← Back to context Comment by djeidnd 10 hours ago regulations are bad and inhibit innovation 3 comments djeidnd Reply thereforegrin 7 hours ago what kind of regulations would serve this particular scenario?The hack is purely technical in nature.This could have been the FED's system that got compromised and the response would have been the same.Oh, no, sorry - it wouldn't because we wouldn't even know it happened as FED is fully opaque while crypto is quite transparent.In that sense crypto is much more democratic because at least there's some ability for the public to audit it. With FED there's none. djeidnd 1 hour ago Check out any regulated banks audit process for how to secure systems that touch money hvb2 5 hours ago > what kind of regulations would serve this particular scenario?Separation of duties so more than one person is needed to create and then approve such transactions?
thereforegrin 7 hours ago what kind of regulations would serve this particular scenario?The hack is purely technical in nature.This could have been the FED's system that got compromised and the response would have been the same.Oh, no, sorry - it wouldn't because we wouldn't even know it happened as FED is fully opaque while crypto is quite transparent.In that sense crypto is much more democratic because at least there's some ability for the public to audit it. With FED there's none. djeidnd 1 hour ago Check out any regulated banks audit process for how to secure systems that touch money hvb2 5 hours ago > what kind of regulations would serve this particular scenario?Separation of duties so more than one person is needed to create and then approve such transactions?
djeidnd 1 hour ago Check out any regulated banks audit process for how to secure systems that touch money
hvb2 5 hours ago > what kind of regulations would serve this particular scenario?Separation of duties so more than one person is needed to create and then approve such transactions?
what kind of regulations would serve this particular scenario?
The hack is purely technical in nature.
This could have been the FED's system that got compromised and the response would have been the same.
Oh, no, sorry - it wouldn't because we wouldn't even know it happened as FED is fully opaque while crypto is quite transparent.
In that sense crypto is much more democratic because at least there's some ability for the public to audit it. With FED there's none.
Check out any regulated banks audit process for how to secure systems that touch money
> what kind of regulations would serve this particular scenario?
Separation of duties so more than one person is needed to create and then approve such transactions?