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“When Mt. Gox collapsed in 2013 it become once 70% of world buying and selling quantity. FTX become once finest 10%. FTX is worse on an absolute foundation, nonetheless on a relative foundation, Mt. Gox become once considerable worse. If Bitcoin can continue to exist that it fully can continue to exist this.”

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r/CryptoCurrency

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Mod · 5 hr. previously · Stickied commentLocked

Bitcoin pros & cons and linked recordsdata are in the collapsed comments under. Pros and cons will substitute for every unique post.

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I in truth endure in mind that Mt. Gox hack as being a in truth neutral have an effect on on why I made up my mind now not to glean more eager with Bitcoin at the time. Being a mountainous computer hardware nerd my entire life, I’ve continually had mining in my periphery nonetheless the Mt. Gox hack in total made me hiss ‘nah’. Significantly, the affect on crypto perception become once gargantuan at the time, particularly when crypto become once correct getting started being taken more severely… and one in every of my greatest regrets in life is now not having a hit upon past standard conception and in truth researching the tech and philosophy for myself.

Now that I’ve in truth executed my learn into crypto and decentralization, I perceive that central exchanges don’t in truth topic in the broad plot of issues. Yes, they abet trot adoption and ease the transition between a fiat focused society, nonetheless in the kill when failures occur it correct serves as an instance how centralized regulate schemes are continually at anxiety of being a level of failure and why decentralization is so famous. Every bullrun then more and more other folks perceive why decentralization and self-custody issues… and crypto in truth builds in resiliency and valid adoption of trustless finance rather then other folks correct treating a central trade like yet any other bank that requires their elephantine have confidence.

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· 1 hr. previouslyPlatinum | QC: CC 530 | r/WSB 16

Appropriate. Every centralized trade falling will originate other folks more mindful that CEXs need to now not in truth what crypto is ready.

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Completely this. A chum of mine correct requested if he must restful dismay about his Bitcoin attributable to this FTX fallout. I knowledgeable him that he must restful finest be jumpy if he retains his Bitcoin on exchanges- nonetheless that is nothing unique. It become once one in every of the main issues I become once knowledgeable now not to elevate out after I purchased my first Bitcoin in 2017.

Bitcoin become once created precisely attributable to the sorts of actions we private viewed from the opposite folks running these exchanges- finest in 2008 it become once the banks.

Don’t think that by developing a Binance, Coinbase, or Crypto.com legend you are selecting an replacement to banks. Crypto exchanges are now not better than banks. They are worse, on legend of they’ll glean away with more (for now).

Own self custody of your have Bitcoin- right here’s your replacement to the used financial blueprint, for folks who favor it

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However issues like lightning networks don’t in truth work without exchanges.

Nasty layer Bitcoin doesn’t scale to elevate out considerable engrossing.

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· 3 hr. previouslyBronze | QC: CC 20 | Politics 79

The mountainous bid is that it’s now not correct FTX. It be FTX and Luna and Celsius and Voyager and BlockFi and Gemini Compose and (insert subsequent dominoes right here).

It be also checking out that your entire fucking crypto dwelling looks to be helmed by shady, snide other folks who shield in the SAME shady, snide enterprise practices as the mountainous banks.

Satoshi designed Bitcoin to be an fully look-to-look, trustless economic blueprint. Which is mountainous…nonetheless it surely has runt charm. How considerable is BTC price if it’s correct a exiguous neighborhood of crypto-nerds across the sector who consume it, and never the mountainous financial institutions; who HAVE to private lost have confidence with ANYONE in the dwelling factual now..

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· 2 hr. previouslyPlatinum | QC: CC 517 | r/SSB 10

Yep, the bid is that the ecosystem this day capability quite a bit of these neutral entities are intermingled with every other so a space of dominoes can also merely drop..

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And now crypto is waaaaay more known than support then, which in this case makes this give blueprint worse individually

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· 1 hr. previouslyPlatinum | QC: CC 530 | r/WSB 16

Crypto can slump far without financial institutions too.

However thus year has very probably precipitated have confidence-disorders from even unheard of other folks that invested in crypto.

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· 13 min. previouslyPlatinum | QC: CC 48, BTC 33 | TraderSubs 25

Satoshi designed Bitcoin to be an fully look-to-look, trustless economic blueprint. Which is mountainous…nonetheless it surely has runt charm. How considerable is BTC price if it’s correct a exiguous neighborhood of crypto-nerds across the sector who consume it, and never the mountainous financial institutions; who HAVE to private lost have confidence with ANYONE in the dwelling factual now..

