Topic: The Failure of Exchnages can never be that of Bitcoin. - page 2. (Read 444 times)

Criticizing Bitcoin/crypto because of a centralized exchange failure has always been an idiotic criticism in the first place; always voiced out by ignorant people on social media. Those empty cans have always been the most vocal.

Let's not forget that few coins are not listed on centralized exchanges till today and they do so well in this crypto market, look at HEX for example, as successful as this coin is it never get listed on those cex big exchanges .
Bitcoin will do so fine without any centralised exchanges and in fact, it feels more at home on Decentralised exchanges, Bitcoin was never created to be under any centralized power as we know it.

I have read, heard close discussions, rumours and rumoured misconceptions and misunderstanding about Bitcoin as it relates with Exchanges.

As we all are aware, the ussge if centralized exchange defeats the whole idea of Bitcoin and perhaps the reason why it was created by Satoshi Nakamoto which is decentralization and self custody. Regardless of how people speak condescendingly to friends and families about backing off from investing in Bitcoin and other cryptocurrencies during the recent FTX collapse.

A bit furious about it summon myself to make this up, that the failure of an exchange can and will never be the failure of Bitcoin.
Satoshi Nakamoto who I believed mined the highest number of Bitcoin has not 1% of those Bitcoin holding's on any of those popular exchanges. That should be enough for every or any sensible human out there to mimick and imitate. I consider it pure cowardice to think that if an exchange fails that Bitcoin will fail, not even the level of crypto scams will crash it nor lead it to stunt growth and adoption. Jim Cramer has been such a stupid influencer pushing people to exit investment in crypto and also to panic sell which is wrong as he said that months behind. A dialogue with people who have seen worst in the bear market and exchange collapse will have you disciplined and leaving exchanges for good, buying the dip in the process as it also an opportunity to accumulate more satoshis.
Below are something's exchange do;

In Reality, Bitcoin is a digital gold and can actually do without exchnages.. they haven't represented Bitcoin from the very beginning, an example is that the first pizza bought with Bitcoin, had no exchange playing any role in that process.

If there were no cryptocurrencies especially Bitcoin, there wouldn't have been an exchange... Centralized Exchnages rose up after the creation of Bitcoin , are they any different from local banks? Making profits is the sole aim.

Since the rise of Centralized Exchnages they have more harm and ruins... From MT. GOX, Quadriss and to thr latest FTX collapse, all they do is put investors in doubt about the continuation of investments in crypto projects, both life savings and retirement plans have been shattered.

The bottom line of this all is that the failure of Centralized Exchnages can never be that of Bitcoin which after every bear market has been tested, the cycle continues, gather sats around and be patient for the bull.

This seems to be a confusion not just to many ordinary people but even among the leaders in congress who investigated the case of FTX. Sometimes it is easy to generalize crypto companies, crypto applications, even other cryptocurrencies as Bitcoin. They are not.

If Bitcoin is being doubted because FTX failed, then they haven't understood a thing about Bitcoin. This must also be the generalization of some members of congress who failed to understand that centralized exchanges like FTX isn't Bitcoin, doesn't represent Bitcoin. In fact, they are the opposite of Bitcoin.

The failure of centralized exchange only prove that centralized system aren't they way to go if the industry want to go far. Instead of we fighting for adoption through us giving up what makes the industry unique (which is it been decentralized) then to hell with their adoption.

We can achieve adoption through peer to peer, it just might take longer to achieve but we can wait. The world isn't ending tomorrow and we have lots of time to build and strength the industry.

Who knows maybe the government are the ones sponsoring this centralized exchange to strengthen their fight against Bitcoin as all this centralized exchange do is to sell our data to the government so they can monitor our every move.

The bottom line of this all is that the failure of Centralized Exchnages can never be that of Bitcoin which after every bear market has been tested, the cycle continues, gather sats around and be patient for the bull.

Re: The Failure of Exchanges can never be that of Bitcoin.

I see you didn't take your time reading throughout the whole text there, I'll advice you take your time already to read it.

The faluire of centralized exchange has never been and will never be the downfall of Bitcoin.
It was good to hear and read from users during the FTX collapse saying they handled the entire situations gently despite majority of them  getting bankrupt by Fxt. I would be so disrespectful of me to call you a poor reader so I won't do that.

You're correct that bitcoin can function without exchanges, but traders and investors cannot really do their thing without exchanges. Bitcoin is only dragged on the issue because it's what's being traded on the exchanges, and it's mainly the target of hacks. Bitcoin doesn't share any of these faults and insecurities of exchanges, but it may seem like it because the price of bitcoin afterwards is what's getting affected unfortunately.

In Reality, Bitcoin is a digital gold and can actually do without exchnages.. they haven't represented Bitcoin from the very beginning, an example is that the first pizza bought with Bitcoin, had no exchange playing any role in that process.

If there were no cryptocurrencies especially Bitcoin, there wouldn't have been an exchange... Centralized Exchnages rose up after the creation of Bitcoin , are they any different from local banks? Making profits is the sole aim.

I don't know where you read that news, but I've never heard of it, bitcoin and exchanges like currencies and banks. A failed bank doesn't mean the currency collapses and neither does bitcoin. I remember we also had a topic about the correlation between bitcoin and exchanges and honestly, bitcoin can work fine even without an exchange, so saying that the collapse of exchanges will drag bitcoin to collapse is the dumbest statement I've ever heard.

In Reality, Bitcoin is a digital gold and can actually do without exchnages.. they haven't represented Bitcoin from the very beginning, an example is that the first pizza bought with Bitcoin, had no exchange playing any role in that process.

Since the rise of Centralized Exchnages they have more harm and ruins... From MT. GOX, Quadriss and to thr latest FTX collapse, all they do is put investors in doubt about the continuation of investments in crypto projects, both life savings and retirement plans have been shattered.

Bitcoin is developed out of the blockchain technology where the intermediary is eliminated. This makes way for the decentralised functioning of the network. Now the existence of centralized exchanges have taken the intermediary position in some means. In one way the growth of cryptomarket is connected with the contribution from Exchanges. Same time the centralized system failures create negative image for bitcoin among the unknown people. In reality the mistake is the exchange and not the bitcoin.

In Reality, Bitcoin is a digital gold and can actually do without exchnages.. they haven't represented Bitcoin from the very beginning, an example is that the first pizza bought with Bitcoin, had no exchange playing any role in that process.

If there were no cryptocurrencies especially Bitcoin, there wouldn't have been an exchange... Centralized Exchnages rose up after the creation of Bitcoin , are they any different from local banks? Making profits is the sole aim.

Since the rise of Centralized Exchnages they have more harm and ruins... From MT. GOX, Quadriss and to thr latest FTX collapse, all they do is put investors in doubt about the continuation of investments in crypto projects, both life savings and retirement plans have been shattered.

The bottom line of this all is that the failure of Centralized Exchnages can never be that of Bitcoin which after every bear market has been tested, the cycle continues, gather sats around and be patient for the bull.

I don't know where you read that news, but I've never heard of it, bitcoin and exchanges like currencies and banks. A failed bank doesn't mean the currency collapses and neither does bitcoin. I remember we also had a topic about the correlation between bitcoin and exchanges and honestly, bitcoin can work fine even without an exchange, so saying that the collapse of exchanges will drag bitcoin to collapse is the dumbest statement I've ever heard.