right. everybody take all your cash and bitcoin out of exchanges..... and then see what happens to the price of bitcoin. more and more people will withdraw their money and crypto from exchanges, and that is why the price is going down (imo) and will continue to go down. cryptos will not survive unless there are extremely reliable exchanges. bc there aren't enough of them, i have sold all my bitcoin.
going cold storage is nothing but a short-term fix for personal holders of bitcoin bc without reliable exchanges there is no liquidity and no new money coming into bitcoin.
Very much so thats why the Bitcoin community needs to come up with a better way. Because the current response is to laugh at anyone being "goxxed" and saying its all your fault for trusting them. Not productive in any way shape or form.
Without some level of liquidity created by exchanges Bitcoin is useless. No business will accept it if they cant sell it for cash they need in the fiat economy they reside in. No person wanting to get involved can short of mining (and that now requires very expensive machines) if there are not exchanges to buy it on.
So things will stagnate without some level of order. Bitcoin will become an interesting but failed experiment.
Hopefully someone will come up with a better exchange system. One that requires somewhat less trust.
But until the main community gets over its Libertarian circle jerk and realises some level of regulation (even if community driven) is not only inevitable but necessary this stuff will continue to happen and probably kill Bitcoin before long.