Bitcoin Forum

The cryptocurrency market has been going through a panic for several days now.
There are many wise knowledgeable members who are always advising to be careful with cryptocurrencies.  Yesterday the admin of the forum issued a red alert Here (https://bitcointalk.org/index.php?topic=5421039.0), asking those who have cryptocurrencies in online wallets to transfer them to personal decentralized wallets as soon as possible.
All these members are giving all these warnings on cryptocurrencies without understanding some signals in advance.  So what do we understand the general public?

Is the cryptocurrency market headed for destruction or can we expect something bigger to come?

Or do we have any other options other than we the common people to slow down like turtles and be patient?

https://i.imgur.com/osEAWqR.png

Theymos' advice wasn't anything concerning bullishness/bearishness or about market prices at all. It's just the fact that there's a good chance that some exchanges/platforms are insolvent, or the fact that some will be insolvent/hacked in the future; hence why we should be using non-custodial wallets, to eradicate that risk.

I don't think so because with a price reduction or what is called a bear market, it often happens. from before too. but of course we have to be careful and secure our assets because there have been many cases that have caused many people to suffer losses. so our assets must be secured. but in my opinion crypto will not be destroyed, during there are still many who are interested in investing in crypto.

You consider it panic but many people that have known about bitcoin and crypto generally see it as an opportunity to buy. Any price decline is an opportunity for some people that have not invested before to invest, it is like a dream come true for some people.

Wallet is not decentralized, it is noncustodial, which means you have the private key and you have the whole control.

What just happened to FTX is not new in the crypto space, only that it happened to one of the major exchanges, nonetheless, crypto will overcome it as it always does. And this often happens in fiat institutions, especially when they are underregulated, which is why it is good to have more regulations in the crypto space. But unfortunately, most people on BTT are kicking against it as if it is totally bad. If FTX is well regulated, things would not be like this, and without regulations, exchanges will always do as they like. They can even steal money from accounts and make it look as though it never existed.

As for the existence of crypto, the FTX issue is too little to cause more panic than it has already done. Crypto should begin to stabilize now.

Mt. Got of the past that was hacked was major than FTX, their was panic at the time and the price of cryptocurrencies falled significantly. If one of the major exchanges is collapsing, it is enough to have negative effect on the crypto market, but just that FTX was not major like Mt. Got to result to more panic and price fall. If more exchanges are affected, it would have been worse.

Crypto will be destroyed only if the Bitcoin and altcoin blockchains get destroyed.
A bunch of crypto companies going bankrupt doesn't mean that the entire blockchain infrastructure is getting destroyed.
The crypto infrastructure is doing just fine right now. The crypto miners keep mining and the blockchains keep confirming transactions.
The market panic is temporary. We just have to wait for the panic to go away. After 1 or 2 years there will be bull runs for sure.
I don't know what do you mean with the "slow and steady" reference. Nobody is on a hurry, maybe expect the traders, who are panicking right now.

What is destruction to you? You are correct if it means that a lot of other exchanges and online accounts are probably going to go bankrupt and individuals who have used these online acounts as banks will lose their funds, that is what the warning is about, FTX is going to take other centralized crypto establishments down with it, so crypto individuals should store their funds in their own wallets to prevent this 'destruction'
Your crypto assets or funds should be secured in your own custody whatever the market price may be. The current warning by the way is about keeping your crypto in the right place, and also holding the right crypto; the right place being in self-custody, and the right crypto being a decentralized one, and not centralized altcoins or native tokens of online accounts!

Actually there's no such decentralized wallet in the first place! it's either custodial or non-custodial wallet, custodial where you didn't own the private key while the non-custodial wallet you're own the private key.

Crypto in general aka shitcoins are on the way to destruction since they're centralized and there's no 100% secure even though you hold in your non-custodial wallet. But Bitcoin wouldn't destroyed because of this case since we can still use P2P or decentralized exchange.

I believe he is merely pointing out that since you do not have complete control over your money, exchanges should not be relied upon. You only simply kept money with them, which is only shown to you as your balance and not literally, so you can't be sure you'll get it back when you need it; they could not be able to give back if something happens, as what happened recently. You should therefore store your money in a wallet that is always close at hand.

