A fact that the general public don't know - page 2.

Anguwa

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Quote from: Outhue on December 20, 2022, 01:00:52 AM

The Politicians will try to ruin crypto and force KYC on every clean and unclean exchanges out there, this is a good opportunity for them to promote CBDC too because of this FTX fraud but I am here to tell you that FTX and Crypto are not the same things, FTX is a private company that did many bad things behind the curtain and Cryptocurrency is the most fascinating technology that humanity has ever emerge with.

Don't get it confused.

KYC is done to get full identity of a new user in cryptocurrency exchanges not to use it for anything negative, but in some cases some exchanges are selling the data off for there own selfish interests that's why no kuc exchange should be trusted as anyone can betrays you anytime.
Regarding the FTX not being a crypto, can you explain more? Because to me it is a degital currency just like other Altcoins too, but if you can further explain I will be grateful.

BRINIRHA

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The collapse of FTX is indeed a big surprise in the Cryptocurrency industry. And some media and certain people are taking advantage of this situation to make Fud for Cryptocurrency and Bitcoin. Maybe beginners get fooled and panic. because I had a feeling of panic because I am a newbie in this industry. But after I studied deeper. then it turns out that these are completely different things. the fall of FTX simply cannot be used to make a fud for crypto and bitcoin. in fact this has opened our minds that something that is centralized is always a place for people to commit fraud and dishonesty. from here I began to understand the importance of decentralization or not being centralized. and newbies also come to know that Dex is more trustworthy than Cex. and saving in a personal wallet is the right thing. whereas keeping assets in Cex is wrong. But Cex still plays an important role and we still need it in the crypto industry. but the fall of one Cex cannot be made to bring down crypto. because both are different things even in the same industry.

dothebeats

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The media like to get it mixed in order to instill confusion, panic, and chaos to people around them and also affect people's emotions in order to make the wrong move and further add fuel to the fire. I'm pretty sure a lot of people by now knows that Crypto and FTX are two separate things, but the latter affects the former because it used to facilitate a lot of trades on that platform. Also, another company of SBF, Alameda Research, handles funds to deal with crypto, so in a way, people think FTX downfall = crypto downfall. You can't really change their mind that easily in a single post; the effects on the whole crypto market is very evident.

Bitstar_coin

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Quote from: Outhue on December 20, 2022, 01:00:52 AM

It's looks like in every bear season crypto always gets a bad occurrence to be called a scam, this is why I still look at the whole bad situation that's happening as a planned attack, I am talking about FTX and co.

The Politicians will try to ruin crypto and force KYC on every clean and unclean exchanges out there, this is a good opportunity for them to promote CBDC too because of this FTX fraud but I am here to tell you that FTX and Crypto are not the same things, FTX is a private company that did many bad things behind the curtain and Cryptocurrency is the most fascinating technology that humanity has ever emerge with.
Don't get it confused.

Ftx and crypto may not be the same but they serve as a link between crypto and investors, so in a way, they are connected, and because of that connection that such terrible news can affect the crypto space.
No matter hard you try, you can't ignore that fact, centralized exchange and crypto are linked because exchanges make it possible for people to easily buy crypto so whatever is happening to any of the exchanges will somehow reflect on crypto as well, especially such a popular exchange.

lizarder

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Quote from: Outhue on December 20, 2022, 01:00:52 AM

It's looks like in every bear season crypto always gets a bad occurrence to be called a scam, this is why I still look at the whole bad situations that's happening as a planned attack, I am talking about FTX and co.

However, new ones always appear and are introduced more and more, it's really confusing isn't it!!!
Forget about FTX, as not much has changed now and they have created a bad image on the exchange side.

Quote

The Politicians will try to ruin crypto and force KYC on every clean and unclean exchanges out there, this is a good opportunity for them to promote CBDC too because of this FTX fraud but I am here to tell you that FTX and Crypto are not the same things, FTX is a private company that did many bad things behind the curtain and Cryptocurrency is the most fascinating technology that humanity has ever emerge with.

FTX's relationship is being linked to politics and has led to cases of interrogation of certain parties, for me this is no longer interesting because it has started to be affiliated with terms of interest.
Politicians are always trying to control everything because they are so greedy, KYC is absolutely not needed for decentralization journey, their selfish nature of trying to control crypto in general and tying FTX as a measure of regulation makes absolutely no sense, CBDC is a product of government and nothing interesting there, believe me the nature of state and administration in it is so chaotic.

