FTX collapse: Good or bad for crypto in the long run?

zasad@

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Bankman-Fried blames ‘crypto winter’ for FTX failure in seeking dismissal of most charges
https://www.theblock.co/post/229881/bankman-fried-crypto-winter-ftx-failure-dismiss-charges
"Sam Bankman-Fried has filed motions to dismiss many of the criminal charges filed against him in the collapse of FTX.
Bankman-Fried seeks to paint FTX’s practices as standard in the crypto industry, and lays blame with the U.S. government over its regulatory wrangling around digital assets over the last several years."

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Quote from: wheelz1200 on December 27, 2022, 05:05:50 PM

It's neither, it will be a footnote in crypto history just like Mt got was. Same thing. Will some people get turned off by crypto for awhile, maybe. But eventually when people realize exchanges that aren't insured are not personal wallets like people treat them as. In the end I know a lot of people who now don't trust leaving theor coin on exchanges which is a good thing. Personal wallets where people control theor own keys is the paramount of crypto. Either way like I said I think it will be as much of a thing as my gox is/was, nothing more nothing less.

I sure hope so. But with increasing regulatory pressure from mainstream governments, anything can be expected. We can't imagine things will get better over time, especially when crypto threatens the existence of traditional Fiat currencies. Governments don't want to lose control, so they will fight against crypto/Blockchain tech until the end.

I think with the collapse of two major crypto exchanges (Mt. Gox and FTX), people will finally learn how to maintain self-custody of their coins. This is good for the industry, because it will minimize the number of hacks and/or theft by a large margin (it's more difficult to get access to someone else's private key than just hacking a centralized exchange). We cannot predict what will happen in the future, especially when crypto behaves in many strange and bizarre ways. But at least, we know for sure crypto won't disappear thanks to its decentralized and censorship-resistant design. It'll be up to you to protect your coins by following the necessary security guidelines. As long as we have an alternative to existing Fiat currencies, nothing else matters. Just my opinion

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at the very least with this incidents more and more exchanges gonna take care of their funds seriously not just throwing around in some random investments and get a big losses later on, I think more and more exchanges should follow the path like binance where they trying to become more transparent after this incident which is a good thing after all if these exchanges collapses you're the ones thats gonna be losing your money and becomes the victim, eventually I think this will further regulates cryptocurrencies in the future.

wheelz1200

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It's neither, it will be a footnote in crypto history just like Mt got was. Same thing. Will some people get turned off by crypto for awhile, maybe. But eventually when people realize exchanges that aren't insured are not personal wallets like people treat them as. In the end I know a lot of people who now don't trust leaving theor coin on exchanges which is a good thing. Personal wallets where people control theor own keys is the paramount of crypto. Either way like I said I think it will be as much of a thing as my gox is/was, nothing more nothing less.

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Quote from: dunfida on December 27, 2022, 04:47:27 PM

Quote from: tygeade on December 27, 2022, 03:43:40 PM

Quote from: OgNasty on December 27, 2022, 09:40:36 AM

I personally think that the FTX collapse will be good for Bitcoin, as customer deposits will no longer be liquidated and spent on shitcoins while faking a BTC balance. That being said, I think it will be horrible for shitcoins like SOL & ADA, as suddenly they won’t have money from Bitcoin customers funneled to them and the companies trying to pump them are forced to liquidate their holdings.

Are we 100% sure about that? I mean you are assuming that exchanges learned their lesson and won't do it anymore after FTX bankrupted, but if FTX can't then some other could still do it? I am not saying it didn't stop some of them, I am sure some of them learned how dangerous it could be and reversing their actions nowadays but that is just a guess on how many because I do not believe that all of them stopped, only some of them probably stopped.

This is why I am guessing that the best thing we could do right now would be hoping that we are on the right exchanges that doesn't do it and not on the ones that are doing it. Maybe it got lesser compared to past, but it must be still around and still being done by some.

