I think this incident is very unfortunate and has created negative sentiment in the market which might continue for many months to come ,and decreased overall value of crypto industry but at the same time it will open doors of opportunity for stronger and reliable exchanges to rise up to the top.
Investors/traders should think twice before they store crypto assets on centralized exchanges, they should preferably use decentralized exchanges for security of their funds.
Topic: FTX collapse: Good or bad for crypto in the long run? - page 2. (Read 1020 times)
From FTX collapse is painful but valuable lessons I have learnt, never keep funds on exchange. Keep only trading funds that you can afford to loose. Governments need to regulate crypto exchanges similar like stock exchanges.
The collapse of FTX is a reminder for all of us that investing in crypto has risks. Everything related to crypto is indeed risky. That's why we should have been able to consider various possibilities. However, on the other hand, there are still many positive sides to the crypto world because we can also benefit from it. This is one of the bad things and getting into FUD, but I'm sure that there are still a lot of things especially Bitcin that we can count on. We may feel disappointed and afraid, however, the crypto market will continue to grow. In the future there will definitely be more difficult things. But keep on believing in Bitcoin, we can get through it by learning from all cases in the crypto industry.
yes indeed investing in crypto is risky, especially if we can't choose crypto or the market properly. I'm sure the collapse of FTX will set a positive example for all of us, namely that we are always careful in investing. and for the long term the crypto world will definitely be good and more mature. because since long ago in the crypto world there have always been temptations and challenges.but always managed to pass.
Regulations will be inevitable, especially with the recent unfortunate events surrounding the crypto/Blockchain industry. The FTX collapse and the Terra/LUNA implosion will be the perfect excuse for mainstream governments (especially the US) to treat crypto with an iron fist. While this should make the space much more legitimate in the eyes of traders and investors alike, it certainly goes against what Satoshi established in the first place (which is achieving decentralization by eliminating the middleman).
I'm afraid people are going to have a hard time getting access to crypto without revealing their true identities. Most of them won't care because they have nothing to hide. But you and I know this will bring us back to the era of banks. Let's see how everything will turn out to be for crypto/Blockchain tech within a decade from now. Just my thoughts
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.I'm afraid people are going to have a hard time getting access to crypto without revealing their true identities. Most of them won't care because they have nothing to hide. But you and I know this will bring us back to the era of banks. Let's see how everything will turn out to be for crypto/Blockchain tech within a decade from now. Just my thoughts
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.
I believe that FTX collapse is a good thing in the long term. People should learn to keep their crypto off exchanges after that. At least some of them. And I hope they'll understand, that some altcoins are not the only thing that can fall, exchanges are not unbreakable too.
At first I thought the answer to this question is bad but then I realize that the bad effects are only temporary and in return of it is a long life lesson for the people. Crypto exchanges are not a wallet to store our cryptos. Maybe some of them can offer an interest but there are consequences about it. It was still possible to invest and earn on our own while we can sleep peacefully at night.It's fine for traders to keep a crypto on an exchange because they will use it actively although they must learn to withdraw their earnings every now and then. It's also okay for them to pick up almost any coin, because they will still trade it immediately.
the effect of this collapse is so bad that other platform also get many fuds after this incident, it's of course such normal occurrence mainly because people are afraid that they gonna lose their money.
I think these big companies like binance and the other should start getting more transparent in the public and take less risk in their investments since they should never repeats the same mistake.
I think these big companies like binance and the other should start getting more transparent in the public and take less risk in their investments since they should never repeats the same mistake.
I think it's starting to get worse. As we know that exchanges are very important for crypto but most exchanges always end up scams, they only add a bad image to investors to crypto because of this. I think crypto is really the worst right now.
For the industry as a whole, this can be useful, because the more regulation, the less fraud, but for the ordinary speculator or crypto-user, this is bad. Regulators will collect more personal data, introduce various limits, and the market will be trying to recover from such events for a long time and will not grow. As a consequence, many projects, due to lack of liquidity, will just die. Care about investors? But at what cost? At the cost of more regulation and centralization of the crypto industry.
Regulations will be inevitable, especially with the recent unfortunate events surrounding the crypto/Blockchain industry. The FTX collapse and the Terra/LUNA implosion will be the perfect excuse for mainstream governments (especially the US) to treat crypto with an iron fist. While this should make the space much more legitimate in the eyes of traders and investors alike, it certainly goes against what Satoshi established in the first place (which is achieving decentralization by eliminating the middleman).
