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

[swogerino]

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

I agree,the only ones stressed are those who had their money in an exchange and that has been instructed a thousand time in the forum that by doing that it has a lot of risks associated with leaving money in exchanges,like hacks,bankruptcy and many other but for me those are only inside jobs just like I believe for the FTX thing.

People were stressed even because of the impact it had on Bitcoin and crypto as it caused the prices to go down instilling fear again in people that do not understand Bitcoin and crypto the way the are meant to be understood.I don't think anyone from us who own everything in our own wallets which we have 100% control of them and keep holding until the right time to make our moves.

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[OgNasty]

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

It really isn't fake news.  It's shown how fragile these large crypto companies are that are using leverage and releasing their own tokens to pump markets and cause maximum pain to traders.  Binance may be the good guy now for ripping his playbook out of the hands of FTX, but don't make any mistake, it's the same playbook.  FTX just couldn't survive long enough to release their own stablecoin as they got a bit sloppy and full of themselves.  Binance did the same thing with BNB and BUSD though, they just have been around long enough to make a ton of cash in this game and can (hopefully) keep their bubbles floating. 

Make no mistake about it though, this is reason to panic industry wide.  As the folks with funds stuck in Gemini Earn if they should have hit the panic button as soon as the word Genesis hit the news.  This is the tip of the iceberg for the industry and there are plenty of zombie operations running right now just hoping a run on their services won't expose them.  Don't get caught on the wrong side of the fence.

[kryptqnick]

I don't keep money on the exchanges because there's no need to do that if you aren't a trader  (choosing a non-custodial wallet isn't that hard), but I understand why people would do that. We live in the world full of authorities, and people are used by now to storing money in their bank accounts, where the money isn't really theirs but is managed in hopefully a good way by the company. So it's natural to look for something like a crypto bank, a reputable company, and rely on them. If you have troubles with your exchange account, you can contact support, restore access to your account (if you lost it). If it's a non-custodial wallet, it's your sole responsibility to keep your money safe, but also ensure you don't lock yourself out of the wallet. So why not relieve oneself from responsibility and then blame someone else if things go wrong?

[so98nn]

Peeps will obviously go away if they have lost millions in the arena of bitcoin because they themselves know how hard it was to hodl it for years and then loose it all in blink of an eye. I couldn’t see any viable reason here to deny the fact that they are wrong! If they are getting their money back then their is only slight chance the will believe in crypto one more time but that is also just slight chance. FTX drama is serious shit considering it involves the real money and not just virtual tokens mate.

[TimeTeller]

Peeps will obviously go away if they have lost millions in the arena of bitcoin because they themselves know how hard it was to hodl it for years and then loose it all in blink of an eye. I couldn’t see any viable reason here to deny the fact that they are wrong! If they are getting their money back then their is only slight chance the will believe in crypto one more time but that is also just slight chance. FTX drama is serious shit considering it involves the real money and not just virtual tokens mate.

But for those big holders, they should have known that they don't need to trust a centralized exchange with their funds.
Even if we say it is on top, like Binance. You still need to secure your funds using your own wallets securing your own keys.
But we have had countless scenarios of bankruptcy in this market, and yet, many people are still storing their funds on a custodial platform.
Another lesson for crypto users that no matter how big a company is, they can be subjected to an unexpected twist of events, that we may never saw it coming.

[BitDane]

As usual anti-cryptocurrency institution will use this FTX fiasco to convince people to back out from getting involved in crypto industry.  Though it is very evident that Crypto specifically Bitcoin has nothing to do with this exchange collapse and it was SBF who is responsible for the mess.  I don't know the reason why they don't blame SBF for being incompetent instead they blame Bitcoin and its industry for the mess these few people had done.