Ogle to look would now not indicate that gigantic financial institutions can also now not consume bitcoin.

I private you are careworn as to what look to look capability.

And mountainous financial institutions are going to be more cautious of shit coins and shit crypto companies….now not bitcoin. Anyone who knows the fundamentals understands that bitcoin is now not the bid right here.

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Mt. Gox didn’t private it’s tendrils unfold by-out mainstream. Mt. Gox didn’t private commercials with Tom Brady and Larry David or private it’s name on a sports stadium and etc. It be on legend of FTX had so considerable exposure to unheard of other folks that it’s give blueprint is so considerable worse for the dwelling than Mt. Gox.

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This. The 2 are 100% now not similar. Mt Gox didn’t elevate out all that considerable damage to the dwelling on legend of in total the becoming other folks in the dwelling had been die-unheard of Crypto dudes and other folks having a hit upon to eradicate medication. Now it’s other folks’s pensions, and the damage is blueprint greater.

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Meh, I endure in mind these pets.com superbowl commercials at the high of the dotcom bubble grew to develop right into a form of other folks bitter on investing in recordsdata superhighway companies for some time too. Hundreds of other folks obtained burned investing in shit dotcom hype and perception of the dwelling become once rather low in the early 2000’s.

Concept adjustments though when other folks undertake tech for sparkling applications rather then purely for financial speculation. Decentralized tech is restful in its infancy and finest used in very enviornment of interest areas, and with regards to all restful experimentally currently… nonetheless this past bullrun a form of builders private started to shield peek and are starting to assemble and take a look at issues spherical blockchain. I private in a few years we say to gaze mountainous motion merely about in truth famous apps and functions in the dwelling.

FTX can be as far away a reminiscence in a few years as pets.com is now when other folks open up adopting crypto tech for sparkling applications rather then correct treating it as some hype financial speculation automobile.

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The diverse aspect with Mt. Gox become once that we noticed serious considerations with fiat withdrawals by summer season of 2013, so most other folks that knew self-custody obtained their coins off the trade. It wasn’t till Feb of 2014 that withdrawals had been halted. By then, finest primarily the most ignorant or grasping (gargantuan arbitrage entice) had any bitcoins left on the trade.

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· 4 hr. previouslyBronze | QC: CC 19 | SHIB 36 | ExchSubs 13

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It’s precisely this which makes your entire fiasco in truth feel diverse. Crypto wasn’t nearly as standard support then as it’s now and to private this many americans be struggling from this kind of public face in truth makes me waiting for coming complaints/regulatory actions.

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Rather then the broad majority of other folks this day private never heard of Mt. Gox and thus its demise failed to affect their perception of crypto the least bit. However FTX and the hot crypto iciness is a lot more neatly-known and has straight shaken the self-esteem of the final public to a considerable greater level.

The wretchedness is for crypto to restore the self-esteem of the broader public, and that may possibly well very neatly be a question on a scale considerable bigger than the fallout of Mt. Gox.

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I’m going to be ethical. I’d never heard of FTX sooner than this came about. Properly, I doubtlessly had nonetheless never took any peek of what it become once. Been following crypto since the starting of 2021.

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The wretchedness is for crypto to restore the self-esteem of the broader public

It be going to require a compliance framework to be created by a famous regulatory body that exchanges might want to register with for there to be any self perception going forward. At this level I’m focused on buying some stock in Coinbase, since Coinbase will probably ready the flooring on that, as they’re already the becoming publicly traded firm registered with the SEC that does enterprise in The United States.

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· 4 hr. previouslyPlatinum | QC: CC 3122, CCMeta 197 | r/ButtCoinASA 12

The 2nd there’s a miniature bit of inexperienced candle, other folks will mercurial ignore FTX.

I believed the the same aspect in the last endure market. On high of the market tanking, we had a form of injurious news, scams, hacks, etc… And I believed the crypto name may possibly well well be too tarnished.

However as quickly as the market become once inexperienced once more, other folks jumped factual support in, forgetting any negatives, and treating crypto prefer it become once the holy grail. Fully overlooking your entire other folks who lost hundreds and hundreds, your entire scams, your entire awe tales.

We did a temporary u-flip straight into Alice and Wonderland. And all these other folks out of nowhere had been in like with crypto, and even Doge grew to become primarily the most up to this point aspect to private.

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