Crypto should follow Satoshi's vision.

[DVlog]

Last few days we saw making history after Mt.Gox. 55 million people got affected and lots of projects are on the brink of collapse. One of the major ecosystems Solana also having a hard time because of its exposure to FTX and Alameda. Why this is happening?

Satoshi saw a dream of financial freedom by eliminating all middle man. That is why he created bitcoin as peer-to-peer electronic money. But it seems people do not like that freedom which is why centralized exchanges have millions of users and they are playing with people's money. Mt.Gox, FTX, and all other centralized exchanges are the same. They are a threat to crypto. Do not keep your funds in those centralized exchanges. Not your key, not your funds. Dex is the future.

[jackg]

Dex is the present too - it works much better than it used to but peer to peer alternatives have been around since 2013 at least.

I hope this reliance on crypto exchanges is short lived. I'd expect a lot of people holding crypto on ftx are greatly reconsidering what they did now and trying to work out how to move past it if some had a lot/majority of funds on there (even as bankruptcy proceedings go though).

[harapan]

Last few days we saw making history after Mt.Gox. 55 million people got affected and lots of projects are on the brink of collapse. One of the major ecosystems Solana also having a hard time because of its exposure to FTX and Alameda. Why this is happening?

Satoshi saw a dream of financial freedom by eliminating all middle man. That is why he created bitcoin as peer-to-peer electronic money. But it seems people do not like that freedom which is why centralized exchanges have millions of users and they are playing with people's money. Mt.Gox, FTX, and all other centralized exchanges are the same. They are a threat to crypto. Do not keep your funds in those centralized exchanges. Not your key, not your funds. Dex is the future.

I don't think people hate freedom in particular, humans are just too lazy to read and take responsibility for themselves they since bank's have done for them exchange's can do for them in the crypto space. Yes MT. GOX FTX and who's next? That's Binance eventually.
What's so ever called exchange's kill's Satoshi's plans which is Self Custody of your own Coin's, running of your own full nodes without any middle man. Please, if you're too stubborn you will be next, over $300 Billion lost in the recent FTX setback that was huge.
Elon Musk recently cracked a joke of how they have fucked millions alone with this using Porn hub

[SFMHodler]

It's because the exchanges became the new banks - but they are even less trustworthy than the old banks.

[DVlog]

Dex is the present too - it works much better than it used to but peer to peer alternatives have been around since 2013 at least.

I hope this reliance on crypto exchanges is short lived. I'd expect a lot of people holding crypto on ftx are greatly reconsidering what they did now and trying to work out how to move past it if some had a lot/majority of funds on there (even as bankruptcy proceedings go though).

It shook the whole industry. Now people are withdrawing their funds from cex like crazy. All of the major cex are now forced to show their proof of reserve. I got an email from kucoin about their proof of reserve and it seems they are doing it in a hurry. For some time people will not use CEX as they did before.

Hacker drained FTX funds and sold them into dex. It could be an inside job too much SBF was trying to escape from his Bahamas mansion in a rush. This drama hasn't ended yet.

[Flexystar]

That’s called as dirty business.

Over the period of time bunch of guys will always plan something behind the scenes to upgrade the systems and use it the way they want it. That’s what happening here.

What happens next is people start copying the projects and create their own business and there we see the complications rising all over the crypto space.

Wish it would have been still P2P process just the way Mr Satoshi imagined.

[rat03gopoh]

I hope this reliance on crypto exchanges is short lived.

I think the CEX dependency will never go away, most of the users disappointed by SBF have been dedicated to trading even before they know the FTX platform. The prospect of value is what they are looking for regardless they've read WP bitcoin about the great benefits behind it. On the other hand for example, my country only allows bitcoin as investment assets and commodity trading, nothing more.

[Husires]

No one will be able to define Satoshi's view except Satoshi himself, and because Satoshi disappeared before the emergence of altcoins, we cannot say Crypto should follow Satoshi's vision.

I can claim anything and say that Satoshi wants it.
Better than saying Satoshi's vision is:

• What are your convictions, try to convince others of it.
• Make them understand it, not memorize it.
  
• Take problems seriously and look for solutions.

