Let’s transfer on from FTX’s collapse and get again to the fundamentals By Cointelegraph
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Let’s transfer on from FTX’s collapse and get again to the fundamentals By Cointelegraph

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Let’s transfer on from FTX’s collapse and get again to the fundamentals

Pundits are calling the collapse of the FTX alternate the top of cryptocurrency and enterprise capitalism associated to it. However it’s not. A few of them anointed Sam “SBF” Bankman-Fried “The King of Crypto” — after which summarily killed the king. However, in actuality, crypto by no means had a king. The tip of FTX could mark the top of People utilizing unregulated exchanges, and it actually is the top of exchange-native tokens, however crypto itself hasn’t modified one bit.

In actuality, the FTX collapse is a symptom of a deeper drawback, which is conventional finance’s “revenue at any price” mentality. For all of the lip service paid to FTX as a regulated entity, on the finish of all of it, the alternate fell to profit-driven fraud like so a lot of its conventional counterparts. The stain FTX left behind has no extra to do with actual crypto than Enron needed to do with actual oil within the floor.

Pat White is the CEO of Bitwave, a back-office digital asset platform that provides accounting, finance and tax providers. He beforehand based and served because the CEO for corporations together with Synata, an enterprise search engine, and labored as a chief architect at Cisco (NASDAQ:). He holds a level in laptop engineering and laptop science from the College of Southern California.

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