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I hadn't heard of FTX before it started imploding. I think a lot of people are overestimating the impact of this. Sketchy foreign crypto companies explode al

by cwkoss 4y ago

I hadn't heard of FTX before it started imploding. I think a lot of people are overestimating the impact of this. Sketchy foreign crypto companies explode all the time. This one is more exciting and salacious because it seems like prominent investors, US regulators and politicians bought the lie (and the whole c-level polycule thing). The rest of the crypto ecosystem will continue marching on. I think it's likely this is the cycle bottom: doom and gloom feels like its probably a local maximum. I predict history will repeat itself: BTC price will be boring for another two years until the run-up to block halving in 2024. If you want to own crypto, now's probably a good time to set up DCA. My personal advice to friends is to DCA (buy fixed dollar value each ~month) on Coinbase (least sketchy exchange) until 1% of your net worth is in BTC and ETH (2:1 ratio). Pull any accumulated funds off the exchange to coldwallet quarterly. DCA out when it exceeds 5%.

beambot 4y ago
You admit that you were completely oblivious to a Top-3 CEX, and then proceed to prognosticate about crypto cycles and investment timing...? Respectfully: doesn't inspire much confidence.
- cwkoss 4y ago
  It has been a notable exchange for barely over a year.
  - twelve40 4y ago
    it had a Superbowl ad and a stadium in Miami named for itself for a year and a half now. It's been making such an obscene amount of hype that saying "i personally have never heard of them so this must be overblown" is not a very convincing argument.
    - deleted 4y ago
      [deleted]
next_xibalba 4y ago
IMO, the impact is probably not overstated. This isn't just about how far the contagion has spread via counterparty risk. And that is a significant factor. Leverage is widespread and undocumented. This is also about an awakening to the risks associated with hosting your "wealth" in custodial wallets controlled by completely unregulated entities. Entities that have continually failed to achieve even a modicum of transparency (all stablecoins, most exchanges). Entities that in some cases refuse to identify a headquarters (Binance). In other words, this is an ongoing macro trust rug.
- throwaway22032 4y ago
  Gox went under in 2014. Eight years ago. There have been tens if not hundreds since then. If you're being "awakened" now, you've not just been asleep, you've been sedated...
  - next_xibalba 4y ago
    The early adopters who were in the space pre-2018 or pre-2020 are a small minority of count of crypto participants today. (Not to mention the fact that all of this has happened many, many times throughout financial history for hundreds of years.) But for the majority of participants today (aka dumb money retail), this is their first experience in getting rekt. Many of them will likely wash their hands of the entire space.

by cwkoss 4y ago

beambot 4y ago

You admit that you were completely oblivious to a Top-3 CEX, and then proceed to prognosticate about crypto cycles and investment timing...? Respectfully: doesn't inspire much confidence.

cwkoss 4y ago
It has been a notable exchange for barely over a year.
- twelve40 4y ago
  it had a Superbowl ad and a stadium in Miami named for itself for a year and a half now. It's been making such an obscene amount of hype that saying "i personally have never heard of them so this must be overblown" is not a very convincing argument.
  - deleted 4y ago
    [deleted]

next_xibalba 4y ago

IMO, the impact is probably not overstated. This isn't just about how far the contagion has spread via counterparty risk. And that is a significant factor. Leverage is widespread and undocumented. This is also about an awakening to the risks associated with hosting your "wealth" in custodial wallets controlled by completely unregulated entities. Entities that have continually failed to achieve even a modicum of transparency (all stablecoins, most exchanges). Entities that in some cases refuse to identify a headquarters (Binance). In other words, this is an ongoing macro trust rug.

throwaway22032 4y ago
Gox went under in 2014. Eight years ago. There have been tens if not hundreds since then. If you're being "awakened" now, you've not just been asleep, you've been sedated...
- next_xibalba 4y ago
  The early adopters who were in the space pre-2018 or pre-2020 are a small minority of count of crypto participants today. (Not to mention the fact that all of this has happened many, many times throughout financial history for hundreds of years.) But for the majority of participants today (aka dumb money retail), this is their first experience in getting rekt. Many of them will likely wash their hands of the entire space.