Bankless Where do we go from here?
Nov 15, 2022
The hosts discuss the tumultuous week in cryptocurrency, laden with trust issues and a reevaluation of centralized exchanges post-FTX fallout. They highlight improvements in Ethereum scalability and the challenges of traditional banking for crypto users. The conversation navigates the regulatory landscape, emphasizing the need for accountability and transparency. Personal anecdotes reveal the pervasive toxicity in the industry, yet there’s a thread of optimism as they contemplate a future focused on user education and decentralized finance.
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Kling and BlockFi's FTX Losses
- Travis Kling's crypto VC fund was entirely on FTX.
- BlockFi ceased operations after revealing they also had funds on FTX.
Shifting Perspectives on Centralization
- Ryan Sean Adams' perspective shifted, understanding Bitcoin maximalism better.
- He now feels more extremist, questioning the role of centralized platforms after the FTX collapse.
Reduce Reliance on Centralized Exchanges
- Prioritize removing funds from centralized exchanges due to the high risks.
- Consider the risks before using centralized exchanges.