You can see this period as a sort of spring cleaning during which market is cleansed from all those shitcoin projects/platforms/exchanges that appeared in the last few years. And every time this happened (as it happened in 2018/2019 and several times before), bitcoin (and market itself) came out stronger so no, I don't think that crypto market is headed for destruction. More regulation for sure and that's about it.


Based on my experience when I had to sell bitcoin during bear market to cover some unexpected expenses, newbies rarely invest when bitcoin price is low as they are afraid that its "going to zero" and instead they wait for it to start pumping and instead seasoned investors that went through this before will of course seize this opportunity.

Hmm, destruction was not the reason I asked Theymos to put that notice there in the first place. It was to prevent more people from losing coins they had on exchanges.

It's the exchanges that are heading to destruction right now, not bitcoin or "crypto".

No sane person is telling anyone to be careful with cryptocurrencies as recently as the bankraft of exchangers like FTX they are suggesting that everyone keep their funds in a place where they are fully in control of their funds and not in any way controlled by a 2nd party. Avoid holding funds on any exchange in particular, as FTX infection can spread to other exchanges at any time.

Theymos didn't say to keep everyone's crypto in decentralized wallets.  He says to use noncustodial wallets where you have a private key to access your wallet and where your funds are fully under your control.  In this case you can think of Myetherwallet as a noncustodial wallet . But you can use wallets like Electrum, Trezor, Ledger which are more secure

He gave an advice to use exchanges that have a good reputation and store your money in a safe place. It is the same if people warn you about a shady bank. It is not good for the system, but it actually has nothing to do with Bitcoin itself.

In a bear market, there will always be people who say that encryption is going to be destroyed. If it doesn’t scare some people away, will the bull’s car be too heavy? It’s normal for the bear market to feel like this.

Normally it is not safe to store bitcoin in an exchange wallet.  If you make research about cryptocurrency,  what had happened sometimes ago it reveals how dangerous it is to store cryptocurrency in an exchange.

It has been recorded since the existence of cryptocurrency till this moment about billions worth of cryptocurrency has been stolen by hackers.  Cryptocurrency that is stored in exchange is risky,  expecially when it is a long term investment. Their is nothing bad about the current price of bitcoin,  it is an opportunity.

$3.7 billion taken off centralized exchanges ever since the occurrence of the FTX hack few days ago
https://twitter.com/BitcoinMagazine/status/1592232117211394051?t=EWdSjwGCSeAke8hWkAQQFg&s=19 while you will still need to see this decision and drastic steps some users are taken against centralized exchange and Binance specifically, with the massive awareness that sounds warning for people to take away their assets from centralized exchanges, adequate steps had been in place ever since then and there has been more clear understanding of the need to do so and prompt response were ongoing from many investors.  https://twitter.com/BTC_Archive/status/1592459419346153473?t=ZQ11Fcla8OTkyDIK2-hBYg&s=19 so here i will say that many altcoins and exchange were heading to no where in a matter of time.

Those who oppose regulation are because they care about privacy, you should know that once regulation is in place, we will be controlled and no longer as free as we are now and maybe the market won't have another crazy bull run, as I feel the regulation is not good. I also don't like regulations but I don't object either because I know regulations are inevitable, like it or not.
With incidents like Luna and FTX, you just have to never trust or idolize anyone in this market, never give your property to others to hold, you will avoid such unfortunate accidents.

Everything goes to this, regulators are trying to cover the entire industry, they are trying to show this in a positive light, that this will help protect investments from scammers in the future, but is it so. Will there be another bull market in which everything will grow, I think it will, but perhaps not all coins will grow, and it’s good that now you have doubts about this, it means that the manipulators are doing everything right.

Not keeping money online on a centralized service is a good advice at any point in time, but people often disregard it, think that it's an overprotection measure that isn't justified. However, as it turns out, it is justified and reasonable, and with the current hype over the FTX story, people might take the advice more seriously. I share the thought of some others here that it has nothing to do with the bearish market or where the market is heading. It's just a sensible reminder that not your keys means not your coins.
As for the market, there's no reason to believe it won't recover from the current situation, or even that crypto exchanges will die out. Bad things happen, but the market eventually recovers from them because it's not something that breaks the reliability of Bitcoin itself.

