Some major changes for crypto are likely on the way post the FTX collapse ...

FTX filed for bankruptcy, so... what now?!

There is likely to be more collateral damage of course as many funds/institutions/people are likely to take a financial hit.

However, I think the majority of that selling is likely already done here, yes I know that is contrary to popular opinion, but that is what I am seeing...

I base that mostly on the amount of selling that has already taken place, cutting roughly 30% out of the crypto markets. Historically these type of major leveraging events tend to be pretty fast and we are already going on almost a week at this point since the rumors started flying. However, it is impossible to know for sure how far and wide the contagion effects will be, so there is that...

Given all of that, where does the industry go from here?

The most likely outcome from all this is a lot more regulatory requirements for centralized Exchanges.

Gone will be the fast and loose days where crypto exchanges could be custodians, traders, investors, lenders, and everything else under the sun with little to no transparency or checks and balances.

The centralized exchange of the future will look a lot more like the traditional stock market brokerages of today.

In the more near term however, the likely outcome is money will leave centralized exchanges and move to self hosted wallets and decentralized exchanges for their trading needs.

Plus it will also likely consolidate the money remaining in the space more towards the tried and true safety of bitcoin, and probably ethereum.

Those two seem to be different than everything else, especially in the eyes of the investing public.

Which ironically was what crypto was supposed to be about originally.

It was superior to other investments because it offered an openness and a trustlessness that was not available anywhere else.

I suspect we are going to see a return to that...

STEEM needs to make sure it adheres to these principles if it wants to survive long term, and that includes it's connectedness with steemit.com and steemit,inc...

Transparency will be the name of the game, and ironically that's how it should have been all along.

*Image source: https://www.ft.com/content/afe56c4e-2d68-457e-bbb2-476752d5f02e