Yes, it's true that the FTX problem doesn't happen with properly decentralized crypto, as opposed to letting the exchange store the crypto.. but most people leave the coins at the exchange either out of ignorance or because they are actively trading.
But isn't there a lot of pump and dump activity on decentralized platforms like Ethereum? NFTs etc? The technology may be solid but there is a miasma of scams surrounding it I thought
Thanks for the tip! I've only ever used Bitcoin, which seems ok for value storage and large transfers but it doesn't seem very scalable for normal transactions. It also seems more traceable than I would like, I have heard that Monero is better for limiting transaction tracking.
What's more is that because Cardano is already traded on most exchanges, Midnight can't be easily censored like Monero is because people can just exchange back to Cardano or use a blockchain bridge to exchange onto another coin and trade on to an exchange.
Currently the Rosen Bridge with Ergo is running successfully in private testnet and there is a bridge being made for Binance. There are about 2-3 ERC-20 converters on Cardano with 1 made by Input Output Global, 1 by DC Sparks with Milkomeda, and I think 1 with Blockfrost (could be wrong on the last one). An ERC-20 converter is basically a token bridge from Ethereum to Cardano but with the added benefit of being able to implement and run Ethereum smart contracts through the Cardano blockchain.
Yes, it's true that the FTX problem doesn't happen with properly decentralized crypto, as opposed to letting the exchange store the crypto.. but most people leave the coins at the exchange either out of ignorance or because they are actively trading.
But isn't there a lot of pump and dump activity on decentralized platforms like Ethereum? NFTs etc? The technology may be solid but there is a miasma of scams surrounding it I thought
Ethereum is pretty much a scam. Failed transactions, slashed funds, increasing stke pool operator costs, etc.
Start looking into Cardano when you have the chance.
Thanks for the tip! I've only ever used Bitcoin, which seems ok for value storage and large transfers but it doesn't seem very scalable for normal transactions. It also seems more traceable than I would like, I have heard that Monero is better for limiting transaction tracking.
Monero is much more privacy friendly.
Cardano's new Midnight sidechain is also being built to protect your privacy as well.
https://www.teddit.net/r/cardano/comments/z1w8at/cardanos_sidechain_midnight_will_protect_your/
Cardano's NEW Privacy Blockchain | Oshabot
https://www.youtube.com/watch?v=RsGHT17IzQ0
What's more is that because Cardano is already traded on most exchanges, Midnight can't be easily censored like Monero is because people can just exchange back to Cardano or use a blockchain bridge to exchange onto another coin and trade on to an exchange.
Currently the Rosen Bridge with Ergo is running successfully in private testnet and there is a bridge being made for Binance. There are about 2-3 ERC-20 converters on Cardano with 1 made by Input Output Global, 1 by DC Sparks with Milkomeda, and I think 1 with Blockfrost (could be wrong on the last one). An ERC-20 converter is basically a token bridge from Ethereum to Cardano but with the added benefit of being able to implement and run Ethereum smart contracts through the Cardano blockchain.