How dangerous is crypto?

A Turkish crypto exchange boss has gone missing and, according to reports, he took $2 billion of investors’ funds with him (details below). It will be hard to prove he stole the crypto, and it is unlikely to be found or returned.

(Have crypto questions? My newest thought leadership piece aims to help you understand crypto, NFTs, and DeFi better.)

How dangerous is crypto? That’s the wrong question. The right question: how dangerous is it to store your decentralized tokens in the digital wallet of an unregulated centralized exchange? If those tokens were in people’s personal wallets, they’d still have them. If they didn’t need to exchange the crypto for fiat currency, they would still have them. If the exchange was decentralized, there would not have been a way to illegally take them.

Decentralization is the most compelling feature of crypto, NFTs, and all blockchain technologies. Should you trust an unregulated central authority with your funds? IDK. It sounds dangerous.

 

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Author’s note: This is not a sponsored post. I am the author of this article and it expresses my own opinions. I am not, nor is my company, receiving compensation for it. I am not a financial advisor. Nothing in this article should be considered financial advice. If you are considering any type of investment you should conduct your own research and, if necessary, seek the advice of a licensed financial advisor.

About Shelly Palmer

Shelly Palmer is the Professor of Advanced Media in Residence at Syracuse University’s S.I. Newhouse School of Public Communication and the CEO of The Palmer Group, a consulting practice that helps Fortune 500 companies with technology, media and marketing. Named LinkedIn’s “Top Voice in Technology,” he covers tech and business for Good Day New York, writes a weekly column for Adweek, and is a regular commentator on CNN and CNBC and writes a popular daily business blog. He’s the Co-Host of the award-winning podcast Techstream with Shelly Palmer & Seth Everett and he hosts the Shelly Palmer #CryptoWednesday Livestream. Follow @shellypalmer or visit shellypalmer.com.

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