Ripple's Chief Legal Officer Stuart Alderothy posted an interesting survey on X (formerly Twitter) to his 174,500 followers and the crypto community. The results provide insight into the growth of the digital asset space.

In his post, Alderoti asked, “Which industry faced early speculation, corruption, and bankruptcy before eventually consolidating around a few good players and achieving mass adoption of transformative innovation?” He provided his followers with four options.

The options were: “The Internet of the 90s,” “Railroads of the 1800s,” “Cryptocurrency today,” and “all of the above.” Over 62.6% of respondents chose the fourth option, while 19.3% chose the third. The first option received 13.8% of the votes, while the second received 4.3%.

Which industry was subject to early speculation, corruption, and bankruptcy before eventual consolidation by a few good actors resulting in the mass adoption of transformative innovation?

— Stuart Alderoty (@s_alderoty) October 5, 2024

Alderoti said the correct answer was “all of the above.” He explained that in the 1990s, the internet was considered a scam and railroads suffered the “Panic of 1873.” The Ripple executive compared the current state of the digital asset space to those industries in their early days, noting that it too is plagued by fraud, speculation, and corruption.

"All the above": (a) The 90s internet boom had the "https://t.co/THTsXuTwcP bubble"; (b) Railroads had the "Panic of 1873"; and crypto was marked, most notably, by FTX.

— Stuart Alderoty (@s_alderoty) October 6, 2024

Alderoti mentioned the collapse of crypto exchange FTX, hinting that the biggest scam in digital assets is behind us. He suggested that the industry can now reach new heights when good players lead and transform the industry by eliminating bad players.

FTX Crash

The collapse of FTX, one of the largest digital asset trading platforms in 2021-2022, led by Sam Bankman-Fried (SBF), formerly known as the “white knight” of the crypto sector, has wiped out a whopping $40 billion from the industry.

Read also: FTX Scam: Caroline Ellison Sentenced to 2 Years in Prison

Bankman-Fried is currently in prison, facing a 25-year sentence. He maintains his innocence and is discussing plans to appeal the judge's decision.



Which industry was subject to early speculation, corruption, and bankruptcy before eventual consolidation by a few good actors resulting in the mass adoption of transformative innovation?

— Stuart Alderoty (@s_alderoty) October 5, 2024

Alderothy said the correct answer was “all of the above.” He explained that in the 1990s, the internet was considered a scam and railroads suffered the “Panic of 1873.” The Ripple executive compared the current state of the digital asset space to those industries in their early days, noting that it too is plagued by fraud, speculation, and corruption.

"All the above": (a) The 90s internet boom had the "https://t.co/THTsXuTwcP bubble"; (b) Railroads had the "Panic of 1873"; and crypto was marked, most notably, by FTX.

— Stuart Alderoty (@s_alderoty) October 6, 2024

Alderoti mentioned the collapse of crypto exchange FTX, hinting that the biggest scam in digital assets is behind us. He suggested that the industry can now reach new heights when good players lead and transform the industry by eliminating bad players.

FTX Crash

The collapse of FTX, one of the largest digital asset trading platforms in 2021-2022, led by Sam Bankman-Fried (SBF), formerly known as the “white knight” of the crypto sector, has wiped out a whopping $40 billion from the industry.

Bankman-Fried is currently in prison, facing a 25-year sentence. He maintains his innocence and is discussing plans to appeal the judge's decision.
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