STOP THE EXCHANGE FUD; Everyone will suffer the effect.

[Taskford]

Why get panic about those issues? Its normal many people spread fud so that they can take advantage buying coins at cheap price.

Maybe you need to relax if you hold some or do some counter action like buying it again since riding how the market flow is the best thing to do by traders.

Just remember that any happening on the the scene is normal cycle since this is how manipulator earn if you lose your patience you lose.

[Lucius]

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.

I think that's complete nonsense to anyone who has any understanding of what Bitcoin is, and how negative CEX is in that whole context. What you think should be protected at all costs is actually something that represents a much greater danger in the state in which it currently exists. The FTX collapse just opened a pandora's box and some things will have to be cleared up whether someone likes it or not, and if that means that Binance will suffer in the process, I honestly don't care because it is a company that works in the gray zone all the time, uses everything possible loopholes in the law, avoids paying taxes and contributes the most to promoting scam coins/tokens.

True, if Binance fails, thousands of coins will fail as well, and the price of bitcoin would suffer in the long term.

Let them fail, they serve no purpose anyway except for a small number of people to get rich on them, and for others to live in the illusion that one day they will become rich. Bitcoin will eventually rise to the surface again, regardless of the price that will have to be paid.

[mk4]

It's part of the crypto world, but we must limit it, and I disagree that not everyone who sells will return to buy at the peak. It's difficult to regain trust in anything once you've lost it. Do you think those newbies who have less expertise and are compelled to sell will ever return? No, that's why we need to keep FUD to a minimum.

Remember when we crashed from $20k down to $3k in 2018? But yet last year we rocketed to $69k. Idunno mate, it looked like it was retail investors buying back to me.

Besides — it's not like saying "guys, don't FUD" is going to change anything in the first place, because it's the non-crypto people who do most of the FUDding anyway.

[fuguebtc]

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.

Indeed, in the same way, bears and bulls are part of the market, and without them, there would be no volatility, and we would not be able to make any profits from the market. We need to remember the financial market is a game and in which there will be winners and losers, the money of the weak hand will be transferred to the diamond hand. Who you are is for you to decide. Instead of seeing Fuds as a fear, turn it into an opportunity to buy cheap when others panic and dump their assets.

[Z-tight]

It is very easy to call danger signs from centralized exchanges as fud when your money isn't saved in one of them, there is nothing to lose if you eventually end up being wrong and the exchange collapses, you lose no money, not even a single dollar. E.g. Bob doesn't believe there's a thing like covid, but however washes his hands, maintains social distancing and carefully follows all safety rules, but the same Bob still posts on social media that there is nothing like covid, but nevertheless he is protecting himself even in his doubt.

If you have money saved in centralized exchanges do not take any of the recent events as being fud, even if it is, protect yourself by moving your money out of the exchange, then you can talk about fud. Do not worry about what will happen to BTC price if Binance collapses, worry about what will happen to your money if Binance collapses with it in their system.

[noorman0]

If people can no longer ignore FUD this time, that's probably normal. The problem is that centralized exchanges are indeed experiencing a crisis of confidence. People are now choosing to be more sensitive to early indications about exchanges engaging in mismanagement, they however don't want to lose a second time. After all, if the solution from FUD is actually more positive like "not your keys, not your coins", there's nothing wrong with taking that.

Luckily I haven't had much activity on the centralized exchanges since last October, so I wasn't affected much.

[hopenotlate]

- snip -
 it isn't bad to try to stress test exchange's solvency by having a mini bank run.
 -snip -

This part of mk4's post keep on coming back to my mind and don't wanna go away lol : what I'm wondering about is if it could be someway more useful than harmful to have a place , a telegram/discord group or a twitter profile or a thread here, followed by a substantial number of people ( even if what really matters is the amount of money rather than number of people) where , by community decision somehow detected, they would announce something like "let's withdraw everybody from Exchange *** to check their solvency".

There are certainly many downsides and it's difficult to achieve for a number of reason but if effective it could eliminate many dubious exchanges from the game.

PS : more than likely it is already happening with those well orchestrated FUD campaign we witness on social media but the difference is that the one we see are organized by someone with an agenda and, abovo all, with different aims.

[buwaytress]

I totally agree it can be a really good thing to not just stress test with a bank run (Binance seems to be weathering this well) but also journalist test all its other assurance claims... Like this special report from Reuters just hours ago: https://www.reuters.com/technology/binances-books-are-black-box-filings-show-crypto-giant-tries-rally-confidence-2022-12-19/

CZ has been singing about transparency and an eagerness to be regulated and compliant globally. Time to put that to the test, I guess.

Win-win methinks. They fail and we purge bad behaviour. Take the market hit now but emerge cleaner and better. They succeed and confidence is restored.

[Anonylz]

Almost like FUDers are very eager to see binance fail no matter what, till now most of this fud doesn't have a genuine source that really points binance insolvency but there are several of them on the internet.
Just as the topic says, continuous FUD of binance or any centralized exchange out there will indirectly affect btc and crypto in general, the bear market already bitting the market enough, so there is no need to contribute to it with these continuous unending FUD.