What’s the first rule of cryptocurrencies? Not your keys, not your coins…
Technological changes are complex processes, and it is perfectly normal for a certain amount of confusion. The process of reinventing money as we know it is no less so: it is complex, faces strong resistance, and generates all kinds of incentives for people from all walks of life to try to take advantage of it, often at the expense of the trust and assets of many others.
In the picture, two of the great villains of the crypto world: South Korea’s Kwon Do-Hyung, known as Do Kwon, co-founder of Terraform Labs; and the American Sam Bankman-Fried, known by his initials SBF, founder of FTX. Between them, they have generated huge losses for many users and companies, along with a crisis of confidence in the crypto world, with significant drops in value for all the players involved. Between November 6 and November 13 alone, users around the world withdrew the equivalent of more than $3.7 billion in bitcoin and $2.5 billion in ether from exchanges in a bid to protect their assets.
Does this panic make sense? In principle, fleeing from a particular asset because someone, through mistakes, irresponsibility, stupidity or bad faith, has sparked a situation that leads to people losing their money is like losing confidence in the dollar after the fall of Enron. The actions of a bad actor do not undermine the…