[2stout]

No one will be able to define Satoshi's view except Satoshi himself, and because Satoshi disappeared before the emergence of altcoins, we cannot say Crypto should follow Satoshi's vision.

I can claim anything and say that Satoshi wants it.
Better than saying Satoshi's vision is:

• What are your convictions, try to convince others of it.
• Make them understand it, not memorize it.
  
• Take problems seriously and look for solutions.

One thing I don't see mentioned is that who is to say that Satoshi's view wouldn't have evolved over time as a lot has changed since then?  Also, yes the view was left in place, but some of it was left open to interpretation, which has been bastardized in particular by the greedy.

[hatshepsut93]

If crypto would follow Satoshi's vision, we would just have 3,000 copies of Bitcoin. And we don't need even a single copy of Bitcoin - Litecoin has proven that. Bitcoin doesn't even need competition to keep improving, because Bitcoin devs don't care what's Bitcoin market share, they care that the code is solid, that the protocol is safe and resilient.

The age of Bitcoin copies is long gone, you can't get anyone to invest in it anymore, today any new coin must have smart contracts and DeFi and NFT and whatever other buzzwords are trending.

[Smartprofit]

Last few days we saw making history after Mt.Gox. 55 million people got affected and lots of projects are on the brink of collapse. One of the major ecosystems Solana also having a hard time because of its exposure to FTX and Alameda. Why this is happening?

Satoshi saw a dream of financial freedom by eliminating all middle man. That is why he created bitcoin as peer-to-peer electronic money. But it seems people do not like that freedom which is why centralized exchanges have millions of users and they are playing with people's money. Mt.Gox, FTX, and all other centralized exchanges are the same. They are a threat to crypto. Do not keep your funds in those centralized exchanges. Not your key, not your funds. Dex is the future.

These negative processes occur not only in the crypto industry. 

A similar situation occurs with the Internet.  The Internet is a new frontier for all mankind.  At one time, the citizens of the United States of America, the pioneers of the lands of the New World, published the Declaration of Independence and separated from Great Britain.

However, this did not happen with the Internet.  Te Internet is actually under the jurisdiction of individual states, and some states seek to completely isolate their segments of the Internet from the entire World Wide Web. 

People very easily give up their rights, freedoms, opportunities and conquests.  This is sad.

[Smack That Ace]

I hope this reliance on crypto exchanges is short lived.

I think the CEX dependency will never go away, most of the users disappointed by SBF have been dedicated to trading even before they know the FTX platform. The prospect of value is what they are looking for regardless they've read WP bitcoin about the great benefits behind it. On the other hand for example, my country only allows bitcoin as investment assets and commodity trading, nothing more.

I also believe that dependence on CEX will never go away, as long as we are here to make a profit, CEX is indispensable. It provides us a lot of services from trading space, P2P services, staking solutions... that DEX can't provide yet but I hope in the future Dex will be able to improve and provide similar solutions as CEX. In my opinion, it is not necessary to give up Cex completely, as long as we have a solution to limit risks, there will be no problem. Never leave funds on the exchange after the end of the transaction, assets in the long-term holding portfolio should be put into cold wallets. In the market nothing is absolutely safe, using DEX we also have to connect the wallet with Dex and grant the permission, they can still attack our assets if there is a conspiracy.

[DVlog]

I hope this reliance on crypto exchanges is short lived.

I think the CEX dependency will never go away, most of the users disappointed by SBF have been dedicated to trading even before they know the FTX platform. The prospect of value is what they are looking for regardless they've read WP bitcoin about the great benefits behind it. On the other hand for example, my country only allows bitcoin as investment assets and commodity trading, nothing more.

I also believe that dependence on CEX will never go away, as long as we are here to make a profit, CEX is indispensable. It provides us a lot of services from trading space, P2P services, staking solutions... that DEX can't provide yet but I hope in the future Dex will be able to improve and provide similar solutions as CEX. In my opinion, it is not necessary to give up Cex completely, as long as we have a solution to limit risks, there will be no problem. Never leave funds on the exchange after the end of the transaction, assets in the long-term holding portfolio should be put into cold wallets. In the market nothing is absolutely safe, using DEX we also have to connect the wallet with Dex and grant the permission, they can still attack our assets if there is a conspiracy.

