Topic: FTX drama stressing people for no reason | How to stay neutral - page 4. (Read 1497 times)

Victims will surely learned their lesson, but newbie and naive investors will always repeat what other had done wrong like holding cryptocurrency in an exchange.  Since they are new in the industry, they probably lack knowledge or too trusting in the exchange they are using.



True, newcomers keep on doing the mistakes done by others.  Even with all the reminders and discussion about not keeping cryptocurrency on exchanges, they will ignore these reminders and regret when they lost their investment due to hack, rugpull, exit scam or bankruptcy of exchanges.

Impossible to stay neutral, when FTX drama is shaking cryptocurrency market. The more person tries to hide from all those FTX news, the more FTX related news he will notice. The only way to try to stay neutral is to sell every possible cryptocurrency holding, and even then a person would feel pity or greedy, when he will subconsciously check crypto prices. After a first cryptocurrency purchase, it is impossible to leave cryptocurrency boat or stay neutral. The proper solution in such dramas is to search for new opportunities.

At the request of the US government, on the basis of a sealed indictment registered in the Southern District of New York by the law enforcement agencies of the Bahamas, on December 12, FTX founder Sam Bankman-Fried was arrested, so at least the prosecutor of the Southern District of New York Damian Williams states.

https://twitter.com/SDNYnews/status/1602451395910803457


The arrest of FTX CEO Sam Bankman is also confirmed by the prosecutor of the Bahamas, Ryan Pinder, it is expected that he will be extradited to the US.

https://twitter.com/jasperward94/status/1602446607085350912

Well sometimes for some people you have no choice but to trust your coins to stay at the exchange , limited knowledge .. limited source etc. Not sure who's going to blame at this point , both sides? Ftx might be a tiny picture on how the whole crypto space collapses ... some says .

That creates even more great FUD and the clever one take the advantage out of it, pick your side.

There's only a small portion of people who will learn from this, just like what happened to the exchanges before. When people begins to trust a certain exchange and became comfortable with it, they tend to forget what will happen to their funds once the exchange decides to shut down and run away with their money.
This drama is kinda similar to what happened with QuadrigaCX if you watched it's documentary on Netflix.

There are many things to say regarding the drama that happened to FTX and meant people got a lesson from this story while many others lose their hard-handed money just in a few minutes, the most important and first thing we can learn from this drama is no never trusted any platform's security even the most popular one, however, FTX was not the most popular platform but it was definitely one of the most used platforms while they promised people about the security, now everyone loses money while this drama even affected the bitcoin market for little.

I find it very difficult to accomplish what you are trying to with this topic though.  Someone who is so narrow minded to believe anything a complete stranger says without verifying multiple sources and to believe they know everything about a certain subject they actually never studied about while also only reading click bait article titles instead of the articles and listening to nobodys talking B S about how Bitcoin is dying is going to be very difficult to convince they were wrong all along.

Also, many Altcoin holders keep their coins on hot wallets like MetaMask and Trust Wallet.  They do not get the importance of self custody cold storage because we entered a phase where everything grows and moves at an extremely fast pace so self custody is seen as the 'slow', boring way.  It is not a way you get 9000% APY.  It is not a way you can buy and sell within one click.  This is what hype asks for and ultimately it is a giant risk to assume.  But why assume the risk you take when you can blame others for your lack of capacity to store a coin properly.

Then of course we are talking about people who jump in any kind of project just because 'Decentralized' is part of its name or general description.  'Decentralized Exchange', which is actually only partially Decentralized.  'Decentralized Cryptocurrency', sitting on a highly centralized Blockchain.  And so on.  Unfortunately, misinformation is widely spread around this word.

All they really need is to watch YouTube videos explaining Bitcoin the simplest way.  We are talking about investing around quarter to half an hour understanding Bitcoin through 3 to 4 videos.  That is all they need to understand why Bitcoin is unavoidable and why the one to blame in case of hacks and bankruptcies are the customers themselves for trusting.  Bitcoin does not require trust.  You trust nobody other than yourself.  But how do you convince someone about this when all they see is the attractive 'Decentralized' and '12000% APY' everywhere they look.

Personally, I have just as much sympathy for most of them as I have for people who store all their wealth in the Bank.  That is a huge risk I am not willing to assume.  If the Bank screws you up, it is your fault for trusting.  I rather trust myself and my own actions instead.  What sucks is some people are just there at the wrong time.  Imagine you deposit $10,000 on Binance and a matter of seconds later Binance gets hacked.  That is terrifying.  But still, was it not a risk you assumed by trusting a third party?

If we all took this time and effort put into these stupid Altcoin scams and focused all our energy on the evolution of Bitcoin and using it the way it is meant to be used, we would make so much more progress overall as a community.  Greed is a very attractive B**** and that may screw you up one day.

I like what you are trying to accomplish, but you are going to struggle with it.

