© Reuters.
Cryptocurrency has faced more than its fair share of catastrophes, almost all of which looked as if they could end or at least seriously impede the sector’s continued growth. Yet despite many “teachable moments”, the cryptocurrency social layer refuses to learn the lesson and continues to place its trust in the hands of the people instead of fully utilizing the technologies it claims to support.
Since the early days of the industry, cryptocurrencies have taken big hits at the hands of centralized players: Mt. Gox, which managed 70% of global transactionslost track of 25,000 Bitcoin (BTC) in 2011. The most recent debacle with FTX is just the latest iteration of a long-standing pattern within cryptocurrencies. Just last year, we saw it implode and get canceled like a Ponzi scheme. In the past, we have seen major exchanges fail to account for large sums of user deposits, as was the case in 2018 with Canada-based exchange QuadrigaCX.
sam forman He is the founder of Sturdy, a DeFi lending protocol. He became passionate about cryptography in high school before studying math and computer science at Stanford. When he’s not working at Sturdy, Sam practices Brazilian jiu-jitsu and is a member of the New York Giants.
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