So a couple days ago i wrote a blog post about how i felt like maybe the crypto markets were priming themselves up for a cycle reversal. It sure as hell looked like green shoots to me, at a time that historically lines up well for crypto 'Christmas and dark nights'.
I'd put this idea of a black swan or capitulation event out of my head as i guess i was getting bored and the market was flatlining. Healthy right? Wrong, welcome
Then boom SBF loses more money in one day than Kanye West as FTX comes out as the emperor with no clothes. Shout out to Bitboy at this point your Kudos points have risen significantly. Well done.
^^^Hopefully i'm allowed to do that.
Binance obviously got wind of what was festering underneath FTX and just didnt like what they saw. I highly doubt it was malicious from CZ i think probably more like he just didnt like what he saw. Bad practice and a bad actor. The more i look into it SBF just is terrible for the space, and i think most people always felt the same way. He stands for centralisation at the cost of the consumer always. Bankerman.
I saw many people asking why Bitcoin was getting hammered on Twitter. It's just a liquidity crisis. It pulls everything down like 2008 when you have bad actors doing shady stuff with money and other peoples money.
Only this time he used Tom Bradys lifesavings to farm defi food.
LOLZ
Interestingly to me though, SBF argument for centralisation is actually not far away from Vitalik's in a sense. When you build complex systems you always have a trade off between security and decentralisation. Its just that SBF ideals are mis guided at best and he can not articulate them properly. This person has built most of his wealth from theft, legally and now illegally.
Cz has shown again that he wants to always focus on doing the right thing, this is good business and not only is he rich and made it though crypto investment he has shown he is a good business man. He doesn't need to take risk period by trying to do things badly and screwing over your customer. We will have to see how this plays out for him IMO because ultimately he will have to bend to the arm of the law in the end. Him throwing money into Twitter is interesting the man is becoming and TITAN. BUT the law is coming the SEC is coming and retailers will have to pay for it especially if they hold ICOs. The decentralised picture looks rosey, things look great but in practice it's going to be painful IMO.
It is a setback but it could just be one we needed if we look at the bigger picture , the market has been quite strong for not weak. Liquidity crisis's are as brutal as it gets and offers great opportunity. Will this be the last off them? im not sure anymore as world events continue to go from bad to worse.
The war for decentralisation and freedom goes on. Is this the armageddon they spoke of? Amrageddon is the place not the event right?.
Maybe its in Cyberspace?
For now in CZ we trust.
Peace
