What can we do, should do, or not do as Bitcoin supporters at this time?

[mvdheuvel1983]

We have already heard about the Binance and Coinbase cases with the SEC. There is even a rumor that another centralized exchange is about to declare bankruptcy. The message all over the internet is 'withdraw your bitcoin from exchanges.' Despite this apparent attack, Bitcoin's price remains fairly stable. It is having no effect. But then, do we just sit back and do nothing aside from saying to avoid centralized exchanges? What can we do or should do, or not do as Bitcoin supporters at this time?

[Baofeng]

We have already heard about the Binance and Coinbase cases with the SEC. There is even a rumor that another centralized exchange is about to declare bankruptcy. The message all over the internet is 'withdraw your bitcoin from exchanges.' Despite this apparent attack, Bitcoin's price remains fairly stable. It is having no effect. But then, do we just sit back and do nothing aside from saying to avoid centralized exchanges? What can we do or should do, or not do as Bitcoin supporters at this time?

Isn't it an old adage though? even if there is no Binance/Coinbase vs SEC, we shouldn't put our money on exchanges as that is a bad practice. It's just more magnify now as there is a case that is being brought to exchanges.

Regarding your question on what we should do, the best thing is still to accumulate at this price range, still very cheap and discounted price. Doesn't mean to buy 1 BTC right away. Just do whatever suits you, DCA or just buy when you have capital with you. The end game is still to save and stack sats as much as you can before the block halving next year as it will be the catalyst for the next bull run, regardless if there will be another exchanges that will file bankruptcy or another witch hunt from SEC.

[mindrust]

We have already heard about the Binance and Coinbase cases with the SEC. There is even a rumor that another centralized exchange is about to declare bankruptcy. The message all over the internet is 'withdraw your bitcoin from exchanges.' Despite this apparent attack, Bitcoin's price remains fairly stable. It is having no effect. But then, do we just sit back and do nothing aside from saying to avoid centralized exchanges? What can we do or should do, or not do as Bitcoin supporters at this time?

That message isn't new. People  shouldn't have kept their coins on the exchanges in the first place. "Not your keys, not your coins." What you gonna do if somehow binance goes "poof" tomorrow without any explanation of what happened? What if they say "the SEC came by and took all (y)our coins." Even if you somehow manage to get back your coins from them, who knows how long you will wait for that. Keeping your life savings on a crypto exchange is a huge gamble and if something goes wrong you will pay for your mistake. It happened many times before and it will happen again in the future.

[bittraffic]

Nothing else can be done to exchanges thats failing. Governments want then to also fail, they were suing exchanges here and there. Hold your coins if you can hold them for longer as long as your country doesn't ban BTC, you're fine.

Before withdrawing your coins, buy more thats what you can do.

[Franctoshi]

At least I believe 80% chance at this point in time and of BTC 14 years in existence that Bitcoin isn't going away, So do not panic sell your Bitcoin if you own some BTC,  the storm is still gonna be over and everything will become normal, it's part of the shaking process of the week hands, and only people that understood the game will hold, think about what happened after FTX collapse, Which after the event the market bounced back and look at where the price of Bitcoin is right now from where we were then.

Then in terms of storing of Bitcoin and cryptos and with the recent happenings, the worst place or thing one will do now is storing cryptos on these centralized exchanges. If you don't know wallet to use then try using Electrum wallet, Nano etc in keeping your cryptos safe.

[aylabadia05]

[snip]  But then, do we just sit back and do nothing aside from saying to avoid centralized exchanges? What can we do or should do, or not do as Bitcoin supporters at this time?

The FTX case and several other exchanges that have happened can be a reference or reference for anyone who owns Bitcoin that keeping it there is wrong.
It seems to me that for those of us who hold assets on exchanges, it's time to withdraw and deposit in a trusted wallet before the exchange suffers the same thing as FTX.

I see with positive binoculars that the case of Binance which is now trending the talk could be a reminder message that they are absolutely not a place to store assets even though it is a big and well known exchange.
I used this case as material to advise people or friends that saving funds on exchanges is dangerous.

Apart from saying to avoid exchanges, another thing I can say is to keep holding Bitcoins in the wallet and make sure the wallet is safe.

[SamReomo]

We have already heard about the Binance and Coinbase cases with the SEC. There is even a rumor that another centralized exchange is about to declare bankruptcy. The message all over the internet is 'withdraw your bitcoin from exchanges.' Despite this apparent attack, Bitcoin's price remains fairly stable. It is having no effect. But then, do we just sit back and do nothing aside from saying to avoid centralized exchanges? What can we do or should do, or not do as Bitcoin supporters at this time?