There's no such thing about 100% assurance if we do speak about future possible decisions made up by these centralized platforms.Although people or the community is already aware on what are the probabilities for these platforms to be ending up whether they would really be hacked or would file up with some bankruptcy just like on what FTX do end on or something those issues that we havent seen before.This is why
its not really something that recommended if you do really store up huge chunks of money on an exchange platform which you cant really be sure on what the future would look like.
FTX situation is something that could be considered to be good in the first place, this do just proves out that any centralized platforms cant just really be trusted.

don't know how many times we need to see such catastrophe when it comes to CEXs before people will learn their lessons when it comes to storing their funds? there are pros and cons on this situation. as you said, this is another reminder for crypto users when it comes to using CEXs. but definitely, there is negative impact to the community, because outside crypto, they would think that crypto market is indeed rigged. anyway, we know how to tackle such criticism but it adds another negative scenario to this market.

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Quote from: tygeade on December 27, 2022, 03:43:40 PM

Quote from: OgNasty on December 27, 2022, 09:40:36 AM

I personally think that the FTX collapse will be good for Bitcoin, as customer deposits will no longer be liquidated and spent on shitcoins while faking a BTC balance. That being said, I think it will be horrible for shitcoins like SOL & ADA, as suddenly they won’t have money from Bitcoin customers funneled to them and the companies trying to pump them are forced to liquidate their holdings.

Are we 100% sure about that? I mean you are assuming that exchanges learned their lesson and won't do it anymore after FTX bankrupted, but if FTX can't then some other could still do it? I am not saying it didn't stop some of them, I am sure some of them learned how dangerous it could be and reversing their actions nowadays but that is just a guess on how many because I do not believe that all of them stopped, only some of them probably stopped.

This is why I am guessing that the best thing we could do right now would be hoping that we are on the right exchanges that doesn't do it and not on the ones that are doing it. Maybe it got lesser compared to past, but it must be still around and still being done by some.

There's no such thing about 100% assurance if we do speak about future possible decisions made up by these centralized platforms.Although people or the community is already aware on what are the probabilities for these platforms to be ending up whether they would really be hacked or would file up with some bankruptcy just like on what FTX do end on or something those issues that we havent seen before.This is why
its not really something that recommended if you do really store up huge chunks of money on an exchange platform which you cant really be sure on what the future would look like.
FTX situation is something that could be considered to be good in the first place, this do just proves out that any centralized platforms cant just really be trusted.

tygeade

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Quote from: OgNasty on December 27, 2022, 09:40:36 AM

I personally think that the FTX collapse will be good for Bitcoin, as customer deposits will no longer be liquidated and spent on shitcoins while faking a BTC balance. That being said, I think it will be horrible for shitcoins like SOL & ADA, as suddenly they won’t have money from Bitcoin customers funneled to them and the companies trying to pump them are forced to liquidate their holdings.

Are we 100% sure about that? I mean you are assuming that exchanges learned their lesson and won't do it anymore after FTX bankrupted, but if FTX can't then some other could still do it? I am not saying it didn't stop some of them, I am sure some of them learned how dangerous it could be and reversing their actions nowadays but that is just a guess on how many because I do not believe that all of them stopped, only some of them probably stopped.

This is why I am guessing that the best thing we could do right now would be hoping that we are on the right exchanges that doesn't do it and not on the ones that are doing it. Maybe it got lesser compared to past, but it must be still around and still being done by some.

Altryist

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Since there was no competent financial management in the FTX, the longer they would have existed, the more problems and losses for investors this would eventually lead to. What happened is terrible, many people lost their money, some lost everything they had, but a company like this should have ceased to exist. I would like to believe that this can be a lesson for other people, but this lesson should have been learned after Mt. Gox.

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Quote from: OgNasty on December 27, 2022, 09:40:36 AM

I personally think that the FTX collapse will be good for Bitcoin, as customer deposits will no longer be liquidated and spent on shitcoins while faking a BTC balance. That being said, I think it will be horrible for shitcoins like SOL & ADA, as suddenly they won’t have money from Bitcoin customers funneled to them and the companies trying to pump them are forced to liquidate their holdings.

It probably won't have much of an impact for shitcoins, because anyone can buy it on other exchanges. Especially since the leaders among trading pairs is Binance. The collapse of FTX affected the crypto market even less than the collapse of LUNA. Which to me became strange. If it didn't have a huge effect on the whole market now, except for some coins like SOL, it definitely won't matter in the future.

OgNasty

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I personally think that the FTX collapse will be good for Bitcoin, as customer deposits will no longer be liquidated and spent on shitcoins while faking a BTC balance. That being said, I think it will be horrible for shitcoins like SOL & ADA, as suddenly they won’t have money from Bitcoin customers funneled to them and the companies trying to pump them are forced to liquidate their holdings.

