If you have read any of my previous posts, I am new to cryptocurrency and have been writing about my journey of learning and discovery about it.
Given the FTX debacle, and the Terra-Luna crash in May I have to say I am surprised, not surprised, astounded, and find it to be very self-destructive and ultimately sets cryptocurrency back in may ways in terms of public perception. I am surprised at how FTX can scam on such a large scale! They had famous athletes investing (maybe easy to swindle?), had naming rights of NBA arenas, and the CEO was worth billions. I am not surprised, because after all the general perception of cryptocurrency for the vast majority is that it is a scam, monopoly money, something used to take from people who are gullible. I am astounded at the loss of money one person can have (maybe they never really had the money in the first place). A loss of 16 billion dollars in a day, man I hate to lose a few bucks, let alone billions. However, good for that scam artist to lose that money. I find it self-destructive because I have read and learned about a lot of cryptocurrency projects that are real, solid, and something to believe in, and situations like these make that message less clear.
The post is titled "Crypto is like your self-destructive ex!" because cryptocurrency is like the pretty ex who you know could not be as good as advertised, that it was too good to be true. No one, and nothing can be that good. Then, when you get to know them, you realize it is all a manipulation, something that is not good, something that sabotages themselves when all they had to do was be real and honest and it could have worked.
Sometimes, cryptocurrency sabotages itself and sets itself back needlessly. I am happy that I have been reading about cryptocurrency for awhile because these recent events can shake you to the core and make you second guess everything (like that ex). In life, nothing is too good to be true. People in the industry need to realize they are not helping themselves when they take a blind eye to these scam artists. It harms everyone. I recently wrote about my thoughts on whether cryptocurrency is better than fiat. In these cases, it is worse because of how blatantly harmful a small group of fraudsters can be. Cryptocurrency didn't protect the little guy, they didn't help the poor, they stole from them!
What I have been learning, and writing about is putting my faith into something tangible, something real, with a solid foundation. There are cryptocurrencies out there, as there are solid cryptocurrency exchanges that meet those simple criteria. Like in relationships, there are the manipulators, and there are the real and genuine people you can count on. Do you best to find the real and genuine. You pocket book will thank you later.