We can do only one thing and that is to lay down and relax. We can't do anything against the Sec and even if someone dares to do anything then the result is already known to many of us. Now, we can only sit on our chairs and speculate the situation by reading news article related to those exchanges. We should always monitor the price of Bitcoin in such situations and be happy if see a good pump. We should wait for dumps and the dumps should not impact us emotionally because they are expected and could occur anytime in such harsh situations.

I also recommend you to withdraw your money from Binance US if you have any assets in that website and you should do the same with Coinbase. In current situations the best thing to do is to withdraw the money into your own wallets and wait for the results of the Sec actions. I'm quite sure that Binance will shut its operations due to Sec's strict actions against them and the result could be dump in the market and maybe the assets on the US version of Binance get frozen in such situations. There is a saying that "Prevention is better than cure," and in current conditions one should withdraw his/her assets from those exchanges to prevent further damages to ones assets.

[Pmalek]

There is not much you can do besides advising those you know who are holding bitcoin to not panic-sell because the SEC is suing a few crypto exchanges. Bitcoin being the enemy of governments worldwide is nothing new, and we are all aware of it already. They simply don't want you to be financially independent. Financially independent means freedom. And when you are free, you start asking questions and question authority. That's not what they want.

Keep your bitcoin to yourself, use P2P modes of trading if you can, or try out decentralized variants. If you must use a CEX, go in and out. The name of the game is quick exchange and withdraw.   

[Fivestar4everMVP]

Well, for me, I don't think there is anything to do, aside from withdrawing our money off every centralized exchanges into our private non custodian wallet, alot is currently going on in the crypto scene and it is all caused by centralized exchanges, i personally have over $440 stuck on bkex exchange right now, and today marks it 10 days since they suspended withdrawals for every user claiming they are being invested by the police because some accounts on the exchange was used to launder money, I personally smell this claim to be fake, but I am hoping they open withdrawal so that we can withdraw out money...

After this experience, I think I can boldly say that It is high time to embrace decentralization in the crypto space, centralized exchanges have caused enough havoc already, if they are not hacked, it's a rug pull, if it's not a rugpull, it's a bankruptcy, it's time to take the bold step and boycott centralized exchanges for the decentralized ones.

[coolcoinz]

Bitcoin doesn't need our help, it's doing great actually. Exchanges are being targeted because they were peddling shitcoins.

I've been saying it for years that I don't trust Binance and CZ and I don't trust tether, bnb and all the rest of these unnecessary tokens that only confuse the average user into thinking they're all the same. That they're all "crypto" and it doesn't matter what you get, you should get a number of these shitcoins so you don't have all your eggs in one basket.

The deal with CZ is that he was trading on his own exchange and manipulating the markets and he wasn't sharing any data with any auditors. It was all "safu" and all fine and dandy until he was making money. CZ doesn't care about bitcoin, he just wants his listing fees and he likes making $$$. Crypto is just a horse he wants to keep riding until it dies and then there's going to be another horse and another.

Should we do something? Clap maybe that shitcoin peddlers are running out of time? Since Bitcoin is not a security there will eventually be bitcoin only exchanges. Just a matter of time.

[Mate2237]

You have said it all withdraw them all, "Not your coins, not your key" what we have to do is to remove all the coins in the central exchange platforms and keep it in an open source wallet which is non custodian wallet so your coins will be saved. From the beginning I know that the only way the government can fight bitcoin is through exchange platforms. Because exchange platforms are centralized and the government is forgetting that those centralized exchange platforms can turn themselves to decentralized system and people will use it very well even more than the centralized system or platform.

[Zaguru12]

What can we do or should do, or not do as Bitcoin supporters at this time?

It is not a new thing having all this kind of saga again with the government and as usual it is always centralized exchange that are deeply involved. Aside regular warning of treating centralized exchanges as a market place like it’s supposed to be, we should also create awareness to less knowledgeable people that this doesn’t pose any threat to bitcoin holdings and as such they shouldn’t sell.