I'm afraid people are going to have a hard time getting access to crypto without revealing their true identities. Most of them won't care because they have nothing to hide. But you and I know this will bring us back to the era of banks. Let's see how everything will turn out to be for crypto/Blockchain tech within a decade from now. Just my thoughts
I believe that FTX collapse is a good thing in the long term. People should learn to keep their crypto off exchanges after that. At least some of them. And I hope they'll understand, that some altcoins are not the only thing that can fall, exchanges are not unbreakable too.
In some sense it was actually good due to people now being aware that exchanges should be treated as "an exchange" rather "a wallet". While it was disastrous due to the fact that millions of people lost millions of dollars due to FTX crash and even businesses where shutdown due to this misfortune and in situation like this so many of the victims might even be tempted to commit suicide, because it's so frustrating losing all your life investment overnight. It's just so incomprehensible.
So it's not safe to say it was good if you consider the damage it did cause.
I believe that FTX collapse is a good thing in the long term. People should learn to keep their crypto off exchanges after that. At least some of them. And I hope they'll understand, that some altcoins are not the only thing that can fall, exchanges are not unbreakable too.
In some sense it was actually good due to people now being aware that exchanges should be treated as "an exchange" rather "a wallet". While it was disastrous due to the fact that millions of people lost millions of dollars due to FTX crash and even businesses where shutdown due to this misfortune and in situation like this so many of the victims might even be tempted to commit suicide, because it's so frustrating losing all your life investment overnight. It's just so incomprehensible.
So it's not safe to say it was good if you consider the damage it did cause.
I believe that FTX collapse is a good thing in the long term. People should learn to keep their crypto off exchanges after that. At least some of them. And I hope they'll understand, that some altcoins are not the only thing that can fall, exchanges are not unbreakable too.
there are good and bad side of this situation. good - because people will be more cautious dealing with exchanges or centralised ones. bad because it gives another reason for noncrypto users to think that crypto market is rigged or fraudulent market. but either way, every user should educate himself with this scenario to understand better why such failure is happening all the time. it is not the technology that is rigged but the people who is handling or managing it have ill intentions. they may not have such intention at the beginning, but as they accumulate wealth, they change their route owed to greed and other selfish desires.
We will eventually get over this and start a new chapter on the crypto industry. Unfortunate events like the Mt. Gox collapse, the Terra/LUNA implosion, and the FTX collapse are only "hiccups" that will make crypto stronger in the long run. As I've mentioned many times before, weak hands will sell but strong hands will keep buying no matter what. If you really want to become rich, I'd suggest you buy and "hodl" as much coins as possible.
In the future, crypto will be subject to tighter regulations from mainstream governments. But you can bet scams, theft, and/or hacks will be at their lowest point because of this. Crypto needs lots of government support if it wants to reach the globe (and higher market prices). Who knows if FTX's collapse will force centralized exchanges to change their business model? Just my thoughts
We have overcome more difficulties in the past and now always will be, it is very difficult to stop the development of crypto. To become rich, of course, we need to buy cheap and hold, but it is important that we have the right coins, otherwise, we will still lose, I would suggest bitcoin should be the first choice.
Regulation is inevitable, and I am afraid that not only will centralized exchanges have to change business models, but even if we will be given special attention by governments, our freedom will be limited
Some people assume this is the beginning of the breakdown of all crypto. but if I think it is indeed likely to have a point because the focus of crypto prices is glued to the exchange, if a large exchange breaks down it is certain that the price of crypto will collapse and if there is no exchange better than the one hacked the community will reduce their confidence in crypto investment.
The science behind BTC is real. And yeah, the FTX scandal has damaged Crypto's credibility but crypto is still here.
Time to decouple and let each project run on its own merits.
It's interesting to see how people that generally very rational, and tend to be conservative continue to be Bitcoin deniers.
Some people assume this is the beginning of the breakdown of all crypto. but if I think it is indeed likely to have a point because the focus of crypto prices is glued to the exchange, if a large exchange breaks down it is certain that the price of crypto will collapse and if there is no exchange better than the one hacked the community will reduce their confidence in crypto investment.
The collapse of a major crypto exchange, has once again taken the world by storm. There is a lot of FUD being spread by mainstream media, making people believe this is the final chapter for crypto/Blockchain tech. Now, US lawmakers are pushing towards stricter regulations with the excuse of helping protect investors' interests. Other countries could follow the US, greatly stifling the growth of the industry. I'm beginning to wonder whenever the collapse of FTX would be good or bad for crypto in the long run? This looks like another Mt. Gox situation, so it's likely things will be better in the long run after the dust settles. But I'm not so sure, especially when governments are now seeing crypto as a threat to the existence of Fiat (something they didn't think about when crypto was in its early years).