[Ayers]

I don't keep money on the exchanges because there's no need to do that if you aren't a trader  (choosing a non-custodial wallet isn't that hard), but I understand why people would do that. We live in the world full of authorities, and people are used by now to storing money in their bank accounts, where the money isn't really theirs but is managed in hopefully a good way by the company. So it's natural to look for something like a crypto bank, a reputable company, and rely on them. If you have troubles with your exchange account, you can contact support, restore access to your account (if you lost it). If it's a non-custodial wallet, it's your sole responsibility to keep your money safe, but also ensure you don't lock yourself out of the wallet. So why not relieve oneself from responsibility and then blame someone else if things go wrong?

If what you say is true then people are making a big mistake. Centralized exchanges and banks are completely different, the only similarity is that they are both centralized but the bank is sponsored by the government and you can have more peace of mind when depositing money in the bank. For centralized exchanges that is not the case, they are not directly regulated by the government, they are just private companies that don't even have a business license. So exchanges cannot be considered like banks.
You are not a trader so it is understandable not to use an exchange, but for a trader it is impossible not to use an exchange.

[ethereumhunter]

If you want to be neutral about everything happening, you don't need to respond to the news you read, especially if it's not from valid sources of information, because we know that many are trying to make people panic. Or if you're worried about getting caught up in the mix, you might as well get out of the market and enjoy some time to do something else and not go near the crypto market for a while. It will be better for you to manage your emotions because if you continue to read news from out there, you might panic and make mistakes that you shouldn't.

[DanWalker]

As usual anti-cryptocurrency institution will use this FTX fiasco to convince people to back out from getting involved in crypto industry. 

It wouldn't be a surprise when they do that because we're doing the same thing with banks, just one bank goes down and we're going to jump in against the whole banking sector, although we also know that not all are like that.

Though it is very evident that Crypto specifically Bitcoin has nothing to do with this exchange collapse and it was SBF who is responsible for the mess.  I don't know the reason why they don't blame SBF for being incompetent instead they blame Bitcoin and its industry for the mess these few people had done.

I believe this is just an excuse or rather a trap set up to give someone enough reason to step in and try to control us, not simply an accident caused by the SBF out. Surely in the near future, we will see more regulation as well as more control coming from the government and that is the result of this collapse.

[_BlackStar]

The crash of Luna and FTX were two things that had a tremendous impact on the market. Many investors lost money because of these two cases, but all investors wouldn't lose their bitcoin if they didn't keep them in FTX. This case should be a lesson to anyone currently still entrusting their bitcoin or other high-value assets on a centralized exchange, they should withdraw them to their non-custodial wallet or more likely to a hardware wallet ^{[good security advice]} if they have one.

Instead of blaming others, I'd rather hold ourselves guilty for believing in something centralized like centralized exchanges. Even when someone loses bitcoin or loses access to the wallet it can be considered the user's fault because it may be their negligence and inability to secure their wallet.

[Gallar]

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.

one mistake can ruin everything, that's the fact now.
from FTX errors creeping up on all crypto.
investors who experience losses at FTX will definitely be traumatized by something like this, especially those with big losses.
it's not just the losers, there must be a lot of people who are afraid to invest in crypto again, because at this time a lot on social media news media, and in the entertainment media, which fry opinions about this mess, and even worse it relates to all crypto, for sure it will impact the investors.

[Antonas1]

~ I believe all of us here are continuing to use centralized exchanges because we have no other choice. ~snip~

Not really, until now there are still people who are not connected with centralized exchanges at all. They just keep Bitcoins in their private wallet, but I don't know for how long. It seems they're long-term traders, at least that's what I think.

[Luzin]

Instead of blaming others, I'd rather hold ourselves guilty for believing in something centralized like centralized exchanges. Even when someone loses bitcoin or loses access to the wallet it can be considered the user's fault because it may be their negligence and inability to secure their wallet.

Currently the best instrument of crypto is Bitcoin. I think choosing bitcoin is the safest option. He can always go back to high prices. Then store it in your personal wallet.

