STOP THE EXCHANGE FUD; Everyone will suffer the effect.

[borovichok]

BACKGROUND

FUD stands for fear, uncertainty, and doubt. In the context of cryptocurrency, FUD refers to negative or false information that is spread with the intent of causing doubt or fear in the minds of investors, with the goal of lowering the price of a particular cryptocurrency.


What the FUD you're spreading on social media accomplishes;

There has been a lot of Binance fuds on social media in recent weeks, and it is becoming daily news on Twitter. Binance is without a doubt the largest crypto exchange and must be protected at all costs, while FTX investors and influencers are playing a dangerous game right now, attempting to take everyone down with them following the FTX disasters. True, if Binance fails, thousands of coins will fail as well, and the price of bitcoin would suffer in the long term.

Some potential disadvantages of FUD in the cryptocurrency market include:


Loss of investor confidence: If investors believe the negative information that is being spread, they may become less confident in their investment and decide to sell, which can lead to a decline in the value of the affected cryptocurrency.

Loss of potential investors: FUD can also scare away potential investors who may be considering investing in a particular cryptocurrency. This can limit the potential growth of the cryptocurrency and reduce its overall market value.

Damage to the reputation of the cryptocurrency: FUD can damage the reputation of a cryptocurrency, which can make it less attractive to investors and users. This can lead to a decline in its popularity and use, which can in turn reduce its value.

Loss of trust in the cryptocurrency market: FUD can also create a general sense of distrust and skepticism among investors, which can make them less willing to invest in any cryptocurrency. This can lead to a decline in the overall value of the cryptocurrency market.



BitcoinCleanup.com

for those of you who have free sig and avatar space you can dedicate it to this beautiful initiative by NotATether . we need to protect bitcoin NOW and stop the fud

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[libert19]

If someone is selling, someone is buying. It just changes hands from weak to strong.

Fud and fomo are part of cryptocurrency world. Same people who are selling right now due to fud, would buy at peak due to fomo. I see nothing wrong.

[tranthidung]

FUD stands for fear, uncertainty, and doubt. In the context of cryptocurrency, FUD refers to negative or false information that is spread with the intent of causing doubt or fear in the minds of investors, with the goal of lowering the price of a particular cryptocurrency.

What the FUD you're spreading on social media accomplishes;

Seriously advice people who follow social media accounts which were used to spread fud, they should unfollow those accounts or expose with such information with highly carefulness and own research.

BitcoinCleanup.com

Some websites to end, debunk fud

• Endthefud.org
• Bitcoin Obituaries
• BitcoinisDead.org

Fortunately, since 2009, lot of fud can not kill Bitcoin.  

It somewhat reflects the Lindy effect as written in The bullish case for Bitcoin

[mu_enrico]

The problem is that you don't know which information is valid and which is FUD (and FOMO, equally bad). If you aren't malicious, when you click the share button, you thought that the news might be true or worth sharing, that's arguably better than just being silent.

And NO, Binance shouldn't "be protected at all costs" as Bitcoin is bigger than exchanges. Those exchanges exist because of Bitcoin. Let's just hope that Binance is ethical, so they won't end up in the same basket as Mt. Gox, FTX, etc.

[mk4]

While I don't think I've seen any confirmed information on Binance being insolvent, it isn't bad to try to stress test exchange's solvency by having a mini bank run. Unfortunately while there have been a good amount of withdrawals, it's still minuscule in the grand scheme of things knowing how massive Binance is.

[Apocollapse]

Is I'm the only one person who think there's no correlation what the @OP is talking?

In short he talking exchange FUD will reduce investors and then he suggest to support a project that focus on mining energy and POW? lol.

There's not FUD at all! everyone just need to withdraw all of their funds to hardware wallet, that's it, nothing should be worried anymore. The reason why we're still on bear season is we would suffer economy recession in the next year.

