{"id":514072,"date":"2022-11-22T15:21:58","date_gmt":"2022-11-22T12:21:58","guid":{"rendered":"https:\/\/en.buradabiliyorum.com\/bitcoin-will-survive-failure-of-any-giant-in-crypto-samson-mow-says\/"},"modified":"2022-11-22T15:21:58","modified_gmt":"2022-11-22T12:21:58","slug":"bitcoin-will-survive-failure-of-any-giant-in-crypto-samson-mow-says","status":"publish","type":"post","link":"https:\/\/buradabiliyorum.com\/en\/bitcoin-will-survive-failure-of-any-giant-in-crypto-samson-mow-says\/","title":{"rendered":"# Bitcoin will survive failure of \u2018any giant\u2019 in crypto, Samson Mow says"},"content":{"rendered":"<div id=\"ez-toc-container\" class=\"ez-toc-v2_0_84 counter-hierarchy ez-toc-counter ez-toc-custom ez-toc-container-direction\">\n<p class=\"ez-toc-title\" style=\"cursor:inherit\">Table of Contents<\/p>\n<label for=\"ez-toc-cssicon-toggle-item-6a256f814380d\" class=\"ez-toc-cssicon-toggle-label\"><span class=\"\"><span class=\"eztoc-hide\" style=\"display:none;\">Toggle<\/span><span class=\"ez-toc-icon-toggle-span\"><svg style=\"fill: #dd3333;color:#dd3333\" xmlns=\"http:\/\/www.w3.org\/2000\/svg\" class=\"list-377408\" width=\"20px\" height=\"20px\" viewBox=\"0 0 24 24\" fill=\"none\"><path d=\"M6 6H4v2h2V6zm14 0H8v2h12V6zM4 11h2v2H4v-2zm16 0H8v2h12v-2zM4 16h2v2H4v-2zm16 0H8v2h12v-2z\" fill=\"currentColor\"><\/path><\/svg><svg style=\"fill: #dd3333;color:#dd3333\" class=\"arrow-unsorted-368013\" xmlns=\"http:\/\/www.w3.org\/2000\/svg\" width=\"10px\" height=\"10px\" viewBox=\"0 0 24 24\" version=\"1.2\" baseProfile=\"tiny\"><path d=\"M18.2 9.3l-6.2-6.3-6.2 6.3c-.2.2-.3.4-.3.7s.1.5.3.7c.2.2.4.3.7.3h11c.3 0 .5-.1.7-.3.2-.2.3-.5.3-.7s-.1-.5-.3-.7zM5.8 14.7l6.2 6.3 6.2-6.3c.2-.2.3-.5.3-.7s-.1-.5-.3-.7c-.2-.2-.4-.3-.7-.3h-11c-.3 0-.5.1-.7.3-.2.2-.3.5-.3.7s.1.5.3.7z\"\/><\/svg><\/span><\/span><\/label><input type=\"checkbox\"  id=\"ez-toc-cssicon-toggle-item-6a256f814380d\" checked aria-label=\"Toggle\" \/><nav><ul class='ez-toc-list ez-toc-list-level-1 ' ><li class='ez-toc-page-1 ez-toc-heading-level-1'><a class=\"ez-toc-link ez-toc-heading-1\" href=\"https:\/\/buradabiliyorum.com\/en\/bitcoin-will-survive-failure-of-any-giant-in-crypto-samson-mow-says\/#%E2%80%9D_Bitcoin_will_survive_failure_of_%E2%80%98any_giant_in_crypto_Samson_Mow_says_%E2%80%9C\" >&#8221; Bitcoin will survive failure of \u2018any giant\u2019 in crypto, Samson Mow says &#8220;<\/a><\/li><\/ul><\/nav><\/div>\n<h1><span class=\"ez-toc-section\" id=\"%E2%80%9D_Bitcoin_will_survive_failure_of_%E2%80%98any_giant_in_crypto_Samson_Mow_says_%E2%80%9C\"><\/span>&#8221; Bitcoin will survive failure of \u2018any giant\u2019 in crypto, Samson Mow says &#8220;<span class=\"ez-toc-section-end\"><\/span><\/h1>\n<p><img decoding=\"async\" src=\"https:\/\/images.cointelegraph.com\/images\/840_aHR0cHM6Ly9zMy5jb2ludGVsZWdyYXBoLmNvbS91cGxvYWRzLzIwMjItMTEvMDhjMmEwMGQtZGViZC00ZmZkLWFjM2QtODA3YjEwNmY5NjcyLmpwZw==.jpg\" \/><\/p>\n<div class=\"post-content\" data-v-5129e2ea>The collapse of FTX has triggered a notable drop in the price of Bitcoin (BTC), but that in no case means that BTC can be destroyed by failing cryptocurrency firms, according to Bitcoin proponent Samson Mow.<\/p>\n<p>The cryptocurrency industry is still seeing the wave of FTX contagion playing out, and it is likely to face more similar crashes in the near future, Mow said in an interview with Cointelegraph.<\/p>\n<p>According to the executive, FTX contagion could be part of the Terra ecosystem collapse, which caused a domino effect on the industry including major crypto lenders like Celsius and Voyager.