Is crypto on the way to destruction?

[gantez]

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

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.

[Zanab247]

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

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.

[TheUltraElite]

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

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.

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

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.

[Mauser]

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

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.

[Yatsan]

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.

[pawanjain]

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, 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?

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.

[abel1337]

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.

[spectre71]

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.

[Bitstar_coin]

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.

[jrrsparkles]

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, 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?

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.

[coolcoinz]

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?

[Lida93]

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, 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?

"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.

[Sanitough]

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.

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.

[Adbitco]

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.

[ethereumhunter]

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.

[GreatArkansas]

(.....)
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?

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.

[famososMuertos]

You have to be careful in the way certain adjectives, nouns, and verbs are used, since they are misinterpreted if they are wrongly conjugated.

What do you mean by destruction?  How is this understood in a technology such as cryptography.

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.

[justdimin]

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.

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.

[Frankolala]

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.

[KickItDown]

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