That from theymos was a reminder call. You don't have to create any fud. Cryptocurrency market is not in destruction, this that happen to FTX is not recorded as the first. Also other scam have hit the market but it is going. Bitcoin is not affected and that is the important thing, every thing else is our personal care to secure the investment. What theymos is saying is also said in many thread already. Not your keys, not your coins have been said.

Cryptocurrency market is not heading to destruction than to help people to have a good plan in this bear season, so that they will not regret when the price finally reach$100k soon. Cryptocurrency market will surely improve higher for those that thought cryptocurrency will collapse in this bear season, to see massive pumping of cryptocurrency in this month of November. If you still have money with you, you can still buy coins and hold because the market price is still low for people to buy and wait for the price to move higher before they can sell to make a reasonable income.

I dont see how the term destruction is coming in here. Crypto is an idea and ideas are not destructible.

What could in a remote situation happen is stopping the use of crypto, in true sense which would mean a pause of crypto but not complete removal. An exchange getting hacked is nothing to the older users like me, I take precautions to prevent this.

MtGox never managed to teach the users a lesson as it seems.

Patience is a virtue that we all must have. Of course being patient about the bad times help but learning from the mistake is also important.

The blow up of FTX is a pretty big event that has a lot of negative implications for the crypto world. Hopefully this was the last bad news this year and December is going to be a more happy and calmer month. The bankruptcy of a big crypto exchange brings a lot of bad headlines for crypto currencies and let's investors question their positions. Once the initial panic is over things will go back to normality again. We can see the bitcoin price already stabilised above 16000 USD. This doesn't look like a destruction to me. If we compare the current situation with the bankruptcy of lehmann brothers, back then many people believed it was the end of the financial system. And with hindsight things weren't as bad as they seemed back then.

Now this is FUD. People who think of such way are just wanting to cause ruccus or panic to ither people. If you've been here for years, you know what is happening. The market or this industry in general is volatile in nature. Price changes from time to time and also there are seasons wherein the market prices are continuously increasing, and also periods when the market value of cryptos are struggling to go up, just like what we are currently seeing. But destruction is way too much. It is even in contrast with the word development, wherein this industry is at that phase. But if you guys are not convinced, feel free to pull out your investment to avoid regrets. You won't be wrong from doing so, not until an uprise again occur. So you decide.

I think you are getting it all wrong. A warning doesn't always has to be an upcoming threat. It can be a prevention method for the "possibility" of a threat.
In this case, the people here always advice to store crypto in non-custodial wallets and not on exchanges.
I have read the phrase "Not your keys, not your coins" so many times and I have been hearing it for so many years already.
This basically helps users prevent the possibility of a hack of their coins. Stay calm and keep holding.

Destruction? LOL that's a pretty heavy word for what's happening right now. We are on a cycle and everything is possible during bear market. Hacks, Bans, Bankruptcy and other things are just happening every cycle and I'm sure that there will be something new to make the price go down. Our assets is our own responsibility whether it's a bullish or bearish market. From my own perspective, I can see that theymos is only reminding us to use non-custodial wallets and just to avoid storing our coins into an online platform knowing that something like what currently happening recently might happen again and we just need to have precaution to that.

I think it's weathering the storm pretty well. There is some more bad news to come and that presents more buying opportunities.

Additionally if "we" keep our own coins there is less money on exchanges for "them" to do bad things with. This could possibly add some stability to the market.

I had front row seats in the Silicon Valley during the dot com boom and bust. This feels EXACTLY the same. I don't feel bad about taking profits. I chuckle to myself all in hodlers, you can loose almost all of it. Have an investment plan not emotions.

It is being sanitized rather, crypto is fine if only some of the big players will stop playing dangerous games that will cost investors and the entire crypto space.
The moment an exchange goes under especially when it happens to be among to top players in the space, it always has a negative impact on the entire space which is what we are experiencing now, Sam played a bad game that got knocked down but unfortunately he is not the only one who was affected.

