People give significant importance to exchanges for some reason. Without these exchange it is really hard to have good liquidity. It is really hard for buying and selling. Maybe if these exchanges weren't available, people would've got adopted to the P2P form of buying and selling, but the trading practice could've been more conservative.
With everything there'll be pros and cons, failure of the exchanges used to have impact over the market. However this is part of the market, same as what we experience as bullish and bearish movement. In each and every activity, there is a need for systematic process to be followed and the exchanges does it for profit and mistakes happen which is common.
Topic: People are giving too much importance to exchanges - page 6. (Read 1282 times)
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Exchanges and BTC are 2 different things. One exchange going down doesn't mean BTC must follow.
Binance will disappear? I don't give a damn.
Yup exchange and BTC are different things and exchange (Binance and other exchange would disappear) most of us wouldn't care much, but we aren't the only investor.Exchanges and BTC are 2 different things. One exchange going down doesn't mean BTC must follow.
Binance will disappear? I don't give a damn.
There are some who got into crypto because of trading, and they might be doing it only on those exchange because they only trust those exchange.
And besides some of us are using centralized to liquidate our crypto that's way some of us really care so much about those centralized exchanges.
let's admit that a lot of us are still using these exchanges for so many services basically to exchange our crypto to other crypto or fiat. so we can't discard their presence in this market. at some point we need to get our cash from crypto as most merchants do not accept crypto as payment.
they are 2 different things but the failure has some sort of impact as people are losing their confidence. but only for a short period of time. hence, we always bounce back to where we were.
Yup exchange and BTC are different things and exchange (Binance and other exchange would disappear) most of us wouldn't care much, but we aren't the only investor.
There are some who got into crypto because of trading, and they might be doing it only on those exchange because they only trust those exchange.
And besides some of us are using centralized to liquidate our crypto that's way some of us really care so much about those centralized exchanges.
Yes, people give significant importance to exchanges because they serve as the primary platforms for buying, selling, and trading cryptos like Bitcoin. Exchanges play a main role to facilitate, liquidate and accessibility of cryptos, enabling users to convert their fiat currencies into digital assets instead of traditional system towards digital wallets to save the cryptos. They also provide a marketplace where buyers and sellers can deal in, examine the prices, and make transactions securely. These exchanges also offer different features by allowing users to take solid based decisions. Moreover, exchanges often provide additional services like wallet storage, security measures, and customer support, which enhance the overall user experience and trust in the crypto system.
6 months ago, my savings went down because of the FTX debacle. I've never used FTX, I've never been a customer of this company, but my savings are in BTC, and because of that failure, BTC's value went down, and so went my savings.
Today, bis repetita. I've never used Binance. I've never been a customer of this company, but because the SEC sues Binance, BTC is down, and so are my savings, so I have a message to all bitcoiners out there.
Exchanges and BTC are 2 different things. One exchange going down doesn't mean BTC must follow.
Binance will disappear? I don't give a damn.
I know what you mean as I have suffered the same consequences when I have never used any of those exchanges, however just because we are not part of their customer base, this does not mean that a great deal of the community did not suffer directly by those events, and as such it makes sense the price of bitcoin was affected because of it, even if bitcoin itself had nothing to do with this as well, is it unfair? I would think so, but that is the way the economy at large works. Today, bis repetita. I've never used Binance. I've never been a customer of this company, but because the SEC sues Binance, BTC is down, and so are my savings, so I have a message to all bitcoiners out there.
Exchanges and BTC are 2 different things. One exchange going down doesn't mean BTC must follow.
Binance will disappear? I don't give a damn.
~snip~
Exchanges and BTC are 2 different things. One exchange going down doesn't mean BTC must follow.
Binance will disappear? I don't give a damn.
Yup exchange and BTC are different things and exchange (Binance and other exchange would disappear) most of us wouldn't care much, but we aren't the only investor.Exchanges and BTC are 2 different things. One exchange going down doesn't mean BTC must follow.
