FUD and Loathing in the Crypto Casino
(bombthrower.com)
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Get out of all centralized crypto/services. I and many others predicted FTX and Binance scam upon their first announcement. It's as easy as telling if a candle is lit.
Use only opensource, decentralized crypto with fair launches. Do not use KYC services; use decentralized services wherever possible.
Centralization's only usecase is the ability for someone to force their will. The only reason for a centralized exchange like FTX is so that they can embezzle/exit scam/manipulate, etc. Decentralized exchanges already had billions of dollars of volume in 2019 whe FTX launched.
Only decentralization can prevent FTX, Enron, Libor Scandal, Election Fraud, etc.
It's amazing how simple block chain ledgers are. They self curate, have no overhead and need no intervention. Yet for some reason there is almost always a ponzi scheme involved when a fiat portal is added. Even with complete control of the futures markets, they inevitably end up going to zero in a currency designed to operate in the positives.
It's my belief that people involved are intentionally acting to create these losses. As by default, by it's very nature, In a system where they can win without taking any risks, it seems impossible to fail on these levels.
Simply facilitate a trade, take a percentage or flat fee, and then do nothing. This isn't rocket science.