People use CEX because it is a convenient way to convert fiat to crypto. Gas fees are also a reason behind cex dependency if you are a trader, not a long-term investor. Sometimes people do not care to sacrifice their security if they find a little bit of comfort even in an insecure place.

[Plaguedeath]

Why crypto should follow Satoshi's vision? it doesn't make sense because all of them would be just a Bitcoin fork, why we need a Bitcoin fork if we already have a real Bitcoin? It's better if the other cryptos should be removed and exchange only list coins that has a use case, not only about to make money.

Actually we have a coin that follow Satoshi's vision, it's called as BSV (Bitcoin Satoshi Vision), it's only a joke lol. It's created by a idiot claim himself as a real Satoshi Nakamoto.

[Smartprofit]

There is a cryptocurrency that is not a fork of Bitcoin, but in many ways corresponds to the vision of Satoshi Nakamoto.

I'm talking about Monero (XMR).  Monero is a cryptocurrency with enhanced privacy and anonymity.  This is a PoW consensus coin.  Many experts consider it to be one of the most decentralized crypto projects. 

Monero is a very technological and innovative cryptocurrency.  At the same time, developers do not strive for hype.  The price of this coin is slowly rising and slowly falling.

[cabron]

Dex is the present too - it works much better than it used to but peer to peer alternatives have been around since 2013 at least.

I hope this reliance on crypto exchanges is short lived. I'd expect a lot of people holding crypto on ftx are greatly reconsidering what they did now and trying to work out how to move past it if some had a lot/majority of funds on there (even as bankruptcy proceedings go though).

People are just more comfortable when there is someone to call for support when they forget thier password or something goes wrong with thier transactions and CEX is the answer.

DEX is good. There are just fewer people using it and we can see it on the book orders. Prices also have a huge margin gap between buyers and sellers.

[Reid]

We don't know, I have heard users of CEX and their different versions of their reason on why they keep on using them.
It's not like they don't know how to use a DEX but one most reason that I see is the volume. If you are a trader the volume matters. You don't want your orders getting stuck because there's no buyers or sellers around.

Then there are those people who still doesn't know how to use a wallet, cold one.
They think it's not user friendly unlike with CEX, follow the hype, buy it, let it rot in the exchange, and then sell it if you see profits. Fastest, no workarounds, one-time fee.

[el kaka22]

The idea of decentralization and freedom is not because it would depend on the price or the value, it would be depending on the "control" of the currency.

Governments can print fiat anytime they want, they even have the right to block your money in the bank and not allow you to withdraw (Happened in many nations) so that means you do not own your money, the government does and they do whatever they want with it. Whereas crypto is purely owned by you, you could do silly stuff with it, and cause trouble for yourself, but it is your decision and there is nothing wrong with that. All those FTX and LUNA and what not were the things we did, but freely, not something other people did to make us lose.

[NeuroticFish]

Why this is happening?

Greed, laziness and stupidity.
The greedy will always try to steal from the lazy and from the stupid. And of course, they may be caught to also be stupid and/or lazy and the "perfect storm" emerges.

As long as people consider exchanges safer than their own wallets, as long as people don't know how to keep their system secure and their seed/private key safe, there will always be some who will want to profit.
And when you're with a huge pile of money in your backyard, it's overly tempting to start working on fractional reserves so you can earn more and faster.

I'm talking about Monero (XMR).

The problem is not the honest coins like Bitcoin, or maybe Monero, or maybe a few others too. The problem is the centralized coins (usually pegged to USD or whatever other value) the people don't understand that they're just as bad or even worse sometimes than fiat. And the problem is keeping the honest coins in centralized exchanges. And this can happen to Monero holders/traders as good as to bitcoiners.

[CryptocurencyKing]

Is it really not following the Satoshi dream like you put it? at OP.

You might want to take note that with the current value of Bitcoin, there are not enough coins in the world to be used by the world's population. It remains a scares commodity still even if we are to divide it to its satoshi denomination.

I think it's very much following the Satoshi dream than we can ever imagine. There are stages to every development and bitcoin is very much taking its phases as it should be.
Having its value determined by the collective group of holders around the world that having it standardised and centralized. The time for stability would come, I believe so.