Topic: Bitcoin survived a lot more than one Exchange going bankrupt - Remember that (Read 294 times)

HODL is the way!

Bitcoin has been a survivor from the beginning. It has died hundreds of times and I'm sure many more will come. But Bitcoin BTC is a resilient freedom fighter and the only asset known to have bypassed its own death several times. Your list pretty much relates to The Bitcoin Obituary List

I guess you are nor alone nor even in total minority with such expectations so Bitcoin probably can go down to $10k and even lower in some future but I don't think that this would be in this "panic sale", because while one is selling the other considers that today's price of BTC is already tempting. IMO bear trend is not over but it will not be motivated by some centralized exchange bankruptcy.

Well bitcoin is still being used at its highest peak or even more in India. What is the huddle it got into, in India? Well many times they changed the budget and tried to put on hard rules and regulations over the bitcoin and rather the whole crypto currency usage.

They came up with flat 30% taxation rule in the budget 2022-23 thus making it even harder to trade here. Considering you end up loosing flat 30% in the trade it’s hard for Indians.

BUT, nobody is giving shit; some way or other everyone is still using Bitcoin and here and with more energy.


Definitely doing that. I will dedicate one salary if it goes down to 10k.

Thank you for this reminder. To me, crypto exchanges being hacked never meant anything regarding Bitcoin. These are centralized services, and when they are hacked or if they scam people, that has nothing to do with the security of Bitcoin. On the contrary, it shows precisely why Bitcoin security is important, why storing your own coins in a non-custodial wallet is important. As for ponzis and ICOs, they also have little to do with Bitcoin, so the pain for losing money in them shouldn't be translated into hate for Bitcoin. Regulations and bans are different in this regard, but they also affect only some people and regions, not Bitcoin as such, so they are highly unlikely to bring its death.

Perhaps, it was good to know more about Bitcoin newcomers in order for them to understand that we once were in the worst situation before still Bitcoin is still able to manage to recover. Because once they know and understand it, then they will stop complaining about the market volatility and respect and adopt the situation. Maybe, in this case, panic selling will turn minimal, and growing emotions will also decrease.
Proper education and market experience is the way to combat a negative mindset but that only happen if we are willing to learn and correct our mistakes.

In crypto industry, unpleasant incidents with exchanges and projects periodically occur, as happened with the FTX Exchange, but people still don't learn anything. There will always be unfortunate investors who will lose their deposits in the event of these incidents, despite the fact that this is not the first time and there have been many warnings before. I have heard this rule many times and it sounds like, keep on the exchanges only the amount of money that you don't mind losing. You can be calm only when only you, and not the owners of the exchanges, have access to your cryptocurrencies.

Who will wait for a further drop in the BTC-s price to buy at discounts in honor of the collapse of the FTX? This is an unpleasant event for exchange users, opening up new opportunities for others. These are the customs in the market.

While I'd probably agree that users that have been around longer, have built up more resilience, and faith. I don't think that's because they've already experienced worse dips. I mean, the current situation we find ourselves in is the worst we've been in. I'm not talking solely the price, but the current situation we find ourselves in the world.

I said it months back, but I truly believe this will be the worst recession that most of us have witnessed, if not the worst all of us have witnessed. The great depression is probably going to be the only one that's even comparable. It could potentially take a decade to actually recover from the recession. Now, I don't think it'll take Bitcoin a decade to recover, but the former suggests the new sort of territory we're in, and older users aren't going to be accustomed to that either.

I think bitcoin holders until now will no longer want to sell their bitcoin, even if the market plunges further, the price of bitcoin drops further, and there will not be too many sellers because everyone has gradually grasped the rules of the game.
I agree with your thoughts, as players get smarter and smarter, the market will change the rules of the game, this year's bear season will be very different from previous times.
Looking at this, it is likely that this will be the first year we have 4 consecutive quarters in the red, the game is getting harder and harder.

IMO, new users are the ones who panic at the current price of bitcoin because old users have witnessed the worst dip which I think we haven't experienced this year unless we will see more dips before December and for the people making a mockery of bitcoin and bringing false news on social media networks, I think they are taking the advantage of the dip to buy but they don't want people to buy that's why they keep discouraging them. So lucky I witnessed this dip this year.

You are correct. In fact, if you see the prices currently, bitcoin increased by 5% today when more bad news related to FTX is coming. Any sharp decline or rise in crypto prices is always combination of different factors. Multiple factors combined will have an overall effect. Some news will be positive and some news will be negative but the momentum of the price is set based on which side has more weight.

Long term investors like me who are investing in bitcoin because they believe in blockchain and affected very less by these type of incidents. If you are holding for long duration, you can never be in loss. The people who loose all their money are those who are looking for get rich quick schemes in the field of crypto. Like , after this incidence of exchange going bankrupt, Binance owner warned investors not to trade FTT. But , if you go on binance and see volumes, people are still playing with this coin hoping for miracles.

