Is crypto on the way to destruction? - page 2.

Lida93

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Quote from: LDL on November 16, 2022, 12:33:44 AM

The cryptocurrency market has been going through a panic for several days now.
There are many wise knowledgeable members who are always advising to be careful with cryptocurrencies. Yesterday the admin of the forum issued a red alert Here, asking those who have cryptocurrencies in online wallets to transfer them to personal decentralized wallets as soon as possible.
All these members are giving all these warnings on cryptocurrencies without understanding some signals in advance. So what do we understand the general public?

Is the cryptocurrency market headed for destruction or can we expect something bigger to come?

"Headed for destruction " I don't know what that mean but if you're referring to Bitcoin going into extinction based on the recent market moves then maybe you just haven't yet gotten the concept of the word "volatility".

As long as volatility exist within the cryptocurrency market we should always expect the unexpected, be hopeful for nothing but tread with carefulness as you invest in the market as no one can really give a clear picture of what the market might hold in the next minutes or so.

coolcoinz

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First of all we should put a line between bitcoin and crypto. Some altcoins are on the way to destruction as are some centralized businesses but the example of FTX is only another proof that putting everything in the hands of one person works until it doesn't. How many more exchanges have to fail with ceos being greedy and running away with the money before people learn to self custody? How many altcoins have to fail before we learn that bitcoin is the king?

jrrsparkles

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Quote from: LDL on November 16, 2022, 12:33:44 AM

The cryptocurrency market has been going through a panic for several days now.
There are many wise knowledgeable members who are always advising to be careful with cryptocurrencies. Yesterday the admin of the forum issued a red alert Here, asking those who have cryptocurrencies in online wallets to transfer them to personal decentralized wallets as soon as possible.
All these members are giving all these warnings on cryptocurrencies without understanding some signals in advance. So what do we understand the general public?

Is the cryptocurrency market headed for destruction or can we expect something bigger to come?

Or do we have any other options other than we the common people to slow down like turtles and be patient?

This isn't the first time the cryptocurrency market is facing downtrend due to the failure of one of biggest service provider so this isn't mean destruction or end, just the reaction from the investors but actually the wise people are accumulating more of crypto assets now cause they can buy it cheaper. A common man also can follow this strategy and it comes with risk for sure.

Bitstar_coin

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It is being sanitized rather, crypto is fine if only some of the big players will stop playing dangerous games that will cost investors and the entire crypto space.
The moment an exchange goes under especially when it happens to be among to top players in the space, it always has a negative impact on the entire space which is what we are experiencing now, Sam played a bad game that got knocked down but unfortunately he is not the only one who was affected.

spectre71

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I think it's weathering the storm pretty well. There is some more bad news to come and that presents more buying opportunities.

Additionally if "we" keep our own coins there is less money on exchanges for "them" to do bad things with. This could possibly add some stability to the market.

I had front row seats in the Silicon Valley during the dot com boom and bust. This feels EXACTLY the same. I don't feel bad about taking profits. I chuckle to myself all in hodlers, you can loose almost all of it. Have an investment plan not emotions.

abel1337

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Destruction? LOL that's a pretty heavy word for what's happening right now. We are on a cycle and everything is possible during bear market. Hacks, Bans, Bankruptcy and other things are just happening every cycle and I'm sure that there will be something new to make the price go down. Our assets is our own responsibility whether it's a bullish or bearish market. From my own perspective, I can see that theymos is only reminding us to use non-custodial wallets and just to avoid storing our coins into an online platform knowing that something like what currently happening recently might happen again and we just need to have precaution to that.

pawanjain

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Quote from: LDL on November 16, 2022, 12:33:44 AM

The cryptocurrency market has been going through a panic for several days now.
There are many wise knowledgeable members who are always advising to be careful with cryptocurrencies. Yesterday the admin of the forum issued a red alert Here, asking those who have cryptocurrencies in online wallets to transfer them to personal decentralized wallets as soon as possible.
All these members are giving all these warnings on cryptocurrencies without understanding some signals in advance. So what do we understand the general public?

Is the cryptocurrency market headed for destruction or can we expect something bigger to come?

Or do we have any other options other than we the common people to slow down like turtles and be patient?

I think you are getting it all wrong. A warning doesn't always has to be an upcoming threat. It can be a prevention method for the "possibility" of a threat.
In this case, the people here always advice to store crypto in non-custodial wallets and not on exchanges.
I have read the phrase "Not your keys, not your coins" so many times and I have been hearing it for so many years already.
This basically helps users prevent the possibility of a hack of their coins. Stay calm and keep holding.

