People are giving too much importance to exchanges - page 8.

jokers10

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Quote from: countryfree on June 06, 2023, 06:35:16 PM

Are people listening to me?
...

No, they aren't. Grin

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.

Quote from: siedemtrzy on June 07, 2023, 03:07:53 AM

You're mostly right, but Atomic Wallet was... a non-custodial wallet, not an exchange. And it seemed pretty good, this hack is really devastating. Thank God I didn't use it.

True, but it has a closed code which in this case played against users.

siedemtrzy

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Quote from: steve5946 on June 07, 2023, 02:20:29 AM

Quote from: countryfree on June 05, 2023, 02:47:44 PM

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.

The fact that you don't own any of the coins you storedmon exchanges are enough to make anyone more their coins to a hardware wallet. Why keep your savings where you can lose it at anytime.

Take a look at the issue of FTX and Atomic Wallet, that's what people experience for keeping their savings on exchanges.

You're mostly right, but Atomic Wallet was... a non-custodial wallet, not an exchange. And it seemed pretty good, this hack is really devastating. Thank God I didn't use it.

steve5946

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Quote from: countryfree on June 05, 2023, 02:47:44 PM

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.

The fact that you don't own any of the coins you storedmon exchanges are enough to make anyone more their coins to a hardware wallet. Why keep your savings where you can lose it at anytime.

Take a look at the issue of FTX and Atomic Wallet, that's what people experience for keeping their savings on exchanges.

lalabotax

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I am sure that although there is no problem with any exchange, the FUD willl always come and make Bitcoin price goes down and drops significantly. We have many time experienicng this, and only few times because of exchanges.
But it is true that everytime the FUD, alhtogh related to exchange, many people will panic and then make market much worse again and again.
Well, fortunately the market has been better agai after big drop previously.
but actually I am using Binance, but we must be reality that we need exchange to trade, at least..

drwhobox

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Quote from: Ultegra134 on June 06, 2023, 05:30:20 PM

There's no chance of Binance shutting down; FTX was a whole different story. Whether we like it or not, exchanges are convenient and will continue to be used by millions of users. Binance currently has the largest trading volume; it's impossible for it to go down similarly to FTX.

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$.

countryfree

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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.

Ultegra134

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Quote from: YUriy1991 on June 06, 2023, 03:59:51 AM

I remember, After the FTX dilemma, some have asked What is next for Binance? maybe when it sounds funny and impossible. Yes, in the crypto world nothing is certain. Indeed, these two entities exist as separate entities within the cryptocurrency world. While the exchange serves as a platform for trading various digital assets, Bitcoin (BTC) stands as a distinct and well-known cryptocurrency within this vast ecosystem.

I personally agree, especially for BTC, I don't think there is any potential concern that it will disappear, even though currently Binance as one of the leading cryptocurrency exchanges is having problems with the SEC.

There's no chance of Binance shutting down; FTX was a whole different story. Whether we like it or not, exchanges are convenient and will continue to be used by millions of users. Binance currently has the largest trading volume; it's impossible for it to go down similarly to FTX.

I understand the OP's frustration regarding the two latest incidents that disrupted the market, but that's something we should also take into account. The market is susceptible to such volatility due to a variety of reasons, apart from exchanges' troubles, that we cannot control and may not even be cryptocurrency-related. On top of that, the FTX only caused a temporary crash for a month or so, which isn't that significant if you ask me.

Fatunad

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Quote from: countryfree on June 05, 2023, 02:47:44 PM

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.

Fundamentals does always have that high chance on affecting Bitcoins price specially when overall market or people engage would be sharing up on the same emotion or feeling. We do know that exchange platforms are mediums about trading or simply that buying and selling which it is something that couldnt really be avoided for people to make use. Whatever things that do happen then it would really bring down the market price
specially if we do talk about Binance or whatever exchange issues that we might be able to see on the news today. The main key or thing to remember on here is that never ever store up your coins on an exchange on which it would really bring out that peace of mind on which you do know that you are the ones who had been holding your coins and not to those platforms on which they do possess the keys of that wallet.
As a user then there's no way that we could be able to do so, this is why its always been that recommendable on storing assets on non custodial wallets rather than on storing them into these centralized platforms.
If people would be bothered about fees then so be it, its up for the risks to take for them to deal on with their investment.Thing here is that we are fully aware on what are the things that we should really be doing.

mvdheuvel1983

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Quote from: countryfree on June 05, 2023, 02:47:44 PM

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.

Sorry that your savings went down, we all experienced it but then those who held eventually had their savings back up. Binance and Coinbase issues with the SEC is just like a political witch-hunting. Since they can't directly pull down bitcoin, have to do so through another means. We are not just here for the good times; we are also here for the not so good times too. Binance and Coinbase may go down which is very unlikely, but bitcoin will not. Never.

Just a friendly reminder to take out your coins from exchanges.

nimogsm

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you're right. But there is a huge problem that not everyone understands this. Today, many who come to cryptocurrency register 1-2 accounts on exchanges and no longer study exactly how Bitcoin and other cryptocurrencies work. Today, large exchanges have a major impact and this should be recognized as any intervention in their work one way or another affects the price of Bitcoin.

