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WHO’S RULES WILL CRYPTO
FOLLOW?
By: www.ProfitableInvestingTips.com
https://profitableinvestingtips.com/profitab
le-investing-tips/whose-rules-will-crypto-
The opening arguments in Sam Bankman-Fried’s
trial highlight the issues that all of the crypto
world will face going forward.Whose rules will
crypto follow?What will be the consequences of
not following the rules? Can crypto exist as a
world apart from the rules that govern the
traditional financial world? Opening arguments
in the trial of FTX’s founder by the prosecutor
were that he committed fraud, lied to his clients,
and lied to the world.
https://profitableinvestingtips.com/profitab
le-investing-tips/whose-rules-will-crypto-
He broke the law. Defense lawyers said that he
was just trying to run a business in a new niche
during a very volatile time. So, gosh, he should
be forgiven if you believe the defense. Or he
should spend a lot of time in jail if you believe
the prosecution.A trial like this and all of the
regulatory activities going on are going to define
the future of the crypto world.
https://profitableinvestingtips.com/profitab
le-investing-tips/whose-rules-will-crypto-
How Did the FTX Mess Happen?
https://profitableinvestingtips.com/profitab
le-investing-tips/whose-rules-will-crypto-
Crypto started as an idea. It would allow people to
buy and sell using the Internet. It would provide
a degree of anonymity as well. People could
dispense with middle men like banks and money
transfer companies. Along the way, Bitcoin and
other crypto currencies grew impressively in
value.This was a new and, perhaps, unexpected
aspect of cryptocurrencies.
https://profitableinvestingtips.com/profitab
le-investing-tips/whose-rules-will-crypto-
As crypto grew, we saw the growth of
decentralized finance, the invention of non-
fungible tokens, blockchain gaming, and the
potential for cryptocurrencies to become an
integral part of theWorldWide Web.The
spectacular rise in value of Bitcoin and the rest
attracted speculation and resulted in a lot of
unexpected centralization. Here is where FTX
and other crypto businesses became central
features of the crypto world.
https://profitableinvestingtips.com/profitab
le-investing-tips/whose-rules-will-crypto-
https://profitableinvestingtips.com/profitab
le-investing-tips/whose-rules-will-crypto-
What Did Bankman-Fried Do Wrong?
https://profitableinvestingtips.com/profitab
le-investing-tips/whose-rules-will-crypto-
It would appear that folks like Sam Bankman-Fried
moved as fast as they could to make money in
this rapidly expanding financial arena.The FTX
empire did not collapse because of fraud. It
collapsed because they and other crypto
businesses assumed that crypto values would
continue to grow virtually forever.When the
United states started to see the worst inflation
in four decadesThe US Federal Reserve started
to raise interest rates.
https://profitableinvestingtips.com/profitab
le-investing-tips/whose-rules-will-crypto-
The stock market and the crypto markets
panicked.Their worry was thatThe Fed would
cause a severe recession.That has not
happened. Nevertheless stocks and crypto
tokens fell dramatically. FTX, its subsidiaries,
and many other crypto businesses got caught on
the wrong side of bets that crypto would keep
going up.
https://profitableinvestingtips.com/profitab
le-investing-tips/whose-rules-will-crypto-
Bankman-Fried did a couple of things that got him in
trouble. He transferred assets within branches of his
business to make it appear that he had more money
than he had. And he lied about the solvency of his
company as things were going downhill. He also
used customer money for his own purposes.The
first two things have to do with how crypto is going
to have to play by the rules going forward.The last
is simply theft and had nothing to do with running a
legitimate business.
https://profitableinvestingtips.com/profitab
le-investing-tips/whose-rules-will-crypto-
The Crypto Premise Is StillValid
https://profitableinvestingtips.com/profitab
le-investing-tips/whose-rules-will-crypto-
The original thinking behind cryptocurrencies is
still valid. All of the hustle and manipulation by
modern day robber barons never was. Crypto is
a good way to transfer money. Decentralized
finance using smart contracts is very promising.
https://profitableinvestingtips.com/profitab
le-investing-tips/whose-rules-will-crypto-
Parts of the NFT world feel a bit like pet rocks but
other parts make good sense.What crypto
businesses will need to do going forward is not
lie to their clients, handle customer assets with
care, and follow the same rules that other
businesses have followed since the days when
the government broke up the Standard OilTrust
(monopoly).
https://profitableinvestingtips.com/profitab
le-investing-tips/whose-rules-will-crypto-
For more insights and useful information about
investments and investing, visit
www.ProfitableInvestingTips.com.

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Who’s Rules Will Crypto Follow?