Yatsan

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Now this is FUD. People who think of such way are just wanting to cause ruccus or panic to ither people. If you've been here for years, you know what is happening. The market or this industry in general is volatile in nature. Price changes from time to time and also there are seasons wherein the market prices are continuously increasing, and also periods when the market value of cryptos are struggling to go up, just like what we are currently seeing. But destruction is way too much. It is even in contrast with the word development, wherein this industry is at that phase. But if you guys are not convinced, feel free to pull out your investment to avoid regrets. You won't be wrong from doing so, not until an uprise again occur. So you decide.

Mauser

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Quote from: LDL on November 16, 2022, 12:33:44 AM

Is the cryptocurrency market headed for destruction or can we expect something bigger to come?

The blow up of FTX is a pretty big event that has a lot of negative implications for the crypto world. Hopefully this was the last bad news this year and December is going to be a more happy and calmer month. The bankruptcy of a big crypto exchange brings a lot of bad headlines for crypto currencies and let's investors question their positions. Once the initial panic is over things will go back to normality again. We can see the bitcoin price already stabilised above 16000 USD. This doesn't look like a destruction to me. If we compare the current situation with the bankruptcy of lehmann brothers, back then many people believed it was the end of the financial system. And with hindsight things weren't as bad as they seemed back then.

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Quote from: LDL on November 16, 2022, 12:33:44 AM

Is the cryptocurrency market headed for destruction or can we expect something bigger to come?

I dont see how the term destruction is coming in here. Crypto is an idea and ideas are not destructible.

What could in a remote situation happen is stopping the use of crypto, in true sense which would mean a pause of crypto but not complete removal. An exchange getting hacked is nothing to the older users like me, I take precautions to prevent this.

MtGox never managed to teach the users a lesson as it seems.

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Or do we have any other options other than we the common people to slow down like turtles and be patient?

Patience is a virtue that we all must have. Of course being patient about the bad times help but learning from the mistake is also important.

Zanab247

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Is the cryptocurrency market headed for destruction or can we expect something bigger to come?

Cryptocurrency market is not heading to destruction than to help people to have a good plan in this bear season, so that they will not regret when the price finally reach$100k soon. Cryptocurrency market will surely improve higher for those that thought cryptocurrency will collapse in this bear season, to see massive pumping of cryptocurrency in this month of November. If you still have money with you, you can still buy coins and hold because the market price is still low for people to buy and wait for the price to move higher before they can sell to make a reasonable income.

gantez

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Quote from: LDL on November 16, 2022, 12:33:44 AM

Is the cryptocurrency market headed for destruction or can we expect something bigger to come?

That from theymos was a reminder call. You don't have to create any fud. Cryptocurrency market is not in destruction, this that happen to FTX is not recorded as the first. Also other scam have hit the market but it is going. Bitcoin is not affected and that is the important thing, every thing else is our personal care to secure the investment. What theymos is saying is also said in many thread already. Not your keys, not your coins have been said.

kryptqnick

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Not keeping money online on a centralized service is a good advice at any point in time, but people often disregard it, think that it's an overprotection measure that isn't justified. However, as it turns out, it is justified and reasonable, and with the current hype over the FTX story, people might take the advice more seriously. I share the thought of some others here that it has nothing to do with the bearish market or where the market is heading. It's just a sensible reminder that not your keys means not your coins.
As for the market, there's no reason to believe it won't recover from the current situation, or even that crypto exchanges will die out. Bad things happen, but the market eventually recovers from them because it's not something that breaks the reliability of Bitcoin itself.

Inwestour

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Quote from: BALIK on November 16, 2022, 04:00:28 AM

Those who oppose regulation are because they care about privacy, you should know that once regulation is in place, we will be controlled and no longer as free as we are now and maybe the market won't have another crazy bull run, as I feel the regulation is not good. I also don't like regulations but I don't object either because I know regulations are inevitable, like it or not.
With incidents like Luna and FTX, you just have to never trust or idolize anyone in this market, never give your property to others to hold, you will avoid such unfortunate accidents.

Everything goes to this, regulators are trying to cover the entire industry, they are trying to show this in a positive light, that this will help protect investments from scammers in the future, but is it so. Will there be another bull market in which everything will grow, I think it will, but perhaps not all coins will grow, and it’s good that now you have doubts about this, it means that the manipulators are doing everything right.

