Of course one would assume he or his conspirators would do a better job, but maybe not if this busting out was initiated under time pressure.
Once again almost everything in cryptocurrency proves to be a scam.
Once again people on HN hate on cryptocurrencies for no good reason.
This isn't a cryptocurrency problem, it's a fractional reserve banking problem. These centralized exchanges are unregulated banks in disguise. It's no surprise to anyone that they exhibit all of the problems of unregulated banks. Problems such as "we used customer deposits to gamble, lost everything and are now insolvent".
To think one of the reasons cryptocurrency was invented was to end the need for such things...
Traditional bankers have spent an incredible amount of time and taken huge political risks to gain hold over the US money supply. They and people in the wall street sphere have a very good reason to hate on crypto, they just dont have any convincing arguments for people like us who dont want them controlling the money supply.
Somehow Satoshi and Andreessen managed to not start a ponzi scheme and this guy did.
Still waiting for your argument on why the big 7 wall street banks should be involved in the money supply instead of democratically elected leaders, which was my primary point.
Are you replying to the right post? I don't see any mention of that
That could only work before 1997.[1]
[1] https://www.congress.gov/treaty-document/105th-congress/18/d...
This is like saying "once again almost everything in US dollars proves to be a scam" after Lehman fell.
The sentence makes no sense at all to me.