Can Genesis Restore Faith In Centralized Exchanges?

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The crypto market is once again sitting on the edge of its chair over the potential fallout of another exchange. Last week we heard that Genesis has a current debt owed to them, which exceeds a billion dollars. Given the current issues in the crypto market and how dire it is to save the industry, I hope someone does some hard negotiating today!

The FTX exchange stunned us, but if another major exchange goes under, the results could do more than daze the industry. There are a lot of people wanting to see crypto go away and never return. So, this morning a lot of us are on edge. Genesis is a top 10/20 exchange that has been around since the 2014/2015 timespan. It would be one of the OGs that saw a big explosion for Bitcoin and ETH. It is also a centralized exchange that sees millions of dollars moved day in and day out.

Centralized is typically safer than decentralized due to the lack of offering tokens that can result in rug pulls. They also ask for more information when it comes to making an acct because they are owned by companies! However, after LUNA and FTT, I think that notion might be somewhat challenged. The Luna situation cost investors billions which resulted in people committing suicide. Some investors also paid face-to-face visits with the founder during that whole situation. Currently, we are still seeing the fallout of FTX. If Genesis falls, it will be a lingering result of FTX.

Crypto isn’t for the faint of heart! If I had any sense in my head, I would probably go out and get one of those fancy purses that everyone has but me! However, I get my daughter’s Target hand-me-downs, so I can buy more crypto with my money. I can’t shake the feeling that I’m investing in the future.

As always, I’m just giving you the skinny for the crypto world. I am not a financial advisor. That’s nerve nation for this week. Try not to bite those fingernails!

On a serious note. You are worth more than a billion dollars. If you are feeling depressed due to losing money please talk to someone about it. I remember when I went through a rug pull almost two years ago. I was new to crypto, and I didn’t know anything about whitepapers, or researching the companies behind the tokens. I invested in this token and a few weeks later they rugged. It was a teaching moment, and it was also a humbling moment. However, here I am two years later! I’m writing about crypto and still investing. I have learned what to stay away from, thanks to that situation. So, please do not think about harming yourself. Keep this number and pass it on to your friends if you feel like they need it. 800-273-TALK (8255) National Suicide Hotline.