FTX drama stressing people for no reason | How to stay neutral

[crashedanon]

Recently I have been seeing a lot of people who are key crypto players for the past few years, backing away from cryptocurrency & mining. I have a few bitcoins, but I have never trusted any exchange. I have bought BTC from people only and currently, it is in my own hands [technically speaking]. I get the whole FTX issue, but if you really are into Bitcoin & crypto, then why haven't you kept your exchange wallets in check? I personally almost never used exchanges. P2P is what bitcoin is really about.

People lost millions, now many key players are backing off. No comments on that as it is a personal choice, yet spreading negativity on youtube & Twitter about the same is pointless. If you have lost something, then somewhere it is also your responsibility. FTX is responsible for cheating people, but people now making videos about why everyone should back off from crypto is not right & is spreading unnecessary chaos in the market. I am not an expert, but this is simply stupid.

There are a lot of channels[pretty big] that praised Bitcoin & mining now backslashing it & people are really getting carried away with this. Bitcoin to the market is just an emotional asset, however, there is more to it but only if people try to see it. Do not get carried away. Think wisely & use proper data.

Most of the NEWS is fake & is a decoy from the government to get people out of Bitcoin.

[lovesmayfamilis]

If we talk about psychological factors, then it is always easier for people to experience a loss or something that happened against their will by blaming others and not themselves. Now all the victims, inside themselves, naturally regret the mistake they made, but not everyone is strong enough to admit it publicly. As a result, so much dirt is now pouring into social media. A few days ago, we saw large withdrawals of bitcoin to noncustodial wallets as people began to learn from the mistakes of others. Do not store your assets on exchanges; this call has long been known to many. But the thought that this will not happen to me has given many people the understanding that this does not work all the time. To some extent, the collapse of the exchange served as a lesson for people not to trust the exchanges, and it is time for people to switch to their own thinking in exchange for the opinion of the crowd, obediently calling for certain actions.

[mk4]

I get the whole FTX issue, but if you really are into Bitcoin & crypto, then why haven't you kept your exchange wallets in check? I personally almost never used exchanges. P2P is what bitcoin is really about.

If you trade bitcoin/crypto — especially with leverage, then you pretty much have no choice but to leave a chunk of your bankroll on FTX or whatever exchange. The only problem is if people leave funds on exchange unnecessarily(with funds not being actively traded).

[buwaytress]

I get the whole FTX issue, but if you really are into Bitcoin & crypto, then why haven't you kept your exchange wallets in check? I personally almost never used exchanges. P2P is what bitcoin is really about.

You're not a trader, so you don't really get FTX then =)

And you're not a regular joe who probably doesn't know enough about Bitcoin, or don't trust yourself enough to be the sole custodian of your money. My grandmother kept cash under her bed... but she lived through the second world war, an occupation, and saw what could happen to money (invader chucks one out, in with another, savings gone).

I guess this generation (and mine of the 1990s) needs a lesson...

[Antonas1]

I am not an idealist and I still use a centralized exchange to convert my coins into fiat. But I don't care about the news and their thoughts. I don't follow it. Blaming others is just a denial over our mistakes.

~ Most of the NEWS is fake & is a decoy from the government to get people out of Bitcoin.

And most of the news is orders. Only made to control prices and take profits.

[Fiatless]

The Internet is filled with so much junk, that's why you must scrutinize this information before it is accepted or applied. Every piece of information needs to be verified before it is believed. It might be very difficult for people that have lost so much money not to be worried but like you advised we must avoid fake news. I sympathize with people that have lost money but they should understand that their health is more important than money. Seeking medical help would be a very good option for investors that have been affected emotionally. The lesson from FTX fall is clear: Never keep funds that you cannot afford to lose in centralized exchange.

[Daltonik]

Of course, p2p is preferable for the exchange of crypto assets, but even on these platforms it happens that gullible people are deceived by creating "their" exchange conditions by some traders, but exchanges are usually used for trading and here p2p clearly lose to the same spot trading, so it is always a choice between risk and the possibility of obtaining greater benefits.

[royalfestus]

Most people that preach not putting money on exchanges have their money there. The present analysis around the bottom of the market is attached to where most buy order is, and this is in big size. Is just unfortunate the FTX scam not even hack, and the scammers with billions of dollars theft walk around without threat. It is such a dangerous thing for him cause he has many pain and they take laws to there hands to harm him. Which prosecution by government could prevent.

