[inquirer39243]

It's not that many of us long-time crypto users want people to suffer, it's the jaded "I told you so" moment.

Many of us have seen many "too big to fail" exchanges fall, have seen 2+ other "crypto bubbles" drop the price by 80%+.

When we told everyone "don't keep your money on an exchange" and "we've seen seen these 'too the moon' skyrocketing prices before - be prepared for the eventual crash" - they laughed and confidently said it was different this time, that we were just jealous, didn't understand defi/web3 etc.

I seriously do not enjoy seeing people suffer, I tried to warn people to prevent them from losing huge amounts of money. But when your warnings were laughed off - it's hard and there's some mixed emotions, and many of us are a bit jaded.

I do think crypto has a legitimate use, but this "buy crypto because you'll get rich" mentality just creates these detrimental hype cycles.

[artdigital]

To be fair, ftx as an exchange had none of that Degen culture. They didn’t even have an Earn product with high yield. You could loan out your crypto, but the rate fully depends on how many people want to actually borrow it.

The FTT token itself was only used on the exchange to get some benefits like lower fees or free withdrawals and didn’t give any yield at all when staked.

From a risk averse user perspective and someone working in tech, there really wasn’t anything shady going on to suck people in. So them collapsing hurts and is very sad news for the entire ecosystem

[piva00]

The shady thing in the whole cryptocurrency scheme is the lack of total transparency, aka: lack of regulations.

Without regulations there's absolutely no incentive for them to be transparent, there are tons of perverse incentives to hide and cook the books though.

[TimJRobinson]

DeFi products like Uniswap, Balancer, GMX are all 100% open source and transparent. They can't lock customer funds or collapse because the funds are held by code, not humans who can secretly gamble it away.

It's frustrating that centralized opaque companies keep failing and yet people keep trusting them or lumping DeFi into the same bucket when they are night and day different. Decentralized Finance is the point of Crypto.

[piva00]

DeFi, where buggy code is the law and there's no reversing transactions in case of it.

No, thanks...