Warning: if you are a sensible person, do not read this post. Cry babies are not allowed to read this.
Let’s start stating my point mildly: F*ck regulators… yeah, f*ck those mfers. That said, should I really elaborate? Maybe I should for the slow ones who don’t yet understand how the real world works.
Let’s begin with a short summary of what happened to FTX so far:
Nov. 2: CoinDesk publishes exclusive revealing key balance-sheet details of Sam Bankman-Fried’s Alameda Research trading firm, showing it’s heavily invested in the FTX exchange’s FTT token.
Nov. 6: Binance CEO Changpeng “CZ” Zhao says he’s selling his remaining holdings of FTT tokens. (Minutes later, Caroline Ellison, CEO of Alameda Research, tweets that Alameda will buy Zhao’s FTT tokens for $22 each.
Nov. 8: The FTT token price falls below $22.
Nov. 8: Binance announces non-binding letter of intent to buy FTX, subject to due diligence, easing the industry panic.
Nov. 9: CoinDesk is first to report Binance is strongly leaning against buying FTX after just a few hours of checking its books and loans.
Nov. 9: Binance officially walks away from the FTX deal.
Nov. 9: Without details, Justin Sun drops hints at saving FTX.
Nov. 10: Bankman-Fried says Alameda Research, the trading firm at the center of the drama, is being wound down.
Nov. 10: FTX assets frozen by Bahamian regulator.
As the story seems to continue to unfold, I found this video with a good analysis of the following events after the collapse: Piped
This group of individuals, who have been demonising crypto for years, calling us “criminals”, associating Crypto and Privacy with the worst of our society, are now defending a group of real criminals, thieves, liars, fraudsters and psychopaths: FTX & Co. This same group of individuals has been pushing for regulations for years, and they will not stop until they achieve their goal.
For those of you who read this and think, “David, this is nothing new, it’s always been this way,” let me tell you that I’m not discovering anything new, this is just a reminder of the kind of trash that those who call for regulations are associating with. If you’re in the crypto space and you think regulations will be a good thing: you’re not the good guy here.
Conclusion: Long Live Decentralization, P2P, Privacy and Long Live Grin.