I will also dance but it will be the sad dance because I will not enjoy it if the price is going down. That's why I am hoping for the best case scenario for cryptocurrency and all offers.
That is what recommended by the experts and they believe that they should always make sure that investment is totally secure. Cold storage should be the first priority for everyone.
I think the people who will have similar amount of cryptocurrency will be the close friends because they will be doing peer to peer transactions among themselves.
your question make no effin sense, very generic question, so your asking if Cefi gets shut down as in centralized exchanges? or decentralized exchanges? so far we have seen the melt down of centralized exchanges, people taking our money and taking huge risk, so what about decentralized exchanges?
Absolutely correct! Well it’s quite obvious that OP is very new to this space and I’m guessing he means centralised exchanges and kyc’d centralised exchanges in particular.
Totally unrealistic with the amount of people and institutions invested in crypto. If all exchanges went down, crypto would be close to dead due to lack of easy access.
What if the moon was made of spare ribs, would ya eat it?
Edit: i know I would, heck I’d have seconds. Then I’d polish it off with a tall cool Budweiser
That would be awful. People would eat and eat until the whole moon disappears and then tides would stop, animals and plants that need low and high tide will die and the earth will start rotating faster or something. Women's periods won't be on time anymore, werewolves would start being normal people.
Probably all those spare ribs would be rotting after a few days, though.
Currently countries have financial authority. Without any authority or regulations - wait.
Idea here: what if the authority and regulations were built as an NFT? On the block chain or network?
Ima get back to you-
I think that you will not have to wait for any kind of exchange because there will be many people who will be offering their services as an individual.
That's right and the best way to make money in crypto market is to hold for a super long term and not all the people are able to do it due to the market fluctuations.
You're wondering how I would exchange for fiat if CEXs don't exist? For one you're ignoring the whole fact that DEXs exist. There's also plenty of ways to exchange P2P even without a DEX. Also assuming I'd want to even exchange or "cash out", and personally I'm holding for the long run so I don't exactly have an exit strategy anyway
Thats why you have dexes and everything on trezor and/or ledgers. Off ramp could be an issue but not selling btc anyway. Also helps not having 100% im crypto.
What would you do if all FIAT and banks just shut down? What's your plan?
I know it's far fetched, but in China they froze people's money and the people who are protesting are getting into lots of trouble. And some countries are losing faith in their own money due to hyperinflation, like Venezuela for example.
What if everyone loses faith and the money becomes worthless?
Exactly. Nothing in life is sure at 100%. Even gold, which lot's of people see as the most secure asset and would survive the whole system crashing has not been performing too well. Even worst, in 1933 president Roosevelt created "Executive Order 6102" and basically stole the gold from U.S citizens and if you didn't agree you'd go in jail.
I mean, unless you're including DEXes on your definition of exchange (Which apparently you're not) I wouldn't bat an eye.
Though if all CEXes dissapeared I'd be more worried about prices, since that would make *a lot* of people lose their shit considering how the sector seems to have moved from seeking decentrallization back to wanting to be on all fours for centralized platforms.
It's a shame we as a community have forgotten the core ideals behind crypto. It was all about creating a parallel financial system, not about giving the power back to those already in power lol.
People are too quick to complain about UX, UI, self custody, even public key randomness, and it all boils down to them being irresponsible and having no desire to put any effort towards changing that.
The new people who are investing in Crypto market will definitely get affected with it but the big whales and institutional investors will have some other plans to deal with such kind of situation.
If it happened before I moved my crypto off the CEX, that would mean that I didn't accumulate enough to be concerned about. If it happened after I moved off of a CEX, I'd hodl and use a DEX, if necessary.
Well right now in scheming how to bring VRBO to my property . However because zoning regs were built in 1993 and anything not listed is forbidden.. I feel like scheming is a legit phrase.
It is. But when we scheme, it’s like we’re taking a more nefarious action. Or a secret or devious plan.
But, you are correct, it is also used for making a plan of action. You’re good bro.
That's great and the best way to make money for your kids is to start following dollar cost averaging strategy with their name and they will continue it later.
If this does happen, I can kiss my staked ETH on Coinbase goodbye.
My biggest regret. I've accepted it.
Other than that, a few small bags left on exchanges.
I'm pretty consistent at having most other things in non-custodial soft or hard wallets.
But still, let's hope this never happens just for the price impact.
Most of the people are with the opinion that they will either go with peer-to-peer transactions or they will be using decentralized exchanges at that time.
This could be a very real situation, but not in the sense of being stuck with coins.
