Is crypto on the way to destruction? - page 3.

NotATether

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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?

Hmm, destruction was not the reason I asked Theymos to put that notice there in the first place. It was to prevent more people from losing coins they had on exchanges.

It's the exchanges that are heading to destruction right now, not bitcoin or "crypto".

Rikafip

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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?

You can see this period as a sort of spring cleaning during which market is cleansed from all those shitcoin projects/platforms/exchanges that appeared in the last few years. And every time this happened (as it happened in 2018/2019 and several times before), bitcoin (and market itself) came out stronger so no, I don't think that crypto market is headed for destruction. More regulation for sure and that's about it.

Quote from: _act_ on November 16, 2022, 01:55:44 AM

You consider it panic but many people that have known about bitcoin and crypto generally see it as an opportunity to buy. Any price decline is an opportunity for some people that have not invested before to invest, it is like a dream come true for some people.

Based on my experience when I had to sell bitcoin during bear market to cover some unexpected expenses, newbies rarely invest when bitcoin price is low as they are afraid that its "going to zero" and instead they wait for it to start pumping and instead seasoned investors that went through this before will of course seize this opportunity.

Ndabagi01

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I believe he is merely pointing out that since you do not have complete control over your money, exchanges should not be relied upon. You only simply kept money with them, which is only shown to you as your balance and not literally, so you can't be sure you'll get it back when you need it; they could not be able to give back if something happens, as what happened recently. You should therefore store your money in a wallet that is always close at hand.

Plaguedeath

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Actually there's no such decentralized wallet in the first place! it's either custodial or non-custodial wallet, custodial where you didn't own the private key while the non-custodial wallet you're own the private key.

Crypto in general aka shitcoins are on the way to destruction since they're centralized and there's no 100% secure even though you hold in your non-custodial wallet. But Bitcoin wouldn't destroyed because of this case since we can still use P2P or decentralized exchange.

Z-tight

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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?

What is destruction to you? You are correct if it means that a lot of other exchanges and online accounts are probably going to go bankrupt and individuals who have used these online acounts as banks will lose their funds, that is what the warning is about, FTX is going to take other centralized crypto establishments down with it, so crypto individuals should store their funds in their own wallets to prevent this 'destruction'

Quote from: Zorigi on November 16, 2022, 01:01:13 AM

I don't think so because with a price reduction or what is called a bear market, it often happens. from before too. but of course we have to be careful and secure our assets because there have been many cases that have caused many people to suffer losses. so our assets must be secured. but in my opinion crypto will not be destroyed, during there are still many who are interested in investing in crypto.

Your crypto assets or funds should be secured in your own custody whatever the market price may be. The current warning by the way is about keeping your crypto in the right place, and also holding the right crypto; the right place being in self-custody, and the right crypto being a decentralized one, and not centralized altcoins or native tokens of online accounts!

davis196

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Crypto will be destroyed only if the Bitcoin and altcoin blockchains get destroyed.
A bunch of crypto companies going bankrupt doesn't mean that the entire blockchain infrastructure is getting destroyed.
The crypto infrastructure is doing just fine right now. The crypto miners keep mining and the blockchains keep confirming transactions.
The market panic is temporary. We just have to wait for the panic to go away. After 1 or 2 years there will be bull runs for sure.
I don't know what do you mean with the "slow and steady" reference. Nobody is on a hurry, maybe expect the traders, who are panicking right now.

_act_

legendary

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Lightning network is good with small amount of BTC

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

Mt. Got of the past that was hacked was major than FTX, their was panic at the time and the price of cryptocurrencies falled significantly. If one of the major exchanges is collapsing, it is enough to have negative effect on the crypto market, but just that FTX was not major like Mt. Got to result to more panic and price fall. If more exchanges are affected, it would have been worse.

EarnOnVictor

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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.

_act_

legendary

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Lightning network is good with small amount of BTC

You consider it panic but many people that have known about bitcoin and crypto generally see it as an opportunity to buy. Any price decline is an opportunity for some people that have not invested before to invest, it is like a dream come true for some people.

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

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.

Wallet is not decentralized, it is noncustodial, which means you have the private key and you have the whole control.

Zorigi

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I don't think so because with a price reduction or what is called a bear market, it often happens. from before too. but of course we have to be careful and secure our assets because there have been many cases that have caused many people to suffer losses. so our assets must be secured. but in my opinion crypto will not be destroyed, during there are still many who are interested in investing in crypto.

mk4

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Theymos' advice wasn't anything concerning bullishness/bearishness or about market prices at all. It's just the fact that there's a good chance that some exchanges/platforms are insolvent, or the fact that some will be insolvent/hacked in the future; hence why we should be using non-custodial wallets, to eradicate that risk.

LDL

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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?

Topic: Is crypto on the way to destruction? - page 3. (Read 510 times)