4 Key Takeaways from the FTX Fiasco

“The FTX case is not, technically speaking, about cryptocurrency utility; it is a pretty straightforward case of fraud. Moreover, it was [...] a problem of centralization, as opposed to true DeFi. Such disclaimers do, though, have a whiff of ‘communism just hasn’t been done properly': I already made the case that centralization is an inevitability at scale, and in terms of utility, that’s the entire problem. An entire financial ecosystem with a void in terms of underlying assets may not be fraud in a legal sense, but it sure seems fraudulent in terms of intrinsic value.”