Lost faith in crypto market after FTX

As the digital currency space continues to grow, so too do the number of companies looking to use virtual currencies as a means of raising capital. In a rapidly developing sector, such as the Metaverse, there’s always going to be skepticism about whether or not an innovative idea can succeed in the real world. As is the case with most disruptive technologies, however, the crypto market has its fair share of failures along the way. Many projects have failed because they simply weren’t willing to take a stand and be counted on by their backers. There are always going to be those who will continue to question the wisdom of moving forward in this space and those who want nothing more than to see it cleanly outmaneuvered once and for all by other cryptocurrency projects. Here’s what you need to know about crypto-based ventures after one failed effort following another — and how you can plan ahead if things go South again

The cryptoverse is still in its infancy.

This is a label that cryptocurrency boosters have used to describe themselves for years. They’ve been very clear in their goals and goals have always focused on the future — the new, better, and more lucrative future, for the love of all things digital. This meant that the early stages of the market were extremely fragmented with a combined market capitalization of less than $500 million at the time of writing this article.

The price of ether is going through the roof.

This one is true in the sense that the price of Bitcoin is going through a significant all-time high. At the time of 2021, the price of Bitcoin sits at around $65,000 — a high that it has maintained for the majority of the year. However, even at this point, it’s clear that the cryptocurrency market is still very much in its infancy.

Another crypto exchange is down.

There have been a number of large-scale hacking and cyber attacks in the last few months that have seriously impacted the industry as a whole. But with FTX recently collapsed, it is another blow that lead to crypto market to under water and possible more regulations to come for enforcement about how frauds are going to take away users money with high leverage until someone finds out.

Decentralized identity isn’t dead — it’s just not ready yet.

This is the big one. While it is certainly possible to build a decentralized and trust-free decentralized identity system, it’s not yet ready to take on the likes and dislikes of business. It’s still very much in its infancy, and it may never be ready for mass adoption.

Bottom line

The crypto is still in its infancy. As such, it’s very difficult to say exactly when the next big disruption in the market will occur. However, one thing is clear: the top-down control that cryptocurrencies have seen so far is a result of a lack of fundamental change in the long term. Hiring managers and investment banks have always been a crucial part of the financial system, but the way that they are being used in the present is very different from how they were used in the past. If you’re invested in the crypto and you want to see it grow, you need to be ready for anything — no matter which path you take.

The future of the cryptocurrency market is still very much in its infancy, and therefore, it’s very difficult to say what will happen in the next few years. But one thing is for certain: the more transparent that is put into the market, the more it will be challenged by existing technologies, ecosystems, and business models. The more prepared you are for any challenges that may come our way, the easier it will be for you to get ahead in the marketplace. Unfortunately, too many lies and frauds are benefiting of the crypto growth and greedy blind all of our eyes once more.

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Photo by Mishal Ibrahim on Unsplash