Findingnemo

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Quote from: Rikafip on December 20, 2022, 11:29:01 AM

Quote from: Findingnemo on December 20, 2022, 11:10:48 AM

FYI, KYC is already imposed on every centralized exchange we have but you can't say its completely bad and what you said is right they are company so what they will do is make money with their platform.

Even though situation with KYC is getting worse as we speak, there are still some exchanges that can be used without need for going through KYC. Here is the list. Then again, they may ask for KYC at any point so unless you are willing to provide documents if asked (or ready to lose the money if you decline to do it), they should be avoided as well.

Yes, I know still there are some exchanges doesn't have mandatory KYC requirement to trade via their platform but not many of them sounds trusted enough for me apart from Kucoin but they do revised their withdrawal limit recently and many alleged that they have been forced to submit KYC even if their withdrawal far less from the alloted limit so its already unavoidable in centralised exchanges in my opinion.

348Judah

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Quote from: Outhue on December 20, 2022, 01:00:52 AM

It's looks like in every bear season crypto always gets a bad occurrence to be called a scam, this is why I still look at the whole bad situations that's happening as a planned attack, I am talking about FTX and co.

Then knowing this what profit does it makes for someone to still go after them for an investment without learning from the past events, since we can't predict who or which is next in line to fall, that's crypto for you, there must be a good understanding of the risk involved before going far in it, must we see something very high in risk and yet decided that's what we are going for?

Quote from: Outhue on December 20, 2022, 01:00:52 AM

The Politicians will try to ruin crypto and force KYC on every clean and unclean exchanges out there, this is a good opportunity for them to promote CBDC too because of this FTX fraud but I am here to tell you that FTX and Crypto are not the same things, FTX is a private company that did many bad things behind the curtain and Cryptocurrency is the most fascinating technology that humanity has ever emerge with

People that are not determined or that easily got moved by public or general opinions are those that will fear and ran towards cbdc or other cryptos when you can actually achieve this privacy with a decentralized digital currency bitcoin on the blockchain technology, if you don't know your right you will abused it.

Fesatmas

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Quote from: Asiska02 on December 20, 2022, 03:22:57 PM

The fall of FTX is a blow to them rather than to bitcoin. It's not even appropriate to compare the two because they have distinct and significant differences. FTX is a centralized exchange, and its downfall should have no negative impact on bitcoin if people conduct their own research into the events that led to its downfall. If I'm not mistaken, the fall of FTX was caused by the management team's greed and lust for wealth with other people's money. It's fine if the government uses the FTX fall to preach against bitcoin in general; it's to be expected, and they're always looking for ways to keep people away from it due to its decentralization.

But the fact that cannot be obscured is how the reaction to the fall of FTX has had a direct impact on bitcoin. Yes, this is something that is natural even though the two cannot be equated and have significant differences. But the fact that this caused an overreaction among the users. Panic will always exist if it is related to their crypto assets, anyone and any platform that has something to do with bitcoin will feel the impact. It's really detrimental when one of the greedy parties harms many people and even all users.

Semar Mesem

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Of course this is sad because we hope to see the market rising soon but disturbed by the many scam cases, the latest is FTX which made a big price shock, namely dropping more than 35% in a few days, this is because investors lost around $ 2 to $ 3 billion so that they made investor panic.

kro55

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Quote from: Gyfts on December 20, 2022, 12:33:33 PM

Quote from: Outhue on December 20, 2022, 01:00:52 AM

The Politicians will try to ruin crypto and force KYC on every clean and unclean exchanges out there, this is a good opportunity for them to promote CBDC too because of this FTX fraud but I am here to tell you that FTX and Crypto are not the same things, FTX is a private company that did many bad things behind the curtain and Cryptocurrency is the most fascinating technology that humanity has ever emerge with.

Don't get it confused.

CBDC's will be implemented independently of the FTX fiasco. Government realizes they have the perfect opportunity to regulate exchanges/crypto sector using FTX as the scapegoat, when the reality is FTX was a fraudulent organization ran by corrupt leaders. So, expect regulations to come out of this, not a launch of CBDC's.

