Wow, what a month in crypto. As the saying goes, “when it rains, it pours,” and oh man, did it rain this month. I’m sure I’m not telling you anything you haven’t already heard about when mentioning the recent collapse of the centralized exchange FTX. To give a brief summary, one of the world’s largest cryptocurrency exchanges, FTX, collapsed. The exchange’s close ties to CEO Sam Bankman-Fried’s firm, Alameda Research, and the fact that most of its assets were created out of thin air likely contributed to its failure. The aftermath sent shockwaves through the crypto market as FTX and Alameda declared bankruptcy and SBF’s vast wealth vanished overnight, alone with the vast majority of user funds held on their exchange. This quite literally couldn’t have happened at a more inconvenient time, given that Bitcoin appeared to be finding support around the $20,000 range before the crash, and we were gearing up for another bull cycle. Now we have to wonder how low we will go before we reach the bear market bottom, and if there will be any other surprises in this bear market that postpone the start of the next bull cycle again. I don’t consider myself a pessimist, but I would say we’re probably not done yet considering that rumors of Block-Fi and liquidity issues may cause it to file for bankruptcy, combined with rumors that the Genesis Company may follow soon behind them. And to top it off, class action lawsuits have been launched against the now-collapsed exchange, as well as some of its high-profile spokespersons. Combined with new calls for regulation of the crypto industry, which will likely not be very measured, considering the emotional mood of some of the former FTX investors, to say that this is a bit of a step back for crypto is an understatement. But on the plus side, all is not as it appears, since we also discovered that Sim’s shady political dealings with politicians and regulators, as well as with World Economic Forum gurus, were likely leading the entire crypto industry down a very negative path, and as a result of this collapse, it exposed a lot of corrupt and shady dealings. In this video, I will be going over how, while many people losing significant amounts of money was a severe setback, this may turn out to be a blessing in disguise for programmable cryptocurrencies like EOS that are capable of Non-Custodial De-Fi. OK now let’s get started
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