[franky1]

most of the mainstream news is promoted and instigated by the wealthy who agree to tell their stories to media. which sets the narrative. and yes maybe some are linked to politics

in the cryptosphere however most of the drama are those highly trusting of the DCG sister hood. you can spot it because there is literally very little announced by those folks about the DGC and its status in the contagion.. yet all fingers are pointing at binance. even though it was binance that whistle blew

i dont use or support any exchange. what people should do however is keep a level head and actually delve deep into finding the facts

idiot investors dont care that FTX stole their coin. they care that their stolen coin became public(dream bubble burst) due to binance triggering people to realise they lost their coin. so they put their anger on binance.
for waking them up

dont enter the social dram games of finger pointing away from the problems. actually look for the real problems and become risk aware

trying to plead ignorant and not want to know, is where people then get stressed the most when their dream bubble burst and they are running in circles not knowing what to believe next

knowing the truth and being risk aware can keep you calmer

[Yatsan]

It is quite hard to prevent people from stressing out due to what happened recently involving FTX. Being neutral means understanding that such thing is unexpected and expected to happen at the same time. Same thing is evident with rugpulls related problems; the idea itself. What we are seeing are people generalizing such that same thing could happen with other exchangers, but in reality it doesn't occur often. There are other big exchangers which are still performing well for this industry. Being worried won't make you comfortable of what you are doing in this industry and may just eventually affect your profit. You just have to be cautious with your actions such as not storing wealth with exchangers. Assets are meant to be put in wallets.

[Frankolala]

Those who are giving fake news about Bitcoin simply don't know what they are saying and my problem is that they are misleading the people about bitcoin. FTX crash shouldn't be an excuse for this,instead they should be advicing the crypto users not to leave their coins in exchanges because it is not safe there. No matter how people will critize Bitcoin it will still be the best and most valuable amongst all cryptocurrency.

Those who are abandoning the crptospace because they lost their coins in FTX crash are disappointed and don't want to admit their mistake ,some people don't listen to instructions until they become victims of circumstance that is when they will realized that they are been ignorant of the truth.

[Darker45]

Those who used to support and even promote Bitcoin but then took a U-turn after the collapse of FTX are probably losing money because of it. They're probably victims of the bankruptcy. Meaning, they have big amounts stuck in there. This is the only reason I can see why this FTX thing could actually turn a Bitcoin supporter into a critic. They are probably bitter because they lost so much. But then it reflects how they have actually misunderstood the essence of Bitcoin all along. So their channels should be a trash right from the start.

[LittleBitFunny]

I am not an idealist and I still use a centralized exchange to convert my coins into fiat. But I don't care about the news and their thoughts. I don't follow it. Blaming others is just a denial over our mistakes.

It's not just you, I believe all of us here are continuing to use centralized exchanges because we have no other choice. Like traders, their income comes from day trading if forcing them out of centralized exchanges is tantamount to telling them to leave the market. We still use those exchanges as long as we know how to protect ourselves from dangers. You are right, don't blame others when it's our own fault.

Most people that preach not putting money on exchanges have their money there.

Haha, just like the people who regularly preach the doctrine, the vast majority are scammers. I also don't believe the OP is not using an exchange.

[yazher]

Most likely those people that are hostile to Bitcoin will use this opportunity to promote their propaganda and some of their baseless theories. investors should know to distinguish between biased news and legit one because nowadays you always find some news that is against the original plan of Satoshi Nakamoto and their dragging every malicious and scam accusation on Bitcoin. They won't hesitate as soon as they see an opening to criticize Bitcoin whether real or fake news. We as supporters need to clarify it first to our friends and others to prevent them from believing this fake news.

[Z-tight]

It isn't fake news that people lost their money in ftx, or that they should not hold their money in any online account forthwith; it is also not fake news that many centralized altcoins and tokens of exchanges and all are worthless and they go down once their parent institution falls, or when the few who hold them dump it, these are facts and aren't deniable.

What is not true is when BTC is dragged into it all, there is no way to stop that from happening because BTC is the most popular cryptocurrency, and for people who know nothing, once they hear there is a negative crypto news, they think something has gone wrong with BTC. People lost their money, so they ought to be stressed, and as a result of this, other people should be warned, but in all of that let the news carry the right information, BTC is a network that is resistant to all of these problems happening with centralized services and altcoins; BTC's price is volatile yes, but its network is strong and secure, people who use BTC correctly wouldn't have problems with the network ever.

