Is Crypto Doomed? Post-FTX Collapse and If More Fallout is Yet to Come
In this clip from the AMA, Mitch and I give our take on everything Post-FTX collapse. A lot has happened in crypto the past few months.
All of these events have led to a lot of mistrust in the crypto industry. Everyone is running scared of what might collapse next.
There are record amounts of crypto being ripped off exchanges like Coinbase and Binance. People are withdrawing from CEXes in an unprecedented way.
Long-term, this FTX collapse could have a beneficial impact on the industry - leading to more personal security and scrutiny from reatil.
Short-term, we might see some more fallout.
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The collapse in CEXs would happen sooner or later anyway, a decentralized asset should not be expected to be traded on a centralized exchange. Cryptos are still in early stages so it's normal for them to be traded on centralized exchanges but 10 years from now we won't be seeing a lot of CEX. There will always be CEXs, but the trading volumes will not be this high.
The collapse of the CEXs will be a bit of a pain for the crypto markets, but I think it's a good thing for the future.
Posted Using LeoFinance Beta
Crypto is doomed, of course! Or at least, that's what the doomsayers want us to believe. I didn't listen to them any of the times when they said Apple was dead either, and what do you know? It's 2022 and I'm using a Mac that I paid for with BTC that I got from from faucets!