's company, investors who thought they could get ridiculous interest and yield on their investments that didn't make any mathematical sense, and investors who failed to diversify are greedy fools and deserve the harsh lesson they got.

The need for government regulation and the nanny state can be summed up as a need for lazy, greedy, stupid people. We need the government to protect morons from themselves.

I'm more of a Darwinian; I believe in personal responsibility. While having a solid social structure and educating our families and friends is critically important, I also believe in personal responsibility and people facing the consequences of their actions.

Invest wisely, take responsibility for your actions, and don't blame others.

P.s. smart money takes profits and sells when markets are up, accumulating and buying when prices are down; stupid does the opposite. Smart is based on logic, and stupid is based on emotion.

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