The NY Fed Reserve Bank did a study and cryptocurrency has dropped to #11 as the biggest threats to the financial system.
In this video I discuss how things are changing as the bear market clears out a lot of the excess speculation and the indsutry actually evolves and grows.
Here is the article discussed in the video:
https://crypto.news/crypto-no-longer-among-top-10-potential-risks-according-to-us-central-bank/
▶️ 3Speak
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Sneak up on 'em.
It's good to see it outside the top 10 but I do agree that we just need to build outside the regulation. We all know that it will be an uphill battle if crypto is thrown into the courts as the politicians and government tend to have the upper hand.
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Summary:
In this video, the speaker discusses a recent study conducted by the Federal Reserve Bank of New York that indicates cryptocurrency is no longer among the top 10 financial risks. He emphasizes how the industry has evolved, shedding speculative aspects due to the bear market, which has paved the way for a more solid foundation. The speaker uses NFTs and projects like Splinterlands as examples of cryptocurrencies with utility and value. Additionally, he talks about the importance of decentralization in cryptocurrencies and the need to build systems resistant to regulatory corruption. The speaker argues that cryptocurrency, while disruptive, does not pose a significant financial risk to individuals or the financial system, likening it to the evolution of entertainment with the rise of Netflix.
Detailed Article:
The speaker starts by highlighting a study by the Federal Reserve Bank of New York, which reveals that cryptocurrency no longer ranks among the top 10 financial risks but has now fallen to the 11th spot out of 14 potential threats. He mentions factors like geopolitical tensions, foreign investments, COVID-19, and energy costs as more significant risks compared to cryptocurrency. This shift signifies the evolving nature of the cryptocurrency industry, which he attributes to the bear market clearing out speculative elements.
The speaker discusses the positive impact of the bear market in removing the speculative nature of cryptocurrency, allowing for industry evolution and the establishment of a more robust foundation. He touches on NFTs as an example, noting the market's stabilization following a period of volatility. Projects like Splinterlands are cited as successful examples of integrating NFTs with utility, thereby adding value to the industry.
Furthermore, he emphasizes the importance of decentralization in cryptocurrencies and the need to construct systems that are resistant to regulatory corruption. He points out the flawed assumption that regulation automatically ensures safety, citing past instances like mortgage-backed securities leading to global financial crises despite being regulated. Conversely, he argues that being unregulated does not necessarily equate to being a threat to the system.
The speaker discusses the potential for decentralized finance (DeFi) to be a safe platform without posing systemic risks to the global economy. He highlights the importance of alignment and incentivization in maintaining the stability and expansion of the cryptocurrency industry without jeopardizing the existing financial system. He addresses the risk of centralization, especially in the context of mining pools, pointing out that alignment among powerful players would be challenging to achieve in decentralized systems like Bitcoin.
In conclusion, the speaker challenges the notion that cryptocurrency poses a significant financial risk, likening its disruptive nature to the evolution of entertainment with the advent of Netflix. He promotes the idea that while cryptocurrency may disrupt traditional systems, it has the potential to enhance and improve the financial landscape.
Notice: This is an AI-generated summary based on a transcript of the video. The summarization of the videos in this channel was requested/approved by the channel owner.