Is This the End of Crypto?

• v3-core

  357 4,141 0.0 TypeScript

  🦄 🦄 🦄 Core smart contracts of Uniswap v3

  

I get the point and I can understand how it can feel like that from the outside. But the same people that are saying that FTX is not crypto now, were saying it before and same applies to Coinbase, Kraken, Binance... Luna and Terra were crypto, though, economically unsound design with Ponzi economics but crypto. And the litmus test is actually super simple and foolproof. Does whatever you are doing settle a transaction in a public, tamper-resistant ledger that is cryptographically verifiable? FTX business and operations does not involve such a thing. It's a traditional corporation, established in the Bahamas, running some SQL/noSQL DB or perhaps more likely paper napkins as a system of record... And as such was vulnerable to the same kind of abuses that have plagued financial fraud forever.

Here is actual projects that are implemented in a blockchain:

- A exchange, e.g. Uniswap: https://uniswap.org/

Here is a smart contract that executes its transactions: https://etherscan.io/address/0x68b3465833fb72a70ecdf485e0e4c...

You can see the transactions live. You can see the code that runs this exchange: https://etherscan.io/address/0x68b3465833fb72a70ecdf485e0e4c...

- Lending and borrowing, e.g. Aave: https://aave.com/

- Decentralized staking, e.g. RocketPool: https://rocketpool.net

• protocol-v2

  133 638 0.0 TypeScript

  Aave Protocol V2

  

I get the point and I can understand how it can feel like that from the outside. But the same people that are saying that FTX is not crypto now, were saying it before and same applies to Coinbase, Kraken, Binance... Luna and Terra were crypto, though, economically unsound design with Ponzi economics but crypto. And the litmus test is actually super simple and foolproof. Does whatever you are doing settle a transaction in a public, tamper-resistant ledger that is cryptographically verifiable? FTX business and operations does not involve such a thing. It's a traditional corporation, established in the Bahamas, running some SQL/noSQL DB or perhaps more likely paper napkins as a system of record... And as such was vulnerable to the same kind of abuses that have plagued financial fraud forever.

Here is actual projects that are implemented in a blockchain:

- A exchange, e.g. Uniswap: https://uniswap.org/

Here is a smart contract that executes its transactions: https://etherscan.io/address/0x68b3465833fb72a70ecdf485e0e4c...

You can see the transactions live. You can see the code that runs this exchange: https://etherscan.io/address/0x68b3465833fb72a70ecdf485e0e4c...

- Lending and borrowing, e.g. Aave: https://aave.com/

- Decentralized staking, e.g. RocketPool: https://rocketpool.net

• SurveyJS

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