✒ Some very valid points that resonate with me:
- “… the grim reality is that despite bitcoin and other blockchain products offering alternatives, as of today, the cryptocurrency market has created more intermediaries than it has eliminated. For the last several years, no one has really cared about the genuine utility that may be found in crypto.”
- “With global floods of easy money pouring into asset classes of all kinds, and pushing people further out the risk spectrum, entrepreneurs, developers, and investors found themselves incentivised to play into the building of a large speculative bubble as opposed to delivering durable value.”
- “Too much of the time, energy, money, and attention that has gone into crypto over the past few years has gone toward building gambling markets around magic beans — instead of creating products taking advantage of the openness, transparency, and autonomy that the tech offers.”
- “… The demise of FTX feels like the end of crypto at the moment, but it may become the catalyst to drive the industry to the areas where cryptocurrencies and blockchains can solve real problems.”
- “It feels optimistic in this hour of shame and darkness, but one can hope that crypto might actually deliver on a more open and transparent system so that in a decade we will look back and be able to say: bitcoin solved this.”