[dothebeats]

It's in the human psyche: spread awareness if they have been burned by something even if it's partly their responsibility. Even if it comes off as something utterly negative without expressing valid points, they'd still go out and cry wolf when they already lost a lot. Nothing to do about that honestly, and if people really are into crypto, no matter how much fear-mongering there is all over you'll never really think about it and consider those to affect your choices and your decision on how you will be doing crypto moving forward.

People have been burned because they haven't been careful. A lot of times in the past were we already saying that never ever leave your money in exchanges. Guess what, FTX was a big exchange, and because of that everyone felt they were secure and BAM! The unimaginable happen. Understandable that people will be upset, and some will even go to lengths to swear to their teeth that crypto as a whole is just a fad.

[PrivacyG]

What we are seeing are people generalizing such that same thing could happen with other exchangers, but in reality it doesn't occur often. There are other big exchangers which are still performing well for this industry.

Exchange hacks honestly happen more often than I thought.  Bankruptcies maybe not so often, but hacks do.  It is every few months that an Exchange drops to the ground, but I agree most of them are small.  You have a lot of big Exchanges that have never dropped so far but to me they are time ticking bombs as well.

Imagine hearing Binance got hacked or filed bankruptcy.  Or Coinbase.  Or any other top Exchange for that matter.  All it takes for a hack is an exploit and the right person at the right time.  Hell, it could be an inside job for all we know.  I do not see the FTX drama an unreasonable stress.  Money that is not currently in a buy or sell order, a leveraged position et cetera should not be held on Exchanges.  Many do this to avoid withdrawal fees and deposit waiting times, or just because it is much easier to have everything movable in one click but they are doing it with a risk they should assume.  To me, it is stressful to keep my coins on an Exchange and very peaceful when I keep them in my own wallet.  Even knowing I have to pay multiple bucks every time I choose my wallet instead, it is worth the peace of mind.

-
Regards,
PrivacyG

[franky1]

most hacks are not hacks..
.. just CEO wanting to retire, taking he coins with him but blame someone else.

the FTX "we been hacked" just seemed such coincidental timing to want to ship lack of reserves on a hack the days after they got whistle blown that funds were missing due to internal fractional reserving and money shuffling by those inside FTX.

[pawanjain]

Recently I have been seeing a lot of people who are key crypto players for the past few years, backing away from cryptocurrency & mining. I have a few bitcoins, but I have never trusted any exchange. I have bought BTC from people only and currently, it is in my own hands [technically speaking]. I get the whole FTX issue, but if you really are into Bitcoin & crypto, then why haven't you kept your exchange wallets in check? I personally almost never used exchanges. P2P is what bitcoin is really about.

People lost millions, now many key players are backing off. No comments on that as it is a personal choice, yet spreading negativity on youtube & Twitter about the same is pointless. If you have lost something, then somewhere it is also your responsibility. FTX is responsible for cheating people, but people now making videos about why everyone should back off from crypto is not right & is spreading unnecessary chaos in the market. I am not an expert, but this is simply stupid.

There are a lot of channels[pretty big] that praised Bitcoin & mining now backslashing it & people are really getting carried away with this. Bitcoin to the market is just an emotional asset, however, there is more to it but only if people try to see it. Do not get carried away. Think wisely & use proper data.

Most of the NEWS is fake & is a decoy from the government to get people out of Bitcoin.

I totally agree with your point of view because somewhere I feel the same thing. If people have lost money in crypto then it is their own responsibility.
If people are depositing money on a centralized exchange then they must be aware of the risks involved with it.
If money is lost on a centralized exchange then it's not cryptos fault in it. Coins are meant to be stored in non-custodial wallets and not on exchanges.
In fact I have few coins on binance and I am aware of the risk which is why the amount is not much.
If it gets lost tomorrow I will feel bad but I won't get depressed about it for days. We should only deposit an amount on an exchange which we can afford to lose.

[DaveF]

I don't think it's drama, but since it's out there and people are hearing about it, there will be reactions.
Much like people did not understand years ago that AOL was not the internet instead of just being a small part of it, or that the banks do loan money they don't have, or....
Pick your example. People will learn over time, but it takes time.

At the moment, I think the only people stressed are those who had it all in FTX. And people who bought at the ATH a year ago and thought BTC would keep going up instead of it being another cycle.

-Dave