Is Crypto Really Dead? | My Thoughts
We know that everything can happen overnight. In a snap, crypto can be gone. What will happen if this will come true?
I wrote this blog in connection to what I wrote last time. You can check it here. Since the collapse of FTX, which lead to the brutal bloody market, some people on the internet began chanting "crypto is dead". Some withdrew their money from the exchange platforms because of fear. Well, I do not blame them.
Users from Binance withdrew a staggering amount of $1.35 billion in one day after the collapse of FTX. You can read more of the news here.
Here is a column by Chetan Bhagat. I found this on Twitter.
Well, as a small fry like me, it will not really affect the whole crypto world if I do something about my portfolio.
Personally, I will be sad and devastated. I invested some of my hard-earned money in crypto in the hopes that I will earn some. I do not expect to be a whale. Little drops of earnings are just enough for me. That is how shallow my happiness is. I just do not like my money to go below what I invested.
Also, for me, crypto's transparency and decentralization can combat a lot of corruption and transparency issues.
I truly believe that one day Web3 will dominate the game. Decentralization makes you the true owner of your account. You have the power to decide what to do with your account. Also, it is like a public space. Everyone can see you, everyone has a copy of the data, thus no one can tamper it. Don't you like that?
Doubts crept to me (of course I am a human being too, I got scared) I was contemplating if I am going to withdraw some of my coins. This is the psychological effect of the dump, FUD “fear, uncertainty and doubt.”
So, bottom line is, I do not believe that crypto is dead! It is just a hurdle on the way, but will not stop crypto.
Disclaimer: I am not a crypto expert, just stating what I know.
That is it for this blog. I will see you at the next one!
📸 All photos are owned and taken by me, otherwise credited.
Date Published nov 18, 2022
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