CJ - Cryptocurrency Enthusiast
When it was discovered that the top cryptocurrency exchange platform, FTX, was billions of dollars in debt, it greatly disrupted the cryptocurrency investment market. The industry has experienced a significant backlash as a result of its insolvency and improper handling of investor cash, and it will probably be months before the full effects of the collapse are understood.
Similar to how greed caused the majority, if not all, of the meltdowns in centralized, traditional financial markets, it has also led to this point in the development of cryptocurrencies. Greed that starts at the top.
The governance of Bitcoin or any other blockchain initiative by centralised organisations was never Nakamoto's intention. The exact opposite. The first centralised organisations, however, started to emerge as Bitcoin gained popularity and value. The small minority at the top of such organisations benefits from centralised exchanges and mining, not the majority.
The demise of FTX and other centralised platforms in 2022, however, may have given us some hope that the decentralised freedom that blockchain technology promised would one day return.
The truth is that decentralised protocols can offer much higher security for investors and users of this new financial system, even as the mainstream is calling for more regulation in the crypto realm. The Code is Law tenet uses software to guarantee compliance. By laying out the guidelines for interaction and making the judgements necessary to protect platform users, it provides objectivity to the area.
People are returning to decentralised cryptocurrency trading platforms, as evidenced by the rising trade volumes on decentralised exchanges and the rising withdrawal amounts from centralised exchanges. Owning your own crypto assets is essential.