People are giving too much importance to exchanges - page 9.

Smack That Ace

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Quote from: michellee on June 06, 2023, 01:42:41 AM

BTC has been going up and down ever since. People who already know this are not panicking but are happy because they can buy Bitcoin cheaply. And if your savings go down because the price of Bitcoin goes down, that's okay because the price of Bitcoin goes up again.

If the government issues a large exchange, that's normal because, as usual, the government wants to implement regulations that benefit the government. So once again, don't worry because everything will be fine.

And with the decline in Bitcoin this time, we are given another opportunity to buy Bitcoin at low prices. And if Binance does eventually go away, there will surely be other exchanges that will take its place. It will continue like that.

Even, I am very happy with this news because I just bought some bitcoins for quite cheap compared to the previous days. Before that, I was worried the market won't fall back because if the market recovers quickly, bitcoin goes up too fast, and I'll buy bitcoin at a higher price, I don't like that. We're investing in bitcoin, not Binance or FTX, so I think there's no reason for us to bother with them. We can take advantage of bitcoin's drop to fill our pocket with bitcoin instead.

bayu7adi

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Quote from: Victorik on June 05, 2023, 02:57:33 PM

I am certain this is due to fud. People are selling off due to.fear of the unknown and this in turn is putting pressure of the price of BTC. But they fail to understand that even if Binance falls today, that will not be the end of crypto. I hope they understand this and stop this unnecessary panicking

People believe that all the BTC in that exchange wallet will be used for a dump by hackers, causing the price to drop. So, in order not to miss out on the opportunity and to minimize potential losses, many individuals will sell first. It's almost like experiencing FOMO.

Public concerns about unsafe cryptocurrencies will escalate, leading to panic. Since this significantly affects the cryptocurrency's fundamentals, the exchange's position can also influence the price.

michellee

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BTC has been going up and down ever since. People who already know this are not panicking but are happy because they can buy Bitcoin cheaply. And if your savings go down because the price of Bitcoin goes down, that's okay because the price of Bitcoin goes up again.

If the government issues a large exchange, that's normal because, as usual, the government wants to implement regulations that benefit the government. So once again, don't worry because everything will be fine.

And with the decline in Bitcoin this time, we are given another opportunity to buy Bitcoin at low prices. And if Binance does eventually go away, there will surely be other exchanges that will take its place. It will continue like that.

m2017

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Quote from: countryfree on June 05, 2023, 01:47:44 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.

If your savings are in bitcoin, why should you worry? As you had NBTC, you still have NBTC left.

The current rate of bitcoin (how much $ is given for btc) will always change and depend on the news background, because depending on this, people will buy and sell it. Which, in turn, will change the current rate. That's how the cryptomarket works.

The problem lies not in the exchangers and it's not in FTX or Binance, against the background of the events associated with which btc fell in price. That fluctuations in the price of bitcoin are very sensitive to the news background. Until btc is strong enough as a currency, most likely it will continue to do so.

What upsets you and devalues your virtual money (until you sell btc, your losses are fictitious, and the exchange rate numbers mean nothing until the moment of sale) provides opportunities for traders and speculators who make money on these fluctuations. So whether this is good or bad depends on how you evaluate and use it.

avp2306

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Quote from: countryfree on June 05, 2023, 01:47:44 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 became a trend since many think about that if something bad happen to exchange the price if BTC will follow that's why panic selling is happening since no one wants to sold last or experience huge decline on value of their holdings. If those investors could just relax their balls provably this decline will never happen and the one we can see is competitive price of bitcoin or other crypto.

irhact

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Quote from: countryfree on June 05, 2023, 01:47:44 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.

Centralized exchange getting attack by the SEC will always affect the price of Bitcoin because they're seen as a intermediate in the industry. Individual anticipate the market crashing as they get sued or collapse therefore they want to safeguard their investment by selling to stablecoin to avoid losing and this affect the the market as it give the signals of the market dipping which triggers other to sell thereby crashing the market.

This is a temporary crises and tou don't have to be worried as a long term Bitcoin holder, the market will recover again in the future. FTX, Binance exchange are just companies in the industry and they won't last forever so we have to stop associating them with Bitcoin growth.

Solokan

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In this case there are always people who panic and like it or not, in my opinion the exchange is part of cryptocurrency and of course the exchange also provides many advantages and conveniences for those who buy and sell bitcoin and crypto.

but indeed if there is bad news there is always a decline in the price of btc and the cause is because many people are affected by the mentality eventually people panic selling their crypto but in my opinion in this case we must
can take advantage of the situation because with the decline in btc it is a good opportunity to take advantage of by buying using the dca system.
and today also I have bought btc little by little because in my opinion the falling price of btc means that there are opportunities that we must take advantage of.

xSkylarx

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Exchanges are really making the price of bitcoin go up, not only because of the bad news for those exchanges, but also because people are going into it and buying or selling on that platform because it is easy, like they can just install it, and it is very interactive. It is easier than the traditional one, and people also prefer to transact there. You can't really remove exchanges, but people are having caution on it, like those who are holding their crypto; they should have the private key and not only the username and password. With this current problem in Binance, the price of Bitcoin will be affected.

BALIK

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Like it or not, centralized exchanges will be part of the cryptocurrency market, and they will play an important role even if many exchanges collapse.
Investing in bitcoin or cryptocurrencies is risky because of their volatility, don't try to blame exchanges when your investment depreciates. If you stay in this market long enough, you will find that there are a lot of things that will mess with investors' minds and not just Fuds around CEX, so we need to adapt and stay calm. News about binance is causing the market to panic, and I see more opportunity than fear.

