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.
There are many people who believe in Bitcoin and exchange it using centralized exchanges to keep their assets safe as they think it is best. If a person thinks like this then it is not at all beneficial to protect his wealth. But I think a bitcoiner will never do such a stupid thing to keep his exchange assets safe, rather he will have different security wallets.
I understand why some people are preferred to keep their Bitcoins in an exchange wallet and that is for trading, not for holding. But these people know what will happen when an exchange got scammed or whatever, yet they still do it despite the risk because of their trust. It could be a manipulating power that most exchanges injected into the mind of the holders. We know it was wrong but can't change their stances as well as it was their choice. They will change their minds when experiencing losses of their funds from exchanges.