Binance will disappear? I don't give a damn.
There are some who got into crypto because of trading, and they might be doing it only on those exchange because they only trust those exchange.
And besides some of us are using centralized to liquidate our crypto that's way some of us really care so much about those centralized exchanges.
Although we have always disliked centralized exchanges like Binance after what FTX did. But I think we should support Binance in this situation, what if the SEC's goal is not only Binance but they want more and keep looking to control our entire market? If the SEC wins with XRP and then Binance or Coinbase, it will be an outcome not in our favor, it will set a terrible precedent, and our freedom will be gone. I hope this time, Binance and Coinbase can join forces against the SEC.
This is all a squabble of centralized structures, that's the point. Whichever of them wins, it is unlikely that this will lead to an increase in the position of bitcoin. Bitcoin is a decentralized system, and it is best when it will be used not through centralized intermediaries, but directly, as it was originally intended. So in this and every other centralized project confrontation, I am on the side of bitcoin!
I'd suppose that it's not because Binance situation doesn't impact the market much. Look at the BNB rate, it looks like people are still optimistic about Binance and its chances with SEC confrontation. They are now trying to withdraw Gary Gensler from the game. So who knows, it can be so that Binance will not be harmed too much in this situation. The market reacts on this not so negative expectations and stay "calm".
I also think that binance will still fight with the SEC and this may have a positive impact not only on the BNB rate, but also on the market as a whole. Moreover, such a precedent will not go unnoticed. This situation has the potential to draw more attention to cryptocurrencies, especially those doubters who do not trust the cryptosphere due to its obscure status and blurred relationship with the state.
Although we have always disliked centralized exchanges like Binance after what FTX did. But I think we should support Binance in this situation, what if the SEC's goal is not only Binance but they want more and keep looking to control our entire market? If the SEC wins with XRP and then Binance or Coinbase, it will be an outcome not in our favor, it will set a terrible precedent, and our freedom will be gone. I hope this time, Binance and Coinbase can join forces against the SEC.
I'd suppose that it's not because Binance situation doesn't impact the market much. Look at the BNB rate, it looks like people are still optimistic about Binance and its chances with SEC confrontation. They are now trying to withdraw Gary Gensler from the game. So who knows, it can be so that Binance will not be harmed too much in this situation. The market reacts on this not so negative expectations and stay "calm".
I also think that binance will still fight with the SEC and this may have a positive impact not only on the BNB rate, but also on the market as a whole. Moreover, such a precedent will not go unnoticed. This situation has the potential to draw more attention to cryptocurrencies, especially those doubters who do not trust the cryptosphere due to its obscure status and blurred relationship with the state.
Yeah, not much doubt about that. still, I hadn't expected the market to recover so fast.
It's good to see that trouble at an exchange is seen as minor.
It's good to see that trouble at an exchange is seen as minor.
I'd suppose that it's not because Binance situation doesn't impact the market much. Look at the BNB rate, it looks like people are still optimistic about Binance and its chances with SEC confrontation. They are now trying to withdraw Gary Gensler from the game. So who knows, it can be so that Binance will not be harmed too much in this situation. The market reacts on this not so negative expectations and stay "calm".
firstly never measure your "SAVINGS" based on the volatility of the market price because the market price is indeed controlled by exchanges..
How should he measure his savings then? You can say what you want how the price can be volatile and we should invest what we can afford to lose and all that, but it won't change the fact that if someone spends 1000 dollars buying bitcoin and uses 10% of his savings, that person expect to see a similar number to be there after some time, especially when he reads articles where bitcoin is referred to as inflation hedge.
I agree with OP here. Bitcoin is caught up in all the altcoin drama.
The silver lining is that while price is affected the protocol is not. Price is and will be affected because many people who have bitcoin on binance see an easier way our in selling than moving to self-custody. Many of these people don't even know how to do it so all they can do is sell and withdraw fiat .
