FTX tokens are literally tanking after CZ made perhaps the most reckless or the most warrior announcement (depending on which side of the fence you are on) on Twitter in the history of crypto.
Crypto has a higher Gini coefficient than just about anything else. Wealth disparity galore. There are collapsing exchanges, NFT scams and most people still see it is a very risky investment. It’s also far more connected to NASDAQ volatility than ever before.
Is crypto facing an existential threat? We all know things could get worse for the crypto market, but just how much worse? Could all crypto lose all of its value?
Sure, crypto is a big and ever-expanding industry, made up of numerous coins, mining companies, and exchanges. But is it big enough? Is crypto… too big to fail?
There are over twenty thousand different tokens. And according to coinopsy.com at least 2,400 of those are already dead. But it wasn’t the death of those coins that caused the two major crashes of the last five years.
Crypto’s healthy enough where the extinction of a few smaller coins has no real impact on industry as a whole. So the issue at hand, when it comes to the concept of “too big to fail,” is really the big daddy of them all… Bitcoin.
If bitcoin goes down, like all the way down, it would take the whole industry with it, which means that within the world of crypto… yeah, bitcoin is too big to fail.
I’ve been following crypto for years but never got involved because i was concerned governments would just make it too difficult to be viable. and then with the massive boom in 2021 and their relative inaction, I came to the conclusion that it wont be going anywhere, as soon as governments find a way of taxing it, it will be embraced. at the moment it is still too niche as big as it is i doubt any support would arrive if it was needed. but crypto really does have a future, and when the next bull run does happen it will really start to make some inroads to be more embedded into real world economies.
FTX COLLAPSE IS REAL AND IMMINENT
https://youtu.be/RyfugdekuyY
Crypto has a higher Gini coefficient than just about anything else. Wealth disparity galore.
Sam Bankman Fried ain’t giving up anytime soon
But then this happened
