Re: FTX collapse: Good or bad for crypto in the long run?
To those people that are not yet in crypto, FTX really has broken the image of crypto entirely. But to us, we all know that it's just FTX that messed up and the market is still going on stronger and better with all of these events.
As another part of history has been made, this should be the sign to everyone that in terms of trusting them, we shouldn't give our whole trust of handing them our money and keeping it to any of them.
As another part of history has been made, this should be the sign to everyone that in terms of trusting them, we shouldn't give our whole trust of handing them our money and keeping it to any of them.
That's certainly true, mate. FTX's downfall would certainly give a bad impression to the general public. Many people will believe crypto is a scam or a fad after this. I'd say history has repeated itself as something similar happened a few years ago when Mt. Gox collapsed. We're going to have to wait quite some time before confidence is restored into crypto/Blockchain tech. Instead of whining, people should take this opportunity to buy more crypto at hugely discounted prices. Once the bull market resurges, you'll be able to cash out big profits in return.
Ultimately, the collapse of a major crypto exchange tells us to never trust third parties with our money. I hope this would mark the beginning of the rise of decentralized exchanges, as people take self-custody of their coins very seriously. Who knows if sometime in the future centralized exchanges are no longer relevant in the crypto/Blockchain space? Just my thoughts
I have the opposite view, I see this collapse as a good thing for the market and those who want to participate in the market. The collapse of FTX will be the best example for those who want to participate in the market should know that this is not a get-rich-quick place, and if they want to make money, they must first have the knowledge to avoid encounters problems like FTX. And once they have entered the market, they need to know where to invest safely, and where to invest to avoid such unfortunate incidents. If all newbies just invest in bitcoin then surely they will never have a problem.