It really was something momentary, but it is a reality that will surely hit bitcoin, but that does not mean the end, there is no drama, in fact that effect if we qualify it that way, it only lasted less than 24 hours, it reached +/- 25K for then be at +27k.
But that does not imply that it does not harm, times change and although the solution is to use dex, it is an effective formula that is diluted in the widespread use of CEX exchanges. It is a reality in the adoption of bitcoin.
But that does not imply that it does not harm, times change and although the solution is to use dex, it is an effective formula that is diluted in the widespread use of CEX exchanges. It is a reality in the adoption of bitcoin.
Exchanges and BTC are 2 different things. One exchange going down doesn't mean BTC must follow.
Such situations kept repeating when the market was crushed by disasters involving exchanges, most of which held large amounts of Bitcoin and assets.
Are people listening to me?
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No, they aren't.
Major players use everything to play with the market and smaller players react to what the first ones do. Major exchanges are major players also so their games also impact the market, so it is impossible that any serious situation with Binance won't impact. Even if you'll reach some people on the forum (hardly) there are much more in the outer world who will not hear nor you, nor me. To impact the market the one should became the whale.Yeah, not much doubt about that. still, I hadn't expected the market to recover so fast.
It's good to see that trouble at an exchange is seen as minor.
Exchanges and BTC are 2 different things. One exchange going down doesn't mean BTC must follow.
Binance will disappear? I don't give a damn.
Binance will disappear? I don't give a damn.
Exchanges are the FIAT gates. The truth is, there isn't much you can do with crypto other than trading. If people can't do that, what are they gonna do? Yes they can buy certain stuff with crypto but the adoption is nowhere near the use of the credit cards. Most people use crypto to make more FIAT and because of that they hold most of their crypto on the exchanges. Once a big exchange starts giving bad signs, people naturally panic and dump their positions so they can get back to FIAT quickly...
but rather with p2p with other people which we know that it cant really be that something comfortable and that having the accessibility.
Thing here that you should mind about when dealing up with these platforms is that you shouldnt really be making it as your main wallet of your coins or assets. Despite on being useful and relevance, we do know
that exchange hacks and other exploits could really happen along the way on which it might be causing up that kind of huge loss of our money which is something that we dont really like to happen.
Use it according into your needs and if you dont bother up on spending up fees then it would be better on pulling off those funds actively out of exchanges.
6 months ago, my savings went down because of the FTX debacle. I've never used FTX, I've never been a customer of this company, but my savings are in BTC, and because of that failure, BTC's value went down, and so went my savings.
Today, bis repetita. I've never used Binance. I've never been a customer of this company, but because the SEC sues Binance, BTC is down, and so are my savings, so I have a message to all bitcoiners out there.
Exchanges and BTC are 2 different things. One exchange going down doesn't mean BTC must follow.
Binance will disappear? I don't give a damn.
Today, bis repetita. I've never used Binance. I've never been a customer of this company, but because the SEC sues Binance, BTC is down, and so are my savings, so I have a message to all bitcoiners out there.
Exchanges and BTC are 2 different things. One exchange going down doesn't mean BTC must follow.
Binance will disappear? I don't give a damn.
That's pretty damn risky to have your savings in bitcoin like that. What I think you need to understand is that bitcoin is still a new thing. It's a new asset, and a new investment to a lot of people (even though technically it's not an investment, it's a revolutionary payment system). So it still being pretty new, any event like this involving a major exchange is going to effect the minds of many, even if it shouldn't , like you point out here.
Crypto exchanges are the platform where we trade our cryptocurrency, it is an obvious thing that whenever a huge platform experiences difficulty, there is a chance that the price of cryptocurrency is affected. In trading, trader sentiment is important in moving the market. So when the sentiment is negative, we might see price dive depending on the severity of the market sentiment.
