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As someone relatively involved in the crypto space the past few years, no one saw FTX as anything to be proud of. It was a centralized exchange, basically a web
by lindq181 3y ago
As someone relatively involved in the crypto space the past few years, no one saw FTX as anything to be proud of. It was a centralized exchange, basically a web2 company that handled crypto. Only the TradFi VCs (the Mr. Wonderfuls of the world) spouted rhetoric like that. The engineers building out the chain ecosystems & protocols on top of it never thought much of it other than another place to trade with orderbooks (i.e. centralized company).
- jhobag 3y agothe funniest part about FTX was how utterly awful it was. books were thin, and everyone knew alameda was hunting customers in the books, while listing perps for their farm and dump investments. really just a sham of an exchange/casino, so around average by crypto standards, but KOLs and mainstream comms praised them.
- colpabar 3y ago> KOLs and mainstream comms praised them I know this will just get me labelled a conspiracy theorist but I refuse to believe his well-connected parents had nothing to do with the praise FTX received in the mainstream media.
- echelon 3y ago> basically a web2 company Also known as a company.
- EdwardDiego 3y agoReally curious why you'd make this distinction? > web2 company Are web3 companies less fraudulent?
- BLanen 3y agoCryptobros try to pretend because "web3" is blockchain, that the blockchains will reveal anything bad before it can happen. Completely untrue, of course. There's always a real-world link(because otherwise nobody would be profiting(people want stuff)/nothing would actually happen)
- angio 3y agoAave cannot fake its risk parameters because it's fully on chain and anyone can check them. Crypto scams are always off chain (like FTX and many more) or have smart contracts that can be upgraded by anyone (but again, anyone can check that the contracts can be upgrade and by whom).