French journalist and audiovisual director for Cryptoast, the first French media on the crypto ecosystem.
French journalist and audiovisual director for Cryptoast, the first French media on the crypto ecosystem.
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The first chapter of the FTX affair is about to close. This bankruptcy has shaken up our ecosystem, and the coming weeks will continue to rock the industry. Without taking the industry with it.
This case was played out for all to see. No recess. No state bailouts. And the users who suffer. Billions evaporated♟️
But the ecosystem did not fail. It's the opacity of a centralized enterprise, which rekindles the wounds of the era that gave birth to Bitcoin, that is still at fault. The failure of centralization and the lack of public visibility. Still the same enemy today, 14 years later.
These last two weeks have been intense to measure the impact of the earthquake. To explain, in front of the public, the causes of this tsunami. On the networks, among friends and on television. To answer and explain 📺
Tomorrow, this same challenge will be played out in the corridors of Brussels, with European regulations. And in Washington. It will be the challenge of all of us, of our actors and their representatives, like ADAN in Europe 🧑🔬
The European regulation, embodied by MiCA and which comes into force in 2024, frames part of the FTX drifts (by imposing capital requirements on platforms, segregation of client portfolios...) It will certainly not be sufficient for our representatives.
But to move forward and protect more the actors and users, it will not be necessary to make a mistake of evils. Especially to avoid scaring away innovation. Cruel dilemma of always. Or a simple pendulum swing? ⚖️
Some of the remedies are to be found in the very essence of our ecosystem, partly embodied by the network from which I am writing these lines; transparency and auditability. So that the rating agencies are only a validation of what thousands of Internet users can testify every second. With every block. With every transaction. During these weeks of crisis, Bitcoin has not stopped mining a block. Ethereum has not stopped validating transactions. And decentralized finance, through the best-known of them all AAVE, has not stopped delivering its services without going under the protection of Chapter 11 🧪
The challenges will be great and the pitfalls still numerous. But on the eve of a crucial day for part of the industry, another chapter is already opening: that of regulatory harmonization. Joe Biden will be one of its standard bearers. And we will not fail to bring it to life here.
And to explain the strengths of our industry every day.
This mirror is the continuation of my post: valcryptoast.lens
The first chapter of the FTX affair is about to close. This bankruptcy has shaken up our ecosystem, and the coming weeks will continue to rock the industry. Without taking the industry with it.
This case was played out for all to see. No recess. No state bailouts. And the users who suffer. Billions evaporated♟️
But the ecosystem did not fail. It's the opacity of a centralized enterprise, which rekindles the wounds of the era that gave birth to Bitcoin, that is still at fault. The failure of centralization and the lack of public visibility. Still the same enemy today, 14 years later.
These last two weeks have been intense to measure the impact of the earthquake. To explain, in front of the public, the causes of this tsunami. On the networks, among friends and on television. To answer and explain 📺
Tomorrow, this same challenge will be played out in the corridors of Brussels, with European regulations. And in Washington. It will be the challenge of all of us, of our actors and their representatives, like ADAN in Europe 🧑🔬
The European regulation, embodied by MiCA and which comes into force in 2024, frames part of the FTX drifts (by imposing capital requirements on platforms, segregation of client portfolios...) It will certainly not be sufficient for our representatives.
But to move forward and protect more the actors and users, it will not be necessary to make a mistake of evils. Especially to avoid scaring away innovation. Cruel dilemma of always. Or a simple pendulum swing? ⚖️
Some of the remedies are to be found in the very essence of our ecosystem, partly embodied by the network from which I am writing these lines; transparency and auditability. So that the rating agencies are only a validation of what thousands of Internet users can testify every second. With every block. With every transaction. During these weeks of crisis, Bitcoin has not stopped mining a block. Ethereum has not stopped validating transactions. And decentralized finance, through the best-known of them all AAVE, has not stopped delivering its services without going under the protection of Chapter 11 🧪
The challenges will be great and the pitfalls still numerous. But on the eve of a crucial day for part of the industry, another chapter is already opening: that of regulatory harmonization. Joe Biden will be one of its standard bearers. And we will not fail to bring it to life here.
And to explain the strengths of our industry every day.
This mirror is the continuation of my post: valcryptoast.lens
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