[Little Mouse]

for those of you who have free sig and avatar space you can dedicate it to this beautiful initiative by NotATether . we need to protect bitcoin NOW and stop the fud

What this website has to do with the exchange FUD? And you think this is nothing but harmful for the crypto community? Lol. The FUD going around is people should take care of their funds instead of leaving them in exchange. In other words "Not your keys, not your coins". But you are asking people to stop that? Means you are asking them to leave the funds on exchange? NotATether doesn't promote that of course.
And how exchange FUD and Protecting Bitcoin is correlated? Can you explain further?

[Rruchi man]

Fud and fomo are part of cryptocurrency world. Same people who are selling right now due to fud, would buy at peak due to fomo. I see nothing wrong.

There will always be FUD, but we must try not to contribute to it.

Unfortunately some of us who know and use crypto-currency already, also contribute in our own way to this fear, uncertainty and doubts (FUD) that can affect usage and adoption of cryptocurrency. We do so when we share negative reports with people who have no knowledge at all, or no concrete understanding about cryptocurrency and can be easily swayed into believing anything they hear, or easily misunderstand what they hear. We must be careful with what we say around people with no knowledge at all, or no concrete understanding about cryptocurrency.

[pooya87]

I agree with the main subject that the current circulating FUD about exchanges being insolvent is a negative thing specially since the only thing it is achieving is to force a lot of newbies to panic withdraw from their exchange accounts! This doesn't help anybody or anything considering that these same newbies would re-deposit their funds to the same exchanges after a while! As I said they are panic withdrawing, they have no understanding of "not your keys, not your coins" thing.

However I disagree with some parts:

Binance is without a doubt the largest crypto exchange and must be protected at all costs,

Not at all. If anything we should do something that Binance is no longer the "largest" crypto exchange. Go back to 2013 and see what MtGox being the largest bitcoin exchange did to bitcoin price. Binance is to altcoins as MtGox used to be to bitcoin. Back then MtGox controlled >85% of the volume and single-handedly screwed up the market, today no bitcoin exchange controls a volume bigger than 10%. But when it comes to altcoin exchanges like Binance they suddenly control a huge percentage of altcoin volumes and it has to change.

if Binance fails, [..], and the price of bitcoin would suffer in the long term.

Wrong. Some people will panic sell bitcoin and we may see a drop but it will never be long term. As I said we've already reached a good balance between bitcoin exchanges where nobody controls a large percentage of the volume to have a significant effect on the price.

Damage to the reputation of the cryptocurrency: FUD can damage the reputation of a cryptocurrency, which can make it less attractive to investors and users. This can lead to a decline in its popularity and use, which can in turn reduce its value.

I disagree. The only thing damaging reputation of cryptocurrency is the cryptocurrency itself. There hasn't been more FUD about anything apart from bitcoin and we know its reputation hasn't been damaged.
Altcoins on the other hand already have a bad reputation for being useless and only used for pump and dumps.

[Rikafip]

Binance is without a doubt the largest crypto exchange and must be protected at all costs,

Rather than worry about protecting Binance, better worry about protecting your own funds by removing it from exchanges,

Loss of trust in the cryptocurrency market: FUD can also create a general sense of distrust and skepticism among investors, which can make them less willing to invest in any cryptocurrency. This can lead to a decline in the overall value of the cryptocurrency market.

An average crypto investor is too easy on trust and not skeptical enough, so I would say that would be a positive thing for crypto market.

Not at all. If anything we should do something that Binance is no longer the "largest" crypto exchange. Go back to 2013 and see what MtGox being the largest bitcoin exchange did to bitcoin price. Binance is to altcoins as MtGox used to be to bitcoin. Back then MtGox controlled >85% of the volume and single-handedly screwed up the market, today no bitcoin exchange controls a volume bigger than 10%. But when it comes to altcoin exchanges like Binance they suddenly control a huge percentage of altcoin volumes and it has to change.

While its true that MtGox controlled way more bitcoin trading volume than Binance percentage wise, fall of Binance (who according to Coingecko controls ~27% bitcoin trading volume) would seriously affect bitcoin price as well, at least in short-mid term. That of course doesn't mean Binance should be "protected at all cost" and similar nonsense, but it is reality as they are that big.

[borovichok]

If someone is selling, someone is buying. It just changes hands from weak to strong.