BALIK

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Quote from: EarnOnVictor on November 16, 2022, 01:57:07 AM

What just happened to FTX is not new in the crypto space, only that it happened to one of the major exchanges, nonetheless, crypto will overcome it as it always does. And this often happens in fiat institutions, especially when they are underregulated, which is why it is good to have more regulations in the crypto space. But unfortunately, most people on BTT are kicking against it as if it is totally bad. If FTX is well regulated, things would not be like this, and without regulations, exchanges will always do as they like. They can even steal money from accounts and make it look as though it never existed.

As for the existence of crypto, the FTX issue is too little to cause more panic than it has already done. Crypto should begin to stabilize now.

Those who oppose regulation are because they care about privacy, you should know that once regulation is in place, we will be controlled and no longer as free as we are now and maybe the market won't have another crazy bull run, as I feel the regulation is not good. I also don't like regulations but I don't object either because I know regulations are inevitable, like it or not.
With incidents like Luna and FTX, you just have to never trust or idolize anyone in this market, never give your property to others to hold, you will avoid such unfortunate accidents.

Aanuoluwatofunmi

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stead.builders

$3.7 billion taken off centralized exchanges ever since the occurrence of the FTX hack few days ago
https://twitter.com/BitcoinMagazine/status/1592232117211394051?t=EWdSjwGCSeAke8hWkAQQFg&s=19 while you will still need to see this decision and drastic steps some users are taken against centralized exchange and Binance specifically, with the massive awareness that sounds warning for people to take away their assets from centralized exchanges, adequate steps had been in place ever since then and there has been more clear understanding of the need to do so and prompt response were ongoing from many investors. https://twitter.com/BTC_Archive/status/1592459419346153473?t=ZQ11Fcla8OTkyDIK2-hBYg&s=19 so here i will say that many altcoins and exchange were heading to no where in a matter of time.

Rockstarguy

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Normally it is not safe to store bitcoin in an exchange wallet. If you make research about cryptocurrency, what had happened sometimes ago it reveals how dangerous it is to store cryptocurrency in an exchange.

It has been recorded since the existence of cryptocurrency till this moment about billions worth of cryptocurrency has been stolen by hackers. Cryptocurrency that is stored in exchange is risky, expecially when it is a long term investment. Their is nothing bad about the current price of bitcoin, it is an opportunity.

SUNNY F

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In a bear market, there will always be people who say that encryption is going to be destroyed. If it doesn’t scare some people away, will the bull’s car be too heavy? It’s normal for the bear market to feel like this.

hZti

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Magic

Quote from: LDL on November 16, 2022, 12:33:44 AM

The cryptocurrency market has been going through a panic for several days now.
There are many wise knowledgeable members who are always advising to be careful with cryptocurrencies. Yesterday the admin of the forum issued a red alert Here, asking those who have cryptocurrencies in online wallets to transfer them to personal decentralized wallets as soon as possible.
All these members are giving all these warnings on cryptocurrencies without understanding some signals in advance. So what do we understand the general public?

Is the cryptocurrency market headed for destruction or can we expect something bigger to come?

Or do we have any other options other than we the common people to slow down like turtles and be patient?

He gave an advice to use exchanges that have a good reputation and store your money in a safe place. It is the same if people warn you about a shady bank. It is not good for the system, but it actually has nothing to do with Bitcoin itself.

coinerer

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Quote from: LDL on November 16, 2022, 12:33:44 AM

The cryptocurrency market has been going through a panic for several days now.
There are many wise knowledgeable members who are always advising to be careful with cryptocurrencies.

No sane person is telling anyone to be careful with cryptocurrencies as recently as the bankraft of exchangers like FTX they are suggesting that everyone keep their funds in a place where they are fully in control of their funds and not in any way controlled by a 2nd party. Avoid holding funds on any exchange in particular, as FTX infection can spread to other exchanges at any time.

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Yesterday the admin of the forum issued a red alert Here, asking those who have cryptocurrencies in online wallets to transfer them to personal decentralized wallets as soon as possible.

Theymos didn't say to keep everyone's crypto in decentralized wallets. He says to use noncustodial wallets where you have a private key to access your wallet and where your funds are fully under your control. In this case you can think of Myetherwallet as a noncustodial wallet . But you can use wallets like Electrum, Trezor, Ledger which are more secure

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