On 2 December, AlphaGuilty held a Twitter Spaces Debates dedicated to the topic: “The FTX crisis and the effect on the crypto market.” Our 6 coolest guests shared their ideas and insights from their industries. The live Twitter session gathered over 500 listeners, and if you were not among them — here’s a summary for you!
Speakers: Philipp Teles (Founder & CEO of Detrash), Jessie Wang (Web3Hub member & DAOStarter),Karnika E, Yashwant (Co-Founder of Forward Protocol), Mykhailo Sitalo (CEO of AlphaGuilty), Patron Jay (Ready Player DAO), Mr. Ten (Co-Founder of LEND).
About consequences of the FTX crash
Most of the speakers noted that the collapse of FTX didn’t have a significant effect on their businesses, as they are not interconnected. However, the incident indeed had negative consequences for liquidity on the market, and slowed down token sales, as Philipp Teles from Detrash mentioned.
Mykhailo Sitalo, CEO of AlphaGuilty, said that generally this situation made people become more cautious about centralized things: “And yeah, that helps us as well because we are promoting Web3 projects. So I guess we’ll have more demand and interest on that side.”
In the context of FTX and risks of centralization, the speakers mention that some big players like Binance still rely on centralized parties. That’s why, Patron Jay from Ready Player DAO said their business has changed investment strategies and pulled a lot of assets out of central exchanges.
More decentralization and self-custody
Decentralized finance (DeFi) is the key to the future of money and the growth of Web3, said Mr Ten, the Co-Founder of LEND. But now people don’t want to take responsibility for holding their own keys. That’s why so many users still turn to centralized solutions, he thinks.
“But I think over the next two to five, ten years we’ll see a gradual increase,” — he supposed.
Speakers agreed that a perfect and more profound strategy for crypto users is self-custody. That means using centralized exchanges only for converting fiat to crypto, but sending all the funds to a trusted wallet.
VC investments and future trends
“I think the slowdown of VC activity is caused by all those crashes and the fact that they have enormous exposure to all those tier one assets. They took a heavy hit,” — said Mykhailo Sitalo, CEO of AlphaGuilty.
About trends, he added that task platforms like AlphaGuilty are going to hit the market. People would like to sacrifice their intellectual resources, not financial, while projects will also be interested in more community that is participating in doing their tasks.
He added that launchpads are also showing some sort of inflows and trend, bringing real communities and real buyers to the projects. “We can see more launchpads to come”.
Current state of the crypto market
Mr. Karnika from Forward Protocol mentioned that the market is not currently at the bottom. We can see a lot of money waiting on the side, just looking to get in at the right time.
“It is an absolute perfect timing to do that from now for the next three, four to five months even. So the bottom is not still there. That will clarify in the upcoming months as things settle up further,” — he noted.
Philipp Teles from Detrash added that the ongoing bear market is a good opportunity to invest in great projects at a discount.
An important idea was also expressed by Patron Jay, who said crypto must decouple from traditional and centralized finance, though it would take some time.
“Hopefully we’ll see it in our lifetime. And where crypto just does what crypto does, regardless of what the real world is. And that comes from further adoption and usability that have services that people use on a daily basis,” — he finished.
This was a short summary with key takeaways. You can play the full recording of our Twitter Spaces Debates to get more useful info: https://twitter.com/i/spaces/1PlJQpoWqgYGE
Summary: AG Twitter Spaces Debates from 2 December, 2022
On 2 December, AlphaGuilty held a Twitter Spaces Debates dedicated to the topic: “The FTX crisis and the effect on the crypto market.” Our 6 coolest guests shared their ideas and insights from their industries. The live Twitter session gathered over 500 listeners, and if you were not among them — here’s a summary for you!
Speakers: Philipp Teles (Founder & CEO of Detrash), Jessie Wang (Web3Hub member & DAOStarter),Karnika E, Yashwant (Co-Founder of Forward Protocol), Mykhailo Sitalo (CEO of AlphaGuilty), Patron Jay (Ready Player DAO), Mr. Ten (Co-Founder of LEND).
About consequences of the FTX crash
Most of the speakers noted that the collapse of FTX didn’t have a significant effect on their businesses, as they are not interconnected. However, the incident indeed had negative consequences for liquidity on the market, and slowed down token sales, as Philipp Teles from Detrash mentioned.
Mykhailo Sitalo, CEO of AlphaGuilty, said that generally this situation made people become more cautious about centralized things: “And yeah, that helps us as well because we are promoting Web3 projects. So I guess we’ll have more demand and interest on that side.”
In the context of FTX and risks of centralization, the speakers mention that some big players like Binance still rely on centralized parties. That’s why, Patron Jay from Ready Player DAO said their business has changed investment strategies and pulled a lot of assets out of central exchanges.
More decentralization and self-custody
Decentralized finance (DeFi) is the key to the future of money and the growth of Web3, said Mr Ten, the Co-Founder of LEND. But now people don’t want to take responsibility for holding their own keys. That’s why so many users still turn to centralized solutions, he thinks.
“But I think over the next two to five, ten years we’ll see a gradual increase,” — he supposed.
Speakers agreed that a perfect and more profound strategy for crypto users is self-custody. That means using centralized exchanges only for converting fiat to crypto, but sending all the funds to a trusted wallet.
VC investments and future trends
“I think the slowdown of VC activity is caused by all those crashes and the fact that they have enormous exposure to all those tier one assets. They took a heavy hit,” — said Mykhailo Sitalo, CEO of AlphaGuilty.
About trends, he added that task platforms like AlphaGuilty are going to hit the market. People would like to sacrifice their intellectual resources, not financial, while projects will also be interested in more community that is participating in doing their tasks.
He added that launchpads are also showing some sort of inflows and trend, bringing real communities and real buyers to the projects. “We can see more launchpads to come”.
Current state of the crypto market
Mr. Karnika from Forward Protocol mentioned that the market is not currently at the bottom. We can see a lot of money waiting on the side, just looking to get in at the right time.
“It is an absolute perfect timing to do that from now for the next three, four to five months even. So the bottom is not still there. That will clarify in the upcoming months as things settle up further,” — he noted.
Philipp Teles from Detrash added that the ongoing bear market is a good opportunity to invest in great projects at a discount.
An important idea was also expressed by Patron Jay, who said crypto must decouple from traditional and centralized finance, though it would take some time.
“Hopefully we’ll see it in our lifetime. And where crypto just does what crypto does, regardless of what the real world is. And that comes from further adoption and usability that have services that people use on a daily basis,” — he finished.
This was a short summary with key takeaways. You can play the full recording of our Twitter Spaces Debates to get more useful info: https://twitter.com/i/spaces/1PlJQpoWqgYGE