FTX Collapse Is 'Not a Crypto Failure,' Says Minnesota Rep. Tom Emmer — "It's a failure of centralized finance and a failure of Sam Bankman-Fried."

  1. The mainstream does not understand crypto yet and when they hear bad news about crypto they automatically connect it to bitcoin, because bitcoin IS crypto to them.

  2. We’re so deep into the bear, for some people it’s anything that can help drive the price down further so they can accumulate. It’s just more manipulation.

  3. It doesn’t matter unfortunately, it’s now the political football being used to ram through crypto regulation and regulatory compliance for the industry.

  4. Mainstream media doesn't really understand nor want to understand crypto's history; basically its creation being a direct consequence of banks failing scamming the whole world and being based on decentralisation to prevent it happening again.

  5. Yes. Yes they do, and that has been the goal of a very large contingent of people in government for a long time- to regulate crypto into this legal space where there's nothing to do with it but speculatively trade on big centralized exchanges which are just "unregulated" enough to be accidents-waiting-to-happen, and elevate every collapse as somehow this massive failure of a protocol which allows people to send tokens peer to peer without a central intermediary.

  6. Crypto has enabled all of this to happen, though. It’s almost as if shitty people will take advantage of shitty technology to grift a bunch of dummies. Without crypto and Bitcoin, there is no Celsius, Ftx, etc, etc.

  7. I think it's more a failure of regulations. This kind of thing would be much more difficult to have happen in traditional finance systems where things like proof of reserves is mandated to some extent.

  8. "This is Bitcoin. It allows you to hold your own coins and keep total control over them, and no bank or government can take them away."

  9. Failure?? He’s a fucking thief. It wasn’t a failure he and his goblin girlfriend were stealing money, they succeeded in stealing money. There was no failure, they are just evil assholes.

  10. I agree with this one. But to add, this is the same man who vote AGAINST the Short Sales Transparency and Market Fairness Act..

  11. True that, we all do because he is saying some right shit right now and we just can't stop saying that, we all know that this is real and this is good for sure.

  12. I am just going to say that Tom Emmer is right this time and that's all we can say, he is just right because this is the motherfucking reality, believe it or not my guys.

  13. That's pretty harsh to dogs. Emmer wishes he could be a dog. We all wish he would have the career lifespan of a flea.

  14. Yes, but how do you prevent corrupt institutions being built on top of crypto? Less use of centralised services is good, but in the end they will still see use.

  15. But FTT and various other shitcoins were partly the blame. Better not to use the term "crypto". Makes it sound like all one thing.

  16. Okay mate, I'm gonna ask you again. So why did YOU vote AGAINST the Short Sales Transparency and Market Fairness Act then huh?

  17. Gotta say I love the copium going on in this sub. Every time people lose their life savings after investing in crypto it is NEVER crypto’s fault. 🤣

  18. Gensler should be fired like months ago his sole job is to protect investors and provide clarity to a space that's been begging for it, meanwhile driving innovation away.

  19. Such a right thing to say right now man, we are good with the fact that Tom Emmer is being real right now, he is being just like one of us and that's just a good thing.

  20. Wow he’s actually on point here. good job 👍 hopefully everyone will be accounted including the oversight from the regulators.

  21. tldr; US Congressman Tom Emmer called out former FTX CEO Sam Bankman-Fried and SEC Chair Gary Gensler for the collapse of the cryptocurrency exchange. "This is not just a failure of FTX," Emmer said. "It's not about the crypto industry, this is about regulators and regulators," he added.

  22. I know of Emmer because doesn't believe in minimum wage and he introduced legislation to make drunk driving less punishable. Not a guy I'd hitch my wagon to lol

  23. His statement could be made based off of some twitter thread and he might not actually get it, just regurgitating what he read and saw that crypto people like to hear. Not saying this is actually the case 100%, just keep an eye on him

  24. This is good and I am not sure that I know this guy but he is making sense to me right now, I don't know why people are saying other things in the comments.

  25. It’s so unsurprising you all keep getting scammed and losing all your money. As long as some dumbfuck says some shit you like to hear you all start worshipping him like a god.

  26. He is right and that's just why I am saying this one good right now man. Hope others will understand this and say that this is a good thing, we are good with it.

  27. Tom Emmer is like the John Deaton, Jeremy Hogan and other attorneys in the community, but on the lawmaker side.

  28. It's about time we heard more of this. A lot of media outlets are choosing to blame crypto and investors which is hard to believe

  29. It's a failure of the crypto community. The whole point of bitcoin is that something like this should not be possible, but ideals of "Don't trust, verify" go quickly out of the window if a bit of wishful thinking can create a ton of money for a short amount of time.

  30. Nothing is ever crypto's fault... but it is traditional finance's fault when companies there go under, right?

  31. People be Ponze Scheming! Nothing new here. Buncha people lost money, SBF probably won’t see a jail cell, and we move on till the next asshole does a ponze scheme.

  32. Is this guy saying that the only thing that SB-F did wrong was get caught. So what is that guy in charge of again? Because those counts will be OFF!

  33. This will keep happening as long as it's not regulated, I guarantee there is so much shady shit going on that we will never know

  34. It's not so much that it crashed is a failure of crypto, but the fact that so many people bought into it to begin with is an issue with the crypto community as a whole.

  35. For real. Don't keep your hard earned crypto in exchanges. Get a full core wallet and run a node or get a lightweight wallet and xfer when you need to make a transaction.

  36. Absolutely agree with this. FTX is not to do with crypto as a core form of currency. SBF is just a badly organised and turns out bad person too.

  37. This won't be a crypto winter. Unlike the 2017 crash, there are way more people with big checks just swarming around waiting to pounce. Not gonna call a price, but it's going to be much higher in a year's time.

  38. Here's a fresh take: Centralization fucks everybody, use a DEX, and lets all STFU about FTX and other centralized garbage.

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