Caitlin Long + Erik Voorhees (Consensus 2023 Live)
Caitlin Long + Erik Voorhees (Consensus 2023 Live)
According to Caitlin Long, CEO of Custodia Bank, the supervisory authorities drove the industry because of the immense fraud and failure in the entire crypto technology in 2022 hastily and ruthless.
The manager sat down with the private investor and Shapeshift CEO Erik Voorhees at Consensus 2023 to discuss the many ways in which Krypto has lost its way and how it can still help to solve the problems caused by centralized mismanagement.
deviates from its purpose?
during a Thursday panel entitled "Remember Why We’re: Crypto’s True Purpose" said Voorhees and Long that they were driven in crypto for the first time after they were disillusioned by the great financial crisis and experienced from the errors of the current money system had.
In particular, Long recognized that the current financial system is not based on an "honest main book".
"If we have an honest major book, the fruits of our work can be kept so that they are not stolen by someone else," she said. Bitcoin represented a major for her that could be trusted and that "no counterparty risk".
The discussion participants considered the collapse of FTX in 2022 as a prime example of the very centralized fraud, in front of Bitcoin security. long said that the recent raids against crypto companies by the supervisory authorities are an overreaction on it, whereby the companies that try to be most complained are.
"I regret that the United States throw away the entire reasonable regulatory approach with the bathing because they literally push everything abroad and in the unregulated shadow markets and reject those who try to create a reasonable regulatory system."
Long added that the "Wack-A mole" approach of the Securities and Exchange Commission for regulation will only allow people to continue to be cheated. "It seems that you intentionally say 'Staying the damn away' ... of those who asked you for permission," she said. Long’s Custodia Bank, which was designed as a compliant bridge between crypto and US dollar payments- sued in June 2022 Improper handling of your decision to grant the company a main account with the central bank. Voorhees believes that there is a solution for future fraudsters-but there has to be no further regulation. "Open source software is the solution for fraud committed by humans," he said, arguing that the naturally transparent approach of Bitcoin was easier and more effective than the government forced by the government. "I wish some of these supervisory authorities would thank these incredible, talented engineers around the world who actually develop transparent, unchangeable financial software," he said. The libertarian-minded crypto fan is against fraudsters, but does not necessarily have objections to the speculation bubbles in which they appear. FTX, for example, has been blown up, but is now a thing of the past. "Not that I am pleased that people have lost money on failed projects, but it also created things like Ethereum himself," he said, referring to the ICO bubble 2017. "The investment of only Ethereum pays all ICO investments 10x-very simple." Caitlin Long (consensus 2023)
open source is the answer
Erik Voorhees (Consensus 2023).