Crypto’s great reset is underway in the wake of FTX collapse

Looking for some perspective on the ongoing implosion in crypto markets I’m reminded of the saying “a week is a long time in politics”., co-founder of the crypto exchange FTX and poster child for effective altruism, it was a week for the ages.went from around U$15 billion on November 8 to bankruptcy in five chaotic days.I try to adopt a positive view on people whenever possible, but each new revelation about this guy gets me more upset.

ASIC has recently been taking action to protect investors from harms posed by crypto-asset offerings.What was not to like about a super-smart, white, male, MIT-educated, woke nerd backed by the elite establishment? He was our poster child, he was crypto’s acceptable face. Before working in the digital asset markets, I’d heard of pre-profit but never pre-revenue. But in this space it’s a common theme, with VC money so easy to come by.

Nonetheless, it is creating innovative open-source solutions to efficiently and securely keep databases, digitise ledgers to facilitate title transfers, fractionalise ownership of everything from real estate to intellectual property, and create Web3. Other tokens and projects will likely turn out to have been mostly a speculative frenzy and only a handful of truly useful crypto projects will survive.

The FTX collapse potentially pauses adoption because it has shaken trust in digital assets from those who were considering investments, and emboldened critics who never thought of it as anything but a Ponzi scheme.

Lmao. They were never trust worthy to begin with. 🤣

Regardless of the price of Bitcoin or centralised orgs with bad actors, the tokenised economy is being built. Stablecoins are helping drastically reduce costs and Blockchain is helping with efficiency. WAGMI

FTX was a corporate governance problem.

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