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Truth is, crypto suffers the same kind of problems as the USD; it is created and used by trusted people and entities and yes there's a few bad apples out there that figured out how to bilk unsuspecting people from some of their money. In fact, scams against the poor using USD is far more damaging than scams against those with coins and access (typically not the poor)... The melted down over crypto very Ehrsam described crypto as having three distinct phases. In the first phase, the technology was used to develop digitally native currencies - Bitcoin, Ether, Dogecoin and so on. The cryptocurrency market is now worth around $2 trillion, which is astonishing, given that it didn't exist in 2008.
Though Zhao owns Binance, an exchange, he is heavily involved in DeFi, and many of the tokens that trade on Binance are DeFi tokens. The people I spoke to for this story story all agreed that regulation was important but pointed out that there was a split in the crypto community. Some — Bankman-Fried was one of them — wanted the DCCPA to go forward, however imperfect it might be, because it was better than no bill at all and could probably be fixed. Others viewed a bill that’s bad for DeFi as being bad for the entire crypto industry. Amid crypto turmoil, US senators propose sweeping oversight “COP28 was doubly disappointing because it put no money on the table to help developing countries transition to renewable energies,” said Nafkote Dabi, Oxfam International’s climate policy lead. “And rich countries again reneged on their obligations to help people being hit by the worst impacts of climate breakdown, like those in the Horn of Africa who have recently lost everything from flooding after a historic five-season drought and years of hunger.”