So for me, it is normal to give too much importance to a platform that processes trades and conversion of cryptocurrency. How can you claim profit if your holdings can't be converted? This is the reason why holders are giving importance to exchanges.
So for me, it is normal to give too much importance to a platform that processes trades and conversion of cryptocurrency. How can you claim profit if your holdings can't be converted? This is the reason why holders are giving importance to exchanges.
6 months ago, my savings went down because of the FTX debacle. I've never used FTX, I've never been a customer of this company, but my savings are in BTC, and because of that failure, BTC's value went down, and so went my savings.
Today, bis repetita. I've never used Binance. I've never been a customer of this company, but because the SEC sues Binance, BTC is down, and so are my savings, so I have a message to all bitcoiners out there.
Exchanges and BTC are 2 different things. One exchange going down doesn't mean BTC must follow.
Binance will disappear? I don't give a damn.
But these are the factors affect the prices of cryptocurrency assets since people who invested in crypto will start panicking and sell their assets so the price will decline however its only a short term effect so long term investors no need to worry about that. Exchanges may come and vanish but bitcoin won't so that is also another reason why don't keep your bitcoins in exchange wallets cause if exchange disappear then your assets will vanish too. Today, bis repetita. I've never used Binance. I've never been a customer of this company, but because the SEC sues Binance, BTC is down, and so are my savings, so I have a message to all bitcoiners out there.
Exchanges and BTC are 2 different things. One exchange going down doesn't mean BTC must follow.
Binance will disappear? I don't give a damn.
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Like it or not there's no way cryptocurrency investors won't give so much importance to tier 1 centralized exchange because they are the most used and high Bitcoin volume holder in the market. Therefore, it is normal that the exchange issue will cause some downtrend in the BTC market due to some of the exchange users panic sell, and instead of being bothered by the issue or how your investment loose value it is better to seize the moment and accumulate more using DCA.
will disappear?
Binance won't disappear but if the situation gets out of hand only Binance.us will disappear since the issue only has to do with the US SEC.
How can you so sure about binance not shutting down? I agree that exchanges are more convenient to use but they can shut down anytime. FTX was promising and had a lot of customers in their exchange but they shut down. I will be not surprised if Binance close their activity and make all the users balance worth 0$.
I'm not 100% sure, but I can identify that it's unlikely to happen, as Binance is currently the exchange with the largest trading volume. FTX's story is much different from Binance's; their shutdown was a series of management mistakes, without excepting the possibility of it being intentional in an attempt to run away with the investors money.Are people listening to me?
I'm quite thrilled to see that BTC is back to what it was before the SEC/Binance news. The down period lasted only 24 hours. That is impressive. It shows that BTC traders and holders are getting smarter. They know that one exchange having trouble is not the end of the world, and that we shall go back to business as usual. Good.
Hmm, you might have to rethink your statement. Ultimately, the SEC incident has caused a significant market crash, and Bitcoin itself hasn't really recovered yet, and doesn't look like it's going to anytime soon. Unfortunately, it's very possible that this crash will have a lasting duration, at least till the SEC issue is resolved.I'm quite thrilled to see that BTC is back to what it was before the SEC/Binance news. The down period lasted only 24 hours. That is impressive. It shows that BTC traders and holders are getting smarter. They know that one exchange having trouble is not the end of the world, and that we shall go back to business as usual. Good.
The negative news surrounding Bitcoin-focused exchanges lately is really affecting the market. But these price movements are often temporary in nature and do not necessarily reflect Bitcoin's long-term potential or value. While centralized exchanges can have an impact on short-term market dynamics, the fundamental factors driving Bitcoin growth and adoption extend beyond any single exchange or individual company. Bitcoin's value stems from its decentralized nature, scarcity, utility, and trust in its underlying technology. These factors, along with broader market trends, investor sentiment, and institutional acceptance, play an important role in shaping Bitcoin's long-term trajectory.
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