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RE: The Steem News @ 27 August 2019

in #steem5 years ago

"Steem Powered Investments"
Lack of regulation is one huge benefit of the crypto world, but I think it could also be a massive drawback as well. For example, some regulations in the financial world are actually there for a good reason. Not most of them nowadays, mind you, but some. I think certain regulations about how hedge funds can form and how they can accept funds and how they can invest them makes sense. After all, ponzi schemes and various other fraudulent or dishonest things happen all the time, and not just in the legacy financial world, but in this new digital wild west as well. In my wanderings on the Steem blockchain, I've seen and encountered several glaring examples of fraud and scams, some growing now to involve millions of STEEM. I think that at some point, all the digital clues left behind will be sifted and sorted by an AI working for law enforcement, and financial regulators, and everything will be revealed - everything down to the smallest detail. Nothing we're doing here will remain private or secret forever (if it's even private or secret now). All these investment groups and curation trails and vote dealers and amateur hedge funds are going to face scrutiny of the harshest kind, and there will be no innocent please accepted. Kind of scary how many people are incriminating themselves here right now, thinking their actions will get swept under the rug of time. How naive!

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As Steem (and crypt generally) grows I am sure there will be more scrutiny and calls for more openness.

That might be difficult for early old schoolers here.

It will be interesting to see how the demand for greater transparency plays out.