Also the best thing now is to prioritize using decentralized exchanges as such the liquidity we continue to say that this decentralized exchanges lack will grow if the number of users increase and this will also reduce the dependence on centralized exchanges

[The Cryptovator]

The allegations brought by the SEC are not limited to Binance and Coinbase alone. They can be seen as an assault on the entire crypto industry. As a result, cryptocurrency users have already recognized this as an attack against the industry. Although there was a notable price drop, it managed to recover within a few hours, especially Bitcoin, which rebounded swiftly. However, certain altcoins like BNB are currently facing challenges in recovering, but it is hoped that they will regain stability soon. It is crucial for all cryptocurrency users to stand in solidarity with the crypto industry and voice their opposition to any form of attack. This is the collective action that we should take at this moment

[nakamura12]

Because of situation like that happen to an exchange is the reason why it is not a good practice to keep or store our crypto in an exchange for that reason. You will get the same answer from other people if you ask why is it not a good practice to keep your crypto inan exchange. The choice we have is to never trust an exchange platform to let them keep your crypto safe.

[usekevin]

The bankcruptcy will happen at the extreme conditions,this was phenomenon of the bank.Coinbase was survive over a period of time,the people from the early stage of the forum will use the coin base for sure.Later 2017,the bitcoin traders start to use the binance,localbitcoin.In a recent past the localbitcoin was officially closed.Many people had their coin was give a time to withdraw all their crypto coins from the localbitcoin.Localbitcoin doesn’t end like the FTX did to the user and investors because of their bankcruptcy.

[ajiz138]

We should avoid centralized exchanges because keeping assets there is insecure, we see how the example of the FTX case came out as bankruptcy plus now the BKex exchange is suspending withdrawals suspecting that the exchange is going bankrupt.

Anyone who is still holding assets on the exchange should immediately withdraw them and store them in a hardware wallet or wallet that has a private key that is in control of you because that is the best advice to our closest friends who still trust centralized exchanges.

We're only going to get to see lawsuits from the SEC against some of the exchanges, maybe the exchanges as the defendants will appeal but I think what we need to do is get out of the exchange immediately.

[tabas]

Accumulate then. There is no way that most of us are going to leave these exchanges, the comfort that it has given to many will not stop them from depositing and keeping their funds there no matter what we tell them and remind them of what they must do.
Those that have been keeping their funds on Binance or any exchange are probably aware of the consequences if ever something wrong happens. While the market has moved back a little bit, it is showing just how strong it is even with these SEC's way of dealing these exchanges through cases they file that makes headlines.

[irhact]

We have already heard about the Binance and Coinbase cases with the SEC. There is even a rumor that another centralized exchange is about to declare bankruptcy. The message all over the internet is 'withdraw your bitcoin from exchanges.' Despite this apparent attack, Bitcoin's price remains fairly stable. It is having no effect. But then, do we just sit back and do nothing aside from saying to avoid centralized exchanges? What can we do or should do, or not do as Bitcoin supporters at this time?

.
As a bitcoin supporter, you should withdraw all the coins you have on centralized exchange and centralized wallets. Move the coins to a decentralized wallets. Nobody know how the case will end so it's better you protect yourself so you don't become a victim like those that left their coins on FTX exchange that collapsed and made many individuals broke again as they lost all their coins to the collapse of the exchange.

As a Bitcoin supporter you shouldn't join others to create more fud online. The market will recover from this problems that the centralized exchanges are causing at the moment. This is a good time to tell people about decentralized exchange and their functions in the market.

[Hyphen(-)]

But then, do we just sit back and do nothing aside from saying to avoid centralized exchanges? What can we do or should do, or not do as Bitcoin supporters at this time?

With everything that has happened since 2022, which is why the Bitcoin price is still below everyone's predictions, and the recent actions of several exchanges, I believe it is time to say goodbye to centralized exchanges.

Many customers trust Binance to the point where they leave their funds in their custody, however with this example, some people are losing trust in Binance exchanges and centralized exchanges in general.

At this point, let centralized exchanges do their job of trading and purchasing Bitcoin and not hold our currencies within the exchange since, as the adage goes, "not your keys, not your coin."

[Captain Corporate]

Not really anything major. I personally hold my bitcoins at the time (and by bitcoins I mean basically satoshis) and that's more than enough for me, I do not put any more pressure on myself. If you want to do something more major then you could definitely do it, that's your own idea and you should go for it, but I personally do not feel the need to do something like that. I think its quite good enough to just focus on holding, that's more than enough because by holding not only you are not selling and dropping the price, but you are taking bitcoin out of liquidity and making the supply less as well. These combined is good enough addition to the bitcoin market I could do and I do not have to provide anything else to the bitcoin market, if enough people did that instead of selling everytime they hear a scary news, we wouldn't be here today.