Cryptopia exchange was hacked, affecting Electroneum traders. The creator argues ETN should launch its own regulated exchange to avoid custody risks, or push users toward decentralized exchanges where smart contracts handle trades directly between people.
Hey you, welcome back to the channel. And guys, today we want to talk about the Cryptopia hack, which many of you probably are aware of at this point in time. And, and I just want to give some thoughts about the state of affairs with centralized exchanges. Many of you all who watch my channel know I do quite a bit of Electroneum videos. But I think it's important that we have a very full understanding of the cryptocurrency space. This is a very small community. This is a very small group still, and the ecosystem gets affected by what happens across it, right? It, you know, even a hack on some exchange someplace can have significant effects across the entire cryptocurrency space. So, um, if you watch my channel, you know that, uh, I did, uh, several videos on the Proof of Keys initiative and did videos on the unraveling and looking at the situation in the wash trading that goes on with centralized exchanges. When I speak of wash trading, I'm speaking about many— a bunch of the volume not being true, right? And, um, these— this is very serious, and centralized exchanges are getting to be a huge problem. So my thoughts are this, guys. Um, you know, all we can do at this point is wait because, you know, the reality for Electroneum is Cryptopia was probably one of the leading, uh, exchanges as far as volume for Electroneum. And so, you know, just hoping that, uh, you know, a lot of those— a lot of that volume that was going on, you know, I'm hoping that a lot of Electroneum holders didn't kind of have their tokens on those exchanges, you know, right at this point in time before they can get them out of there. Because it, it does, you know, account for a lot of the Electroneum trading. And so this definitely doesn't help. But I had proposed, um, it was quite a while back, I, you know, I, I came up with instead of Electroneum you know, going on all these various exchanges, that we had a large enough community, I think, at this point to just start our own exchange, right? And I, you know, some things that are required, that would be required, and these aren't very difficult things, you know, Electroneum would need to get its broker-dealer's license and they could start an exchange legally as they're very compliant, um, you know, with everything else. It would be quite easy and then they could have, uh, you know, basically, um, Electroneum traded there as well as the other major cryptocurrencies. And, and the Electroneum community could trade there, and the fees could go back in Electroneum, be paid in Electroneum across all the other cryptocurrencies, right? And other coins could get on this exchange. So, you know, that doesn't, you know, really solve the centralized exchange issue so to speak. But I think it would make sense to the Electroneum community to do something like that. Um, you know, but, you know, throughout my videos, I do talk about a lot about the dangers of, um, trading on centralized exchanges. And these are, these are great dangers. Um, and so, you know, has caused many of us to go go with decentralized exchanges, which don't work, uh, which work a great deal better. They deal with smart contracts that send your coins directly from one person to the next, as opposed to these centralized exchanges holding all our tokens, which can be hacked and stolen. Um, and so, um, you know, just basically, um, You know, that would be probably my idea going forward in the future with Electroneum, uh, you know, that maybe these centralized exchanges probably aren't the way to go for us, um, and to, uh, you know, perhaps, uh, you know, looking to maybe considering something like that. But anyway, guys, tell me what you all think, uh, should be the next step. Is Cryptopia, or was, uh, one of our leading highest volume exchanges to date? I believe at this point in time. Um, tell me if you think it'll be cool for Electroneum to have its own exchange and collect, um, exchange fees in the ETN. But that's all I want to talk about, guys. Uh, guys, um, be sure and watch a lot more of the content I cover as well because some of it does deal a lot with the entire state affairs of the cryptocurrency space and it can sometimes directly or indirectly affect our particular, uh, uh, interest in the cryptocurrency space. I trust me, guys, I do the same thing. I will see certain videos and I'll go, I don't have that token, I don't have that coin, so I'm not interested. And I know that's how it is with the Electroneum community, but these are incidents that affect the entire crypto space. And sometimes we do have to keep our eyes out on various content that can be related to our particular interests and projects, as the cryptocurrency space is a very, again, small community. But guys, that's all I wanted to say. Guys, if you like content like this, don't forget to like and subscribe. And until next time, take care.
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