The mainstream response to this debacle is a bit incomprehensible.
FTX was the antithesis of cryptocurrency; it was a centralised exchange, that was also trying to become a bank, and was AFAICT trying to kill DeFi [0].
The failure/success of FTX has no relation to the soundness of cryptocurrency.
I do however hope that this crash means fewer people will speculate on the prices such that it can finally stabilise a bit (and be useful without using stablecoins).
FTX was the antithesis of cryptocurrency; it was a centralised exchange, that was also trying to become a bank, and was AFAICT trying to kill DeFi [0].
The failure/success of FTX has no relation to the soundness of cryptocurrency. I do however hope that this crash means fewer people will speculate on the prices such that it can finally stabilise a bit (and be useful without using stablecoins).
[0] https://www.coindesk.com/policy/2022/11/15/the-sbf-bill-what...