This isn't the first time the cryptocurrency market is facing downtrend due to the failure of one of biggest service provider so this isn't mean destruction or end, just the reaction from the investors but actually the wise people are accumulating more of crypto assets now cause they can buy it cheaper. A common man also can follow this strategy and it comes with risk for sure.

First of all we should put a line between bitcoin and crypto. Some altcoins are on the way to destruction as are some centralized businesses but the example of FTX is only another proof that putting everything in the hands of one person works until it doesn't. How many more exchanges have to fail with ceos being greedy and running away with the money before people learn to self custody? How many altcoins have to fail before we learn that bitcoin is the king?

"Headed for destruction " I don't know what that mean but if you're referring to Bitcoin going into extinction based on the recent market moves then maybe you just haven't yet gotten the concept of the word "volatility".

As long as volatility exist within the cryptocurrency market we should always expect the unexpected, be hopeful for nothing but tread with carefulness as you invest in the market as no one  can really give a clear picture of what the market might hold in the next minutes or so.

This is not a threat for us that crypto is heading to destruction, instead this is just a constant reminder that we should not rely on existing online accounts since there are chances that they may prone to hack in the future. So no need to worry, everything in crypto is still in its proper place. We just need to keep safe all our money by not putting it in non-custodial wallets.

If you must know there is nothing wrong with the advice given by the admin, as matter of fact is just a little reminder to us so you could be safe and well guided with or without any of us falling as a victim of what's currently happening. With your title weren't going into any destruction rather I could term it to be a market correction whenever there's instability or turbulence same it was with Luna then later got corrected before now the FTX so I don't think there's any destruction in crypto.

The decline in the market is not a sign that the crypto market is crashing. But it warns those in crypto to be careful what happens next. But this is just a temporary way to rid the market of useless coins and tokens. Or in other words, the market is resetting the list of coins and tokens so the market can be even better in the future. This has been happening for a long time and there is nothing to worry about. This may be new for beginners who have never encountered anything like this. But you don't need to worry. You just need to be patient while preparing your coins, namely bitcoins so that you can benefit later.

It's like a game of waiting. People with patience and dedication are always the winner. If you invested in Bitcoin and are very greedy or can't wait, you are a loser.
Just take an example of when Bitcoin started in 2009 and look where we are now today, it's amazing how far Bitcoin already reached. It's long-term.
I believe that Bitcoin will stay, it's already proven. A lot of cryptocurrencies that already vanish but look how Bitcoin staying on top 1.

The biggest mistake when you have bitcoin is wanting to be alert at the time of eventualities and not before, that is, one of the advantages of having bitcoin is decentralized wallets.

So we have to keep that advantage in mind always, that way it doesn't matter what happens out there.

We cannot control the crypto ecosystem in its complex growth and changing processes that occur, which have consequences like those of the mentioned exchanges.

That is a huge amount of money, that’s not an acceptable level of money. We need to make sure we are using the correct systems and not use these very loose safety systems because the more projects come out, the more people put their money in them and they get hacked and the number is growing every day.

Just to emphasize, I do not think that binance or coinbase would be hacked into, or at least our funds would be in danger there, but that doesn't change the fact that we shouldn't keep it there, you could move it out if you want to, because it's so easy. Just put it on your computer, and have like 1 or 2 backup USB and you would be doing fine.

Yea Bitcoin will recover again with time and hit the bull market no matter the challenge in the the crypto market presently. The dip of Bitcoin is not new because history is repeating itself again those who don't have confidence and understanding on their investment are the ones that are selling their Bitcoin holdings due to panic.

This is the time for a bitcoiner to buy more Bitcoin at a lower price and hold to it till when it hits the bull market again before selling it if at all. Bitcoin has come to stay so if you sell your holdings now you will be among those that will regret your actions later. Always save your Bitcoin in a noncustodial wallet where thieves can not break into and steal.

You people still panic?
Back in my days I would panic if my mattress would start to burn, now at least I know one day I will be able to see them

And it was unfortunate that many were still not convinced about it. Many had thought that once the market is in correction, a collapse will going to happen next. Yes, I tend to agree that history will repeat itself (sometimes) and we are facing it again. However, despite the negative views we have seen and heard from hopeless people, we're still here trusting and believing that one day the market will turn back to bullish again.