Bazzu

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with a decrease in the value of savings does not mean that the value of our bitcoins decreases because 1 btc = 1 btc.
As long-term BTC investors, of course we won't care about things like that, and in my opinion if an exchange collapses it certainly won't make long-term BTC investors panic and collapse.
because later btc will also soar high again and if there is a decline in the price of btc it is commonplace in the crypto world so just enjoy our investment
passionately,
and if the btc price goes down we can buy btc again.

jeraldskie11

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Quote from: countryfree on June 05, 2023, 01:47:44 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.

In the past, if we didn't know enough about cryptocurrencies and received terrible news about any project or thing related to bitcoin, we would panic. As a result, many sell their assets right away to minimize the potential losses that unfavorable news could bring about. If you look at the market, it has happened before. And now, people are getting matured and they no longer purchase this type of stuff because they believe it is just manipulation. As a result, even though there are several charges against Binance, the price of Bitcoin will not fall significantly.

CryptoGamblingSites

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Whenever BTC Price goes down, always best to wait 2 - 5 years and ask yourself if you're still upset Wink

LogitechMouse

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Quote from: countryfree on June 05, 2023, 01:47:44 PM

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Binance will disappear? I don't give a damn.

Negative news = negative effect towards the crypto market. Market is heavily driven by emotions, by sentiments of the investors.

Though this wasn't the case for some news, most of the time whenever there's a negative news, the sentiment of the investors is going negative, thus they feel panic, and they will sell their holdings, causing the prices to go down.

I don't know if it's just me, but I've seen Binance being sued for many times already. CZ denied the allegations on his twitter account, and these are just "SPECULATIONS" because of the word "ALLEGED" meaning they aren't 100% sure if it's true. Now to answer your question, I guess the fact that most of the investors are using Centralized Exchanges whenever they buy and sell makes it more important to them. I mean if these exchanges will disappear, what will be our options if we want to buy, or/and sell Bitcoin, and other altcoins.

Well like you, I will not get affected if Binance will suddenly disappear, but I doubt it will happen. Just look at FTX. It has an issue a few months ago like you shared, but it's still operating like nothing happened. Cheesy

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Quote from: countryfree on June 05, 2023, 01:47:44 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.

Exchanges can be created and can die with time. Many reasons for their disappearance that can be a scam exit, a governmental seizure or self service closure. We never know what will be ending of one exchange whether it is a decentralized exchange or a centralized exchange.

If we store our bitcoin at a centralized exchange, if they go down, we lose our coins.
Reminder: do not keep your money in online accounts

If a big exchange go die, it will create big impacts on cryptocurrency market and price will be down a lot, -20 or -30% or more but if Bitcoin won't die, its price will recover after all and will continue to grow in its network hashrate and bitcoin price on market will continue to grow with every halving in future.

You only lose your savings if you sell your bitcoins when you are panic. If you hold your bitcoins, with recovery of bitcoin price, you won't lose anything.

Pandji02

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Yes, you're right. I've never used either of them too. But still, for the masses, things like that create a bad image of crypto, so it all goes down, you know how that works. We can embrace or at least endure it.

countryfree

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Somehow, it's about the same thing with stocks, people are always overreacting.
On the other hand, this shows how small, and concentrated BTC still is. There are many banks, and if one bank collapse, the currency doesn't follow. But one exchange is sued (it's not collapsing, yet), and BTC loses 5% within the hour. That's not normal. Maybe there aren't enough exchanges, so that one going down shouldn't have any effect on BTC's value.

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Bitcoin and exchanges are different, but there is a need of a platform through which the market for the bitcoin is built. If exchanges weren't available, what would've happened. Everyone who have got bitcoin will be holding it and there won't be any trading practice which keeps the market stable. If not we could've got moved to the ancient days or to the paper and pen on trading. Exchanges are part of the development. Everything can't be cent percent perfect, so is the service provided through the exchanges. The cryptomarket have got some connectivity with the exchanges, just because of that we were able experience downfall in the market when something good happens.

Kelvinid

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Bitcoin and Exchanges are different but they are both connected to each other that is why, as you have experienced when Binance has a problem, it affects the price of Bitcoin as well. And this is because exchanges have a huge role in the crypto space where people are buying and selling there, and if any problems arise with these exchanges, users are really affected. That is why people are giving more attention and importance to them as it was one reason why people are here and make a good profit and trading are alive.

hatshepsut93

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The value of your coins goes up not because millions of people adopt Bitcoin to pay with it for their morning coffee, it's because companies like Binance allow millions of people to quickly and conveniently invest in Bitcoin and trade it. Binance is responsible for a large share of total Bitcoin trading volume, so like it or not, exchanges will be a major factor for Bitcoin's price, until most of the trading volume will move to DEX, which might not even happen ever.

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Quote from: countryfree on June 05, 2023, 01:47:44 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.

Unfortunately, that's jist how market value works in this technology. Being affected by many factors is "double-edge". Indirect positive news will result to increase on cryptos' market value but same thing with negative articles. Reason? as others have mentioned, FUD. As far as I know, Binance would still function during the suitcase but it is just investors who wants to exit early and avoid bigger losses from people who would panic. Quite of a domino and relative events given that there's a belief of a downfall with Bitcoin's price because of CME gap below $23k. It is our reaction which creates a wave or movement with its market value.

Topic: People are giving too much importance to exchanges - page 9. (Read 1282 times)