FTX's bad news was exploited by manipulators.  The news about the exchange getting bankrupt should not affect the price of BTC at all, but people who wanted to get Bitcoin at its dip would gladly use that incident to incite an idea of Bitcoin doom which spread as FUD thus the current crash of Bitcoin.  Besides CZ's tweet is about liquidating his FTT holdings, not his BTC holdings...


Well, relying on centralized exchange can't be helped, it is easier and simpler and the idea of convenience in trading is there.  It is that we should have known that not our key, not our coins should be strictly applied to these centralized exchanges.

Yes, I agree with you... but FTX was a trigger event for the latest BIG drop in the price. So I am focusing on that event as a major indicator for the panic selling that is going on. Exchanges that are hacked or those who go bankrupt, always get a lot of attention from the media, because the media just love bad news....and when it is Bitcoin bad news... they scramble to report about it.  

I would say that the other things that you mentioned, just put a brake on the growth and adoption ... it did not cause a panic sell, like we saw with this exchange nonsense.    (I think too many people rely too much on centralized exchanges, so this might be a good warning for many of them)

To be fair, the recent price dip isn't just because of one exchange. It's a compounding effect involving a declining worldwide economy, i.e a global recession. War which has fuelled fear, but also dwindled resources for the every day person. Recovering from a global pandemic which pretty much stopped the world at one point.

So, while the word on everyone's mouth right now is Ftx, and how that's made Bitcoin drop further, Bitcoin was already struggling at that point (like pretty much every investment during this time), and the reasons are pretty much easy to identify.

Plus, we're now going into the Christmas period which historically people are shorter of cash, and therefore less investment is pumped into things like Bitcoin. So, some people might think that the investors are losing faith because of these compounding events, but in reality things are currently tight because of those events, and after we've recovered from them, Bitcoin will likely see a recovery from there.

So, while I do get your point about one exchange being irrelevant, the compounding effect can't be underestimated, and technically we're in unprecedented times due to it. That doesn't mean Bitcoin's going to fail, but I think it's important to establish this isn't just about one exchange.

Sounds like really nice and cheap Bitcoin there! But honestly, I would not be betting on us reaching 10k again. If anything I would say we have reached the point where the latest FUD has done the most damage to the price of BTC. So sure you can wait for the 10k and hopefully, you will get it but I am not going to risk it and just buy in and wait for BTC to normalize the normal price levels again. Volatility used to be very common but the more people adopt Bitcoin, the less common it becomes. A dip like this is not going to be happening every other week. I say buy while you can...

The lesson is not that we have held back, but in how much time can you keep the bitcoin without liquidation, a month, two months or then we will lose the price, but if you do not need bitcoin during the ten years, for example, then such fluctuations and events will be an opportunity to buy more.
Also, people are more afraid of bankruptcy than hacking. In hacking, the platform may bear losses, but in bankruptcy it will not do that, or at least it is now in the hands of the authorities.

I think what everyone should know is:

"Bitcoin never got hacked, but centralized exchange or any platform that receive Bitcoin are the one who get hacked for multiple times."

There's many people who panic when they see a clickbait article where they worth hacker stole billion or million Bitcoin, then they think their Bitcoin might can be hacked too. If they're careless they will just do panic sell and didn't read the complete story.

What I find funny at times like this is that all those people who were complaining about "missing out" are not buying the dip because they hope for a bigger drop. Then they will complain in a couple of months about price being too high and "missing out" again.

To me the following 4 were the biggest ones you didn't mention although there are a lot more:
Bitfinex got hacked
Bitfines bank accounts were shut down
Binance was hacked
Bittrex scammed its users by shutting accounts of thousands of users.

There is an old list of all scams, hacks, etc. from 2014 https://bitcointalksearch.org/topic/list-of-major-bitcoin-heists-thefts-hacks-scams-and-losses-576337

I remember coming across this article on twitter which state how bitcoin is on an international level, bitcoin remains irresistibly strong
https://twitter.com/BTC_Archive/status/1590334135327166464?t=0Tvpo1SJzuVMssf-xTh5Aw&s=19 what we need is to consider our investment first as secured with bitcoin when we learn how to be independently decentralized using cold storage or running the bitcoin node on the blockchain, all other forms of FUD will not move you as an investor in bitcoin even whenever there's high volatility like this time, holding is what makes you make some realization over to profit over loss.

Zooming out of the chart helps to put everything into perspective, when we are faced with dips such as these. On a 24 hour or 2 week chart, it looks significant, but when you check the last 3 months to one year, you would see it's just an opportunity to buy more at relatively cheaper prices.

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The reality is everyone is not going to hodl, many would panic sell. Some of those would learn and re enter the market at a later time, with a better mindset.

The people, who are panicking and selling their BTC right now are going to be the last ones, who will jump on the Bitcoin bull run when the FOMO phase starts. I don't really think that anybody is actually worried about the current state of Bitcoin. I don't see any "Bitcoin is dying" forum posts here. The people know why the price dropped and I'm sure that most of them know that the price will recover. The problem is that many Bitcoiners won't have the patience to wait long enough to witness another ATH.
Maybe there's a feeling that this bear market won't be like other bear markets and the price might stay below 20K forever. Nobody can backup such theory with any valid evidence.