The worst part of all of this, crypto needed easy ways to on board the next generation. Many allowed 1 or 2 counter parties ruin the trust of millions of people. Dampers the overall adoption of BTC and the broader crypto protocols. Yield seeking hurt the industry.
@PatrickAckerman
worst is Voyager thought they had to seek degenerate level yields to attract customers
They didnโt. They were already better than any other platform. If
@Ehrls15
had just held steady, delivered the product ppl wanted, heโd be a billionaire. Now will be lucky to keep his house
@PatrickAckerman
Too many people just in it for quick gainz Nobody listened to the old wise ogโs like
@theemrsmcafee
late great Husband or
@TraceMayer
Back way bAck in a distant time machine
Please take note
@PatrickAckerman
It feels like crypto was undone by the very thing it was seeking to avoid: opacity. No one could see the extent of leverage in the system.
@PatrickAckerman
Yeah agree but all this has nothing to do with the main purpose of bitcoin and thats just buy it and hold in a safe cold wallet. Lending with no collateral is all this is to chase yield like ya said. Hopefully people see that. Bitcoin is still a great hard asset to lock away safe
@PatrickAckerman
Maybe thatโs the way forward for Voyager/BlockFi. Bag the yields and donโt make any more dumb loans. For mass adoption cold storage isnโt the answer. Itโs got to go through apps or itโs not going to take off to itโs full potential
@PatrickAckerman
A technology so advanced you hide it under your pillow. wtf. Until the experience of buying, selling and custody of bitcoin is simplified and made less risky, it will not scale beyond early adopters.
@PatrickAckerman
The crypto winner will be whatever is best able to be used to transact. It will be both a convenient currency and a good store of value. That is what Satoshi began, but not what bitcoin became.