Fud and fomo are part of cryptocurrency world. Same people who are selling right now due to fud, would buy at peak due to fomo. I see nothing wrong.

It's part of the crypto world, but we must limit it, and I disagree that not everyone who sells will return to buy at the peak. It's difficult to regain trust in anything once you've lost it. Do you think those newbies who have less expertise and are compelled to sell will ever return? No, that's why we need to keep FUD to a minimum.

Is I'm the only one person who think there's no correlation what the @OP is talking?

In short he talking exchange FUD will reduce investors and then he suggest to support a project that focus on mining energy and POW? lol.

There was some POW nonsense on the Internet earlier this year, and there's nothing wrong with endorsing the Bitcoincleanup movement. Anything that benefits bitcoin and the community should be promoted.

for those of you who have free sig and avatar space you can dedicate it to this beautiful initiative by NotATether . we need to protect bitcoin NOW and stop the fud

What this website has to do with the exchange FUD? And you think this is nothing but harmful for the crypto community? Lol. The FUD going around is people should take care of their funds instead of leaving them in exchange. In other words "Not your keys, not your coins". But you are asking people to stop that? Means you are asking them to leave the funds on exchange? NotATether doesn't promote that of course.
And how exchange FUD and Protecting Bitcoin is correlated? Can you explain further?

I'm not opposed to people withdrawing coins from exchanges. I believe I mentioned it a few times in my personal text space this year, and I've addressed the second portion of your question. It's funny how most of you are unaware of the significance of these exchanges now. Have you ever thought what would happen if these exchanges stopped due to the unneeded FUD we create and support online?

if Binance fails, [..], and the price of bitcoin would suffer in the long term.

Wrong. Some people will panic sell bitcoin and we may see a drop but it will never be long term. As I said we've already reached a good balance between bitcoin exchanges where nobody controls a large percentage of the volume to have a significant effect on the price.

Short term or long term; is the risk worth taking? Knowing that most of the bitcoin price prediction failed this year

Binance is without a doubt the largest crypto exchange and must be protected at all costs,

Rather than worry about protecting Binance, better worry about protecting your own funds by removing it from exchanges,

Maybe we are not facing reality enough. 

[Little Mouse]

It's funny how most of you are unaware of the significance of these exchanges now. Have you ever thought what would happen if these exchanges stopped due to the unneeded FUD we create and support online?

It sounds funny to you. What would happen? Have you thought? I don't know what your perspective is but you know what, if there were no such shitty exchanges, I believe the price manipulation would reduce significantly. They manipulate the market heavily. Now, if they didn't exist, how we would be harmed? Exchanges are key, but that's decentralized exchanges, not centralized exchanges. And you don't know anything that's happening inside. This environment is something we don't see. We only see the things that they want to show us (can't remember the popular quote here).

[hopenotlate]

I have an exact opposite stance as OP here, lets get back to the roots of crypto and lets review together some golden rules that are the essence of crypto and amongst of the main reasons Satoshi created Bitcoin for : "not your keys not your coin" "Be your own bank" in short words selfcustody.

But in last years Exchanges are trying everything to induce users in keeping their funds on their platform by providing a variety of  tools : leverage, futures, staking, lending and so on, that are trending nowadays; unfortunately imo these trends have obscured, especially in the eyes of those who have entered crypto more recently, what the basics of crypto are.

Then MtGox, Cryptsy, Cryptopia, Ftx and others happen, people learn very expensive lessons and here we go again starting over by the basics.
History repeats itself.

- snip -
 it isn't bad to try to stress test exchange's solvency by having a mini bank run.
-snip

definitely agree on this

[cryptoaddictchie]

I highly doubt that Binance will fail or will end up with tge same result with FTX. CZ knew how dangerous and risky an overleverage did to some and he assure that Binance has enough fund to cover any potential backfire or impending liquidity. Also its not like they are careless even with Bear market situation. Dont stress and make this news so big cause it will only have a panic sell attitude on other retailers and users.

