Critics have suggested that the collapse of FTX demonstrates flaws with Bitcoin, but this is a misunderstanding of its fundamentals.
This is an opinion editorial by Pierre Rochard, the Vice President of Research at Riot.
Ben Sixsmith has published a thoughtful piece in The Spectator entitled “Saying Goodbye To The Crypto Nerd Utopia,” providing an outside perspective on the crisis facing the broader crypto economy.
While there’s a lot I agree and disagree with in his piece, I’ll focus on the primary line of reasoning: Bitcoin is one of many cryptocurrencies, cryptocurrencies have no intrinsic value, and cryptocurrencies are speculatively traded on exchanges like FTX; therefore, the scandalous collapse of FTX reveals that Bitcoin is no better than the status quo.
The first paragraph in Sixsmith’s piece establishes the conflation of Bitcoin and crypto: “The value of Bitcoin, Ethereum and Luna crashed in May.”
At first glance, this assertion may seem uncontroversial, all
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