People are giving too much importance to exchanges

[nimogsm]

you're right. But there is a huge problem that not everyone understands this. Today, many who come to cryptocurrency register 1-2 accounts on exchanges and no longer study exactly how Bitcoin and other cryptocurrencies work. Today, large exchanges have a major impact and this should be recognized as any intervention in their work one way or another affects the price of Bitcoin.

[mvdheuvel1983]

6 months ago, my savings went down because of the FTX debacle. I've never used FTX, I've never been a customer of this company, but my savings are in BTC, and because of that failure, BTC's value went down, and so went my savings.

Sorry that your savings went down, we all experienced it but then those who held eventually had their savings back up. Binance and Coinbase issues with the SEC is just like a political witch-hunting. Since they can't directly pull down bitcoin, have to do so through another means. We are not just here for the good times; we are also here for the not so good times too. Binance and Coinbase may go down which is very unlikely, but bitcoin will not. Never.

Just a friendly reminder to take out your coins from exchanges. 

[Fatunad]

6 months ago, my savings went down because of the FTX debacle. I've never used FTX, I've never been a customer of this company, but my savings are in BTC, and because of that failure, BTC's value went down, and so went my savings.

Today, bis repetita. I've never used Binance. I've never been a customer of this company, but because the SEC sues Binance, BTC is down, and so are my savings, so I have a message to all bitcoiners out there.

Exchanges and BTC are 2 different things. One exchange going down doesn't mean BTC must follow.
Binance will disappear? I don't give a damn.

Fundamentals does always have that high chance on affecting Bitcoins price specially when overall market or people engage would be sharing up on the same emotion or feeling. We do know that exchange platforms are mediums about trading or simply that buying and selling which it is something that couldnt really be avoided for people to make use. Whatever things that do happen then it would really bring down the market price
specially if we do talk about Binance or whatever exchange issues that we might be able to see on the news today. The main key or thing to remember on here is that never ever store up your coins on an exchange on which it would really bring out that peace of mind on which you do know that you are the ones who had been holding your coins and not to those platforms on which they do possess the keys of that wallet.
As a user then there's no way that we could be able to do so, this is why its always been that recommendable on storing assets on non custodial wallets rather than on storing them into these centralized platforms.
If people would be bothered about fees then so be it, its up for the risks to take for them to deal on with their investment.Thing here is that we are fully aware on what are the things that we should really be doing.

[Ultegra134]

I remember, After the FTX dilemma, some have asked What is next for Binance? maybe when it sounds funny and impossible. Yes, in the crypto world nothing is certain. Indeed, these two entities exist as separate entities within the cryptocurrency world. While the exchange serves as a platform for trading various digital assets, Bitcoin (BTC) stands as a distinct and well-known cryptocurrency within this vast ecosystem.

I personally agree, especially for BTC, I don't think there is any potential concern that it will disappear, even though currently Binance as one of the leading cryptocurrency exchanges is having problems with the SEC.

There's no chance of Binance shutting down; FTX was a whole different story. Whether we like it or not, exchanges are convenient and will continue to be used by millions of users. Binance currently has the largest trading volume; it's impossible for it to go down similarly to FTX.

I understand the OP's frustration regarding the two latest incidents that disrupted the market, but that's something we should also take into account. The market is susceptible to such volatility due to a variety of reasons, apart from exchanges' troubles, that we cannot control and may not even be cryptocurrency-related. On top of that, the FTX only caused a temporary crash for a month or so, which isn't that significant if you ask me.

[countryfree]

Are people listening to me?

I'm quite thrilled to see that BTC is back to what it was before the SEC/Binance news. The down period lasted only 24 hours. That is impressive. It shows that BTC traders and holders are getting smarter. They know that one exchange having trouble is not the end of the world, and that we shall go back to business as usual. Good.

[drwhobox]

There's no chance of Binance shutting down; FTX was a whole different story. Whether we like it or not, exchanges are convenient and will continue to be used by millions of users. Binance currently has the largest trading volume; it's impossible for it to go down similarly to FTX.

