There is a good possibility that another meltdown to zero will occur and that it will continue. At the moment, there is a significant outflow from every unregulated exchange. They are not waiting around for an explanation because they seen what happened to FTX. Why should institutional capital continue to invest there if you don't want to be audited, and by exchange, I mean any exchange, don't have an order, don't want to be transparent, and don't want to reveal ownership? Due to the climate being one of lawless cowboys, it is quite difficult to find an auditor who wants to touch this stuff at the moment.
We are beginning to see the effects of regulation in action, which is why cryptocurrency is beginning to attract investment. Eventually, a regulated cryptocurrency market, a s a result of the aforementioned a regulated crypto market, which I think is going to be extremely interesting, will be the result of all those un regulated exchanges going to zero. Crypto is a software code; it's not the bad guy in and of itself. All of these dishonest actors, unlicensed exchanges, and the creation of worthless tokens on the exchanges will cease to exist.
Token purchases on all unregulated exchanges are encouraged by discounts on trading fees for account holders and users. 97% of these assets are actually owned by the issuer, if you look at who truly owns them. You have no idea who that person is since all you see is a nameless wallet, which the other 3% value at between $60 and $100 billion. You can be sure that exchanges will fail if there is a cash call back to fiat on $100 billion, and that is exactly what happened to FTX. If you're a bank, you can compel customers to buy your shares simply to create an account or provide them incentives like a discount.
People will cheat you off as long as there is an unregulated, decentralized form of money, and that is what they have already experienced. Although there are many malicious individuals that wish to exploit users of these decentralized networks, this does not imply that decentralization is ineffective. It implies that we require both greater transparency and significantly higher wallet-level security. Nobody believes in this system yet; they want restrictions and openness.
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