From Bernie Madoff to Bankman-Fried: Bitcoin maximalists have been validated
2 min read
Long before Bitcoin (
No matter how well-regulated, designed or engineered future financial systems, exchanges or “cryptocurrencies” claim to be, they all have the same failure point: human nature and greed.
Bitcoiners realize this, and as many more become aware of financial fraud — whether impacted directly or indirectly — Bitcoin continues to emerge as the most obvious solution. SBF may teach a new generation of “investors” the same hard lesson learned by their parents: When something is too good to be true, it often is.
The failure of FTX is not a surprise, nor are the potential connections between SBF and high-ranking officials. The fact that punishments may not fit the crime(s) shouldn’t come as a surprise, either. In truth, maximalists realize that Bitcoin will be around long after the SBF dust has settled. Bring on the next Ponzi scheme — Bitcoin maximalists appear immune.
Kenneth Minesinger is a professor of law at California Baptist University. He obtained his J.D. from Western State University College of Law after completing his undergraduate career at California State University at San Bernardino.
Dr. Riste Simnjanovski is a professor of public administration at California Baptist University. He obtained his doctoral degree from the University of La Verne.
This article is for general information purposes and is not intended to be and should not be taken as legal or investment advice. The views, thoughts and opinions expressed here are the author’s alone and do not necessarily reflect or represent the views and opinions of Cointelegraph.
