Topic: STOP THE EXCHANGE FUD; Everyone will suffer the effect. - page 2. (Read 285 times)

I agree with the main subject that the current circulating FUD about exchanges being insolvent is a negative thing specially since the only thing it is achieving is to force a lot of newbies to panic withdraw from their exchange accounts! This doesn't help anybody or anything considering that these same newbies would re-deposit their funds to the same exchanges after a while! As I said they are panic withdrawing, they have no understanding of "not your keys, not your coins" thing.

However I disagree with some parts:
Not at all. If anything we should do something that Binance is no longer the "largest" crypto exchange. Go back to 2013 and see what MtGox being the largest bitcoin exchange did to bitcoin price. Binance is to altcoins as MtGox used to be to bitcoin. Back then MtGox controlled >85% of the volume and single-handedly screwed up the market, today no bitcoin exchange controls a volume bigger than 10%. But when it comes to altcoin exchanges like Binance they suddenly control a huge percentage of altcoin volumes and it has to change.

Wrong. Some people will panic sell bitcoin and we may see a drop but it will never be long term. As I said we've already reached a good balance between bitcoin exchanges where nobody controls a large percentage of the volume to have a significant effect on the price.

I disagree. The only thing damaging reputation of cryptocurrency is the cryptocurrency itself. There hasn't been more FUD about anything apart from bitcoin and we know its reputation hasn't been damaged.
Altcoins on the other hand already have a bad reputation for being useless and only used for pump and dumps.

There will always be FUD, but we must try not to contribute to it.

Unfortunately some of us who know and use crypto-currency already, also contribute in our own way to this fear, uncertainty and doubts (FUD) that can affect usage and adoption of cryptocurrency. We do so when we share negative reports with people who have no knowledge at all, or no concrete understanding about cryptocurrency and can be easily swayed into believing anything they hear, or easily misunderstand what they hear. We must be careful with what we say around people with no knowledge at all, or no concrete understanding about cryptocurrency.

What this website has to do with the exchange FUD? And you think this is nothing but harmful for the crypto community? Lol. The FUD going around is people should take care of their funds instead of leaving them in exchange. In other words "Not your keys, not your coins". But you are asking people to stop that? Means you are asking them to leave the funds on exchange? NotATether doesn't promote that of course.
And how exchange FUD and Protecting Bitcoin is correlated? Can you explain further?

Is I'm the only one person who think there's no correlation what the @OP is talking?

In short he talking exchange FUD will reduce investors and then he suggest to support a project that focus on mining energy and POW? lol.

There's not FUD at all! everyone just need to withdraw all of their funds to hardware wallet, that's it, nothing should be worried anymore. The reason why we're still on bear season is we would suffer economy recession in the next year.

While I don't think I've seen any confirmed information on Binance being insolvent, it isn't bad to try to stress test exchange's solvency by having a mini bank run. Unfortunately while there have been a good amount of withdrawals, it's still minuscule in the grand scheme of things knowing how massive Binance is.

The problem is that you don't know which information is valid and which is FUD (and FOMO, equally bad). If you aren't malicious, when you click the share button, you thought that the news might be true or worth sharing, that's arguably better than just being silent.

And NO, Binance shouldn't "be protected at all costs" as Bitcoin is bigger than exchanges. Those exchanges exist because of Bitcoin. Let's just hope that Binance is ethical, so they won't end up in the same basket as Mt. Gox, FTX, etc.

Seriously advice people who follow social media accounts which were used to spread fud, they should unfollow those accounts or expose with such information with highly carefulness and own research.

Some websites to end, debunk fud

• Endthefud.org
• Bitcoin Obituaries
• BitcoinisDead.org

Fortunately, since 2009, lot of fud can not kill Bitcoin.  

It somewhat reflects the Lindy effect as written in The bullish case for Bitcoin

If someone is selling, someone is buying. It just changes hands from weak to strong.

Fud and fomo are part of cryptocurrency world. Same people who are selling right now due to fud, would buy at peak due to fomo. I see nothing wrong.

BACKGROUND

FUD stands for fear, uncertainty, and doubt. In the context of cryptocurrency, FUD refers to negative or false information that is spread with the intent of causing doubt or fear in the minds of investors, with the goal of lowering the price of a particular cryptocurrency.


What the FUD you're spreading on social media accomplishes;

There has been a lot of Binance fuds on social media in recent weeks, and it is becoming daily news on Twitter. Binance is without a doubt the largest crypto exchange and must be protected at all costs, while FTX investors and influencers are playing a dangerous game right now, attempting to take everyone down with them following the FTX disasters. True, if Binance fails, thousands of coins will fail as well, and the price of bitcoin would suffer in the long term.

Some potential disadvantages of FUD in the cryptocurrency market include:


Loss of investor confidence: If investors believe the negative information that is being spread, they may become less confident in their investment and decide to sell, which can lead to a decline in the value of the affected cryptocurrency.

Loss of potential investors: FUD can also scare away potential investors who may be considering investing in a particular cryptocurrency. This can limit the potential growth of the cryptocurrency and reduce its overall market value.

Damage to the reputation of the cryptocurrency: FUD can damage the reputation of a cryptocurrency, which can make it less attractive to investors and users. This can lead to a decline in its popularity and use, which can in turn reduce its value.

Loss of trust in the cryptocurrency market: FUD can also create a general sense of distrust and skepticism among investors, which can make them less willing to invest in any cryptocurrency. This can lead to a decline in the overall value of the cryptocurrency market.

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BitcoinCleanup.com

for those of you who have free sig and avatar space you can dedicate it to this beautiful initiative by NotATether . we need to protect bitcoin NOW and stop the fud