- FTX collapse does not indicate that anything is wrong with crypto.
- FTX is a secretive organization that has never revealed its inner workings.
- The fall of FTX has also damaged faith in the vast technology.
According to a recent post on Reddit, FTX is not a cryptocurrency, and the collapse of FTX does not indicate that anything is wrong with crypto. Recent events, like the failure of FTX and countless other unfortunate occurrences, have left the cryptocurrency sector feeling disheartened.
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Among them is the devaluation of Terra in May, which was followed by collapses at Celsius and the hedge fund business Three Arrows Capital (3AC) in June.
The fall of FTX has also damaged faith in the technology and embarrassed its backers. Famous players like football`s Tom Brady and Steph Curry, a basketballer fall under this category. In spite of the crypto winter, many believers in the potential of this new payment system are holding firm.
The Reddit user claims that FTX is a secretive organization that has never revealed its inner workings. Since crypto is the most secure technology ever developed by humans, this would be in opposition to their actions and evidence of its fraud.
The irony is that cryptocurrency’s immutability and total transparency make it ideal for preventing fraud at institutions like FTX. This may occur if customers need wallet addresses as a prerequisite to making any transactions on the centralized exchanges.
This will also be used by the government to crack down severely on other areas outside only the exchanges. In addition to this, it will use it as a pretext to impose KYC regulations on cryptocurrency producers. This is something that has been designed to be deliberately difficult to adhere to.
The Redditor further advises explaining the difference between FTX and crypto to friends and family. He also Warns people about the privacy dangers and ultimate control that come with CBDCs.
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