Reflections of the Bloodbath
The collapse of FTX has gotten me to reflect on a number of things in terms of the future of Blockchain. I think the technology has not failed and it may in fact come out to be a clear winner as Decentralized Finance has not been defeated. While concerns and mistrust will continue, the fact that all the Crypto failures of substance have been in Centralized projects, only proves that decentralization, while slow, can provide the world with what it truly needs; a trustless monetary system.
I think the traditional institutions have also realized this and while I try to ignore conspiracies, it was somewhat coincidental how these collapses occurred during one of the best global economies seen in the past century. While it was definitely fueled by easy money and policy, you could see whom were at the losing side of the innovation and disruption. These legacy systems are no longer sustainable given the velocity of information and needs of a digital world. Blockchain will be what frees the world economy eventually.
It will take time to rebound from this but I already see that developers and projects continue to ignore price and focus on value which will bring a new cycle of building which will lead to increase adoption and growth towards the technology. This will start to increasingly impact traditional systems and industries as they continue to find ways to operate efficiently. While we are likely not near a bottom as this will surely spill over into the traditional economy as well, I feel quite confident of where I will start to allocate capital once the next cycle comes around!
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