It’s sad to admit but looking at the FTX saga and everything that has happened with FTX and FTT, it is right to finally say that FTT is a shitcoin and has always been a shitcoin. You know how we have always said that a shitcoin is just an Altcoin with no real use case or utility but done to scam people and used as a means to pump and dump, I think FTT has always been one. Because if you look at it, the only function, utility and usecase of the token has always been attached to the exchange, so if the exchange is shitty, that means the coin is shit as well. The coin doesn’t have its own blockchain, it was created on the Ethereum Blockchain, it’s progress is attached to the FTX exchange and it was used as collateral by the company.
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Right now, it feels like FTT was only advertised and paraded like a high profiled utility token because Sam BankMan Fried and his team blew it up, just like a shitty coin in Gucci suit. Sam BankMan Fried did a great job making people believe he is worth listening to and making people believe that they can give him money and invest in his company, looking at everything and the amount of money invested into that man and his company I can’t help but see how worse his company and investment is from the Terra saga.
If we are being sincere, when we classify a coin as shit, it’s usually when the project becomes a failure that is when people tag it as shit, also when the project behind the token was built on an evil foundation to deceive and scam people, then it’s a shitcoin. Isn’t that what FTX did, deceiving people into investing in the company and donating a lot of money only to find out that the company is not half of what it said it was. I am highly disappointed because I had a huge faith in FTX and FTT, guess we need to stop putting hope on centralized entities. Because all the signs that we have been shown this year and years before this one, is that centralized entities will always screw you over.
Decentralization can be fully exercised when decisions and changes in a system involves permission from the community. This means that the mechanism of the process should be completely trust less, trust should not be based on an entity, the moment that becomes the case then throw decentralization off the table. Sam BankMan Fried was controlling FTX which happened to be a failure at last, issuing a token that is solely based off the exchange means that anybody currently holding it is obviously holding a shitcoin now the company is gone and a disaster.