If The Crypto Ecosystem Collapses, Will You Leave or Rebuild?

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FTX Could Just Be The Start

With so much drama over the last year in the crypto ecosystem, it was not entirely shocking to see one of the big dominoes fall with FTX. I know that projects like Terra Luna and other DeFi giants have went down with catastrophic effect, but additionally having huge centralized exchanges like FTX and now BlockFi filing for bankruptcy, we may see the whole ecosystem drastically change.

I have seen rumors that Coinbase and Binance will be next to topple and whether or not they do, the fact still stands that the crypto ecosystem as we know it today will be undergoing a massive facelift.

It is very possible that this is all for the best and that what is meant to happen will eventually happen for the space as I believe that CEX's are not the true purpose of crypto, but seeing it happen so suddenly could rock the confidence of users and investors for years to come.

How Does Mt. Gox Compare?

I wasn't involved with Bitcoin during the Mt. Gox collapse, but from what I 've read, this was something that wouldn't entirely have shocked me. It was an exchange running on a website that was meant to be a forum on a game. This time, the exchanges that are collapsing are multi-billion dollar corporations that have built their brands on being a safe place to invest in and transact on... That feels much more serious (though of course both are terrible).

Where Do We Go?

I still think that DeFi is the future, but we have also seen countless DeFi projects go up in flames with corruption, hacks, etc. The future of cryptocurrency will have to focus on ensuring peace of mind through smart contracts and transparency. Where there are human beings involved, there is always the chance of corruption, manipulation or just simply errors being made. In the future, I believe we will see a ton of automation and a log of all transactions and TVL locked of the protocols we are investing in.

I don't know when that will be or what protocols will take the lead, but it is the only thing I can think of in terms of guaranteeing that cryptocurrency functions the way it is meant to.

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7 comments
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I refuse to be worried about it. We are not in this space by happenstance. I am just going to buidl and hodl in my humble small way and see what the end is going to be.

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I don't think it will fully collapse but I do think a lot of those exchanges/companies will be going out of business due to FTX. It's just kind of crazy to see everything there and I would just prefer to rebuild on a place like Hive.

Posted Using LeoFinance Beta

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Hive still doesn't seem to be gaining very much mainstream attention. I ironically ran into a blockchain/crypto consultant last night and she hadn't heard of it yet or the DPOS system in blogging. Still early!

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Dear @rob23,
Your support for the current HiveBuzz proposal (#199) is much appreciated but the proposal will expire soon!
May we ask you to review and support the new proposal so our team can continue its work?
You can support the new proposal (#248) on Peakd, Ecency, Hive.blog or using HiveSigner.

Thank you!

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Dear @rob23,
Your support for the current HiveBuzz proposal (#199) is much appreciated but the proposal will expire soon!
May we ask you to review and support the new proposal so our team can continue its work?
You can support the new proposal (#248) on Peakd, Ecency, Hive.blog or using HiveSigner.

Thank you!

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