Is crypto era over?

https://twitter.com/General_Shill/status/1591996096876007424?t=z7l3YHGg8T4bOme0yM5qNw&s=08

Very little coverage in the general media to date of the bankrupting of crypto companies. There seems to be a collapse in confidence in the concept of crypto and investors looking to sell as quickly as possible. Little financial substance to the concept and very concerning accounts of financial shenanigans to give a look of apparent structure. Has the look of a giant ponzi scheme and those that got in and sold out have made their money, leaving suckers to take the hit.

But will it have an impact on economies in general and the ordinary citizen?

I wouldn’t feel too bad for CZ, he turned down the OTC trade of FTT for $22. He picked his moment to stick the knife in. Not the FTX deserve any sympathy, you don’t dip into customer funds. The questions will be about how interrelated all these people are. Genslers name coming up in connection to people working at FTX is not good for him, people are also looking into his involvement in Silver trading and possible insider trading in it from a few years ago.

The dataset is 1.89% of all trades? An the 98.1% is of that 1.89% set?

So this would indicate a smidgen of dishonesty (or small enough to be considered genuine errors), hardly "most" of the super cycle

I'd be wary of anyone declaring themselves the defender of cyber security, and diverting from that point deep into politics

It's not really an investment, it's a reshuffling of wealth without anything of substance being produced, but a lot of people don't seem to grasp that.

Yep. As far as I know almost all DEX have performed very well. Their record is much better than centralized projects.

Platforms such as UNISWAP and AAVE etc

You control your own wallet and risk is dramatically lowered.

Crypto isn't an 'era' or a phase... It's only the beginning and people should be in for the long run.

People think just because it's had a **** year that it's down for good...

lol. if only things left lasting effects that quickly.

There is still going to be centralization somewhere, most likely the owner of the blockchain/exchange. In the case of a mortgage, for example, what does decentralization mean and how does it work?

If blockchain is to ever replace FIAT money, it would need to be regulated and recognised as legal tender.

Otherwise you could go into a shop and be refused service because the coin in your crypto wallet isn't accepted by the retailer.

Nobody wants to be dealing with that

And if the crypto coin became ubiquitous and so was accepted everywhere, without regulation, you're putting basically all of the liquid wealth in the entire country into the control of a private group and private exchanges that, as we've seen over and over and over and over again, will steal all your money

Plus, all the middlemen, creating apps and services so that the ordinary pensioner on the street can access their wallets opens up risks of scammers and malware and ransomware taking people's life savings....

One of the problems solved by crypto is that of double spending, if we have a virtual currency then this prevents you and I trying to spend the same coin, therefore uniqueness and validation are part of it. Uniqueness can be assigned to people too (no ned for blue ticks Elon).

The question of lending money and not getting it back exists in traditional finance too, and same as there, if funds are not identified or held then there is no guarantee that you will get it back, but the borrower is easily identified.

What isn't, double spending virtual currency?

Yes, where taking control is not possible of course.

The problem crypto solves as I see it is more transparency/immutability on a ledger. Companies at present do business and they've got accountants on both sides with different balance sheets and interpretations. There's a lot of money flying around in the system that isn't taxed. That's right from the people at the top of companies down to the person on the till who's trying to find a way to pocket money by voiding transactions or whatever the current flavour of the month fraud is.

The CEX's seem to be ran by cowboys at the moment but once regulated entities backed by governments enter the fray you could expect less fuckery. You'd always have the option of self custody (for some portion) of your money as well. Again governments could probably sieze funds that get hacked or stolen if they had some sort of ownership of the blockchain.

BTC will never be a good medium for payments it's for libertarian bunker residing hodlers. Ethereum for all its incredibly slow development seems to be making decent progress towards being sort of affordable for smaller transactions but I think Ethereum is more concerned with being a open ended platform for software experimentation rather than payments. Nobody wants to pay for stuff in volatile tokens anyway it'll be some sort of government backed stablecoin that becomes the standard for that. It just depends on whether the US Government decide the tech is good enough in 10 years, or at all, before they start dipping their toes in. It definitely feels quite a long way off being ready at the moment. Till then we'll probably see some weird and wonderful applications built, but mostly ponzis, cos ponzis are kind of fun.

Much like tech I don't think we'll see the financialisation of every bloody thing on the planet slow down any time soon because people inherently like trade, gambling and shiny new technological gimmickery too much.

Cmon lads, open the minds

This reminds me of when some guy said, ok we have a bunch of networks and we have found a way to make one single network of all these smaller networks, and another came along and asked ok but what problem does that solve.