Abiky

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Quote from: o48o on December 22, 2022, 06:58:25 PM

Regulations for crypto were planned long before FTX collapse. Timing for it makes a lot of people blame fall of FTX for sure. But if more people would read about it, they could have prepared for it.
Prepared because there's really nothing we can do to avoid regulations. Nor that i would even want to do that. I am way more for regulations then going back to that unregulated era of scams.

We can't avoid regulations, especially when we want crypto/Blockchain tech to thrive. I know it's painful for some people who want true freedom using crypto, but it's the only way governments will approve crypto as a legal means of payment. We should expect further tightening down the road after the collapse of a major crypto exchange.

I think the future is still bright for crypto/blockchain tech, since more regulations would mean more credibility among investors and traders alike. This is just the beginning, especially when there are a lot of people who aren't into crypto yet. Some countries have gone as far as adopting Bitcoin as legal tender, so it's possible more people will join the crypto train in the future. All I care about is decentralization. As long as that is preserved, we should have nothing to worry about. Just my opinion

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Quote from: Sayeds56 on December 24, 2022, 12:28:25 AM

Quote from: Argoo on December 23, 2022, 01:06:52 PM

Quote from: MFahad on December 23, 2022, 11:23:36 AM

Ftx has very bad impact on crypto for short term but I believe that it will give some positive rules so that other exchange will not do like the same and investors money will not be sank.
According to new report Ftx Owner will pay in million while total lost was more than 5 billion.

It was inevitable. If a similar crash had not happened to the FTX exchange, it would have happened to another influential exchange or platform over time. In the short term, the cryptocurrency loses, but in the long term, the cryptocurrency market will definitely get stronger and its security will increase, including through the regulation of cryptocurrency by the states. This will be a good lesson for many cryptocurrency holders to avoid a bigger crash.

Such huge crash is always inevitable in absence of adequate corporate monitoring, lack of government regulations and mismanagement of funds on massive scale, but the positive outcome is that, this collapse will put pressure on concerned authorities in every country including SEC in USA, to initiate a cleanup operation to remove bad players from the scene, which is essential to restore the confidence of investors & continues development of industry.

The collapse of Luna and FTX has brought the market to the attention of the SEC and government agencies, and in my opinion, once they enter the market, there will be more disadvantages than benefits for us. When there is legal intervention, fraudulent projects will be reduced, and the damage to investors will be less, but the downside is that we will be more tightly controlled. This is something that I believe many people will dislike and oppose.

We invest in crypto for profit, what we need in crypto are our decentralization and privacy but once the government intervenes, they threaten those things, and we will be like every other centralized market.

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Quote from: Mr. Magkaisa on December 24, 2022, 01:21:45 AM

- There is no denying that the Ftx crash event has harmed the market. And a lot of other cryptocurrency companies have hit it off.

Many people began to experience losses due to cases that befell FTX and there was extraordinary panic for people when the FTX case appeared in the media and as far as I know the acquisition case that occurred caused the selling price of FTT tokens to drop and token trading was stopped.

In general, the image of digital assets is again experiencing a collapse caused by FTX. Investors are again considering entering the market in the near future, due to a crisis of confidence in the existing altcoin ecosystem, so caution is needed before taking part in certain periods for Investors. However, until today the market has found recovery again, although it is not yet stable.

Quote

But I think that, even if that is the case, I know that we will overcome it in the future because the important thing is that the mastermind has a high chance of being imprisoned and paying for what he did with the funds of his investors.

This case is only a hype, because when everything goes normally as usual, investors will re-enter the market. Currently, the FTX Founder has been examined by security forces and has the potential to receive criminal and civil penalties.

But in the future, I think this case will disappear by itself, investors will return to the market when conditions return to normal, this industry will continue to grow despite the many problems caused by the exchange.

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Quote from: Argoo on December 23, 2022, 01:06:52 PM

Quote from: MFahad on December 23, 2022, 11:23:36 AM

Ftx has very bad impact on crypto for short term but I believe that it will give some positive rules so that other exchange will not do like the same and investors money will not be sank.
According to new report Ftx Owner will pay in million while total lost was more than 5 billion.

