Conversation

i hope this woman gets to live out a happy, fulfilling life far away from any power over other people

Quote Tweet

Dec 14, 2021

Stablecoins pose risks to consumers & to our economy. They’re propping up one of the shadiest parts of the crypto world, DeFi, where consumers are least protected from getting scammed. Our regulators need to get serious about clamping down before it is too late.

6:08

1.8M views

780

Replying to

I don't mind Warren. I have zero knowledge on 'stablecoin' but I think she gets it more right than wrong when it comes to some of the 'stuff' that Wall Street does.

Aella

@Aella_Girl

Replying to

@johnJac38295218

Defi, to me, is a bunch of people who were like 'wow, regulation around actual money sucks ass, let's go invent new money that we wanna use with the level of risk that we tolerate' and then she comes in like WAIT NO YOU'RE NOT ALLOWED TO CHOOSE TO TAKE RISK

2:10 AM · Dec 15, 2021

Replying to

and

A problem is that these instruments— especially "stable" coins— misrepresent the risk. And financial instruments have impacts on the market as a whole, including those who didn't choose to take risk. Would you defend Lehman Bros with that argument?

Replying to

and

How do stablecoins misrepresent the risk exactly

Show replies

Replying to

True! but I think the underlying assump' is that people are experi'd and knowl'able about the ass'ted risks. Partic. this risk and investments in general. Yes it's patronizing but I suspect that majority are not. Sturm and und drang from inevitable crashes bear this out.

Replying to

and

Observing that tether is a blatant lie is not overstepping. JFC.

Replying to

and

I mean you can't seriously expect the government to just be like "Oh you want to just ignore all the rules about banking and finance that we've made over the last 100 years? Sure, go right ahead, have fun!" (Not defending regulation, but a crackdown was always probable)

Replying to

and

You might want to look into it a little more closely if that's really your understanding of the situation. There is a HUGE amount of outright fraud in this area.

Show additional replies, including those that may contain offensive content

Show