Regarding the FTX and Luna cases, they are part of a new technology that gives an adverse effect due to the problems that occur. If all do not believe in the exchange and withdraw all the assets what will happen? it seems bad. That will make crypto dead and difficult to grow and who will move the price? If that happens the crypto industry will die there is no trust in the exchange. Hope all is well.

[Slow death]

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.

so you never did day trade, if you did day trade you would realize that the price can rise and fall at any time and that it is easier to keep the coins on the exchange so that when the price drops a lot, the person will be quick to buy and place stop-loss , how would you place stop-loss if you leave coins in the wallet? I would really like to know if this is possible, as far as I know it is not possible to do this

P2P is what bitcoin is really about.

people need exchanges to buy bitcoin using bank account and people need exchanges to day trade

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.

people are reporting what is happening, they are not spreading negativity

If you have lost something, then somewhere it is also your responsibility.

wrong, the responsibility lies with the exchange, when someone creates an exchange and people put money on that exchange to do day trade, the owner of the exchange has the responsibility of keeping people's money safe, you can consult anyone who understands about laws and you will see that that's how it works, i'm not a legal expert but i read that that's how it works

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.

people were deceived and robbed, you wanted them to be silent? they have the right to create videos, post anything to draw the attention of governments and punish those responsible for this exchange

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

I disagree, most of the news is true, of course there are some that are rumors

[justdimin]

Instead of blaming others, I'd rather hold ourselves guilty for believing in something centralized like centralized exchanges. Even when someone loses bitcoin or loses access to the wallet it can be considered the user's fault because it may be their negligence and inability to secure their wallet.

Currently the best instrument of crypto is Bitcoin. I think choosing bitcoin is the safest option. He can always go back to high prices. Then store it in your personal wallet.

Regarding the FTX and Luna cases, they are part of a new technology that gives an adverse effect due to the problems that occur. If all do not believe in the exchange and withdraw all the assets what will happen? it seems bad. That will make crypto dead and difficult to grow and who will move the price? If that happens the crypto industry will die there is no trust in the exchange. Hope all is well.

Yeah true, bitcoin is amazing and it should be the way out of this mess as well. People are overreacting to the situation a lot and I understand it because there are a lot of people who lost money in this mess as well.

So, if you are one of the people who lost your money on FTX problem then it should be understandable for you to not really be calm right now, you would be mad and you would be angry and you may end up saying a lot of things about bitcoin and crypto as well. However, to all those people who did not lose any money during this period and only got scared because of the market, that doesn't make sense to me at all, they shouldn't be like that at all.

[Hispo]

As usual anti-cryptocurrency institution will use this FTX fiasco to convince people to back out from getting involved in crypto industry.  Though it is very evident that Crypto specifically Bitcoin has nothing to do with this exchange collapse and it was SBF who is responsible for the mess.  I don't know the reason why they don't blame SBF for being incompetent instead they blame Bitcoin and its industry for the mess these few people had done.

Spot on, not only institutions and governments.
I have also seen people with thousands of followers on Twitter talking very negatively about Bitcoin, saying the downfall of FTX was another proof of Bitcoin being a Ponzi scheme, truly a bunch of nonsense. They are so bad informed that do not even know the difference between Bitcoin and a private liquidity provider / exchange like Binance or FTX. 

[crashedanon]

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.

so you never did day trade, if you did day trade you would realize that the price can rise and fall at any time and that it is easier to keep the coins on the exchange so that when the price drops a lot, the person will be quick to buy and place stop-loss , how would you place stop-loss if you leave coins in the wallet? I would really like to know if this is possible, as far as I know it is not possible to do this

P2P is what bitcoin is really about.

people need exchanges to buy bitcoin using bank account and people need exchanges to day trade

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.

people are reporting what is happening, they are not spreading negativity

If you have lost something, then somewhere it is also your responsibility.

wrong, the responsibility lies with the exchange, when someone creates an exchange and people put money on that exchange to do day trade, the owner of the exchange has the responsibility of keeping people's money safe, you can consult anyone who understands about laws and you will see that that's how it works, i'm not a legal expert but i read that that's how it works

