The SBF's Exodus & Spin-Off Saga: Taking Steps Towards Recovery
It's been over two months since the collapse of SBF and FTX and surprisingly, the saga has continued to linger. I have a feeling that SBF wants to eat his cake and have it. He's touted the fall of FTX as a mere oversight, rather than admitting it was a premeditated scam engineered to ruin people.
He recently pleaded "not guilty" in court and this felt like the logical thing to do, of course, it would mean that every political endeavor and individual he's ever donated money to will also be accountable to the scam, I feel that he'll be implicating too many people in the process and become the proverbial Jeffrey Epstein.
Having The Crime Cake & Eating It
He wouldn't want to be a wanted man, being wanted by shadow enemies is far worse than losing people's money and bearing the weight of the consequences on his neck. If you ask me, I think he's not the one controlling what he says. His legal team is the one behind everything he's been saying lately, either in the media or in court.
He wants to walk away unscathed from this crime, Without having to experience any consequences and if he does, it'll be bigger than any criminal injustice in the history of scams, in my opinion, the US government might just aid that due to their detestation of crypto. Sometimes, I feel that if he had already started showing the attitude of redemption, a whole lot of ignorant populace would stop seeing Crypto as the culprit.
I believe SBF is enjoying the benefit of the doubt because of the infamousness of crypto in almost all the government of the world
nevertheless, I feel the moment we begin to move away from what he stands for, then we might begin to find closure. A lot of people are still holding on to the idea that they'll get back their money or that SBF might serve a maximum sentence. The truth is, he'll not do so. His case will keep lingering until it's thrown under the carpet one day. However, I feel people need to detach themselves from anything SBF and begin the conquest to dethrone centralized exchanges. A lot of centralized exchanges will go out of business and this is because I feel that when we're rid of all this rot in the Crypto space, this is when the hostility of people will begin for centralized exchanges.
The Fear Behind "The Expectation"
For now, everyone is living in the fear that another big exchange will pull an "FTX". So far people are on the look, digging deep, tracking transactions, and keeping an eagle eye out there. No one wants to find the closure to move on, and this would remain so unless we experience two to three months of stability both in price and news-wise.
But this hasn't started yet, for a week now, Justin Sun and Houbi have been playing some shady games. Not a lot of people paid attention to the fact that Justin Sun is one of the biggest frauds in Crypto, but people are now beginning to panic when they've failed to check the character of the man over the years and even when he's been bad for a very long time.
Justin Sun & Huobi, Some Smoke & Mirrors?
So, I feel that what is happening to Houbi for now is still smoke and mirrors. We've seen crazy speculations over the past few weeks, but none has materialized into something dangerous, I like to think this is the same with Houbi. We're majorly being hit with the news of big businesses, going bankrupt and sacking their workers.
This is just general proof that the world's economy is experiencing turbulent times, so it's an extended FUD that often trickles into crypto. So now, every centralized exchange is looking suspicious and I have a feeling that after the dust is settled, there are going to be some massive changes and the functionalities of centralized exchanges will be redefined. Back to the prices.
Bitcoin is supposed to be 10k by now,
I'm not saying it still wouldn't
........but a lot of predictions affirmed that 10k was inevitable before December, but here we are and no 10k yet. I haven't checked a lot of permutations or charts, but I still think the recent events in crypto will unsettle some of the chart predictions and we might see something different.
I know that predicting gloomy prices helps people to sleep at night. When people predict gloom, they do so to prepare themselves for the worst, but deep down they're hoping for the best but expecting the worst. In the past three months, it's been all emotions and nothing logical, and this situation proves that crypto has hit adoption further than we think because the FUD says so.
For The First Time, The Charts Might Shatter
Why?
We saw BTC briefly hitting 17k and dropping again, and inasmuch as I refrain from making predictions, I feel we're already in recovery mode, especially if we can all begin to aid the recovery by starting it. This isn't to say we wouldn't experience another massive dip, I just feel the chances aren't so high anymore as people are beginning to do right by themselves.
The dust should settle before the end of 2023, and since no one wanted to lose money to learn hard lessons, I feel that this phase in crypto is inevitable, it's saddening that it came with a lot of repercussions. Bad actors, transcended from real life into crypto and will continue doing so, but events like this will keep people at alert and propel crypto to greater heights.
Back To Hive Business
As for hive, it's business as usual, except for people who are dishing FUD daily and lashing out on the blockchain for no reason. I'm happy to be seeing so many people building and sadly, I won't be curating anyone who is powering down at the moment. I think we should all collectively advise and encourage ourselves to grow in these precarious times. Its obvious activities have dropped, but it's been minimal and we're still going on strong.
No one will build these goals if we choose not to. I salute Leofinance, some real work has been going on and people are now seeing the motivation to rigorously build their accounts, this is laudable. Finally, I'll implore some content creators to reply to the engagements on their posts to at least a 70% level, inasmuch as the bear market is currently a demotivating factor for them to do so. It's 2023, we keep building no matter what.
Interested in some more of my works?
Reviewing A $400 Samsung Galaxy A72 (photos Included)
Hive's Scalability & The Compromise Of Commitments
Money: The Consequences Of Making The Right & Wrong Decisions
The Nigerian Economy: Monopolizing Incompetence
The Experiential Process of Understanding Money
A Case Of Theft On Hive: Here's Why Some People Choose Scam.
