Topic: Ftx Will trigger something more people now dont trust nothing (Read 203 times)

Exactly and I was also refering to the same thing in this post that people get panicked and this is short lived and we ought to see the same old shit we have been explaining from years that CEX are not at all safe to keep your funds and lot of threads to validate the statement with strong evidence but people get fooled the same way.

- The exchange like coinbase has stated in case of bankruptcy user funds will be taken as asset to pay off the liabilities while SEC filing and still they believe funds are safe

-The recent meltdown of FTX has alarmed them which you as said will be short paced and they will now have Binance as the option not non custodial wallets or hardware wallets so you see not a good option.

Stop creating FUD, and if you say cash is the King then I want you to remind something which is all the cash you have got may lose its value overnight with simple bill passed by your government, like demonetization happened in India. So better stick with gold bars and keep you home safe.

About exchanges yes it's right but you have to remember not your keys not your coins that is why we should kept the assets in our custody.

Hey, let's expand some of the regulations around financial advertising (particularly in the US). That would've prevented much of the bitter aftertaste that the celebrities now have in crypto.

How exactly this will be done I'm not sure. SEC already has some comprehensive reporting requirements for if you promote a security. I'm not sure how effective that is though.

What I'm more concerned with is how low-fee transactions are practically unworkable these days to the rest of us who are still using Bitcoin, because some big guy decided to consolidate his coins.

Unfortunately not much is going to change in the long run. You may not have been around for long but when we look back at the history we can see that such hacks/scams have happened many times in the past in different sizes and forms. People talk about it, repeat the mantra of "not your keys, not your coins" and some move their coins out of the exchanges. But it all lasts a very short time. Maybe a month or two.
Then we are back to where we began. Centralized exchanges with high volumes and large number of users who keep their coins in their custody!

The thing here on why people do keep on using exchange as their wallets is that they are really that avoiding the fees and the hassle on transferring their funds from exchange wallet into their own non custodial wallet
and if we do really tend to make some computation in regards about fee expense then it isnt really that much if we do talk about the risk involved.People are indeed just forgetting about it just like other
members been saying which they are really that confident on storing up their coins and when incidents or situations happen something like this then this is where they do make themselves aware.
Trust is important but being too trustful on something which you do believe that they wont mess up is surely a wrong thing.

I think decentralized or centralized storing funds on an exchange is not advisable, and if you have a cold wallet better store your assets on it rather than risk them in the hands of a third party like an exchange. The issue with trust in the cryptocurrency industry is all about the exchange and since there have been one or many hack incidences resulting from the exchange it's better to keep off from them for a while and only use them when you want to exchange a coin to another and not storing your funds on them.

If you have some time to search a decentralized exchange please do so because relying too much your crypto on a CEX is not a good thing especially if you plan to use it for too long. I can't say there's a perfect exchanges since the risk will always be present no matter what. The only important is you know how to deal with these exchanges if ever you have to use another exchange in the future, always use the reputable one but also be responsible and wise at the same time.

When we do speak about exchange hacks then its never been new and it had happen back in the past where huge or known exchange had experience hack and some issues
which it do really make out that kind of impression that there's no such thing about safe if we do speak about exchange platforms which it does have always that probability of getting hacked.
and having some exploit. ITs been told for thousand times that never ever consider on making exchange platform account to be your main wallet of your assets.
In times similar to this then you would really be making yourself getting fucked up since you cant really be able to retrieve or get your funds.

What you said is a problem that is happening, especially with the FTX exchange, but it's not the end of it all, speaking of trust, especially on the internet in the real world there are many problems that can't be trusted, it is quite clear that trading & investing has a high risk, for example: as has happened recently.

I took a lesson from what is currently happening in the crypto world, that trust to trade & invest still exists, at least from experience that has happened in The 10 Biggest Crypto Exchange Hacks In History, average most famous exchanges have been hacked, maybe I can entrust my crypto assets to the responsible company, in case something negative/hack happens, I believe that what is happening now can be a valuable lesson and experience for all of us about crypto, I hope that in the future it can be even better in every way.

