1/ Look, I understand the blowback on the centralized business model and on #CEXs given what's happened at #Voyager, #Celsius, and #FTX. But I think we all need to take a step back and realize how we got to where we are today.
Yet another thread 🧵
Yet another thread 🧵
2/ There have ABSOLUTELY been a few bad actors in this industry that hid their intentions or bad management behind centralized services.
3/ There have also ABSOLUTELY been protocols, hackers, influencers, ‘educators’, and similar bad actors in the DeFi and “not your keys, not your crypto” circles that have destroyed lives and given our collective industry a bad name.
4/ This shouldn't stop us from trying to reach our common goals. One of the reasons why crypto is so valuable and widely used today is the relative ease of use and fiat connectivity that CEXs provide. CEXs give us on- and off-ramps, as well as retail access points.
5/ Most importantly, CEXs give people a choice. Many DEX supporters say that trusting someone else with your money is a risk, and they are not strictly speaking wrong.
6/ But holding crypto in a hot, paper, cold, or hardware wallet and losing your private key, getting spearfished, or getting socially engineered are also risks. As an industry, we should let people have a choice, or we will never see the adoption level for which we all strive.
7/ Is there a way to minimize those risks? The answer could be a hybrid solution. We're not going to totally get rid of centralization for reasons including regulations, ease of use, optimization, speed, etc.
8/ But we could take the best of both worlds and create a system by which #FTX can't happen again, where users still get to have a choice and are empowered to learn about all the benefits of programmatic money at their own pace.
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