The year 2022 looked like a collection of crypto mishaps: From the collapse of Three Arrows Capital to the collapse of the FTX crypto exchange – one misfortune after another. Nevertheless, crypto-activists and cryptocurrency developers gathered in Parallel Polis this year to enjoy their Pizza Day. And it has, surprisingly, a different meaning for them than for the majority population.
The term “Pizza Day” refers to May 22, 2010, when Florida programmer Laszlo Hanyecz bought two pizzas from Pizza Johns for ten thousand Bitcoins (BTC). For the majority of the population, this is an absolute waste, because today ten thousand bitcoins would be worth about 6 billion crowns – but at that time, bitcoin had almost no value. But buying a pizza showed that you can actually buy something real with bitcoin, so for the crypto community this is not a proof of “why you should be dealing with diamond hands”, but a pivotal step towards making bitcoin a real currency.
Therefore, the crypto community went to a conference in Parallel Polis, focusing on new blockchain-based projects – and a very informal discussion about the future and where both cryptocurrencies and the entire crypto movement are headed. And if you’re wondering what the crypto community thinks about series of misfortunes that have befallen the world of cryptocurrencies in the past yearso they surprisingly do not see it as a disaster, but as a logical consequence of the fact that cryptocurrencies have started to be used in a completely different way than it was intended.
Well, first of all, for many people, cryptocurrencies have become not a form of money, but rather an investment tool. Second, instead of using them in a distributed and secure manner, they started using the services of giant exchanges (CEX – Centralized Exchanges), which the crypto community considers a huge security risk and a threat to their own privacy. The thing is, with the big exchanges, you’re effectively handing the cryptocurrency over to someone else and giving up your own control over it.
Then we can’t be surprised that irresponsible and ambitious characters like Sam Bankman-Fried start to emerge from the shadows, who basically considered the funds entrusted to him as his personal piggy bank and withdrew them in the foolish belief that “it will only go up” and that he so it will pass. Centralized cryptocurrency exchanges may have appeared to be normal financial institutions, but they were not bound by any regulation, and since cryptocurrency owners relinquished control, they essentially put their funds in the hands of people they knew nothing about.
Source: Pctuning – Všechen obsah by pctuning.cz.
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