I ghostwrite social content, educational email courses, and newsletters for accounting, tax, and financial services firms in crypto.
“Crypto is never as good as it seems. It’s never as bad as it seems.” -Brian Armstrong, Coinbase CEO (in response to FTX crash) Rather than explain the WHAT and HOW of the FTX debacle (I’ll leave that to the big brains), I’ll offer what I’ve learned from it. 1. Yes, crypto has some growing up to do. No, we shouldn’t abandon it to the ash heap of failed experiments (see Brian Armstrong’s quote above). 2. Meltdowns like this happen all the time in traditional finance, only behind closed doors. Take 2008, for example (oh, and 2022). Usually, it occurs much slower and with more players. I take some comfort in that when things break in crypto, they break fast, and we hear about it fast. It allows us to fix things faster. 3. The ethos of the web3 community continues to astound me. Listen to any podcast covering FTX, and they’re already talking about how to fix the issue. Compare this response to how TradFi handles meltdowns: “Government, please save us!” 🛟 4. This is—yet another—reason why we need smart regulation. Brian Armstrong made another very valid point: 95% of crypto trading volume has developed overseas. Why? Because the U.S. continues to regulate through enforcement, pushing companies to operate outside the US. 5. Last, and maybe most importantly, web3 needs more pragmatists. People that are willing to ask questions like, “why does FTX have its own exchange token” and “what actually happens with customer funds once they’re deposited.” That’s why I’m so passionate about onboarding accounting and finance professionals to the space. My team and I have been working on something for a while now. I hesitated to drop it today, given everything that’s going on. But I realize that there’s no better day to drop it. Here’s your invitation to come build a better web3. I present to you the Multisig job board! It’s a curation of the top accounting and finance jobs in web3. Web3 needs you now more than it ever has. Go check it out (link in first comment). 👇 #LITrendingTopics #ftx #binance #cryptocurrency #web3 #defi
Cole Stuart
1y
It’s a lot easier when you are bitcoin only and there’s no central figure to mess up your money.
Bob Guzman
1y
Fully agree Trevor, congratulations on the new creation!
Great post! Been looking for a full-time gig in Web 3.0 for a while, so I'm hoping this helps!
You have covered the whole debacle in as many words as possible, palatable to the reader. Thanks a lot, Trevor Ward, CPA 💭.
Trevor Ward, CPA 💭 You are helping bridge a huge gap in this space and it’s much needed. Congratulations!
Great stuff Trevor!
Shafi Abeid
1y
It may not look good but it is inevitable due to enhanced productivity associated with blockchain technology. This is why diversification in the crypto business is paramount due to the wild risks associated with the business. With YEM, you can't have a better diversification strategy because YEM is the only digital fiat currency thus far that's backed by a sovereign guarantee, which protects it from being declared an illegal currency; it operates on a private blockchain, hence hackers can't steal without being identified and their accounts blocked; it is insulated from wild price fluctuations experienced by other cryptocurrencies thanks to its stabilized price mechanism determined by the market algorithm; and much more. For more information about YEM, check here https://www.webtalk.co/n/44458947
This is the time to learn and improve! Great points
I ghostwrite social content, educational email courses, and newsletters for accounting, tax, and financial services firms in crypto.
1yhttps://jobs.multisig.media