<\/p>\n<p>\u201cMore things like this will continue to h<a href=\"https:\/\/buradabiliyorum.com\/en\/category\/download-scripts-themes-apps\/\" data-internallinksmanager029f6b8e52c=\"9\" title=\"Download Scripts &amp; Themes &amp; Apps\" target=\"_blank\" rel=\"noopener\">app<\/a>en in the crypto space because all of these projects are worthless houses of cards,\u201d Mow predicted. He added that FTX\u2019s failure was \u201ceasy to see coming\u201d due to FTX\u2019s relationship with Alameda.<\/p>\n<p>\u201cA <a href=\"https:\/\/buradabiliyorum.com\/en\/category\/general\/\" data-internallinksmanager029f6b8e52c=\"3\" title=\"General\" target=\"_blank\" rel=\"noopener\">general<\/a> rule of thumb is if a company prints a token out of thin air and either sells it to retail, or relies on it as an asset, you should expect them to collapse eventually,\u201d JAN3 CEO stated. <\/p>\n<p>Mow also argued that the industry\u2019s efforts to prove credibility \u2014 including exchanges increasingly releasing proof of reserves \u2014 don\u2019t mean much unless they prove liabilities. \u201cAny system that can be <a href=\"https:\/\/buradabiliyorum.com\/en\/category\/game\/\" data-internallinksmanager029f6b8e52c=\"7\" title=\"Game\" target=\"_blank\" rel=\"noopener\">game<\/a>d, will be gamed,\u201d declared, referring to players faking their reserves by shuffling funds between each other just before producing a proof.<\/p>\n<p>\u201cThen you have to factor in the fiat side \u2014 which would require an audit, but that may not be useful either as FTX also had an auditor,\u201d he noted.<\/p>\n<p>As FTX contagion continues to spread across the industry, one can expect the worst scenarios for some of the world\u2019s largest crypto firms. Addressing the question of whether Bitcoin would survive a hypothetical event where crypto giants like Tether or Binance collapse, Mow expressed confidence that Bitcoin is designed to defeat any issue, stating:<\/p>\n<blockquote><p>\u201cBitcoin will overcome any issue simply due to its design and the irrefutable need for sound money in human civilization. The failure of any giant would only be a temporary setback, just as Mt. Gox\u2019s impact is no longer of relevance.\u201d<\/p><\/blockquote>\n<p>Despite likely setting the crypto industry back a few years, FTX collapse has done \u201cwonders\u201d for the Bitcoin industry in terms of growing adoption of self-custody and hardware wallets, Mow emphasized. \u201cUnfortunately, most people cannot learn from the mistakes of others, only from their own suffering,\u201d he added.<\/p>\n<p><strong><em>Related: <\/em><\/strong><strong><em>FTX will be the last giant to fall this cycle: Hedge fund co-founder<\/em><\/strong><\/p>\n<p>The exec also suggested that Bitcoin newcomers are likely to make the same mistakes in the future despite the industry showing the biggest vulnerabilities of centralized exchanges during Bitcoin\u2019s very first crash back in 2011. He stated:<\/p>\n<blockquote><p>\u201cThen things will settle down over the next few years, and newcomers in five or six years will make the same mistakes again and lose their funds. Rinse and repeat.