June 18, 2024

Marketers for digital currency products are attempting to adjust their approach in the wake of the FTX crisis

Many people in the cryptocurrency industry lost millions or billions of dollars when FTX collapsed. An average investor loses money in the stock market. The stock market is poised for a dramatic decline as we speak. To those who have always questioned encryption’s safety, the time has come to rejoice.

When the media starts paying attention, that’s when a lot of smaller businesses start their PR campaigns. Another public relations worker working on multiple large DeFi projects who also wished to remain nameless said, “All our team meetings centre around how to twist horrible news into digestible news.”

He may even come out ahead financially if and when the industry does collapse. He essentially stated, “I’ve overseen groups and initiatives for three critical DeFi protocols.” Both of those are negatives, and the third serves no purpose. Every month, I get paid $8,000.

If you look closely, you can see signs of life in this ragged old dog. Matrixport was expected to bring in $1.5 billion in revenue. The combined efforts of the Japanese government’s cryptocurrency programme and the primate-focused NFT platform’s $100 million fund for “institutional customers” are the largest investment vehicles in these sectors.

Whether it’s stumbling towards a more stable form that can (ostensibly) weather future crises or heaving its last, poisonous gasps, it’s clear that the cryptocurrency sector is in a state of flux.

Kristian Srenson, a laid-back Dane, would probably agree with you there. In his opinion, the FTX incident presents a golden opportunity for the cryptocurrency industry to accept government regulation.

Tokenizer, Srenson’s data analytics company, and Regulated Clients, his PR platform, are both winners thanks to FTX. When he said that they usually only worked with “controlled players,” I asked him why that was. By distinguishing ourselves from the rumours that have dogged previous attempts like these, we can turn this situation to our advantage.

According to Srenson, the problem has grown worse because of the lack of attention paid to cryptographic procedures. His main argument is that too many companies are operating illegally because permits were issued with insufficient oversight. The new regulations, he argued, will allow a “healthier segment of the sector” to grow rather than those with “get-rich-quick fantasies.”

In the era of the corporate blockchain, the purpose of cryptocurrencies like Bitcoin is to facilitate positive, accountable uses of the underlying technology, such as crowdfunding and verification.

Srenson endorses Farmy, a cryptocurrency-enabled Swiss online supermarket. Because “they offer organic fruit and other veggies” and “they plan to expand their platform by tokenizing ownership in the company,” tokenization of ownership is a good way for them to crowdfund their expansion. Tokenization allowed them to increase funding by making their most loyal customers “co-owners” of the company.

Those who agree with Srenson that crypto needs to be handled carefully are not alone. As far as I can tell, every innovative cryptocurrency is based on FTX. My unfiltered Gmail inbox is stuffed with press releases about how crucial it is to have safeguards and legislation and not take unnecessary risks with clients’ billions of dollars in cash.

inability to rely on Huobi, a massive Chinese exchange, recently issued a press release announcing a plan to “help Huobi return to the world’s top three exchanges” with the inexplicable statement that “technology drives development and technology for good,” oblivious to the fact that the project is led by one of crypto’s worst characters, “His Excellency and Plenipotentiary” Justin Sun of the useless TRON blockchain.

The stock market and related businesses aren’t the only ones that benefit from a fresh start. One cryptocurrency publicist told me in November that it is now easier than ever to work with “artists who have long worked in new media art and to avoid others who are just jumping on the bandwagon in the anticipation of making quick cash.”

Many people think that the FTX was established because conventional wisdom was given too little weight. Nexus’s creator, Cindy Leow, said that the number of users shot up after the earthquake. Many people can only access their crypto on Nexus, to paraphrase what Leow said. The Nexus service desk has fielded the complaint, “I can’t trade on Binance because I’m constantly shut off.”

The incident, according to Leow, demonstrates that centralised exchanges are unfit to manage retirement savings and that regulation only serves to give investors a false sense of security. She thinks that everyone should be able to experience “speculative exhilaration” without having to put down any real cash.

She insisted that Nexus “looks and feels like a central exchange,” despite the fact that consumers are the ones who control the service. If anything is lost, they will have to answer for it. favouring the use of encryption.

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