What are your thoughts? Your input will be greatly appreciated. Thank you very much.
What are your thoughts? Your input will be greatly appreciated. Thank you very much.
For the industry as a whole, this can be useful, because the more regulation, the less fraud, but for the ordinary speculator or crypto-user, this is bad. Regulators will collect more personal data, introduce various limits, and the market will be trying to recover from such events for a long time and will not grow. As a consequence, many projects, due to lack of liquidity, will just die. Care about investors? But at what cost? At the cost of more regulation and centralization of the crypto industry.
there are good and bad side of this situation. good - because people will be more cautious dealing with exchanges or centralised ones. bad because it gives another reason for noncrypto users to think that crypto market is rigged or fraudulent market. but either way, every user should educate himself with this scenario to understand better why such failure is happening all the time. it is not the technology that is rigged but the people who is handling or managing it have ill intentions. they may not have such intention at the beginning, but as they accumulate wealth, they change their route owed to greed and other selfish desires.
We will eventually get over this and start a new chapter on the crypto industry. Unfortunate events like the Mt. Gox collapse, the Terra/LUNA implosion, and the FTX collapse are only "hiccups" that will make crypto stronger in the long run. As I've mentioned many times before, weak hands will sell but strong hands will keep buying no matter what. If you really want to become rich, I'd suggest you buy and "hodl" as much coins as possible.
In the future, crypto will be subject to tighter regulations from mainstream governments. But you can bet scams, theft, and/or hacks will be at their lowest point because of this. Crypto needs lots of government support if it wants to reach the globe (and higher market prices). Who knows if FTX's collapse will force centralized exchanges to change their business model? Just my thoughts
The fall of cryptocurrency exchange of such magnitude is not good for cryptocurrency world as it generates and spreads FUD about crypto. This will bring a setback to acceptability cryptocurrency is currently enjoying. And the new individuals who are yet to be in crypto might lose interest in it.
I think you are wrong, because scam exchanges are unlikely to affect the credibility of cryptocurrencies. Creating different pyramid schemes cannot affect the trust in the money in your bank account, it is the same with crypto. FTX scam has certainly impacted the price and will probably do so again if any new details come to light, but it won't affect the credibility of crypto in any way.it doesn't matter if it is those who are already in the market and started trading and investing. so they can already determine where to continue trading and avoid scam exchanges.
however, the impact of the FTX exchange is considerable. and now the impact looks set to expand with investigations being carried out on several other centralized exchanges.
The fall of cryptocurrency exchange of such magnitude is not good for cryptocurrency world as it generates and spreads FUD about crypto. This will bring a setback to acceptability cryptocurrency is currently enjoying. And the new individuals who are yet to be in crypto might lose interest in it.
I think you are wrong, because scam exchanges are unlikely to affect the credibility of cryptocurrencies. Creating different pyramid schemes cannot affect the trust in the money in your bank account, it is the same with crypto. FTX scam has certainly impacted the price and will probably do so again if any new details come to light, but it won't affect the credibility of crypto in any way.
The fall of cryptocurrency exchange of such magnitude is not good for cryptocurrency world as it generates and spreads FUD about crypto. This will bring a setback to acceptability cryptocurrency is currently enjoying. And the new individuals who are yet to be in crypto might lose interest in it.
I think the collapse of FTX will be over all good thing for crypto in the long run for a couple reasons. One reason is that this will encourage users to look for decentralized self custody alternatives for trading crypto currency derivatives. The second reason being that crypto investors and VC's will hopefully now take the time to research and apply due diligence when looking for projects to invest in. With far fewer pump and dump, rug pull ponzi types and overall better quality innovative projects in crypto it will attract more investors because they will view the market as being more credible and serious.
Some minimal industry guidelines could be developed and accepted to differentiate the projects seeking funding.
These guidelines could include:
Some minimal industry guidelines could be developed and accepted to differentiate the projects seeking funding.
These guidelines could include:
- Is the project able to display basic functionality running on a testnet?
- How long has the project been in development while running on the testnet?
- Does the project have a main public blockchain up and running?
- Can the project explain exactly how it is going to earn a return for its hodlers instead of simply waiting and hoping that greater fools come along?
- Will the project provide any kind of unique disruptive innovation to the space it is entering or is it simply a similar slightly different copy of other established solutions?
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