You probably heard about it yesterday when it happened. You felt it happen when your portfolio hit red again.
When it comes to the deal with CZ I see that as a positive thing for the wider space.
I know most of crypto is centralized crap but we can now finally start moving towards decentralization that so many in crypto pretend to uphold.
I know it was the US government basically enforcing decentralization in this case but sometimes even they can do good on accident.
CEXes have always had too much power, they were starting to act basically like crypto banks all the while not playing by any rules.
They control the markets, they control user funds, they manipulate prices, fake volume, fake basically everything.
If you could find Justin Sun on the super market shelf with dairy products he would be margarine.
It was a foregone conclusion that this would happen to Binance.
THE HIVE PROBLEM:
While in theory I support most of the bad that happens to CEXes, this puts Hive in a very uncertain position. If Binance fails and becomes insolvent, if it has to shut down like Bittrex yesterday, we would be left without a major exchange listing and our top trading pairs by volume.
If CEXes are going the way of the Dodo and DEXes are the future, Hive would be left stranded on an Island completely disconnected from the rest of the crypto markets.
- We have no bridges to other chains that are used in any capacity
- No liquidity pools
- And no one working on creating them (EDIT: VSC that has so far been funded by the @threespeak team is apparently building a functioning bridge that solves most issues listed here. MORE INFO SOON.)
Our overreliance on Cexes is palpable and terrible, especially considering we like to pride ourselves in promoting decentralization of finance and the web.
This is unfortunately for us an entirely a "devs do something!" type of problem.
The responses to this I got when I brought it up elsewhere were:
- We cant do anything.
- There is no solution.
- Nothing will work.
- You cant have bridges. Theyre a liability. (CEXes apparently arent a liability)
- Yeah, we ded if CEXes fail.
- They probably wont fail.
- Lets pray they dont fail.
So yeah thats where we are now.
Not enough panic yet to move anyone to action.
Not enough will to be proactive and try different solutions.
Wer just pushed around in the water on our little Hive floatie.
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.
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Maybe the current pushes us to the shore and wer safe.
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.
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Maybe a wave flips us over and we drown. Who can say? 🤷♂
Whats important to remember is that we can do "NOTHING" about it. Nothing at all.
(Well.. at least thats what I hear)
Que Sera, Sera... I guess.
