This Week’s Winners and Losers in Crypto
Big week in crypto! Banks going down causing BTC to go up. Alts (sort of) following suit. But who are the biggest winners and losers for the week? Biggest Winner(s): Arbitrum Airdrop Participants Thursday was a big day for those eligible for the coveted Arbitrum airdrop, but there were bumps along the way. The claim site was down from almost moments when it went live, and was nearly inaccessible for hours. However, after the dust settled, the price hovered above what estimates predicted (>$1)...
Post FTX: Bananas In The Bahamas
FTX’s spectacular implosion sent ripples which was felt by all through the cryptoverse, but has also hit the people of the Bahamas, where FTX was headquartered. According to a report in the WSJ, the island nation initially welcomed FTX with it’s lax and favorable crypto laws and eventually the locals became the supporting cast for FTX employees. Catering, security, transportation, event planning, logistics and many more services were required and the locals began taking up these jobs, creatin...
STOCK Act Gets Busted
Nancy Pelosi might not be too keen on the reformation bubbling up in her backyard. On Thursday, a new framework was released to change the policy known as the STOCK Act, aka "Stop Trading on Congressional Knowledge", which puts the onus on congressional and government leaders to disclose stock and asset purchases, in order keep transparency with the public. Historically, there have been quite a few calls on leaders to stop purchasing stocks because of the potential of insider knowledge on upc...
<100 subscribers
This Week’s Winners and Losers in Crypto
Big week in crypto! Banks going down causing BTC to go up. Alts (sort of) following suit. But who are the biggest winners and losers for the week? Biggest Winner(s): Arbitrum Airdrop Participants Thursday was a big day for those eligible for the coveted Arbitrum airdrop, but there were bumps along the way. The claim site was down from almost moments when it went live, and was nearly inaccessible for hours. However, after the dust settled, the price hovered above what estimates predicted (>$1)...
Post FTX: Bananas In The Bahamas
FTX’s spectacular implosion sent ripples which was felt by all through the cryptoverse, but has also hit the people of the Bahamas, where FTX was headquartered. According to a report in the WSJ, the island nation initially welcomed FTX with it’s lax and favorable crypto laws and eventually the locals became the supporting cast for FTX employees. Catering, security, transportation, event planning, logistics and many more services were required and the locals began taking up these jobs, creatin...
STOCK Act Gets Busted
Nancy Pelosi might not be too keen on the reformation bubbling up in her backyard. On Thursday, a new framework was released to change the policy known as the STOCK Act, aka "Stop Trading on Congressional Knowledge", which puts the onus on congressional and government leaders to disclose stock and asset purchases, in order keep transparency with the public. Historically, there have been quite a few calls on leaders to stop purchasing stocks because of the potential of insider knowledge on upc...
Share Dialog
Share Dialog
I’m sure you’re reading that headline and letting the week’s worth of crypto drama swirl around you, trying to make head or tails of what happened. Well, lucky for you, legend Shaan Puri put it in really easy terms in a tweet:
https://twitter.com/shaanvp/status/1590029012000440320
After you read that, take a look at the latest development:
https://twitter.com/binance/status/1590449161069268992
Take a moment to let it in. Essentially, CZ, a billionaire who promoted fair practices, decides in a moment of pure rage against SBF (CEO of FTX) for what he considered tattling on him, to take him out by possibly causing a potentially devastating ripple effect across all of crypto by liquidating $2B worth of FTT (FTX’s fee token) and taking one of his rivals out. Although he never did it (or possibly never intended to from the beginning), people started to panic dumping FTT and pulling assets out of FTX in anticipation of such event. FTT price plummeted, FTX paused withdrawals, and for a rumored $1 buyout, CZ made an agreement to buy out SBF. Could SBF fought back? Yes. But it would have most assuredly crippled not only FTX, but possibly the market as a whole. Now, CZ claims due diligence shows he shouldn’t buy FTX?!
In my mind, this is the reason centralized exchanges and services should no longer be a primary vehicle for any crypto-related transactions (we still need their one function of converting fiat to crypto). All it takes is two young billionaire’s beef to crash a market, and everyone’s money with it. Look at all the revelations of Three Arrows or Celsius after they lost all of their customer’s money. Could regulation possibly prevent these kinds of things from happening? I’m not sure, but all I can remember in this moment is one of the reasons I became so attracted to the notion of crypto and Web3 is because of decentralized and permissionless services. We wouldn’t have a CZ, or an SBF, or Kwon Do make egotistical decisions in the heat of the moment that could cause a catastrophic downfall. Can DeFi protocols fail? Of course, but at least we are removing one point of failure, single human intervention. I’ve been fuming since this all started happening, and I think I’ve had it. I’ve only been using two CEX’s at the time of this article, but I think it’s time I made it zero. If at any point I do use one, it will be for fiat to crypto conversion, then moving it out to a private wallets ASAP. Readers, make the decision that’s best for you, but remember not only the crypto history lessons of the past, but everything we’ve seen so far in this crazy year of 2022.
Written by: nikethereum.eth / Medium / Mirror
I’m sure you’re reading that headline and letting the week’s worth of crypto drama swirl around you, trying to make head or tails of what happened. Well, lucky for you, legend Shaan Puri put it in really easy terms in a tweet:
https://twitter.com/shaanvp/status/1590029012000440320
After you read that, take a look at the latest development:
https://twitter.com/binance/status/1590449161069268992
Take a moment to let it in. Essentially, CZ, a billionaire who promoted fair practices, decides in a moment of pure rage against SBF (CEO of FTX) for what he considered tattling on him, to take him out by possibly causing a potentially devastating ripple effect across all of crypto by liquidating $2B worth of FTT (FTX’s fee token) and taking one of his rivals out. Although he never did it (or possibly never intended to from the beginning), people started to panic dumping FTT and pulling assets out of FTX in anticipation of such event. FTT price plummeted, FTX paused withdrawals, and for a rumored $1 buyout, CZ made an agreement to buy out SBF. Could SBF fought back? Yes. But it would have most assuredly crippled not only FTX, but possibly the market as a whole. Now, CZ claims due diligence shows he shouldn’t buy FTX?!
In my mind, this is the reason centralized exchanges and services should no longer be a primary vehicle for any crypto-related transactions (we still need their one function of converting fiat to crypto). All it takes is two young billionaire’s beef to crash a market, and everyone’s money with it. Look at all the revelations of Three Arrows or Celsius after they lost all of their customer’s money. Could regulation possibly prevent these kinds of things from happening? I’m not sure, but all I can remember in this moment is one of the reasons I became so attracted to the notion of crypto and Web3 is because of decentralized and permissionless services. We wouldn’t have a CZ, or an SBF, or Kwon Do make egotistical decisions in the heat of the moment that could cause a catastrophic downfall. Can DeFi protocols fail? Of course, but at least we are removing one point of failure, single human intervention. I’ve been fuming since this all started happening, and I think I’ve had it. I’ve only been using two CEX’s at the time of this article, but I think it’s time I made it zero. If at any point I do use one, it will be for fiat to crypto conversion, then moving it out to a private wallets ASAP. Readers, make the decision that’s best for you, but remember not only the crypto history lessons of the past, but everything we’ve seen so far in this crazy year of 2022.
Written by: nikethereum.eth / Medium / Mirror
No comments yet