Large portions of the cryptocurrency community are now in a state of starvation and sorrow as a result of the FTX crypto exchange’s unexpected billions dollar collapse. Poor retail investors are suffering. Flagship exchanges are in danger of going bankrupt. Critics of crypto are ecstatic. Institutional interest and support seems to be having dealt a major blow, which is the exact contrary to the optimism it had all around it before.
What can a cryptocurrency marketer do?
Many smaller firms have completely stopped operations in the expectation that people’s focus will ultimately shift. According to Samantha Yap, CEO of cryptocurrency PR agency Yap Global, “We’ve been telling our clients to hold off before making any announcements. We’re aware that as the epidemic develops over the coming weeks, the entire media and the general public will be following this story.”
Another PR professional who worked on a number of significant Defi projects but who wished to remain unnamed for the sake of candor stated it more succinctly: “All our team meetings revolve on attempting to turn terrible news into bearable news.”
His current only concern is extracting as much money as he can from the industry before it finally collapses. “I’ve been working three jobs as a community and project manager across 3 blue-chip DeFi protocols,” – he said. “Two of them are blatant scams, while the third is not very promising. But say that to my $8,000 per month paycheck for sitting on my arse all day.”
However, if you pay closer attention, you can discern signs of life in this beaten-up elderly dog, such as: an effort was made to generate $1.5 billion for Matrixport; a brand-new $100 million “institutional clientele” fund; a private market centered on ApeCoin NFTs. The Japanese central bank is sponsoring some sort of central bank digital money.
Is crypto going to learn from past mistakes and raise from its ashes?
Alternatively, is crypto slouching toward a new, improved form of itself that can (allegedly) endure future crises or are these really the last, hateful emissions of a dying creature?
Kristian Srenson, a serious Danish man who thinks the FTX scandal provides a perfect opportunity for cryptocurrency to break free from its dark past and embrace the warm and rational light of regulatory compliance, is one individual who would answer “yes” with a definite and passionate “yes.”
The FTX aftermath has been somewhat advantageous for Srenson, who manages the data analytics company Tokenizer as well as a PR platform concentrating in regulated clients. Since we mostly interact with these regulated players, he explained to me, “most have tried to profit from the situation.” This is an excellent opportunity to describe what we actually accomplish and how it differs from the more speculative aspects of the industry.
According to Srenson, the relative laxity of crypto regulation was the primary contributor to the current catastrophe. He claimed that many businesses run without licenses, and that those that do were carelessly granted without the subsequent and essential auditing. In contrast to get-rich-quick desires, he claimed that the increased scrutiny from authorities today “would help advance the more healthy side of the industry.”
Cover your ears, cypherpunks and Silk Road drug dealers! Srenson’s vision for cryptocurrency is for the “use cases” to be severely restricted while the underlying technology is used in safe, responsible contexts, for enterprise-blockchain era things like crowdsourcing and verification.
Farmy, a cryptocurrency-based online grocery in Switzerland, is one initiative that Srenson finds particularly exciting. He exclaimed, “They do a crowdfunding where they tokenized equity in the company. They offer organic food and diverse vegetables and they wanted to extend their platform. Through tokenization, they were able to really reach their fundraising targets, making their key clients co-owners of the platform, which will only boost their loyalty.”
Srenson is not the only person calling for greater caution in the cryptosphere. It feels like almost every new crypto product launch that is being offered right now is a response to FTX in some way. There are several press releases emphasizing regulations, guardrails, strict policies against gambling with billions of dollars in customer funds, and responsible “we would never do that” pitches.
Others are more trustworthy than others. the extensive Chinese exchange sent out one news release Huobi announces an ambitious plan to “help Huobi return to the top three exchanges in the world,” noting puzzlingly that “technology drives development and technology for good”—never mind that the project is led by one of cryptoland’s least savory figures, “His Excellency and Plenipotentiary” Justin Sun of the pointless TRON blockchain.
Not just exchanges and firms close to exchanges are seeking a fresh start. The lunacy of November has enabled Alexandra Fanning, a publicist who has worked with crypto artists, to better pursue her goal of “working with artists who have long worked in new media art, and to avoid those who are just jumping on the bandwagon with the assumption that it will make them some fast cash,” she said.
On the other opposite end of the spectrum are those who think that FTX was, if anything, the result of excessive deference to conventional wisdom. Among them is Cindy Leow, the creator of the decentralized exchange Nexus, which, according to Leow, has witnessed a sharp increase in users since the meltdown. Leow stated, “So many people can’t access their crypto anyplace else outside of Nexus.” People are saying, “I’m logged out of Binance for some reason,” and “Nexus is the only place I can trade,” so I have to trade there.
According to Leow, the crash is evidence that centralized, mainstream exchanges are still too young to be trusted with people’s hard-earned life savings and that regulation will always only provide a thin layer of protection and respectability. She does, however, think that people ought to be able to experience that “speculative thrill without jeopardizing the security of their money. Users control their own keys, but Nexus “looks and feels like a centralized exchange,” according to the speaker. In this manner, it will be their own damn fault if and when they inevitably lose all of their money.
And crypto benefits from that.
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