FTX's case has been triggering so many things to happen with crypto and here's some things that already happened.
- People are losing trust over cex
- Triggering government to crypto by giving more strict regulation
People already forced to go back again to the decentralization but in don't even think utopia can take the advantage from this incident that already happened with crypto. It seems like that if decentralized thing like GMX and MVX may take the advantage over the collapse from FTX.
It can be seen from the TVL that owned by these decentralized futures trade were also increasing a lot since people were moving away their money from cex out to their wallet caused by the trust issue with cex.
Topic: After FTX collapse, some call for a return to decentralized roots - page 12. (Read 2008 times)
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November 22, 2022, 11:30:33 AM
November 22, 2022, 04:43:22 AM
As questions swirl about how much cryptocurrencies will be worth in the wake of the spectacular collapse of the crypto exchange FTX and other major platforms, a key question has emerged: Who will keep your crypto safe?
In response, some in the crypto community are calling for a return to its decentralized roots.
Among the rallying cries of this latent movement: “Not your keys, not your coins.”
In other words: Trust only yourself.
But doing so requires individuals to maintain their own cryptocurrency wallets through a more complicated — if safer — process that involves generating complex passwords and sometimes buying physical hardware to keep track of crypto, as opposed to entrusting it to an exchange.
"A company like FTX was supposed to hold your assets, but they ended up lending them out," Tracy Wang, deputy managing editor at the crypto news site CoinDesk, told NBC News.
That concept is what undergirds the traditional monetary system and seems to go against the fundamental philosophy of cryptocurrency.
"This is like taking power back and being in charge of your own money," Wang said of decentralization.
So does that mean that Utopia P2P had chosen the right way from the very beginning, being based on its own decentralized blockchain and having own Crypton privacy coin? As for the 5 years of existence it didn't face any data leakage or scamming scandal. Or what else would you offer to pay attention to?
In response, some in the crypto community are calling for a return to its decentralized roots.
Among the rallying cries of this latent movement: “Not your keys, not your coins.”
In other words: Trust only yourself.
But doing so requires individuals to maintain their own cryptocurrency wallets through a more complicated — if safer — process that involves generating complex passwords and sometimes buying physical hardware to keep track of crypto, as opposed to entrusting it to an exchange.
"A company like FTX was supposed to hold your assets, but they ended up lending them out," Tracy Wang, deputy managing editor at the crypto news site CoinDesk, told NBC News.
That concept is what undergirds the traditional monetary system and seems to go against the fundamental philosophy of cryptocurrency.
"This is like taking power back and being in charge of your own money," Wang said of decentralization.
So does that mean that Utopia P2P had chosen the right way from the very beginning, being based on its own decentralized blockchain and having own Crypton privacy coin? As for the 5 years of existence it didn't face any data leakage or scamming scandal. Or what else would you offer to pay attention to?
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