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Author Topic: A Lesson from the recent crash: Central platforms are too dangerous  (Read 130 times)
Husires
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May 20, 2021, 06:19:22 PM
Merited by DdmrDdmr (2), pooya87 (1), tranthidung (1), rhomelmabini (1)
 #1

what happened yesterday is a real price manipulation, price changed from 30k to 40k, then many platforms stopped working, which means that the opportunity to buy at this price passed to a few, some platforms stopped withdrawing, Ethereum Fees reached unreasonable levels and some "STABLE COINS" have 0.777$ value.

Normal user did not have the ability to purchase below 36k even those who took the risks and their currencies were present in the platforms, some of them did not succeed in reaching the platform either because it was slow or because the purchase order was not executed.

If there is something that people should learn from yesterday, it is this:

 - Stop panicking: Don't make selling decision. Review your decision several times.
 - Central platforms have become too dangerous: yesterday, many of them have stopped and may stop in the future, which means that most altcoins (except Bitcoin) will become zero in value.
 - Supporting Decentralized platforms: people should think seriously about it.
 - Stable currencies are not stable: some of those "STABLE COINS" have reached the value of $ 0.7
 - Stop listening to FUD: Bitcoin is dying.
 - Stop blaming people, Gov, China or even Elon Musk: all the articles were talking about Elon Musk, but to be honest, he brought up some discussions that we should focus on, such as decentralization, the use of renewable energies, privacy.
 - Central platforms have become too dangerous.
 - Central platforms have become too dangerous.

Finally: If you are looking for fast profit from cryptocurrency market buy from the deep.

enjoy 35% OFF. Smiley

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May 20, 2021, 07:53:53 PM
 #2

It's always the case that whenever the market is pumping, the exchanges are going to have problems. And it's not different from when the market is crashing for their traders to save their assets, then there they are, having a maintenance problem.

Many have panicked and will always be, it won't change because there are always new investors in the market.

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May 20, 2021, 08:31:49 PM
 #3

yesterday I saw things that made me extremely angry, I lost money because Binance was freezing all the time, there were times when I bought bitcoin and seconds later when I refreshed the site the price had dropped over $2000, it was something just unbelievable, even today it still has having this problem in binance, the difference is that today the price is not falling much like yesterday, but it is very difficult to trade.

About panic Is something normal.

there is something that people need to understand: It is not possible that this market grows without centralized exchanges


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May 21, 2021, 05:01:27 AM
Merited by DdmrDdmr (2)
 #4

some platforms stopped withdrawing, Ethereum Fees reached unreasonable levels
And yet some people still refuse to accept that ethereum is a shitcoin!

Quote
Normal user did not have the ability to purchase below 36k even those who took the risks and their currencies were present in the platforms, some of them did not succeed in reaching the platform either because it was slow or because the purchase order was not executed.
Technically if someone is a trader they are going to have funds on exchanges. Considering that the drop didn't start yesterday, they had a while to transfer their funds to exchanges.
Also one can always place low bid orders at lower prices like $36k, $30k, $20k or even $100 overnight so that they may be filled. It is all about speculation as a trader. For example you speculate that with the ongoing panic sell there is little chance for price to go below $40k but it may happen. So you place a big buy order around $40k ($41k+$40k+$39k) then place smaller ones at higher and lower prices ($45k+$35k+$30k).

Quote
enjoy 35% OFF. Smiley
Smiley

there is something that people need to understand: It is not possible that this market grows without centralized exchanges
I disagree. The problem is that CEX is working fine 90% of the times and DEX has a lot of headache (at least the current implementations) so people prefer CEX. If DEX was improved more and CEX started having more issues, they will switch and we finally end up seeing bigger and better DEX.
Specially for altcoin trading I see absolutely no reason to use CEX specially if they have KYC since there is no fiat involved!

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May 21, 2021, 06:03:41 AM
 #5

Stable coins are not stable when crypto market is plummetting or soaring. They are not stable if fiat currencies are in troubles, hyperinflation.

Stable coins can get troubles if mother companies have troubles with tax reports, financial reports or FUD.

DEX works fine most of time and spread of price on DEX is smaller than on CEX. It is reasonable to say DEX is better than CEX in operations, usually.

DEX can give you protection, law suits but CEX can not.

