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Few Things to Be Thankful for, Even Though Everything in Crypto is on Fire

If someone wants to, they’ll find a way to make everything about Bitcoin. But it’s true. I’m glad Bitcoin is still working well, even with everything going on. Even though there hasn’t been a single problem with the network, blocks are still being mined. If you are interested in trading Bitcoin, you may want to use a reliable trading platform like Crypto VIP Club App

Bitcoin and the people who use it work well. People have talked a lot about self-custody and coming up with new ways to help. The amount of money that left the country broke every record.

Also, one bitcoin costs about $16,000 right now. Even though public bitcoin miners are having a hard time, the Grayscale Bitcoin Trust (GBTC) is trading at a record discount to net asset value, Genesis Global Capital has hired a financial adviser after disclosing losses and stopping redemptions, and most bitcoin holders are holding their bitcoins at a loss, it is surprising that the price of bitcoin has stayed relatively stable around $16,000.

All cryptosystems do the same thing. Bitcoin is a sewer rat, but investors and fans can rest easy knowing that it will be stronger after this. Bitcoin is like a sewer rat when things are bad, which is good news for investors.

I’m glad what happened wasn’t mostly DeFi’s fault

The main problem I have with “decentralized finance” (DeFi), which is a part of the cryptocurrency business, is that it is mainly used as a model for gambling. That makes it a closed system with a circle. This is because I like bitcoins. Things like yield farming, play-to-earn, liquidity pools, and other similar things could be helpful, but most are just different ways to bet on coins.

Even so, DeFi is not to blame for the money problems of the past month. People did stupid things, and people they trusted let them down, so FTX went down. Even though speculation is the most common way that decentralized finance and cryptography are used, it is interesting that the protocols still worked when FTX was shut down.

This is just a lesson on how to build better companies and institutions. It is not a claim that this technology, movement, or whatever you want to call it has nothing to build around it. If you think businesses and institutions should use crypto, this is a lesson on making better businesses and institutions.

I’m glad that the consequences happened when the market was dropping.

I wrote something similar in May, right after the Terra crash that cost $40 billion. I wrote last week about how the FTX virus was going around.Since the crypto market is still very new and small, so are its branches. This “infection” shouldn’t spread to parts of the economy that don’t use cryptocurrency. Whatever else dies in the crypto world because of FTX’s fall won’t cause much of a stir.

I’m glad exchanges are now taking into account proof of reserves.

After learning that FTX was going out of business, leaders in the industry have been pushing for exchanges to use “proof of reserves.” Customers should feel safe knowing sales are keeping their money if they can show proof of reserves. Proof of reserve should be talked about more. The number of bitcoins cryptocurrency exchanges say is in circulation may be a problem.

A large part of the value of almost all cryptocurrencies comes from being able to store your coins. From the point of view of the Bitcoin system, the fact that there will eventually be no more bitcoins makes them valuable, and this can be used to show how rare they are.

Ultimately, I’d like to give my boss and coworkers a shameless and unasked-for plug. Ian Allison, a writer for CoinDesk, set off a chain of events that led to FTX going bankrupt. We have always been on time and often been the first to report.

What we wrote has changed the market, which makes Grayscale, Genesis, and DCG, our parent company, nervous. Even though some people still doubt how we work with our sister companies, we have shown that we are not afraid to tell the truth when we need to.

Categories: Finance News
Joey Riggs: