OPINION: Despite the magnitude of the FTX fiasco, its former CEO Sam Bankman-Fried is just a small part of a much larger problem: a shockingly low level of understanding of what cryptocurrencies are and how to use them.
The past two weeks have been a rollercoaster ride for crypto, and a good chunk of the chaos can be attributed to one individual.
This is a widespread issue that every current and potential crypto investor should be aware of: There is a shockingly low level of understanding of what cryptocurrencies are and how to use them. In its early days, crypto grew and thrived precisely because users understood one key concept: If you don’t own your keys, you don’t own your crypto. It used to be that you’d maintain a cryptocurrency wallet instead of entrusting your money to an exchange.
Centralized exchanges such as these are putting investors back to square one by forcing them to give up control of their assets and reintroducing the middleman. According to them, the problem will be solved by regulating all exchanges and possibly outlawing the use of decentralized finance altogether.
With that being said, the FTX ordeal remains a harsh reminder of something we already knew: Centralization is the true enemy of crypto.
México Últimas Noticias, México Titulares
Similar News:También puedes leer noticias similares a ésta que hemos recopilado de otras fuentes de noticias.
FTX hacker dumps 50,000 ETH, still among top 40 Ether holdersThe FTX hacker drained nearly $447 million out of multiple FTX global and FTX.US exchange wallets just hours after the crypto exchange filed for Chapter 11 bankruptcy on Nov. 11.
Leer más »
Washington Post, Forbes, Wall Street Journal Slammed for 'Puff Piece' Reports on FTX and Alameda Execs – Bitcoin NewsArticles published by the Washington Post, Forbes, and Wall Street Journal have been highly criticized for their takes on FTX and Alameda executives.
Leer más »
FTX owes over $3 billion to its 50 biggest creditors: Bankruptcy filingCourt filing reveals top 50 FTX creditors are owed over $3 billion USD by the crumbling exchange.
Leer más »
DeFi, NFT Remains Resilient Despite FTX Implosion: DappRadarFTX story is yet to reach conclusion, the appetite for Web 3 is still high.
Leer más »
FTX fiasco means coming consequences for crypto in Washington DCHopefully, lawmakers will make an effort to target the specific issues related to FTX instead of using the moment to engage in aimless regulation.
Leer más »
Ether under pressure as ‘FTX Accounts Drainer’ cashes out for bitcoinThe so-called 'FTX Accounts Drainer' is swapping its ether stack for bitcoin — and putting downward pressure on the price of ether in the process.
Leer más »