Crypto takes another hit, This is the end but a Bright Hive Future
Crypto takes another hit, This is the end but a Bright Hive Future
It's been another chaotic end to the week in the Cryptosphere with another monumental collapse that is causing wide spread chaos for markets across the world. In what was starting to look like a recovery this latest bungle has proven how fragile the market is and how desperate it is for change.
Sam Bankman-Fried CEO of FTX has recently filed for bankruptcy going from a monumental holding of $US23 Billion down to one US dollar in what must have felt like a matter of moments.
As it turns out the entire company was run by 10 people all dating each other with allegations of conflict of interest and nepotism coming to light as many of the leaders were all romantically linked and all room mates sharing a penthouse apartment in the Bahamas.
When CoinDesk broke the news on how dire the companies finances and governance mechanisms were it set of the 2nd largest bank run this year proving 2022 has not been the year for crypto enthusiasts with losses now hitting the Trillions.
COVID Blues lead to Winter Reds
During COVID peak lockdowns trillions of money entered crypto markets as those locked away dreamed of freedom not just back into their own lives but financial freedoms and never having to be worried about money again.
This led to Crypto almost breach $US3 Trillion in value although the peak was short lived it still managed to leave many hopefuls behind for the return and short bull runs occurred. That was until Terra (Luna) Network caused a monumental failure leading to Do Kwon it's founder on the run as Interpol's #1 enemy.
This latest crash has left many stating that This is the end of crypto and you can't help but side with them as for many this will be another wipe out crash and no doubt there will be a lot of people deleting their wallets and burning whatever is left in their crypto wallets.
Crashes that had to happen
We hear you and we see you, in fact everyone reading this post has suffered including me but we all knew what the sector was becoming and it was rapidly moving away from its core objective and not staying true to the industry itself.
Stories of rubbles to riches had a lot of people jumping in and a lot of skillful developers learning how to quickly make money but the thing with fast money is that it doesn't last. Much like all sectors there are rises and collapses but for crypto that's happening a lot faster due to it's global connection being all but instantaneous.
But the crash was needed in order to wash out all the fakes and phony projects that no longer provided any benefit to the sector itself and led many investors on. While many have lost a lot of money it has all but wiped the slate clean and back to successful projects.
As always Hive is still standing and it will continue to do so long into the future except now it will have less competition and a longer track of victory.
The Crypto game just got a lot more interesting, lets see where it takes us next.
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