This is a terrible nightmare for many of us. People have taken their lives and the situation drags on, turning days into a sad fest of anxiety, sadness and rage for so many. Particularly the smaller holders that had faith in ust’s security and were not gambling.
Great proposals have emerged, particularly Fatman’s and the Lawyer’s ones. They show the implication people can have to defend a just cause and also the vividness in the crypto space. It seems they have not been retained so far, possibly due to an alleged lack of funds…
What I’m going to say might sound naive (it most probably is…) as it challenges a lot of hardwired conceptions of what free market is for some.
With this debacle and its terrible consequences on so many humble people’s lives, the crypto industry is in my opinion at a pivotal point and its future could to some degree, also depend on what is to come in terms of relief. This is a large scale scandal of which we don’t yet know the real origins.
What we know for sure is the estimated amount of money needed to make whole 90+% of ust holders whole and safe again. Imo, this is precious.
Some leaders of the industry have already affirm they’re ready to participate in the creation of a relief fund for ust holders, Justin Sun, CZ to some extent, maybe others…? Buterin has only supported the idea so far, without going further.
Where are Mr Hoskinson ( for whom I have a lot of respect for Cardano), Mr Wood, Mr Bankman, Mr Buterin and other crypto giants? All of them at least multi millionaires or billionaires at the helm of huge crypto projects with astronomic funds?!
These same innovators who have advocated for a change of paradigm, with crypto at the forefront of this very shift could, should they choose to, quickly constitute a relief pool for ust holders and soothe the pain of so many that believed the power of crypto could help them achieve more financial freedom, ease the constant pressure of money in their life and were not gamblers…
Are they themselves remotely responsible for this disaster? Not in the least, of course.
Should they care, I believe so.
Can they all together, with a wee part of their own fortune or their project’s funds enable people who clearly are victims of the burgeoning crypto space to find their footing again, come out of the dark? YES, they sure can and very quickly so, too… Some have already spoken in the favor of such initiative.
As I said, I believe this is a pivotal moment in crypto’s history and it could be a defining one for its future. A striong show of support, of solidarity, at a relatively low cost if it rallies many actors, could be the strongest symbol of what crypto stands for, of what the underlying philosophy is in the crypto sphere. Very powerful publicity too, paving a brighter future. Failing at this will yield an entire army of anti crypto forever and more may not survive these hard times. Time is of the essence, here. Urgency…
I’m not oblivious to the situation of Luna holders whom have been severely impacted by a quite catastrophic management of the situation whith hyper inflation that lead nowhere but to a global disaster
I believe this kind of external input if it happened would enable LFG to focus on how to compensate them with their own remaining funds or plans…
Sorry for the rant, people… My proposal (question) is this: can someone with a background in communication, social networking etc… build up an efficient campaign to call out those crypto giants, grab the attention of the cryptosphere using some of the arguments I’ve provided, or others in order try to make this happen? Angel investors might come later depending on their potential interests. They also might not… These crypto leaders have huge power, they are aware of the magnitude and consequences of what happened and perhaps, only perhaps, they could act quickly with the right push…
Fingers crossed, blessings to all.