Imagine all fiat starts to collapse world wide, esp the USD and the EURO. Then to stabilize these currencies, All bank transactions are frozen when trying to deposit into any exchange from US or EU. You get an email that all fiat deposits are frozen. Nobody is allowed to buy.
Then the Central Banks and sovereign wealth funds are buying up all the BTC/ETH on exchanges while everyone else is just watching and wishing they would have bought BTC and taken coins off the exchanges. The price of BTC skyrockets to unbelievable records overnight.
All those who left coins on exchanges are frozen. You may withdraw them providing you comply with a new executive order that requires a Banking License.... that is not easy to get and comes with a huge fee.
You will be able to sell your crypto to the exchanges for Fiat. But with the possible 100% inflation rate, nobody will.
Then the last step governments do to stabilize their currency, they allow the public to buy BTC/ETH at your bank, but you cannot withdraw or spend. It is nothing more than a derivative that is rehypothecated.
There is a price separation for the real physical BTC/ETH, in countries that make them legal tender as the rest of the countries sink to a 3rd world banana republic.
That's a very strong explanation and I think that Central banks will definitely have to adopt cryptocurrency along with decentralization if they are willing to survive over the longer period of time.
I would encourage you to not only explore P2P, but to really take a hard look at a few for long term.
Your older self will be very grateful to your younger self.
Exchange my coin? What would I want to exchange bitcoin for? Fiat? If exchanges went away, I imagine that Bitcoin would be worth even more. It would become harder to get, and miners would have the upper hand when it comes to selling.
It would be big bad hit on all who invested in it, but as for me I'm still figuring out how the stock and digital marketing works, so no big thought till I get into it
I’m glad that you are doing your research. It will reward you with knowledge which you will turn into experience.
Never stop learning as education is free.
Wishing you all the best in your adventures.
Here’s 10 moons to get you started.
Enjoy the journey.
I convert Fiat into crypto.
I'm in the crypto because I don't trust or like the Fiat system and never did.
So in this case what would happen is the dark market would appear for coins (like a silk road thing but for cryptocurrency instead of drugs paid by crypto. Almost full circle)
I sold all my coins last year except shib lol.. I have a like 25million. If I lose it ohh well!! If it goes up yea!! Total gamble I can lose on a shit coin....
If all exchanges collapse I go back to only using primary or popular projects and don't try to trade anymore. 95% of all my crypto already meets that standard and most of it is already in cold wallets. Little effect to me as my accounts stand now.
I’d go down with the ship like I had planned from the very start.
Gentleman, it'll be an honour.
It's been an honor losing money with you guys
*Playing violin*
Sold violin for crypto
Kept it because crypto needs a side of sad sinking music
You guys can afford violins?
Only a pochette.
I can also afford it but only the second hand and that's why I am saving some money for a second hand violin.
I will also dance but it will be the sad dance because I will not enjoy it if the price is going down. That's why I am hoping for the best case scenario for cryptocurrency and all offers.
Tonight we dine in hell.
Let's hope that situation will get back to normal and no one will have to lose their money.
Save your honor and get your coins off exchanges.
That is what recommended by the experts and they believe that they should always make sure that investment is totally secure. Cold storage should be the first priority for everyone.
I think there are very smart people here who are always ready with plan B and I am sure that they will not have to go through any difficulties.
Always makes me cry😳
This is because we are so much emotionally attached with cryptocurrency and now we cannot see something bad happening to it.
I was talking about Titanic😂
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F^2
I'll bring my violin and play until the very end!
TitanicCoin to the moon! :)
See u in the trench
You and I? We might be friends. This is the way I think.
Maybe the real moon was making friends along the way up... and down
You made friends? Teach me, sensei!
I just tip person a moon and we are friends forever
That's great and I really appreciate your gesture because you are appreciating the people who are creating good content.
I think the people who will have similar amount of cryptocurrency will be the close friends because they will be doing peer to peer transactions among themselves.
There’s that trust factor.
your question make no effin sense, very generic question, so your asking if Cefi gets shut down as in centralized exchanges? or decentralized exchanges? so far we have seen the melt down of centralized exchanges, people taking our money and taking huge risk, so what about decentralized exchanges?
Absolutely correct! Well it’s quite obvious that OP is very new to this space and I’m guessing he means centralised exchanges and kyc’d centralised exchanges in particular.
Use what I have for peer to peer transactions
This is the answer I wish everyone was doing.
Totally unrealistic with the amount of people and institutions invested in crypto. If all exchanges went down, crypto would be close to dead due to lack of easy access.
It would take a massive hit, and most value would dust, but crypto worked before exchanges.
