Posts about Cardano
Over the past year Dogecoin has taken hit after hit along with the rest of the crypto market. Every time Dogecoin dropped out of the top 10 cryptos by market cap, this sub was quick to celebrate the drop.
With posts like
If You're Still Holding Dogecoin, You're the Greater Fool
Polkadot (DOT) Dethrones Dogecoin To Join Crypto Top 10
and blatantly false FUD posts
The top wallet was previously discovered to be RH holding on behalf of its clients not a whale waiting to dump Doge.
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So I wanted to use this opportunity to celebrate the recent rise of Dogecoin
Over the past five years Dogecoin is up 410% against BTC
Over the past year Dogecoin is up 10% against BTC
Over the past 6 months Dogecoin is up 45.85% against BTC
Over the past month Dogecoin is up 64.82% against BTC
Over the past 5 days it's up 65.88% against BTC
Over the past day it's up 23.89% against BC
* To prevent spam on this post I didn't include image of charts, however you can Google "Dogecoin to BTC" and look at the charts for comparison in the different time frame if you want
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Welcome back to the top 8 cryptos by marketcap Doge. May your stay be long and not just a few hour footnote on the daily news.
Again, Dogecoin is massively hyped, hype is not reasonable or long term and anyone thinking of buying into hype should be prepared to be exit liquidity for whales.
Up to 70% of all bitcoins were traded on the Mt. Gox exchange before its crash in 2014. The exchange stopped trading activity and was subsequently declared bankrupt. The FTX exchange collapsed in 2022, and like 8 years ago, the market value of bitcoin is falling. History is repeating itself, just on a larger scale as the blockchain industry is much larger today. The cause of the problem is the same in both cases. It is the centralisation of power in the hands of an unreliable and untrustworthy middleman. The blockchain industry has failed because, even after 8 years, it has not been able to deal with the problem it has been trying to solve from the beginning. Our only hope is that this will not be the case forever. Cardano is being built to be able to solve exactly these problems. It may take another 8 years, but at some point, we have to get rid of the unreliable middlemen.
TLDR
Exchanges hold huge amounts of capital and CEOs will always be tempted to use it for their own business without the consent of depositors.
Bitcoin is dependent on centralized exchanges and will be directly affected by FTX bankruptcy as the market value of BTC affects the profitability of mining.
The market value of cryptocurrencies is created by supply and demand. Everyone is better off if they meet on decentralized exchanges.
A decentralized application is just a definition of the steps to be executed based on the expected events. Everyone can look at the steps and decide whether to use the service offered.
The Plutus platform will make it possible to write applications that can be proven to be secure.
The more crashes we see in the CeFi space, the more it will become clear to everyone that DeFi and self-custody are the only way to go.
The real cause of the problems
The root cause of bankruptcies in almost all financial services is the concentration of power in the hands of unreliable middlemen. People are greedy and almost always abuse their position when given the opportunity. The larger centralized exchanges hold a lot of capital, and the depositors are the owners, not the exchange. It is very tempting for the owners of the exchanges to use this capital for their own business activities. This is often done without the consent of the depositors.
This article was prepared by Cardanians with support from Cexplorer.
Read the article: https://cexplorer.io/article/bitcoin-will-never-solve-ftx-like-problems-cardano-can-do-it