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Regards,
PrivacyG

Yes, not all of us, there are still some people who prioritize privacy, and they are just holders so there is no reason for them to use a centralized exchange. But in this market 90% are traders and they make profit every day through trading, how do they make profit if not using exchange? not to mention new investors will definitely look to exchanges as that is the easiest way for them to access the market. The trends, the projects, their ultimate goal is to be listed on the major exchanges, that's why I say that getting rid of centralized exchanges is impossible.

Regardless if the news is true or not, it really influenced the whole crypto market itself. The whales are usually taking advantage of it by causing us to panic sell before they buy at a targeted price. This is why the market is so volatile regardless if its bearish or bullish, so we may not know withiut warning regarding the movement of the price whether if it’s Bitcoin, altcoins, NFTs, etc.

Even the traders shouldn't be holding their entire portfolio value into the exchange wallet, they can keep their day trading and short term trading crypto assets their and move the others to their own custody is really important and I beleive most people affected due to FTX might learn this but the real thing is the upcoming people never take this as serious until they became a victim too. Like if everyone who is into the crypto learnt about Mt.Gox then there won't be much loss for the users.

   There are easily other influencers on the youtube platform who are spreading misinformation regarding bitcoin or cryptocurrency at this time because of the scandal faced by Ftx which is now closed due to its declaration that the company is bankrupt.

The logic here is simple, if you are a true bitcoin believer, no matter what negativity you see or read on various social media platforms, sure we will remain in our belief in bitcoin and we will still hold it. long-term and no one can stop us from it.

The people who get carried away with bitcoin only prove that they are not deep in understanding this matter, it's just that simple and easy to understand.

You should have been around when MtGox happened, because there were a lot of people flaming Bitcoin on social media. We had the Bitcoin lovers turning into butthurt Bitcoin haters and we had the competition fueling the FUD from all sides.

The whole FTX drama is just an opportunity for our competition and our enemies to misuse this event for their own hidden agenda. I will not be too worried about that, because we turned the MtGox around and Bitcoin reached a ATH of $60 000+ a few years after that. 

I wasn't aware of this, and I think it's overreaction to generalizing all cryptocurrenciy aspects is fault. If I could judge, then they should blame themselves for trusting without much thought to the potential risks.
I stay neutral without doing anything, this is easy to do if you don't deal with this kind of platform which is the main reason. Besides, haven't we experienced market crashes several times due to several factors?

That is where most people who've lost their money in the FTX incident got a very wrong decision. I'm not really sure if they're going to learn with such incident, but most of the reason why they're holding their crypto in an exchange is because of convenience, whether they have an appetite to trade or to convert. But for traders, it's inevitable not to retain their cryptos for trading.

Though the incident may have caused uncertainties, but it's never gonna be enough to kill Bitcoin.

I dont really believe on lesson learned because people would eventually be repeating on the same mistakes where if these issues wouldnt be heard out anymore then people would just forget it and starting to store up

their coins on exchange platforms or any centralized services which its never been recommended in the first place.We've been keeping on saying that its never been wise to store up your coins on an exchange

but people do keep on doing that until disaster happens and this is where they do just whine and cry and make out some regrets.Some cant just forget these disasters but time would
pass by and when its forgotten then we would see on the same scenario once again.

A few incidences of corruption are destroying the entire cryptocurrency market. One of them is the FTX incident. I'm not sure if it was drama or reality. However, this type of incident is incredibly harmful to the crypto community. We have faith in the centralized exchange where we trade and hold our assets. But I don't trust centralized money exchange. They can change their terms at any time and anything can happen. We are sometimes forced to use centralized exchange for a wide range of reasons, but funds should not be held there in any case. Many people have learned from history. I'm wishing we can learn something from it.

Yeah this is going to stick for a while now. In amazon is now making mini series based on the FTX collapse which means we are going to remember the FTX drama for very very long time. I just hope they do it as positive lesson for crypto community and future generations who are the new aspirants to take bitcoin in right direction. They must not make negative impression with this series.

Neither we should keep talking about it any further. I think what’s happen is happen, now it’s time to learn from it and go ahead with more decentralised storyline.

There is nothing wrong with buying bitcoins from centralized exchanges but most people used to hold their bitcoins in the exchange wallet itself is a big mistake, when people aren't having intention of trading the assets should immediately move it to their wallets instead of holding in exchange so they no need to worry about exchange hacks or getting bankrupt.

This recent news is actually creating FUD among the newbies and who are anti cryptocurrency is agitating the situations more like this is the end of bitcoin, even many say bitcoin itself is a scam without any knowledge about what is bitcoin.

PrivacyG has described this topic in the simplest manner.
Thanks, PrivacyG

I think if you see how people treat cryptocurrency in general, it is a way for them to profit, and in order to provide, you need to riskier assets, and one of them is trading. If you are in the FTX exchange then definitely you are aiming for trading and profiting from your capital in there and you wouldn’t be able to do that if it wasn’t in there.

The best approach now for people is to use decentralised exchanges, but it’s a little more complicated though, so I don’t think a lot of people would be willing to do that