Is crypto on the way to destruction?

[LDL]

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?

[mk4]

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.

[Zorigi]

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.

[_act_]

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.

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.

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

[EarnOnVictor]

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.

[_act_]

What just happened to FTX is not new in the crypto space, only that it happened to one of the major exchanges

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.

[davis196]

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.

[Z-tight]

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

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'

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.

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!

[Plaguedeath]

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.

[Ndabagi01]

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.

[Rikafip]

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

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.

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.

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.

[NotATether]

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?

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".

[coinerer]

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.  

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.

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.

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

[hZti]

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?

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.

[SUNNY F]

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.

[Rockstarguy]

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.

[Aanuoluwatofunmi]

$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.

[BALIK]

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.

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.

[Inwestour]

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.

[kryptqnick]

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.