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.

people were deceived and robbed, you wanted them to be silent? they have the right to create videos, post anything to draw the attention of governments and punish those responsible for this exchange

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

I disagree, most of the news is true, of course there are some that are rumors

I do not trust the news. People who have lost it all in the crypto, it is their own responsibility. It is stupid to trade in any form of currency/commodity without actually having the knowledge about the flow of value. most people who lost it all were in crypto for a quick buck with trading. News & media are propagating the FTX issue as outrageously toxic to Bitcoin & other altcoins.

Bitcoin to me is a trade value in every 5 to 7-year time frame, not every minute.

Centralized Exchanges are just an option.

There is a major difference between spreading negativity and actually reporting what's happening. People on YT are not reporting, they are looking for another topic to post a video about and put ads on it. Yet for tweets about Crypto & Bitcoin, it is just another opportunity to get good reach.

Lastly, I do not play with day trading, stop loss/ take profit or anything else you can describe. Not looking for making a quick buck with bitcoin. It is a technology MOST people don't understand.

& What people don't understand is what they criticize the most when it hurts them.

[Natalim]

FTX leaves a lesson for many people but for sure, as time passes by, we forget this and many people will still store their money in an exchange wallet.
I expect a returning event in the future.

But we have nothing to do now other than move on and look forward to the resolution of this issue. And hoping that this could be the last big issue that happens this year, nothing more. We have to accept that things like this are very possible but at least, we get some learning in this situation and it serves as an eye-opening to all of us that even known and big exchanges can be changed. So don't give your 100% trust to them, we have to be cautious enough.

[PrivacyG]

I do not trust the news. People who have lost it all in the crypto, it is their own responsibility.

You are very correct without a doubt.  Why have I never lost my coins in an Exchange hack?  I have nothing to worry about, because I am in custody of my own coins.  It is kind of silly to blame others for something you were supposed to be responsible of, I would say.  But how many times did banks file bankruptcies and their customers lost money along our history?    Then why do people keep trusting Banks?  We are so silly!

There is a major difference between spreading negativity and actually reporting what's happening. People on YT are not reporting, they are looking for another topic to post a video about and put ads on it. Yet for tweets about Crypto & Bitcoin, it is just another opportunity to get good reach.

Would say two things are happening.  These YouTubers focusing on reach and income rather than quality of information and many of them do not understand how Cryptocurrencies truly work.  If you want an honest YouTuber making videos about Cryptocurrencies, find one who does not take all and every single kind of Shit coin sponsorship.  Most of them sell themselves out by accepting to promote Shit coins out of greed.  I do not think there are many of them who actually provide accurate information and mostly focus on Bitcoin and the other Cryptocurrencies that actually have a future and value.

Reminds me of all these 'Climate Activists' throwing paint on art and gluing themselves to tables, concrete and walls.  They have no idea what they are actually protesting for and their actions make zero sense, but they want the attention and they are receiving it.  Similar to how in the middle of the Pandemic there were all sorts of people throwing out and supporting all sorts of information, whether true or false.  There is an entire community of them however, and they are making waves.  This is very similar to the reports you are talking about.  They have no idea what they are saying and they are looking for income and attention.  These kind of people will always exist.

But do not worry, their supporters will also be people who do not understand how Bitcoin works and why it is the future.  There are some people who simply like being stuck in a loop of infinity where they think they understand everything but in reality do not understand anything.

-
Regards,
PrivacyG

[crwth]

I think if you see how people treat cryptocurrency in general, it is a way for them to profit, and in order to provide, you need to riskier assets, and one of them is trading. If you are in the FTX exchange then definitely you are aiming for trading and profiting from your capital in there and you wouldn’t be able to do that if it wasn’t in there.

The best approach now for people is to use decentralised exchanges, but it’s a little more complicated though, so I don’t think a lot of people would be willing to do that