Binance Takes Over FTX: The Lessons For Hive
With the centralized exchanges appearing to get more centralized, we need to wonder what the path forward is for Hive. This is something that I discuss in this video.
Decentralization is vital and Hive (along with HBD) are not handled by many CEX. In the long run, this could be a good thing. We need to focus upon establishing as many decentralized options as possible.
▶️ 3Speak
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I could not agree more. I did a quick post about that earlier 😀
https://twitter.com/1415155663131402240/status/1590165292013228032
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Glad that Binance keeps fighting with regulators but it's not surprising that this situation happened. These companies and leaders have all taken super sketchy and risky investments, this was destined to have occurred. What's going to be annoying is that regulators are going to use this situation to direct legislation at it, to make things even worse for the future.
I do think that getting more to DEX and DeFi is going to be important and how we can get around a lot of this horse shit.
The thing is, everything started off as decentralized. And yet they turned centralized in secret, slowly but surely as corporate shit bought in...
I genuinely hope Hive will never go down the path it did with steemit. But if it does im sure the community will once again stand together.. I mean look at steem now.. Fucking dead 😂
Im not able to watch the video as of right now, but will surely give it a watch later tonight.
A few weeks ago when HF26 happaned hive was disabled across a lot of Centralized exchanges... Binance among them... Sadly binance is my go to... But it having Hive deposits and withdrawals disabled and me wanting to take some funds out. This would not have been possible for me without the DEX's!
Fucking stoked they are around.. I can now put in and out without worrying about the CEX's taking their time to update things
We all need decentralization but it's tough to really get started. I think the hardest issue is to create those offramps to fiat because that will have to go through banks for people to get in and out of crypto.
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We need to get to the day where people don’t use fiat and use decentralized crypto to trade and exchange with one another. It is a long road indeed! That said as the dollar collapses in coming years I believe more people will hold bitcoin and other decentralized crypto currency and not make the fiat jumps as often. At least a group of the space.
The dollar won't collapse anytime soon because the other fiats would have to die first. It's going to be around for at least another decade and it depends on whether or not crypto can attract people there. As it is, I just think the applications in crypto aren't as polished as the Web3 ones right now.
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I totally disagree, the Dollar doesn’t have to wait for the others. 3% down in one day on the bucket of major currencies last 30 hours or so. We can see Dollar much lower competed to Euro snd the rest. We shall see! I think the Dollar will start moving lower on its own.
Certainly will be around I agree, but weaker I believe.
In the short term, I do think it may drop because it's been on a run but there just isn't any alternative for safety when things go down except for the dollar. So I fully expect the dollar to stay strong as other fiats crash. The faith for other fiats just isn't there if things start to go bad.
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#TeamDecentralized
!PGM
!PIZZA
For me, cryptocurrency was made to be decentralized, or at least that's how the value stays intact..I feel as of late, so many government and individual policies are affecting this. Countries want control, which might be okay for centralized stuff but not for decentralized currencies like crypto. The less we try to control crypto the better. Authorities needs to understand this.
Summary:
Task discusses Binance's move to take over FTX in a strategic and controversial manner. He believes that centralized exchanges pose risks and advocates for decentralized exchanges (DEXs), DeFi, and liquidity pools for Hive. Task emphasizes the need for decentralization and resiliency in the cryptocurrency space to avoid vulnerabilities associated with centralized exchanges.
Detailed Article:
In this video, Taskmaster4450 delves into the recent developments involving Binance's acquisition of FTX and the potential implications for the cryptocurrency industry, particularly focusing on Hive. He commences by highlighting CZ’s targeted move to liquidate Binance's position in the FTX token, which resulted in Binance effectively taking over FTX without encountering resistance. Task points out the risks associated with centralized exchanges like Binance, especially in terms of monopolistic control and regulatory compliance issues – particularly concerning Binance's relationship with U.S. regulators.
Task discusses the significance of centralized exchanges as mere on and off-ramps to fiat and emphasizes decentralization as the future, advocating for a shift towards DeFi, DEXs, and liquidity pools for Hive. He expresses his disinterest in heavy trading on centralized exchanges like Binance, emphasizing the toxic nature of such exchanges and the need to focus on decentralized solutions. Task argues for moving away from centralized exchanges to reduce vulnerabilities and increase independence within the cryptocurrency ecosystem.
Moreover, Taskmaster4450 emphasizes the importance of incentivizing the movement of tokens away from centralized exchanges towards decentralized platforms like DeFi and liquidity pools. He mentions the potential banning of algorithmic stablecoins like HBD from centralized exchanges in the U.S., underscoring the need for a decentralized approach for Hive's sustainability and growth. Task stresses the importance of building out decentralized infrastructure, such as Honeycomb, to enhance resiliency and reduce dependency on centralized exchanges in the cryptocurrency ecosystem.
In conclusion, Taskmaster4450 advocates for a paradigm shift towards decentralization, resiliency, and independence within the cryptocurrency space, urging a strategic move away from centralized exchanges like Binance towards decentralized solutions like DEXs and DeFi. He highlights the need for Hive to focus on decentralization and the adoption of decentralized protocols to mitigate risks associated with centralized control and regulatory uncertainties, ultimately promoting a more secure and sustainable future for the cryptocurrency industry.
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.