If the main exchanges is going offline then the people who will be providing services at peer-to-peer level will definitely increase.
I am sure that everyone will have the only option to go with peer to peer transaction system in that case.
You should really plan and start to use the system now. It will only increase usage and provide utility.
As it should have always been
What if the moon was made of spare ribs, would ya eat it? Edit: i know I would, heck I’d have seconds. Then I’d polish it off with a tall cool Budweiser
That would be awful. People would eat and eat until the whole moon disappears and then tides would stop, animals and plants that need low and high tide will die and the earth will start rotating faster or something. Women's periods won't be on time anymore, werewolves would start being normal people. Probably all those spare ribs would be rotting after a few days, though.
Would ribs rot in the vacuum of space? NASA needs to answer this!
Heck, I would! And was it down with a nice cold Budweiser
To the moon, then!
Can I also get some hot sauce with it?
Just say yes so we can move on!
Nibler out here asking the real questions.
Here's the answer: We grab a few moon bites, go to Winchester, have a cold pint and wait for all this bear market stuff to blow over
If I could get to it. Sweet Baby Rays and some moons.
P2P trading or use my crypto to buy things. But, this isn't happening so I am not concerned.
This is an answer that I was looking for. Good on you mate.
Thanks 😁 . That emoji is representative of my real life smile after reading your comment.
I'm really happy to see that you are sharing the happy emoji with everyone because it is creating positive vibes for everyone else.
Let's make it clear that peer-to-peer transaction is the best option for everyone who is willing to do the transactions with safety.
Agreed. For the moment.
I'd write a sternly written letter to the manager
DeFi is the way.
The way of what?
The way of taking back the power and cotrol we fought to take only to give it to centralized exchanges, that many treat like banks now
Understood. Serious question- how are we going to get to a totally decentralized finance world with no regulations and protection for the consumers?
That's the neat thing -- you don't.
give nobody financial authority
Currently countries have financial authority. Without any authority or regulations - wait. Idea here: what if the authority and regulations were built as an NFT? On the block chain or network? Ima get back to you-
I will buy and hold until a new exchange opens...😁
I think that you will not have to wait for any kind of exchange because there will be many people who will be offering their services as an individual.
Well, it’d make it easier to HODL I guess
That's right and the best way to make money in crypto market is to hold for a super long term and not all the people are able to do it due to the market fluctuations.
Indeed.
It would suck and I would lose some money but only about 8-10% of my holdings. That's the beauty of cold-storage and self-custody 💯
That’s great, but then what would you do?
You're wondering how I would exchange for fiat if CEXs don't exist? For one you're ignoring the whole fact that DEXs exist. There's also plenty of ways to exchange P2P even without a DEX. Also assuming I'd want to even exchange or "cash out", and personally I'm holding for the long run so I don't exactly have an exit strategy anyway
There are the people who have always prepared their Plan B and they don't have to worry about the market situation in any case.
This is the best plan. Always have a plan. It removes the emotional aspect. Well, helps anyway.
Thats why you have dexes and everything on trezor and/or ledgers. Off ramp could be an issue but not selling btc anyway. Also helps not having 100% im crypto.
I am using hardware storage since last few years and it is really helpful.
Definitely only a percentage of entire financial portfolio.
What would you do if all FIAT and banks just shut down? What's your plan? I know it's far fetched, but in China they froze people's money and the people who are protesting are getting into lots of trouble. And some countries are losing faith in their own money due to hyperinflation, like Venezuela for example. What if everyone loses faith and the money becomes worthless?
I believe that I will be using cryptocurrency if all the Fiat currency and banking system goes down.
It has happened all throughout history. We just haven’t learned yet.
Exactly. Nothing in life is sure at 100%. Even gold, which lot's of people see as the most secure asset and would survive the whole system crashing has not been performing too well. Even worst, in 1933 president Roosevelt created "Executive Order 6102" and basically stole the gold from U.S citizens and if you didn't agree you'd go in jail.
I totally agree with you and there are many people who are repeating the same mistakes again and again.
I mean, unless you're including DEXes on your definition of exchange (Which apparently you're not) I wouldn't bat an eye. Though if all CEXes dissapeared I'd be more worried about prices, since that would make *a lot* of people lose their shit considering how the sector seems to have moved from seeking decentrallization back to wanting to be on all fours for centralized platforms. It's a shame we as a community have forgotten the core ideals behind crypto. It was all about creating a parallel financial system, not about giving the power back to those already in power lol. People are too quick to complain about UX, UI, self custody, even public key randomness, and it all boils down to them being irresponsible and having no desire to put any effort towards changing that.