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May 21, 2021, 06:19:38 AM
 #6

Stable coins are not stable when crypto market is plummetting or soaring. They are not stable if fiat currencies are in troubles, hyperinflation.
-snip-
Exactly, I see it the same way. I therefore also find the term "stablecoin" very misleading, especially for newcomers to the market. It is and remains a coin that is also controlled by supply and demand. If huge amounts of stablecoins are thrown onto the market, their price will fall just as rapidly as that of Bitcoin, for example. This could be observed 2 days ago:



Source

The "stable" here simply means that the coin fluctuates much less (strongly) in the course of the day but even with Tether, for example, you are not immune to collapses.

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May 21, 2021, 10:10:15 AM
 #7

enjoy 35% OFF. Smiley
Just be careful, because we may fall even lower Smiley
Centralized exchanges are dangerous because they can freeze users' assets or stop trading for a while under the pretext of maintenance.
Learn to use decentralized exchanges, they never fail.
Stable coins may be more expensive or cheaper, but they won't last long. Their price will quickly become equal to par.








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May 21, 2021, 10:42:14 AM
 #8

there is something that people need to understand: It is not possible that this market grows without centralized exchanges
I also disagree here. Granted, centralized exchanges are more popular now with higher amount of money flowing through them, they are also quite user friendly cause they hold and manage your funds for you as opposed to DEXes.
I however think decentralized exchanges should be the future of cryptocurrencies and is the only way the sector would grow in the right direction. Also with more growth DEXes would get more efficient and user friendly.

Finally: If you are looking for fast profit from cryptocurrency market buy from the deep.
I agree with most of the points you made, but no one should expect "fast" profits from cryptocurrencies regardless of what levels they bought at. Growth takes time and every investment should be given time to grow, particularly after a dip.





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May 21, 2021, 11:53:54 AM
 #9

- Supporting Decentralized platforms: people should think seriously about it.

If it's a platform like BISQ where people use credit cards and bank wires, then liquidity would be so small, because each trade would take hours or days to settle and fees would be a few percents per transaction in many cases.

And crypto-to-crypto platforms suffer from high fees in case of Ethereum or centralization in case of BSC.





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Husires
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May 21, 2021, 01:09:12 PM
 #10

It is not possible that this market grows without centralized exchanges

It is not possible that this Altcoins market grows without centralized exchanges.
Bitcoin is the only crypto that can fight if all centralized exchanges stopped.

And yet some people still refuse to accept that ethereum is a shitcoin!
No. ETH is still smaller than what people think and need to grow.
If we compare it with all altcoins, it is the best, but it needs years to develop to be considered a real altcoin.

Stable coins are not stable when crypto market is plummetting or soaring. They are not stable if fiat currencies are in troubles, hyperinflation.
Stablecoins are Scam.

Just be careful, because we may fall even lower Smiley
for the next 6 months, I don't think that. Cool Cool

If it's a platform like BISQ where people use credit cards and bank wires, then liquidity would be so small, because each trade would take hours or days to settle and fees would be a few percents per transaction in many cases.
Bisq is an example. if more people support DEXs, more money will came and better software will developed.

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May 22, 2021, 05:26:44 AM
 #11

No. ETH is still smaller than what people think and need to grow.
If we compare it with all altcoins, it is the best, but it needs years to develop to be considered a real altcoin.
It is actually the worst compared to other altcoins, not just because it is a terrible cryptocurrency and has a lot of bugs and is working inefficiently but mostly because it is full of lies and things that it never delivered such as decentralization and immutability.

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May 22, 2021, 06:38:26 AM
 #12


No. ETH is still smaller than what people think and need to grow.
If we compare it with all altcoins, it is the best, but it needs years to develop to be considered a real altcoin.


Imagine having GAS fees costing more than Bitcoin by a mile even without reaching 10% of Bitcoin's price point

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May 22, 2021, 09:57:43 AM
 #13

then many platforms stopped working
I've not checked, but I'll bet a bitcoin that Coinbase crashed again.

and some "STABLE COINS" have 0.777$ value.
But they say they are backed up 1 to 1 with USD! They wouldn't lie, would they!? Roll Eyes

If it's a platform like BISQ where people use credit cards and bank wires, then liquidity would be so small, because each trade would take hours or days to settle
As much as I like decentralized exchanges given that I use them exclusively and never touch centralized exchanges, I do think this is a big obstacle for them to overcome. There isn't a decentralized way to overcome the slowness of the fiat banking system. Fiat methods are slow, and the only way to speed them up currently is to use a different trusted third party such as PayPal, which comes with its own host of problems, security concerns, privacy invasion, etc.

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