Keep Your Assets Close and Your Private Keys Closer
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| By Beth Canova |
In the United States, we are celebrating Thanksgiving.
Sam is off with his family to celebrate and hopes that you are as well.
While we celebrate the holiday weekend and eat our weight in mashed potatoes and turkey, we thought that we could pass on some of our latest issues that you might enjoy …
The No. 1 lesson we can learn from the FTX fallout is simple: Don’t trust; verify. Crypto Analyst Alex Benfield goes back to the crypto basics with this fundamental motto, highlighting the importance of transparency, due diligence and self-custody.
With inflation running rampant and interest rates on savings plummeting, letting your money sit in a savings account is almost guaranteed to erode your wealth … which is forcing us to invest just to preserve our capital. Thankfully, Crypto Specialist Chris Coney believes he has found a way to outrun inflation through decentralized finance.
The FTX debacle has folks proclaiming the death of crypto … when in fact crypto is the SOLUTION to almost everything that went wrong in this situation. Crypto was invented so users have full control over their assets, unlike centralized institutions where you’re essentially lending your money out. Senior Crypto Analyst Juan Villaverde reminds investors FTX is a centralized platform that simply has custody of crypto assets and, therefore, has control over your funds. This further highlights Alex Benfield’s “Why We Don’t Trust: We Verify” article, because the real problem is that you don’t own your money using a centralized platform.
FTX Account Drainer Puts Sell Pressure on ETH
The aftershocks of the FTX fiasco continue to shake up the crypto market. Ethereum (ETH, Tech/Adoption Grade “B”) was holding up fairly well until a concern over an FTX “account drainer” came to light. While additional sell pressure on ETH will likely cause the price to slip, Crypto Analyst Marija Matić emphasizes how efforts are in place to limit the amount of ETH the drainer account can sell.
Scarcity Is the Name of the NFT Game
While the hype around non-fungible tokens has cooled in 2022, that doesn’t mean they’re not a hot commodity. So, if you’re looking to diversify your portfolio, get into commodities or simply want to join the digital art game, NFT Analyst Joel Kruger suggests you head on over to SuperRare gallery to find an incredible piece of art that speaks to you and your budget.
That’s all for this week. We hope you have a wonderful and relaxing holiday weekend.
Best,
Beth
