How many Mt. Gox-like incidents would a sane person need to hear about before starting to self-custody their crypto holdings you reckon?
My humble guess would be that two are more than enough but that would probably be the case if there was any sanity left in the crypto industry.
Where Is The Celebration?
I won't bother you with the details, we all know how the FTX situation is unfolding... Life savings are lost, seemingly reputable crypto enthusiasts reporting 50%+ net worth losses due to the bankruptcy of a centralized exchange, and a pure state of chaos as more and more "crypto firms" go down with the ship. It is clear to everyone that this story has no happy ending for those involved but I do have to ask, where are the fireworks?
When the news broke out and a lot of exchanges started experiencing yet another bank run due to insolvency rumors I was keeping a close eye on DeFi protocols and none of them resorted to anything similar we saw on CEXes. Not a single DeFi protocol on any single blockchain in existence stopped withdrawals. Prices were tanking, people got liquidated as planned and every smart contract did what it was programmed to do.
A thing of beauty as far as I am concerned...
On the one side, we had mayhem, theft, and mismanagement of funds on an insanely irresponsible scale. Some are still recovering from the shock by the looks of it. On the other, you could almost hear the ticking of the amazing clockwork known as Decentralized Finance. Two worlds slowly drifting apart and one of them taking a clear and flawless victory once again but still, no fireworks...
Here is a hypothetical - if Satoshi really was one person and if they were around these days to see the catastrophe unfold wouldn't it be a joyful moment? The contraption works!
SBF fucking with customer funds had no impact on me and many others that understood the whole point of Bitcoin and crypto. While others speculate when and IF they will get their money back my money is still on the move, I am 100% the owner of it and no man in existence can do anything about it.
Is this not the freedom that we have been building for the past decade?
If so... where is my firework show?
There Is No Second Best
Maybe there really are no winners in war but while Cz was dealing his final blows to Sam and FTX I saw a lot of winners emerging after the dust settled. Hive is one of them.
The only blockchain built by people and a true belief in freedom should rejoice and celebrate these grim days. Appreciate the fact that you don't have to send an email or call customer support to know if Hive is solvent. Also, respect the fact that it works regardless of what is going on in the outside world. The whole crypto industry could literally be set on fire and your Hive funds will still be your funds, withdrawable at any moment, and with zero chance of insolvency. Is this not what Satoshi envisioned in 2008?
While talking about Bitcoin, next-in-line-for-insolvency, Michael Saylor once said that there is no second best and I think the same can be said for Hive and DeFi. There really is no second best...
Bitcoin was a revolutionary idea but Hive and DeFi are the true evolution of that idea. If you are watching the FTX fallout from a distance completely unharmed congratulate yourself, you outperformed the titans. Sit back for a minute and think about this whole situation.
Celsius went down, your net worth stayed unchanged
BlockFi went down, your net worth stayed unchanged
FTX rugged millions of clueless users, your net worth stayed unchanged
Regulators are now coming after crypto projects, your blockchain of choice has no representative and no one to come after except an imaginary digital entity that lives wherever the nodes are
Fund managers that were once praised as geniuses are now on the run because they used too much leverage, your net worth stayed unchanged
Tom Brady invested $650M in FTX and probably lost it all, your net worth stayed unchanged
Congratulations champ, you are still undefeated in this game of freedom.
For you this is just another day in the office, another stripe earned, and another bump on the road to a trustless future.
I salute you.
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I was going to yell about this on Twitter today under someone’s post but I decided not to sweat it. But seriously though, how many have to happen. It’s sickening. People are walking into traps by their own will. If CEXE’s exist, people will use it, how do we stop CEXEs from happening
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Some lessons can't be learned before you lose a shit ton of money I guess.
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I am still here. Making tiny amounts of crypto everyday! Baby steps! 🔥
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Also, that's the only right way to do it it seems.
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I am more or less on the sidelines as I got out most of my money on the centralized stuff but it's kind of shocking to see all those financial Youtubers get smacked so hard. They shilled them and now they have to worry about a huge hole in their book as well as their subscribers.
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I have no idea why I thought they would know better. This is just embarrassing.
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Great
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Haha, this is great!
🤓.
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Please don't tell me you measure your net worth in USD... C'mon now...
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I do and it crushes me every time. xD
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Well, I wouldn't be so euphoric about it, Hive is only around as long as enough money is paid to run the nodes.
Or am I seeing this wrong?
That's the case with every blockchain out there, not specifically a Hive thing. If belief in a project or the whole space depreciates so will the money, the nodes, and the security but numbers tell a different story. The Hive ecosystem is growing with every passing day and the chances of nodes running out of incentives are going down at the same pace.
If a failure of a centralized exchange causes the death of Hive or any other blockchain, the CEX is not the problem, we are.
I'm just pointing out the difference between a centralized and decentralized world and they seem to be visible now more than ever.
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Thanks for the clarification, I may be more pessimistic than others, but ultimately still on board. and to be honest, after the first years (on Steem) I gave up my motivation to follow the development after many unfulfilled promises. So I don't know anything about the differences in the two chains
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Check out the last post from @hivebuzz:
Na I think problem will keep pumping up when we still divert from the original reason why Satoshi create BTC , which is privacy,total control of your asset ,why now centralize exchange,you own the money when you own the keys,this is too simple to follow
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