How can you so sure about binance not shutting down? I agree that exchanges are more convenient to use but they can shut down anytime. FTX was promising and had a lot of customers in their exchange but they shut down. I will be not surprised if Binance close their activity and make all the users balance worth 0$.

[lalabotax]

I am sure that although there is no problem with any exchange, the FUD willl always come and make Bitcoin price goes down and drops significantly. We have many time experienicng this, and only few times because of exchanges.
But it is true that everytime the FUD, alhtogh related to exchange, many people will panic and then make market much worse again and again.
Well, fortunately the market has been better agai  after big drop previously.
but actually I am using Binance, but we must be reality that we need exchange to trade, at least..

[steve5946]

6 months ago, my savings went down because of the FTX debacle. I've never used FTX, I've never been a customer of this company, but my savings are in BTC, and because of that failure, BTC's value went down, and so went my savings.

Today, bis repetita. I've never used Binance. I've never been a customer of this company, but because the SEC sues Binance, BTC is down, and so are my savings, so I have a message to all bitcoiners out there.

Exchanges and BTC are 2 different things. One exchange going down doesn't mean BTC must follow.
Binance will disappear? I don't give a damn.

The fact that you don't own any of the coins you storedmon exchanges are enough to make anyone more their coins to a hardware wallet. Why keep your savings where you can lose it at anytime.

Take a look at the issue of FTX and Atomic Wallet, that's what people experience for keeping their savings on exchanges.

[siedemtrzy]

6 months ago, my savings went down because of the FTX debacle. I've never used FTX, I've never been a customer of this company, but my savings are in BTC, and because of that failure, BTC's value went down, and so went my savings.

Today, bis repetita. I've never used Binance. I've never been a customer of this company, but because the SEC sues Binance, BTC is down, and so are my savings, so I have a message to all bitcoiners out there.

Exchanges and BTC are 2 different things. One exchange going down doesn't mean BTC must follow.
Binance will disappear? I don't give a damn.

The fact that you don't own any of the coins you storedmon exchanges are enough to make anyone more their coins to a hardware wallet. Why keep your savings where you can lose it at anytime.

Take a look at the issue of FTX and Atomic Wallet, that's what people experience for keeping their savings on exchanges.

You're mostly right, but Atomic Wallet was... a non-custodial wallet, not an exchange. And it seemed pretty good, this hack is really devastating. Thank God I didn't use it.

[jokers10]

Are people listening to me?
...

No, they aren't. Major players use everything to play with the market and smaller players react to what the first ones do. Major exchanges are major players also so their games also impact the market, so it is impossible that any serious situation with Binance won't impact. Even if you'll reach some people on the forum (hardly) there are much more in the outer world who will not hear nor you, nor me. To impact the market the one should became the whale.

You're mostly right, but Atomic Wallet was... a non-custodial wallet, not an exchange. And it seemed pretty good, this hack is really devastating. Thank God I didn't use it.

True, but it has a closed code which in this case played against users.

[YUriy1991]

Are people listening to me?

I'm quite thrilled to see that BTC is back to what it was before the SEC/Binance news. The down period lasted only 24 hours. That is impressive. It shows that BTC traders and holders are getting smarter. They know that one exchange having trouble is not the end of the world, and that we shall go back to business as usual. Good.

Exactly. Me too, I personally assume One exchange will not be a benchmark and considered a sign of the downfall of the entire crypto ecosystem. Yes. It is all the more savvy and exhilarating to witness the resilience and maturity of BTC traders and holders in responding to the latest news involving the SEC and Binance means Resilience and cool head that has been testament to and bodes well for the future, demonstrating a growing understanding and belief in the market's ability to recover and continue business as usual.

