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I think your comment is a bit misinformed. Your reply is written as if crypto itself failed when it was the exchange that failed. They took client assets and re
by dmak 4y ago
I think your comment is a bit misinformed. Your reply is written as if crypto itself failed when it was the exchange that failed. They took client assets and re-invested into other companies which also serviced retail investors. This collapse is due to poor corporate accounting and controls.
- anonymousab 4y ago"Crypto" encompasses both the technologies and the systems created and the external effects they generate on the world. When the result is a bunch of scammy centralized exchanges crumbling? That's what "real" crypto is, regardless of any initial guiding light goals. Just like how the USSR and its actions were "real" communism, regardless of how close they mapped to original utopian dreams about what communism would be. How it plays out in the Real world is what matters, and what makes it the Real thing.
- dmak 4y agoI think you are conflating your understanding of the definitions. Stock exchanges run exchanges to trade stocks. Crypto exchanges also run exchanges to trade cryptocurrencies. FTX is an exchange that trades cryptocurrencies. FTX went under and pulled all companies it invested in with it. However, the cryptocurrencies are still running. What FTX did was criminal and it's well documented and more of it is still being discovered. It's just odd that you would suggest an asset class results in "scammy centralized exchanges crumbling". It would be like saying: > "Stocks" encompasses both the technologies and the systems created and the external effects they generate on the world. When the result is a bunch of scammy centralized exchanges crumbling? That's what "real" stock is, regardless of any initial guiding light goals.
- topranks 4y ago“Crypto” has incentives that have caused this to happen over and over again.