Couldn’t so many of this year’s problems have been avoided if crypto just did what it said it came here to do? “Power to the people” should be written in contracts, not just the “Brand Pillars” of some centralized exchange.
Sam Bankman-Fried, has been speaking out to legacy media about the FTX and Alameda Research collapse. He claims it was all a mistake, not a crime. Many aren’t buying it and are demanding criminal prosecution. It’s a mistake, but prosecutable one— He needs to face the mistake he made just like committing financial crime. He gets my sympathy for the mistake, next he should face the law.
Punk6529 Made an Insightful Twitter Threads On FTX/SBF.
1/ On SBF & FTX
I think this is not going to be a hugely long thread (I think).
It is not going to be hugely insightful for anyone deep in crypto.
But maybe it will help as a reference to our friends in the media who are struggling quite a bit with this topic
— 6529 (@punk6529) December 1, 2022
YOUR KEY YOUR CRYPTO
There are no guarantees in life, but there are guarantees in DeFi such as nobody will ever take control over your assets. It is the wisest decision in any cycle of Crypto and no chances should be taken out of DeFi. “FTX has no crypto” (now), but they had crypto because people trusted a central entity to hold their funds.
Crypto, is about much more than money games. It should be about rewriting the rules of capital and creating resources that generate and redistribute wealth to artists and individuals around the world.
When considering the overall landscape of crypto and the market-driving power of Bitcoin, remember that Bitcoin was first established in the midst of a global economic recession. It was a period of quantitative easing around monetary policy.
James Lavish, Reformed Hedge -Fund Manager Says;
If you bought a home in the United States in the year 2000 for $250,000 cash and it is worth $433,000 today, you did not actually make any money. You just kept up with average inflation. And if you add in any cost of maintenance, you’ve actually lost money on the ‘investment’.
Now, the Cryptocurrency markets are experiencing their first taste of quantitative tightening; we have yet to see how the changing global economy will affect your wallet.
At this point, Bitcoin and Ethereum are well known currencies, which makes it easy to forget how new decentralized finance really is, and that NFTs are an even more recent phenomenon.
There is certainly speculation about whether or not the price of bitcoin mirrors the S&P 500 and the otherwise traditional finance market, but if you believe in cycle theory, data also suggests that bitcoin cycles are lengthening, and these lengthening cycles are accompanied by diminishing returns.
On the BTCUSDT 1W Analysis— if You observe the 1W Time Frame it doesn’t look good and forming a Big Bearish Pennant so at present we are in Retesting Stage; once Retesting Completed successfully we can see A Big Dump Market so be careful.
For now, the next bitcoin halving event will be in 2024, and the most recent was in 2020. It’s probably likely that the rest of the crypto market will follow whatever happens.
