The US government-regulated system spent $787 billion of taxpayer money bailing ... | by Balaji

Balaji

@balajis

29 days ago

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The US government-regulated system spent $787 billion of taxpayer money bailing out the banks. Connected bankers weren’t prosecuted. And that’s before they printed trillions. We’re now exploring the alternative timeline. What if no bailouts? t.co/K0UN2BuQPo

Wanting the establishment to regulate after all the financial crashes is like wanting a drunk driver to serve as policeman after all the car crashes. They said volatility was over. They caused the mortgage bubble. They incinerated trillions. And the world couldn’t opt out. t.co/02dr34loQu

We already know what a system of captured regulators & banker bailouts looks like. That’s what FTX was lobbying for. That’s what we’re speedrunning *away* from. The new system is decentralized exchanges, user controlled wallets, proof-of-reserve, and cryptographic verification. t.co/M16uCSEXHm

Lose billions of dollars for crypto investors, and you rightfully face consequences. But lose trillions of dollars for the entire world, and you win a Nobel Prize. t.co/OzdjaR3dk5

In short, the existing regulators have already failed on 1000X the scale. Trillions. Not billions. And no one was punished. Bankers bailed out. Nobels handed out. It was too big to fail. But not too big to exit. We now have a new system. Let’s remember why we left the old one.

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