The Collapse of FTX Is Perhaps Not The Fault of Cryptocurrency, But Bad Finance Models

Fraud is Fraud — No Matter If Done Through Cryptocurrencies or Fiat Currency

And, first the science: cryptography and blockchain

Cryptography is the ancient art of preserving the secrecy of messages. It has one of the strongest mathematical and scientific bases of any topic in computer science and has a highly active (and supportive) peer review infrastructure. It also has dedicated researchers striving to improve its core methods and who are open to the discovery of potential weaknesses in its scientific base. As a science and practice, it also existed long before AI, Big Data, the Internet, networking, and all the other “new” areas.

As a discipline, cryptography scales well from theory into practice, and now provides the core of the security on the Internet. In the connection you have with this web page, public key encryption has proven that Medium.com is a trustworthy site, and hashing methods have proven the correctness of the data that is being transferred. Digital signing is then used to continually prove the identity of the site you are connecting to, and where symmetric key encryption is used to stop someone spying on your network accesses.