\u201d<\/p><\/blockquote>\n<p>Former chief strategy officer at Blockstream, Mow is a major Bitcoin advocate and founder of the game development company Pixelmatic. He is also CEO of the Bitcoin <a href=\"https:\/\/buradabiliyorum.com\/en\/category\/technology\/\" data-internallinksmanager029f6b8e52c=\"4\" title=\"Technology\" target=\"_blank\" rel=\"noopener\">technology<\/a> firm JAN3, which is focused on promoting Bitcoin and accelerating hyper-Bitcoinization. In April 2022, the firm signed an agreement with the government of El Salvador and president Nayib Bukele to assist the country in developing digital infrastructure and establishing Bitcoin City.<\/p>\n<p><template data-name=\"subscription_form\" data-type=\"crypto_biz\"><\/template><\/div>\n<blockquote><p><strong><span style=\"color: #ff6600;\">If you liked the article, do not forget to share it with your friends. Follow us on\u00a0<span style=\"color: #ff0000;\"><a style=\"color: #ff0000;\" href=\"https:\/\/news.google.com\/publications\/CAAqBwgKMLG0nwswvr63Aw\" target=\"_blank\" rel=\"nofollow noopener noreferrer\">Google News<\/a><\/span>\u00a0too, click on the star and choose us from your favorites.<\/span><\/strong><\/p><\/blockquote>\n<blockquote>\n<p style=\"text-align: center;\">For forums sites go to <span style=\"color: #ff9900;\"><a style=\"color: #ff9900;\" href=\"https:\/\/forum.buradabiliyorum.com\/\" target=\"_blank\" rel=\"noopener\">Forum.BuradaBiliyorum.Com<\/a><\/span><\/strong>\n<\/p><\/blockquote>\n<blockquote>\n<p style=\"text-align: center;\"><strong>If you want to read more <a href=\"https:\/\/buradabiliyorum.com\/en\/category\/news\/\" data-internallinksmanager029f6b8e52c=\"2\" title=\"News\" target=\"_blank\" rel=\"noopener\">News<\/a> articles, you can visit our <span style=\"color: #ff9900;\"><a style=\"color: #ff9900;\" href=\"https:\/\/en.buradabiliyorum.com\/general\/\" target=\"_blank\" rel=\"noopener\">General category.<\/a><\/span><\/strong><\/p>\n<\/blockquote>\n<p><span style=\"color: black;\"><a style=\"color: #ff9900;\" href=\"https:\/\/cointelegraph.com\/news\/bitcoin-will-survive-failure-of-any-giant-in-crypto-samson-mow-says\" target=\"_blank\" rel=\"noopener\">Source<\/a><\/span><\/p>\n","protected":false},"excerpt":{"rendered":"<p>&#8221; Bitcoin will survive failure of \u2018any giant\u2019 in crypto, Samson Mow says &#8220; The collapse of FTX has triggered a notable drop in the price of Bitcoin (BTC), but that in no case means that BTC can be destroyed by failing cryptocurrency firms, according to Bitcoin proponent Samson Mow. The cryptocurrency industry is still&#8230;<\/p>\n","protected":false},"author":1,"featured_media":514073,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"fifu_image_url":"https:\/\/images.cointelegraph.com\/images\/1200_aHR0cHM6Ly9zMy5jb2ludGVsZWdyYXBoLmNvbS91cGxvYWRzLzIwMjItMTEvMDhjMmEwMGQtZGViZC00ZmZkLWFjM2QtODA3YjEwNmY5NjcyLmpwZw==.jpg","fifu_image_alt":"","footnotes":""},"categories":[1],"tags":[74862,74937,74863,135234,115847,117,68637],"class_list":["post-514072","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-general","tag-bitcoin","tag-bitcoin-price","tag-cryptocurrencies","tag-ftx","tag-samson-mow","tag-business","tag-predictions"],"_links":{"self":[{"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/posts\/514072","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/comments?post=514072"}],"version-history":[{"count":0,"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/posts\/514072\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/media\/514073"}],"wp:attachment":[{"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/media?parent=514072"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/categories?post=514072"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/tags?post=514072"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}