CBDC's will have the same problem FTX had, in a sense. Central authority and a reliance to trust the holder of your funds. I don't suppose it'd be prudent for the government to pitch to its citizens the same idea wrapped in a different package. Not now, at least.

I am not claiming the collapse of FTX is a government plan but it still has that ability, and they are taking this opportunity very well to enter the market and find ways to control it more tightly. Moreover, this is the perfect opportunity to promote CBDC.

But I will have the opposite opinion of you, CBDC will not have the same problem as FTX. The government will not allow CBDC to collapse or fail like FTX because they know that implementing CBDC is to their maximum benefit. It will take time and difficulty to implement CBDC, but they will not give up.

Kakmakr

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The same thing happens ..over and over again with all of these so-called "Hacks" ..... You find that a major Exchange gets hacked.. and the regulators goes in over drive, because that gives them an excuse to over regulate Crypto currencies. (They say that they are doing this to protect the public, but I think it suits their agenda to slow down Crypto adoption)

Some conspiracy theorists are saying that these hacks are government sanctioned to harm their only competition. (Until Bitcoin and Crypto currencies came on the scene, governments had the monopoly to print money out of thin air) Angry

FatFork

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Even though this is an inconvenience for many of us, we must recognize that these exchanges have a lot on the line with regards to banking relationships and government oversight. Unfortunately, as it stands now, purchasing digital tokens with fiat can be a risky business, especially for those who are concerned about their privacy. Please have a look at the above mentioned exchanges, these are the ones that we recommend. You should use your own due diligence when deciding which one to use, but these should be fine.

Crypt0Gore

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Quote from: Cryptomultiplier on December 20, 2022, 01:11:20 PM

The truth is that CBDC is way different from crypto currency and FTX is different too from Bit coin. With this in mind, government only tries to gain massive followers by making CBDC more accepted nationally and tend to make the use of Bit coin as scam practice.
Anyone who takes the time to understudy all there is about crypto will know this and opt for what best suits their options. The use of KYC is just to be able to keep a lid on crypto. To know or have an idea of the users and geographical location.

If CBDC become more acceptable nationally or world wide it will help crypto adoption, more people will understand how digital currency works and they will know how to make transaction digitally but in the end people will get to know that Bitcoin is better.

CBDC will lose face in the end and the government will feel disappointed on the long run, let CBDC do the noise making and Bitcoin will take the favour.

Kelvinid

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Quote from: Outhue on December 20, 2022, 01:00:52 AM

It's looks like in every bear season crypto always gets a bad occurrence to be called a scam, this is why I still look at the whole bad situations that's happening as a planned attack, I am talking about FTX and co.

The Politicians will try to ruin crypto and force KYC on every clean and unclean exchanges out there, this is a good opportunity for them to promote CBDC too because of this FTX fraud but I am here to tell you that FTX and Crypto are not the same things, FTX is a private company that did many bad things behind the curtain and Cryptocurrency is the most fascinating technology that humanity has ever emerge with.

Don't get it confused.

I'm not sure if this is a force factor or if something hugely influences the market condition. However, FTX gives us an example of why we should be careful in dealing with crypto exchanges whether it was big or small, or new or old. We have to consider the high risk in the crypto investment and that is very important of being aware and have knowledge about this. Perhaps, the idea of collecting KYC is one way to combat scams but sadly, even known exchanges had led to that situation.

Fortify

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Quote from: Outhue on December 20, 2022, 01:00:52 AM

It's looks like in every bear season crypto always gets a bad occurrence to be called a scam, this is why I still look at the whole bad situations that's happening as a planned attack, I am talking about FTX and co.

The Politicians will try to ruin crypto and force KYC on every clean and unclean exchanges out there, this is a good opportunity for them to promote CBDC too because of this FTX fraud but I am here to tell you that FTX and Crypto are not the same things, FTX is a private company that did many bad things behind the curtain and Cryptocurrency is the most fascinating technology that humanity has ever emerge with.

Don't get it confused.

