> I agree, none of these companies are crypto companies, just centralised scams. In fact, this is not the end of crypto, but is exactly the opposite. This is the "real beginning" of crypto, as now the benefit of decentralisation and transparency are being understood by a larger number of people. So all in all, this is great news for the crypto industry!
While I share your enthusiasm, even after countless rugpulls/exitscams/fraud proving centraization is the bane of why this tech was created; I don't share your conclusion as it doesn't reflect reality at all. The 'crypto' market is rife with this and has been sine the Ico mania (and alt boom before that really) so things like NFTs and DeFi are at it's core rely possible of this ignorance which is what most profit from and do so to the detriment to actual viable projects: Bitoin, Monero.
In short, all I'm seeing is a price correction, but real projects keep building muh needed infrastructure and 95% of the 'crypto Industry' are the hype tokens exchanges like FTX, Binance fleece the masses with with promises of short lived DeFi yield farming like scams.
> It seems like silicon valley VCs completely missed the boat on crypto by dumping money on any huckster with a Stanford degree. Instead of asking "is this the end of crypto", maybe we should ask "is this the end of silicon valley".
Agreed, we have been persona non grata in SV for some time; in 2014 I went to the bitcoin job fair in Sunnyvale when I was launching my startup and despite having Standford heavy weights and Vc (like Balaji, Chamath, Dorsey and later Musk) soon realized just how poorly we were received outside of our circles; we represented the uncouth gate-crashers who were supposed to be kept at arm's distance, and only when fortunes were made only then would they even listen to us and even then they hose their own ilk who turn out to be the biggest scammers of all and then blamed us for their failures.
There is still time for a correction, but there is a reason as a Californian with a CSU STEM degree and wit family/roots in SV area I went to Boulder instead and never regretted it.
With that said SBF went to MIT, and his parents are Stanford professors, it was his GF who headed Alameda that is a Stanford grad.
While I share your enthusiasm, even after countless rugpulls/exitscams/fraud proving centraization is the bane of why this tech was created; I don't share your conclusion as it doesn't reflect reality at all. The 'crypto' market is rife with this and has been sine the Ico mania (and alt boom before that really) so things like NFTs and DeFi are at it's core rely possible of this ignorance which is what most profit from and do so to the detriment to actual viable projects: Bitoin, Monero.
In short, all I'm seeing is a price correction, but real projects keep building muh needed infrastructure and 95% of the 'crypto Industry' are the hype tokens exchanges like FTX, Binance fleece the masses with with promises of short lived DeFi yield farming like scams.
> It seems like silicon valley VCs completely missed the boat on crypto by dumping money on any huckster with a Stanford degree. Instead of asking "is this the end of crypto", maybe we should ask "is this the end of silicon valley".
Agreed, we have been persona non grata in SV for some time; in 2014 I went to the bitcoin job fair in Sunnyvale when I was launching my startup and despite having Standford heavy weights and Vc (like Balaji, Chamath, Dorsey and later Musk) soon realized just how poorly we were received outside of our circles; we represented the uncouth gate-crashers who were supposed to be kept at arm's distance, and only when fortunes were made only then would they even listen to us and even then they hose their own ilk who turn out to be the biggest scammers of all and then blamed us for their failures.
There is still time for a correction, but there is a reason as a Californian with a CSU STEM degree and wit family/roots in SV area I went to Boulder instead and never regretted it.
With that said SBF went to MIT, and his parents are Stanford professors, it was his GF who headed Alameda that is a Stanford grad.