Games.Bitcoin

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In the world of cryptocurrencies, there seems to be an excessive emphasis on exchanges. While exchanges play a crucial role in facilitating the buying, selling, and trading of digital assets, it is essential to remember that they are just one component of the broader ecosystem. The true essence of cryptocurrencies lies in their decentralized nature and the empowerment they provide to individuals to manage their own funds. By solely relying on exchanges, we risk compromising the core principles of blockchain technology, such as decentralization and financial sovereignty. It is crucial for users to educate themselves about the importance of personal wallets, private keys, and secure storage practices, as they hold the key to maintaining control and security over their digital assets. By reducing our dependency on exchanges and embracing the fundamentals of self-custody, we can better align with the ethos of cryptocurrencies and foster a more resilient and independent financial system.

Lida93

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Quote from: countryfree on June 05, 2023, 02:47:44 PM

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.

It's quite clear that there's a big difference between bitcoin and exchanges but there's an interdependency that between these two different highlights and that interdependence can not be overlooked based on sentiment or emotions. Having a self custodial wallets rather than an exchange is wisdom in cryptocurrency but you can't do trades on self custodial wallets except through exchanges and that's where their quintessential comes into play. All we can do is avoid keeping your asset on exchanges except when you needed to trade afterwards you push back your coins into your self custodial wallet.

The diminishing of BTC will not cause an end to an exchange like binance neither will that of binance cause an extinction to BTC despite their interdependency for usage. It's all a matter of choice about which platform you want to use for your crypto business as their are numerous means of transactions and trades out their.

jokers10

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Quote from: countryfree on June 05, 2023, 02:47:44 PM

...
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.

It's just because you are "giving too much importance" to USD and its rate to BTC. 1BTC is always 1BTC. So it doesn't matter which are the rates to any fiat currency at the moment. And if you worried about the rates then you are definitely giving enough importance to exchanges because they form these rates in fact.

Do I care if a totally KYC demanding CEX will lose this game? Not so much. But I'm aware that it will definitely impact on rates if that CEX is big enough. And Binance is really big.

EarnOnVictor

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Quote from: countryfree on June 05, 2023, 02:47:44 PM

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.

This is because you don't know the economics around Bitcoin itself, the coin can't stand in isolation, particularly when it has been inculcated into the mainstream of the financial market.

Also, have you thought of the impact of exchanges on crypto and how it makes it relevant today? One thing with people is that they always think that decentralization could do it alone, but they are wrong. I don't care if anyone agrees, Bitcoin got the prominence it has today due to exchanges, and that was why the first holders strived to get it listed because they know the importance.

Bitcoin can't flourish and be relevant this much without demand and supply and this couldn't be known except it is listed, thankfully, it was listed by the exchanges. Also, exchanges make the payment, trading and investment of bitcoin to be easy and even built and help build a business around it.

So, I wonder why it is strange to you that Binance which is the largest exchange in the world will ever have effects on all cryptocurrencies, not only Bitcoin.

danskgraes

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Well, it seems like the only consistency here is that whenever something goes wrong with an exchange, BTC takes a hit. Maybe BTC should consider therapy to break free from its co-dependency with exchanges.

Cryptmuster

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There is nothing to be surprised here, the cryptocurrency market has always reacted to big news, and this is a normal phenomenon. If you are a BTC holder and do not hold your coins on exchanges, then you have nothing to worry about. Today the price has fallen, tomorrow it will rise - this is a normal process that has been repeated many times, this is the manipulation of those who know how to benefit from it.

Zilon

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This two are major exchanges with high trading volumes and majority of their customers are BTC holders so once volume any thing happens to this exchange negatively it will reduce trading volume which intern reduce price. Remember supply and demand is what moves the market of any asset. It is not as if Bitcoin has any affiliation with exchanges but the volume traded and market capitalisation play big role in price and value of an asset.

Flexystar

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The first failure to the bitcoin came when exchangers or more specifically centralized platforms were introduced as medium to transact the Bitcoin. We already know, Bitcoin was successful transferred from wallet to wallet without any efforts back in pizza days, but people failed to recognize the importance of the same.

Someone took the opportunity to turn this into a business and now we see hundreds and thousands of exchangers whether small to giant platforms disrupting millions to billions of dollars in revenue every year. That business model led the authorities towards extensive check on the enterprises running crypto exchanger business and here we are, saving ourselves from the failure of others.

Wish exchangers would not have evolved so far and we had only one P2P option to work with Bitcoin.

YUriy1991

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I remember, After the FTX dilemma, some have asked What is next for Binance? maybe when it sounds funny and impossible. Yes, in the crypto world nothing is certain. Indeed, these two entities exist as separate entities within the cryptocurrency world. While the exchange serves as a platform for trading various digital assets, Bitcoin (BTC) stands as a distinct and well-known cryptocurrency within this vast ecosystem.

I personally agree, especially for BTC, I don't think there is any potential concern that it will disappear, even though currently Binance as one of the leading cryptocurrency exchanges is having problems with the SEC.

tabas

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Quote from: countryfree on June 05, 2023, 02:47:44 PM

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.

As much as I don't want to see the fall of Binance because of how vast the users of it, there will be a lot of users that will be affected definitely. But you're right that these exchange debacles shouldn't be affecting the market but that's it. We can't do anything about it when the community and market reacts and that's why for every news that comes out negatively then there it goes, the market reacts negatively. And as opposite, when there are some good news that's happening to these exchanges then the market will react opposely, positively. I guess that this is the permanent thing on this market and space, we get to see debacles after debacles and market movers and influences that touches and moves the price of Bitcoin.

Topic: People are giving too much importance to exchanges - page 8. (Read 1225 times)