The reality is "private companies" that exist in jurisdictions like the USA and the EU have to follow the rules of those countries. Places like the US also possibly abuse their power when it comes to things like banking or how the US dollar is used in certain ways, effectively enforcing their financial reporting requirements on to smaller countries that cannot ignore their requests. KYC should not be considered a scary thing either if your money has come from legitimate sources - unless you've somehow earned that bitcoin solely through online sources then the banks already know what sort of earnings you are making per year and co-ordinate these things closely with tax agencies, so you're never really hiding much.

Hypnosis00

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Quote from: Outhue on December 20, 2022, 01:00:52 AM

It's looks like in every bear season crypto always gets a bad occurrence to be called a scam, this is why I still look at the whole bad situations that's happening as a planned attack, I am talking about FTX and co.

The Politicians will try to ruin crypto and force KYC on every clean and unclean exchanges out there, this is a good opportunity for them to promote CBDC too because of this FTX fraud but I am here to tell you that FTX and Crypto are not the same things, FTX is a private company that did many bad things behind the curtain and Cryptocurrency is the most fascinating technology that humanity has ever emerge with.

Don't get it confused.

I don't see this bear season as politically influenced and also with that KYC. FTX scam issue can be a huge contributing factor affecting the price and bring to huge dump but if we talk about KYC, this has already been started several years already.

Well, I can't stop people from assuming anything that causes a major drop in the market but if we understand the nature of the market, bear season will certainly come even if we have these positive market views. In fact, it was not just during bear season we saw scam issue but also during the bull season.

Smartvirus

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Bear markets or seasons has been l where the lines are drawn for most scam cryptocurrency projects. This is because, most of the projects that doesn't have proper orientation or something unique to offer the public devalues never to rise again.

The case with FTX is unique and burned out of greed for a man who saw himself as an opportunist, tried to use the resources that was at his disposal to profit himself but, its just so.etujbg he shouldn't have done. Being in custody of people's funds is a great responsibility and letting yourself think the better of yourself of it is just wrong.

I'll like to say another lesson of greed and how it could affect a crypto investor but, its no generalising for the cryptocurrency projects.

South Park

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Quote from: noorman0 on December 20, 2022, 11:19:31 AM

Quote from: Outhue on December 20, 2022, 01:00:52 AM

-snip-
this is a good opportunity for them to promote CBDC too because of this FTX fraud

CBDCs are non-commercial so promotion is unnecessary, governments can make policies using CBDCs mandatory and ban conventional currencies outright if they want. The government also understands that crime will continue to occur in any financial system, including CBDCs, if people never increase their vigilance when using services.

It is true that governments can do that if they want but it seems they have decided to take at least for now a regulatory approach instead of one in which they ban this market completely, and while the collapse of FTX is giving them even more weapons to use against this market and introduce more regulations, at the same time as long as this market can keep existing the stronger it will become and the weaker governments will get as proven by the most recent economic crisis, so while they are bidding their time we are also doing the same as this market can grow big enough to the point that it could become impossible to ban it in the future.

Asiska02

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The fall of FTX is a blow to them rather than to bitcoin. It's not even appropriate to compare the two because they have distinct and significant differences. FTX is a centralized exchange, and its downfall should have no negative impact on bitcoin if people conduct their own research into the events that led to its downfall. If I'm not mistaken, the fall of FTX was caused by the management team's greed and lust for wealth with other people's money. It's fine if the government uses the FTX fall to preach against bitcoin in general; it's to be expected, and they're always looking for ways to keep people away from it due to its decentralization.

Dunamisx

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Quote from: Outhue on December 20, 2022, 01:00:52 AM

It's looks like in every bear season crypto always gets a bad occurrence to be called a scam, this is why I still look at the whole bad situations that's happening as a planned attack, I am talking about FTX and co.

FTX is not a planned thing but know this that every centralized exchanges has thesame implication they can cause on it investors either by thier consent or not, they are subjected to hack attack, they cannot be predicted because this can e launched at any time on them.

Quote from: Outhue on December 20, 2022, 01:00:52 AM

The Politicians will try to ruin crypto and force KYC on every clean and unclean exchanges out there, this is a good opportunity for them to promote CBDC too because of this FTX fraud but I am here to tell you that FTX and Crypto are not the same things

Politics is different, centralized exchanges is also an entire different things and we need to talk more about CBDC that no matter how, all the three which are exchanges, altcoins and cbdc which are all what we don't want because they are all centralized, bitcoin is not.

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