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Matt Levine on financial regulatory frameworks vs cryptocurrency amateur hour

“The problem is that people think they don’t trust the traditional financial system, but in fact its most basic functionality—not forgetting where it put your money—is so reliable that people just keep assuming without evidence that the crypto system must work the same way. Surely a big crypto exchange must have, like, systems, and lawyers, and more than one employee, so you can trust it, right? Wrong! If I ever buy Bitcoins I will keep them at Gemini, the Winklevoss twins’ exchange, just because I am absolutely sure there are two of them.”