[Rupok]

I have not used FTX myself and have no experience with it.  Bitcoin and exchange are two different entities, Binance exchange is very popular from other exchanges.  Binance Exchange portfolio is very good and I have been using it for many years.But unfortunately it seems to me that these are connected by customers who trade bitcoins on the exchange, many may realize that the problem is not with the exchange.  Follows BTC only for its usefulness.As many people know about the incident involving SEC and Binance, we have also noticed a downward trend in BTC due to this.But I think it all depends on the investors.

[Z390]

6 months ago, my savings went down because of the FTX debacle. I've never used FTX, I've never been a customer of this company, but my savings are in BTC, and because of that failure, BTC's value went down, and so went my savings.

Today, bis repetita. I've never used Binance. I've never been a customer of this company, but because the SEC sues Binance, BTC is down, and so are my savings, so I have a message to all bitcoiners out there.

Exchanges and BTC are 2 different things. One exchange going down doesn't mean BTC must follow.
Binance will disappear? I don't give a damn.

I understand where you coming from, we are the one that gave exchanges like Binance and Coinbase the power they have today, we the investors are the ones that failed to learn what Bitcoin is about and how to use Bitcoin the proper way, Bitcoin as a decentralized digital currency is not meant to be on any centralized exchanges in the first place.

I do think that the right place to trade Bitcoin is not Centralized exchanges but the Dexes in the crypto space, we gave all those exchanges like Binance the success and power they possessed today.

We, the investors are using Bitcoin wrongfully, with the ongoing sue on these exchanges, some people still don't give a fk about the assets they left on these exchanges, that's crazily how much crypto investors trust those exchanges, and it's why I will never feel pity for any one that lost fund to any centralized exchange, because they don't deserve my pity.

[Synchronice]

6 months ago, my savings went down because of the FTX debacle. I've never used FTX, I've never been a customer of this company, but my savings are in BTC, and because of that failure, BTC's value went down, and so went my savings.

Today, bis repetita. I've never used Binance. I've never been a customer of this company, but because the SEC sues Binance, BTC is down, and so are my savings, so I have a message to all bitcoiners out there.

Exchanges and BTC are 2 different things. One exchange going down doesn't mean BTC must follow.
Binance will disappear? I don't give a damn.

These top exchanges are the ones that significantly affect bitcoin's price because these are trading places, they unite day traders, investors, whales, etc, all in one place. So, when something bad happens, especially around as popular and influential exchange like Binance, things can't go well. Logically, in cases like this, people should buy more and more bitcoin and withdraw them but the opposite happens, maybe people sell it to withdraw fiat as soon as possible.

By the way, that's the thing you have to keep living with. Bitcoin is very volatile, if you want to keep in securely, you have to keep in mind that it will go up and down and for example, it may stay down for months. You shouldn't rely on your bitcoins unless you own a lot where monthly 2-3K USD worth of bitcoin withdraw will not harm your budget. But if you want to save all of your savings in bitcoin and you are dependent on those savings, then, you better start work to take care of monthly bills.

[SyndicateLabs]

They are all part of the market, so there is no denying the influence on the price of BTC or other cryptos after the information. For me in general, each time is different, we will have a better view of the issues that have been and are happening in the market, the crypto environment is still too small in front of news like this, sometimes I think everything It's really not serious, but the way many people are overdoing the problem makes the mentality of the crowd follow, which leads to a negative situation at that time. However, if I look long-term into the future, I am completely convinced that BTC will achieve good expectations.

[MarjorieZimmermanGinger]

6 months ago, my savings went down because of the FTX debacle. I've never used FTX, I've never been a customer of this company, but my savings are in BTC, and because of that failure, BTC's value went down, and so went my savings.

It will always happen like that as long as the exchange is still there and we will never know tomorrow or the day after tomorrow which exchange will suffer the same fate as FTX. Regarding bitcoin, of course not only because of the collapse of FTX which made the price go down, but it was also influenced by several other reasons and luckily you don't keep assets in FTX.

Today, bis repetita. I've never used Binance. I've never been a customer of this company, but because the SEC sues Binance, BTC is down, and so are my savings, so I have a message to all bitcoiners out there.

