Bankruptcy is the newest cryptocurrency

by Arthur · February 11, 2023

they love bitcoin, they live in a cyberpunk future, 3d render

DALL·E 2023-02-11 15.10.04

“A $20 billion market of claimants desperately looking for a solution. This list includes FTX, Voyager, Celsius CEL, Genesis, BlockFi, Mt Gox and many others. Over 90% of these claimants haven’t even filled out their information yet. »

Reading the opening of Open Exchange’s manifesto.

This new project, a soon to be launched cryptocurrency exchange website, is aimed at investors who have lost money or have money tied up in frozen or defunct cryptocurrency exchange platforms.

The avalanche of fraud and scams that have buried the slivers of positivity from those outside the crypto community has not been limited to FTX. Assets thought to be stable against the dollar have lost value in the past, and it is clear that many of the blockchain-based financial sites have yet to reach maturity.

Open Exchange is an interesting new addition to the ecosystem, offering ways to trade claims against companies and take assets that may never recover their value or be available again and turn them into someone new “things” that people can trade. This is essentially a market for speculation built on top of speculative assets that trade locked in failed platforms. We have truly gone down the rabbit hole.

However, the really exciting thing about Open Exchange is its premise, not its reality. Blockchains enable the tracking, storage, ownership and trading of anything digital that attaches to them. How will it turn out with claims against bankrupt companies? Let’s wait and see.

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