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The bear market is the best time to build. A ready product in a bull market will run smoothly and adopt even better. It's great reason to carry on! 😊
I think your reasoning is very sound in terms of the grand scale of Bitcoin's pricing. Only time will tell how it holds up.
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Thanks for reading, yes, bears, best time for building
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To me, the crypto world is like a circus, with many crazy things happening every now and then. It does not, on any account, warrant the spread of FUD.
As for me, I will continue to build while I can. I have learned that this is a very good opportunity to stack up some coins and reap the benefit in the future. It's all about perspective.
Well hahaha I think people can't help the FUD, psychologically spreading it helps some of them cope, but I don't think it'll change anything, so some part of that energy should be channeled towards building. You're absolutely doing the right thing.
I understand how confusing and stressful the SBF and FTX situations have been for many people in the crypto community, especially how the bear keeps bearing down on everyone. Things are going really south around here, and the centralized exchanges are really scary to deal with nowadays.
As you said, Hive is our only stronghold at this moment. You know I've been powering down, and Hive powerdown is something else—13 whole weeks?
Immediately I saw this,
I immediately cancelled the power down, it was already long overdue, and it could have created a sentiment around me, as I've noticed my post receiving less and less attention.
But in the spirit of optimism, we move against the FUD, even if the FUD is strong!
This is because I think we all need to build and hold. It's a period to be sacrificial. If one's powering down during the bull market, this is understandable because prices are good and one needs to take advantage. But powering down in the bear market??? Ahhh no that hits differently. It's just because it's a time to stand solidly with the chain. I understand life's difficult, but we're the ones who will build this place and no one else.
Yea. Rightfully said! I agree with you in every way!
I don't think it's just FTX or Sun/Huobi causing the prices to drop but rather that the economic factors don't look great. There is a correlation between tech stocks and crypto in general. So to an extent, they are influenced by each other and I don't think the stock market is done going down yet. They might pause this week because of options expiration so the money makers don't have to pay out though.
Eventually, the markets will recover and I think the end of 2023 is a reasonable time frame to see that happen. So we just need to invest into solid projects and make sure that they are still building.
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This is true, I talked about how the stock market isn't looking good too, I was majorly talking about in-crypto crisis and how SBF and FTX seem to have created the biggest vacuum if we began to measure the degree of extent of its impact alone. However, we hope there's a general turnaround in the markets, it was a crazy 2022.
Yeah, I'm thinking this is when we'll begin to recover as well, for now, survival and building are the main thing.
I think you are right here, it is a side-show by the mainstream controllers.
I also agree with your point, we may be already starting the slow recovery process, there seems to be capitulation everywhere, but it may depend on the moves that the Fed make.
The recovery might be very small, but if it holds momentum, then we won't mind I'd it's slow or not. As for SBF, I think he's a pawn in the game and he's lucky to be escaping with this one.
A lot in one piece. Here are my thoughts.
That is ultimate illusion. The money is gone. I went to his twitter page and I saw some old tweets where people are asking SBF where is their money! The money is gone and its better to turn a new leaf for the unfortunate users.
And before you know it, big business going out of business will become a new big business. Yes, if they are somehow able to evade the justice system and get out without being hurt bigtime, they will in few years return with a fresh project hiding under a new team. The loots from the former bankrupt project will then be a win for them.
I honestly feel privileged to be supporting LEO. In fact, I am tempted to say, that I will consciously work to surpass my set goals for this 2023 and beyond.
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I also agree with you on this, it's crazy how people will thot they'll get back their Money. I mean where do they expect the man to get 15 billion dollars? At the moment he's trying to avoid going to jail, he wants to get away with all these crime and I am assuring you that this man might start another centralized exchange in the future.
I hadn't even read this part before I replied. People are always falling for smoke and mirror. There are so many scam not just in the crypto industry, in the stock market and in government as well. One of the reasons why I am happy is that people will begin their journey towards consciousness and learning to be better in making decisions in regarding projects that they are buying into.
They have made some mistakes in the past and meandered into things that were not right. But I can assure you that leofinance is back with some outstanding innovations and better too.
I don't doubt that we'll be back to those glory days where the token hit 1 dollars.
Even if the money is still intact (we know its not), he will focus on spending everything to avoid jail or get a light sentence. Investors are the unfortunate victims here.
Honestly, they will continue to fall. Because the mindset to build long-term before achieving success is still missing in many minds.
Its so obvious for all to see. So its exciting to be here at this moment with a great, visionary team. We build and win together!
Bitcoin making green moves appears to give the crypto some hope even if it's a short lived one.
As for Hive we have to cultivate the building mentality. Instead of spreading FUD.
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I think if we have some consistent green, mo matter how small it might be, it might just slowly gain some momentum. I'm hoping 2023 offers us some solace. As for hive, there's seriously no other option but to build.
THE SBF shit show feels like a meme 😂😂
It feels funnier by the day hahaha
😂😂😂
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About moving away from decentralisation, we are going to see the market till towards it in the next couple of months...At least that's my analysis because what the CEO of Coinbase is doing lying and investing in FTX is what will bring it down.
Uniswap at some point late last year handled more Eth transactions than Coinbase. The moment sees the redundance and backward state of some of these CEXs the fast the market will move.
I think some people are already seeing the downside of CEXs it's just that most people see them as necessary evils. Plus, DEX are still trying to enter Crypto mainstream, but the less Power CEX have, the better
Yeah, very true...CEX also have a lot of organised effort...the extent to which that is attainted by nefarious means will be determined with time though