That's why keeping bitcoin assets on exchanges is not safe at all and we will be faced with problems when those exchanges go bankrupt or something else affects us losing assets in bitcoins, this reminder has been conveyed for so long by people in forums and even though many people ignore it.

Exchanges and BTC are 2 different things. One exchange going down doesn't mean BTC must follow.
Binance will disappear? I don't give a damn.

The two are clearly very different and the relationship between the two is only tied when people trade bitcoins on an exchange. So when one of the exchanges goes bankrupt it doesn't mean that bitcoin will follow completely, but because exchange users are too panicked and sell their bitcoins resulting in market chaos and making bitcoin corrected, but if they calm down and try to move bitcoins to the wallet it will return to normal, this answer is especially when attributed to bitcoin's decline as a result of exchanges going bankrupt.

[Despairo]

Exactly, if people are hold their coins in non custodial wallets, any exchanges bankrupt will not give any impact for them. There's might be a short term dump because the exchanges' hot wallet are stolen, which is the money Binance have make it. But this case it's just a sue, so no one is lose their money.

Even Bitcoin is got banned in many countries, it doesn't even stop people to use it.

[Blitzboy]

Folks, here's a wise soul giving us a reality check. It's true, our crypto community often conflates exchanges with Bitcoin itself. A blip in an exchange doesn't equate to a disaster in Bitcoin.

FTX, Binance, or whatever exchange - they're just platforms for trading. Their drama shouldn't cause us sleepless nights. The BTC network remains untouched by their misadventures.

You know what they say, "Don't hate the player, hate the game." But in this case, it's more like, "Don't hate the game, hate the drama." Binance in hot water? That's as impactful on Bitcoin as a sneeze is on global weather patterns.

[SamReomo]

Exchanges and BTC are 2 different things. One exchange going down doesn't mean BTC must follow.
Binance will disappear? I don't give a damn.

Of course exchanges and BTC are different things, but I must say that the value of an asset is determined by the investment of the users, and unfortunately the value of BTC is also determined by the investors and most of the investors are using those exchanges for storing and trading Bitcoin. So any of those exchange if faces hard times then the price of Bitcoin will get dumped because of panic created by the new media.

The social media and news is now a days accessible to everyone and in the world of crypto-currencies most of the investors mainly rely on the news. The whales know that with any bad news market could crash and that's why they start bulk selling the crypto-currency which results in huge dumps. The ones who are hodling their coins for long time will surely get affected because of that dump, but such dumps aren't permanent and the market recovers as soon as the fear is gone.

Binance is a huge name in the world of crypto-currencies and any bad news regarding it could disrupt the whole market. The influence of Binance is way higher than FTX used to had, because it's the number one crypto-currency exchange by volume as well by number of users. If Sec goes against it and it somehow quits its operations in U.S then for short time panic could take place and the market might get another dump with that fear. No body can control such dumps because the ones who hold the asset are agreed to sell it for cheaper rate.

[Wexnident]

6 months ago, my savings went down because of the FTX debacle. I've never used FTX, I've never been a customer of this company, but my savings are in BTC, and because of that failure, BTC's value went down, and so went my savings.

Today, bis repetita. I've never used Binance. I've never been a customer of this company, but because the SEC sues Binance, BTC is down, and so are my savings, so I have a message to all bitcoiners out there.

Exchanges and BTC are 2 different things. One exchange going down doesn't mean BTC must follow.
Binance will disappear? I don't give a damn.

Well you don't, a lot of others who don't give a damn about hardware wallets do, or exchanges in general. As much as you've not used centralized exchanges, a lot of people have or are still using them. It also doesn't help that Binance is generally a big player in the scene, though I guess with how the FTX fiasco went on, I'm hoping the effects are relatively lesser, compared to back then since I do hope people wouldn't be dumb enough to repeat the same thing. Again. After just a few months ago of basically the same thing.

Well, hopefully the current trend continues. Price only dropped for what seems to be a day? Maybe even half a day only? Hope it proceeds even if Binance ever actually goes under.