It was inevitable. If a similar crash had not happened to the FTX exchange, it would have happened to another influential exchange or platform over time. In the short term, the cryptocurrency loses, but in the long term, the cryptocurrency market will definitely get stronger and its security will increase, including through the regulation of cryptocurrency by the states. This will be a good lesson for many cryptocurrency holders to avoid a bigger crash.

another possibility is that events like FTX and LUNA will traumatize or frighten them in the long term or even forever. I think this problem is not that simple, even if FTX compensates all investors' losses it is very difficult to return the situation to normal. if an exchange like FTX and an altcoin like LUNA could crash like this, it's very likely that other exchanges and other big altcoins could also have the same problem. maybe this is what most investors think about the problem of FTX and LUNA.

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- There is no denying that the Ftx crash event has harmed the market. And a lot of other cryptocurrency companies have hit it off.

But I think that, even if that is the case, I know that we will overcome it in the future because the important thing is that the mastermind has a high chance of being imprisoned and paying for what he did with the funds of his investors.

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Quote from: Argoo on December 23, 2022, 01:06:52 PM

Quote from: MFahad on December 23, 2022, 11:23:36 AM

Ftx has very bad impact on crypto for short term but I believe that it will give some positive rules so that other exchange will not do like the same and investors money will not be sank.
According to new report Ftx Owner will pay in million while total lost was more than 5 billion.

It was inevitable. If a similar crash had not happened to the FTX exchange, it would have happened to another influential exchange or platform over time. In the short term, the cryptocurrency loses, but in the long term, the cryptocurrency market will definitely get stronger and its security will increase, including through the regulation of cryptocurrency by the states. This will be a good lesson for many cryptocurrency holders to avoid a bigger crash.

Such huge crash is always inevitable in absence of adequate corporate monitoring, lack of government regulations and mismanagement of funds on massive scale, but the positive outcome is that, this collapse will put pressure on concerned authorities in every country including SEC in USA, to initiate a cleanup operation to remove bad players from the scene, which is essential to restore the confidence of investors & continues development of industry.

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Quote from: MFahad on December 23, 2022, 11:23:36 AM

Ftx has very bad impact on crypto for short term but I believe that it will give some positive rules so that other exchange will not do like the same and investors money will not be sank.
According to new report Ftx Owner will pay in million while total lost was more than 5 billion.

It was inevitable. If a similar crash had not happened to the FTX exchange, it would have happened to another influential exchange or platform over time. In the short term, the cryptocurrency loses, but in the long term, the cryptocurrency market will definitely get stronger and its security will increase, including through the regulation of cryptocurrency by the states. This will be a good lesson for many cryptocurrency holders to avoid a bigger crash.

MFahad

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Ftx has very bad impact on crypto for short term but I believe that it will give some positive rules so that other exchange will not do like the same and investors money will not be sank.
According to new report Ftx Owner will pay in million while total lost was more than 5 billion.

Sayeds56

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Quote from: Awaklara on December 23, 2022, 08:48:02 AM

Quote from: Sayeds56 on December 23, 2022, 08:33:44 AM

but at the same time it will open doors of opportunity for stronger and reliable exchanges to rise up to the top.

this can be tailed long. when there will be growing suspicion of other centralized exchanges practicing the same as what FTX does. like what happened to the Binance exchange, in the news a few days ago. Of course, there will be opportunities in the market, but I'm afraid a season like this will last quite a while. with more FUD on the way.

Yes! Bearish season is likely to continue for many months to come because new scam attacks are frequently making headlines in media & they don't let the market to be stable.

The major factor is the security concerns , thefts and high profile hacks those make exchanges highly vulnerable. This is the reason investors are hesitant to make new investment. The collapse of FTX should compel the concerned authorities to address the issue of lack of clear regulation in cryto space & every country should establish clear guidelines to handle crypto transactions.

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Quote from: Sayeds56 on December 23, 2022, 08:33:44 AM

but at the same time it will open doors of opportunity for stronger and reliable exchanges to rise up to the top.

this can be tailed long. when there will be growing suspicion of other centralized exchanges practicing the same as what FTX does. like what happened to the Binance exchange, in the news a few days ago. Of course, there will be opportunities in the market, but I'm afraid a season like this will last quite a while. with more FUD on the way.

Topic: FTX collapse: Good or bad for crypto in the long run? (Read 1105 times)