Why FTX Blowing Up Was Great For Crypto
FTX is going through crypto like a wrecking ball and this is terrific.
In this video I discuss why we are now in much better position than we were a couple weeks ago. The carnage is going to hurt for a while but, in the long run, crypto is much better served.
▶️ 3Speak
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Amazing video
Hive is way better than BTC and I agree that getting rid of FTX now is better than getting rid of it later. We had billions lost but if there were a few more years on it, it could have been hundreds of billions.
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The centralization of the industry is a cancer. We have to watch that topple.
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It is just a continuity of what had happen this year that really affected financial markets with crypto being the front runner of capitulation. A small hint of getting back to where we should position our bags in preparation for the next bull run. Maybe for the next 2 years, people will see what's the real deal of web3.0, Hive as a great contender.
Currently many people see only the scams and frauds in cryptocurrency, and somewhat I can understand them. Especially if their first contact with cryptocurrency was with FTX.
That is because they look at crypto as financial and not technology.
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I am sure that most people look cryptocurrency only from the financial aspect. Only a very few people care about and understand the technology behind it. Most people do not even want to understand it. They only want to use it. And this is true for most technologies too. Probably for technologies in general.
Web 3.0 requires a lot of development so you are right, it is atime thing.
Hopefully people will start figuring that out.
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I’m working on a post for this topic, won’t be awe-inspiring perhaps but I feel the same thing. The venture capital funding was nice to see for all time highs but it was detrimental for things as a whole. I guess the only good thing is it’s gotten more people to see and dabble into crypto but it’s caused trust issues too.
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Bear markets clear out the excess.
We are seeing it in crypto.
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https://twitter.com/1415155663131402240/status/1593484547902955520
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Honestly I don't think having the weak projects and scams fall weakens crypto as a whole. It's just like anything else, you have your solid investments, and you have your boom and bust ones as well...
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Summary:
In this video, the speaker discusses the recent incident involving FTX and explains why he believes it was actually the best thing for the cryptocurrency space. He highlights the exposure of fraudulent activities in traditional financial entities, emphasizing the need to clear out centralized systems and embrace decentralization in the crypto world. Additionally, he expresses his optimism about the project Hive, stating that it stands out as a promising player in the crypto arena.
Detailed Article:
The video revolves around the recent upheaval caused by FTX and why the speaker views this event as a positive development for the cryptocurrency industry. He starts by acknowledging the negative impact on coin prices and the bearish market sentiment triggered by FTX's issues. However, he swiftly transitions into explaining why he sees this incident as a much-needed revelation of the centralized and interconnected nature of hedge funds, VC-funded platforms, and other traditional financial entities.
The speaker believes that the exposure of such fraudulent behavior and the unwinding of FTX's impact are crucial steps in clearing out the existing "bullshit" and paving the way for a truly decentralized financial system. He argues that what cryptocurrency represents is not just another asset class but a complete restructuring of the financial and economic systems. The speaker criticizes the notion of cryptocurrency being treated as a separate asset class and emphasizes that ultimately all asset classes will be represented by cryptocurrencies.
Moreover, the speaker delves into the realm of decentralization, highlighting Bitcoin as one of the few truly decentralized networks despite certain concentration concerns. He addresses Bitcoin's limitations in terms of utility and efficiency, suggesting that it fails to serve many purposes beyond being a store of value. The speaker also points out Ethereum's shortcomings, branding it as a pseudo-decentralized network controlled by a few entities.
Amidst this discussion, the speaker shifts focus to Hive, expressing unwavering optimism about its potential in the crypto space. He distinguishes Hive as a promising project that can lead the way in creating a new financial network untouched by Wall Street influences or regulatory concerns. According to the speaker, Hive's uniqueness lies in its ability to offer more than just a medium of exchange, drawing a comparison between Bitcoin's ledger resembling a bank ledger and Hive's ledger being more akin to AWS (Amazon Web Services).
In conclusion, the speaker reiterates his positivity towards Hive and emphasizes the significance of the FTX incident in highlighting the importance of decentralization and weeding out centralized financial structures. He signs off with a hopeful message, urging viewers to remain optimistic about the potential for Hive and the broader future of decentralized finance.
Notice: This is an AI-generated summary based on a transcript of the video. The summarization of the videos in this channel was requested/approved by the channel owner.