[NeuroticFish]

1. While your advertising for https://BitcoinCleanup.com is a nice gesture, keeping that fake extra signature can easily get your post removed for being against forum rules.
2. Exchange FUD is good and bad. It's bad because it creates panic amongst those not thinking too far. I see it not a big issue, sorry. And it's good because it can become the most correct proof of reserves. All in all, we keep preaching "not your keys, not your coins" and nobody cares, right?

So all in all, you should not care about the FUD. If Binance is solid enough, will survive and even get stronger. If it's not, something else will take its place and soon enough it won't be missed.

[_BlackStar]

I'm not opposed to people withdrawing coins from exchanges. I believe I mentioned it a few times in my personal text space this year, and I've addressed the second portion of your question. It's funny how most of you are unaware of the significance of these exchanges now. Have you ever thought what would happen if these exchanges stopped due to the unneeded FUD we create and support online?

Just make sure that the centralized exchange is the only one you use to trade, convert your assets into fiat or otherwise. If you are thinking about investing, get your fund out of the exchange and get really safe storage. Exchanges offer their services, so use them only when you need them and do not make the exchange a long-term repository for your fund.

Asking people to take their funds out of a centralized exchange is not FUD when these people are using the exchange as storage. Warning and recommend them are good, but they can decide anything on their own. In fact each of us is responsible for our own funds, but for good advice it is clear we need to consider a safe wallet for long term assets.

[Aanuoluwatofunmi]

FUD can damage the reputation of a cryptocurrency, which can make it less attractive to investors and users. This can lead to a decline in its popularity and use, which can in turn reduce its value.

It's not all about scaring potential investors away but bringing out the reality needed to be taught about cryptocurrency, if you consider the rate of crypto scam projects and the recent scam happening then you will understand why the more emphasis is laid on avoiding them and going for bitcoin, the truth is that many don't know the difference between bitcoin and other altcoins, they believed all are thesame since they're cryptocurrencies, the intention is to create an understanding of what difference they both have and not to attack the other, so that beginners can know what they are opted for.

[Pmalek]

There was some POW nonsense on the Internet earlier this year, and there's nothing wrong with endorsing the Bitcoincleanup movement. Anything that benefits bitcoin and the community should be promoted.

Correct, but the POW topic and BitcoinCleanup has got nothing to do with the subject of discussion of this thread. You created a discussion about the need to stop the FUD regarding Binance being insolvent because you think it's harmful to the industry as a whole. Meaning crypto users themselves are shooting each other in the legs and hurting everyone in the process, including themselves. Greenpeace's initiative is an outside actor attempting to destroy and ban bitcoin the way it works today and force the network to switch to a less safe consensus algorithm. That's a much more dangerous affair than Sam Bankman and his supporters talking shit about Binance.   

Have you ever thought what would happen if these exchanges stopped due to the unneeded FUD we create and support online?

A prolonged bear market with a new 30-40% drop in BTC's value (at least) is what would happen if Binance abruptly stopped the same way FTX did. It would create a chain reaction of negativity. 

[pooya87]

Binance (who according to Coingecko controls ~27% bitcoin trading volume)

I just want to point out that the volume that matters and affects bitcoin price is the bitcoin/fiat pair volume but sometimes these altcoin exchanges report their altcoin/bitcoin pair volumes as their bitcoin volume, so it looks higher.

Short term or long term; is the risk worth taking? Knowing that most of the bitcoin price prediction failed this year

We are not taking any risks, the risk is always present as long as there are centralized services that can go down and cause a panic sell and market manipulation. So why not focus on telling people not to panic sell instead of trying to protect CEXes?

[Wapfika]

I read a lot of post like this on social media defending CZ and Binance while Binance itself has some lapses on declaring their proof of reserves. Why we need to defend CEX from FUD instead of letting the SEC do what they can to really test this exchange if they have nothing to hide.

Besides most of there balance sheet is on BNB, BUSD and USDT which is same with situation of FTX before. There’s really chance that they can go down once the value of their token destroyed same with the shit USDT. Let those exchange stressed test and teach all users that not there key is not there coins. We don’t need a CEX with shady activities in the background.