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Opinion | Yes, Crypto Is Crashing Again. Blockchain Will Survive.

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As the spiral of death of Terraruna accelerates, its supporters say, “Lunatics”As Mr. Kwon, lurking between fear and hope Shovel over $ 1 billion with Bitcoin Connect to the system to restore stability. “”Develop more capital — stable youth“He tweeted.

But in the end, like a normal run on the bank, there wasn’t enough cash coming in to make up for the spill, and this particular experiment of replacing trust with math was over. Among the thousands of failed crypto experiments, Terra Luna stands out as one of the largest, with a total market value of about $ 60 billion.

The loud enemy of the code Celebrate soon The death of the blockchain claiming that all crypto is fraudulent. These critics are mirror images of equally unrealistic cheerleaders on the other side of the spectrum: Procrypt libertarians seeking an unregulated financial world.

Responsible players in the crypto market have long sought and supported the development of wise regulatory frameworks. The foundation of cryptographic regulation already exists. In the United States Financial crime investigation network, Securities and Exchange Commission And that Commodity Futures Trading Commission Started to focus on the separate aspects of trade and taxation 2013.. In October, the Ministry of Justice National Cryptocurrency Enforcement Team..List of Cryptography con man Who Have Went to jail It has already far exceeded the number of bankers imprisoned in the United States for their role in the 2008 financial crisis.

In the early days of the Internet, the circus atmosphere made it easy to ignore the brewed dangers, such as surveillance capitalism and illegal government snooping between them. And it will have significant global consequences. Over time, regulations were introduced: Privacy Framework, 1999 Gramm-Leach-Bryley method United States and 2016 General Data Protection Regulation In Europe Section 230 Of the Communications Decency Act.

At the same time, the wonders of the Internet have doubled, and more magic now seems unobtrusive. A world map of each street in your pocket. Instant translation from almost any language. Search service for all areas of knowledge. Global, almost instant news. Today’s Internet is deeply woven into the world’s economy, media, politics, industry and social life, both good and bad...

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