By now and hold - we celebrate later.

Cryptocurrencies have been on a bit of a roller coaster lately, but that doesn't mean they're going to disappear anytime soon. Every time when crypto got hit, it doesn't get weaker, but stronger. The market washes away from the scams. The whole idea of crypto is decentralization, and when people entrust centralized institutions like FTX with their money, you know what's gonna happen. I know it's a cliche but "not your keys - not your coins. I expect that crypto will get more hits like this last one in the future as well, it's just inevitable until people understand what crypto stands for... Until then HODL on crypto brothers!

I have a feeling that the recent crashes are all manipulated by some force, the deaths of Luna and FTX are attracting the attention of the legislators, they are stepping up and also have enough reason to intervene in the market as legally as possible.

The market is getting so big, they haven't reaped any benefits for years and now they're starting to notice it. With regulations to control us and then huge taxes to be imposed on us, I think regulation does more harm than good to us.

Both bull and bear markets are normal. I don’t think it will be destroyed. Cryptocurrency has been known to more and more people. As long as there are people interested in it, it will not disappear.

If it is because of FTX’s problem that Ni has this idea, then there is no need to panic. It is not a problem. FTX is not well regulated. It has no guarantee for our account. Our funds may be stolen at any time, but if FTX is well regulated Nothing like this would have happened.

Theymos is simply advising us to move our funds from centralized exchanges to decentralized exchanges due to the drama that these exchanges are currently engaging with . Nearly everyone involved in the cryptocurrency industry is aware that when using an exchange, we do not have complete control over our funds, and if we do not have complete control over our funds alone, it indicates that we have not given our funds adequate security. Consider the current situation at the FTX exchange, where many users were unable to access their funds, which caused several to pass away. Therefore, if we need a good level of protection for our data, we should attempt using a decentralized wallet so that we have complete control over it.

With knowledge of bitcoin and cryptocurrencies, we are aware that no matter what, a bear market is coming. Therefore, the current bear market shouldn't scare anyone. If you have been following the history of Bitcoin and cryptocurrencies in general, you will find that this is not the first bear market. As a result, don't be panic, remain calm; the market will eventually recover. However, there will be many failed projects, so be careful about the coins or tokens you choose to purchase. I would like to recommend Bitcoin in this bear market because it is the safest investment.

7 Cs of Crypto

https://youtu.be/lnUGAsTLU9o

I believe Theymos wanted to remind all about what they, the OGs in the space have continued to say on many occasions, "Not your Keys, Not your Coins" and the FTX exchange issue just further reemphasize that. Many people still leave their crypto assets in their exchange wallet and a lot of it too, if you can afford that much then you can afford a hardware wallet plus these hardware wallets aren't really that complicated.   

NO, we cannot say because the price of crypto currency is down or the one of bitcoin is on the way of destruction. Yet we still benefit from it the little we have we should use crypto have been on the way for a long time.

Luna and FTX collapse destroyed confidence in the crypto industry simultaneously will also encourage global regulators to tighten the screws. Some crypto experts and analysts think everyone should welcome the scrutiny because it can help restore faith in the industry.

All the wise people have emphasized caution. Crypto will never end or be destroyed but if some dishonest person commits a big scam it affects the cryptocurrency market including the investors. We've seen Luna Crash before. Everyone knows how terrible that was. The effect of which has not yet been finished. On the other hand, the FTX collapse also hit the market again. But I think the shortcomings of cryptocurrency are being removed and the cryptocurrency market will be established on a stronger foundation in the future.

Heyyy from  past few weeks should be back to the crypto equivalent of the traditional market investing concept of dollar-cost averaging, slowly building a position in an asset over time so all your money isn’t exposed to any single bout of volatility.

Those were just instructions to safe keeping the funds into decentralized wallets so that it can't be accessed by the third parties. I think this is what it meant and may this is what Mr. Satoshi stated long time ago which people are not following due to the greed of earning more and more fiat money as profit from the crypto trading.

Idk, but sometimes I feel that if we would have kept using wallet to wallet transfers (p2p) then crypto could have been even better place to live and prosper.

Also the instructions are simple thoughts of Satoshi's vision. There is no need to make buzz out of it.