The recent crypto exchange collapse is a big wake up call for the entire crypto company, as we have a lot of people building non custodial wallets and trying to ecourage more decentralised finance just so we can be on track with crypto and making it still safe for the community. After the FTX crash, lots of people lost hope in crypto, people lost money in the Luna crash, but the FTX rash was the peak, it felt like, if the crypto supposed messiah could crash what else can you say of the common crypto man. Forgetting that crypto is meant to be a trestles decentralised platform.
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These are just bad actors playing their bad roles, some may present to be good and are acting for the good of crypto, we have the CEO of telegram talking and making plans of building a non custodial wallet based on the FTX collapse. We are going to see more non custodial wallet get built, as more people will try to form messiah soon. FTX has caused a lot of damages, I believe the damage is more than what Luna crash, voyager or 3AC did, because not only did venture capitalist investors lose their money but the token holders of the the exchange native token lost money too due to the price crash, coupled with the fact that they staked their token and it takes 14 days to get unstaked. The exchange users that had their assets in the wallet also lost their money, so people are going to need a lot of time to think about loss before regaining their hope for crypto.
Centralisation is the birth of decentralisation, because we need a group people to come up with the idea, build it and make sure it is alright before making it completely trust-less. Decentralisation doesn’t produce itself, it doesn’t wake up one day and build itself. The only problem we have is that most of these crypto builders and dev are building from the selfish point of view and only looking out for their self. Look at SBF, former FTX CEO talking about not knowing when they started mixing customers assets with Alameda funds, this is because they had access to those funds because it was decentralised. If it was completely decentralised he won’t get access to customers funds. Its impossible to here that in Hive, a witness or developer got access to your funds and used it, its not possible because Hive is trsutless and decentralised.