Please you have to understand the difference between cryptocurrency, stock or forex trading. Precisely forex trading is a little regulated. I said a little regulated because some forex platforms can also scam exit you but it is highly regulated and traders know reputable platforms plus the government under which they are operated have severe monitoring of them especially those in the US and UK. So it is not like cryptocurrency exchanges, so far I'm yet to see total government involvement in cryptocurrency exchanges and of course this was not the spirit of cryptocurrency. We need to be careful handling crypto investment, FTX crash is not the first crypto crash or scam but it is one of the biggest because of the popularity of the exchange.

The FTX scandal scared retail investors or anyone with smaller pockets that want to get into crypto.
But crypto is not going anywhere just because a centralized exchange failed.
Just like the other moments, we will also go through this one.
Adaption of decentralization is inevitable. Crypto is the future, Just need to get rid of bad actors.

You will be shocked by how much newbies continue to trust about anything.

Ponzi's schemes are more than a century old (yes, a Ponzi scheme started in 1919 by Charles Ponzi but, It's documented that there were Ponzi schemes as early as the 17th century) but still people continue to fall for Ponzi schemes to this date

Right now, people are being cautioned not to trust centralized exchanges, but guess what? Binance reported about $70 Billion worth of crypto in their wallets. Whose funds those are? People! Not aliens.

Of course this FTX case must have influenced and made people afraid and made a lack of trust at this time.
But we also shouldn't overthink it, overthinking it will harm ourselves too in the end right?.
With this case, surely other platforms are not stupid to fall into such a terrible hole, they will improve to be better in the future.
Indeed this creates panic and chaos but that does not mean because this case will cause crypto enthusiasts to disappear and everything just disappears.
If we panic too much and always overthinking, it is the same we will create more fear and distrust for everyone.

Good. The whole point of bitcoin is not to trust third parties.

No one. That's the whole point.

It will cause liquidity issues for centralized exchanges and the people who use them. It won't cause any liquidity issues for my bitcoin which are securely in my own wallets.

Fingers crossed! The whole ecosystem would be better if people stopped trusting centralized exchanges.

Lol. You seem to be confusing bitcoin with centralized exchanges. No one can do anything to bitcoin which you control. Bitcoin on a centralized exchange does not belong to you.

Lol again. Bitcoin development is proceeding as it always has, quite uninterested in the nonsense of centralized exchanges.

Yea, no. If there's anything that's proven time and time again, people will always return to the cryptocurrency industry because gambling is fun and addicting. It's just a matter of 'when', not really a matter of 'if'.


Doubt Binance can operate without an office.


1. Coinbase's hacks are user errors
2. "Account errors" suck, but they can't really be prevented


I mean, if a certain exchange is insolvent, it's better for them to blow up as soon as possible.


Lmao not really.

Well, you got it right which trust and confidence would be shaken down whenever we do see a platform or any service out there had taken down, whether its been hacked or totally just ran off all of the funds and
make out some hacking incident as an alibi.

Its not something new on this market, even if you do compare out on typical investment things or services which do make use of fiat where these incidents do happen
which do result in there's no way on retrieving those lost funds.

This is why its really important on making yourself get prepared whenever you had decided on stepping your foot on crypto space.
Ready up yourself on something like this and this would really be survival of the fittest.

Ftx have coused people don't trust nothing
The very famous people been promoting ftx and it failed.
People now asking what can we trust ?
Binance there is not Even office ? Coinbase there been so many hacks and all things like account errors.
And Even stock markets everthing people now can see that all their money can be wiped off in seconds.

Nowdays we use internet and digital system many different apps and online accounts this is The way we living everyday using digital things daily.

People now withdraw funds from many places and exchangers it will create chaos and liquity issues !!
Someone really need to Fix this otherwise all trust Will be gone to digital systems.

Back to cash real phyusical things gold Silver and cash is king again.

Those exchangers need to be secured with top military secuurity FBI CIA MI6 FSB mosad all of them need to secure digital systems ITS not joke anymore !!!

Otherwise i Will not use nothing other then CASH all this bitcoins and other bla Blaa just digital scam that someone can steal from us.

Thank you Sam bankman you ruined up all the world all blockchain innovation nobody dont want to hear about blockchain anymore

Newbies now Will stay away from all the markets forex crypto stocks becouse FTX had good reputation If something so good can fall then other crap exchangers like small stocks and forex apps can be Even less trusted.