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The crypto industry is still in its infancy and, like other industries is full of speculation.
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Ripple’s CLO Stuart Alderoty drew parallels between crypto and the Internet in the 1990s.
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Alderoty said that with the collapse of FTX, the bad days in crypto space were over.
Stuart Alderoty is Ripple’s Chief legal officer. He posted an interesting poll to his 174,5K followers on X (formerly Twitter), and the crypto community. The results provide insights into the growth in the digital asset space.
Alderoty’s post asked, “Which industries faced early speculation, bankruptcy, and corruption before finally consolidating around a handful of good actors and achieving massive adoption of transformative innovations?” He gave four options to his followers.
The choices were “the internet in the 90s,” the “railroads of the 1800s,” the “cryptocurrency of today,” or “all of the above.” More than 62.6% chose the fourth choice, while 19.3% chose the third. The first option was chosen by 13.8% of respondents, while the second received 4.3%.
Alderoty revealed the correct answer to be “all of the above.” The Ripple executive compared this current state of digital assets with the early days of these industries, noting how it is also plagued with scams, speculation and corruption.
Alderoty referred to the bankrupt crypto-exchange FTX and implied that the biggest scam of the digital asset world is behind us. He said the industry could now reach new heights, with good actors leading and transforming it by eliminating bad actors.
The Collapse of FTX
The collapse of FTX in 2021-22 under the leadership of Sam Bankman Fried (SBF), formerly known as the white knight’ of crypto sector, wiped out a whopping 40 billion dollars from the industry.
Read Also: FTX Fraud – Caroline Ellison Sentenced To 2 Years In Prison
Banker-Fried faces a 25-year prison sentence. He maintains his innocent and has discussed plans to appeal the judge’s ruling.
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