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?
The topic of returning to decentralization is not a recent one. It's just that the FTT incident made people panic even more. This is not a simple case, it will cause a domino effect. In fact, many people use bitcoin trading as a tool to make money, continuously trade, and use the leverage and contracts of centralized exchanges. This process has lost itself, they know that their assets are safe in decentralized wallets and hardware wallets. In fact, sometimes I do this myself, and what I think in my head is inconsistent with what I do in my hands.