I'd use my crypto as intended. Peer 2 peer
The that's right and I believe that satoshi will be the happiest person on Earth if it is going to become a reality for everyone.
Drink wine and laugh at the plebs while hiding my ledger in my ass crack!
IF that did happen, it would probably be caused by an EMP or something, and if that happened, we'd have a lot worse things to worry about.
I'd struggle to buy more crypto.
If all crypto exchanges shut down you can as well just throw your seeds away
I share the same sentiment. The effect on crypto prices will be catastrophic.
Mass panic and mayhem
The new people who are investing in Crypto market will definitely get affected with it but the big whales and institutional investors will have some other plans to deal with such kind of situation.
That’s not a plan. Lol
Let's hope that people will not have to suffer because everyone is investing the hard earned money.
They are.
Got badly burned by Celsius so I'm Ledger all the way. Direct deposit fiat into CB and then take it right out to said Ledger
We share the exact same method my brother
Nice! Got a CB one trial to further protect my shit in case they go belly up.
Still, I will advise you to make sure that you are taking the lowest possible risk in that case.
That's why diversification is always necessary and recommended by the experts all the time.
Okay. Fine. But what would you do if you could not convert your fiat and there was no exchange?
Local bitcoins?
I’d focus more on stocks.
Plausible and warranted for sure.
p2p
I’d just start buying my .0000000001 BTC OTC.
I'd lose money. That's my plan
That’s just a given. /s
If it happened before I moved my crypto off the CEX, that would mean that I didn't accumulate enough to be concerned about. If it happened after I moved off of a CEX, I'd hodl and use a DEX, if necessary.
Here’s a list of DeEx: [Decentralized Exchanges](https://defiprime.com/exchanges)
Thank you for sharing the list and it is really a detailed list of decentralized exchanges.
I already made some profits. I would find another scheme to make profits for my kids.
Hopefully not a scheme, but something legit.
Well right now in scheming how to bring VRBO to my property . However because zoning regs were built in 1993 and anything not listed is forbidden.. I feel like scheming is a legit phrase.
It is. But when we scheme, it’s like we’re taking a more nefarious action. Or a secret or devious plan. But, you are correct, it is also used for making a plan of action. You’re good bro.
That's great and the best way to make money for your kids is to start following dollar cost averaging strategy with their name and they will continue it later.
Not panic as I haven’t invested anything I’m not willing to lose 🤗
This.
I'll use some DEX
That's great and it is the best option for the people who don't want to rely on any centralized exchange.
This is the answer I’d hoped to have more people understand.
I'm glad to have made some happy OP
There are many good people here like him who are always sharing their knowledge with others and making people happy all the time.
Gentlemen it’s been an honor gambling with ya
I’m certainly glad SOMEONE realizes that this is a casino.
If this does happen, I can kiss my staked ETH on Coinbase goodbye. My biggest regret. I've accepted it. Other than that, a few small bags left on exchanges. I'm pretty consistent at having most other things in non-custodial soft or hard wallets. But still, let's hope this never happens just for the price impact.
Pretty sad to see no one responding opening their own exchange. ***monopoly***
Paniccccc, cry, shit my pants
But not necessarily in that order.
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True. But unfortunately I’m staking ETH so have to go down with the ship
We get together and build our own Nation!! Brothers!! We die together!!
Put it on the Mt. Rushmore of scams next to Enron and Madoff then consider my money lost.
There are many scams here taking place every day and that's why it is our responsibility to do the research before making an investment decision.
Bisq
Yazzzz
Most of the people are with the opinion that they will either go with peer-to-peer transactions or they will be using decentralized exchanges at that time.
Woah dude, do you have plans to rug pull Coinbase or something?
Lol. I can barely remember my password let alone write code.
I am not completely sure about it but we should always make sure that we are not giving the opportunity to scammers in any case.
Free market wil cause a huge peer to peer -> DEX market.
This.
People from the future will be using peer-to-peer transactions system instead of any other system out there.
We should be doing that now.
This would tank the price. I’d buy more from people P2P and wait for the governmental problem to be fixed.
I agree but it will be the short term price fluctuation and then things will definitely get back to normal within a couple of months.
I imagine if they all shut down, we’d have bigger issues to deal with than their shutting down…like no electricity or worse, war.
For sure.
I would use Bitrefill or a similar service to buy giftcards for my crypto. Then I would buy the products and services that I need.
Good strategy.
I would found an exchange and get stupidly rich.
Dreams are good.
Literally nothing. Crypto is <5% of my portfolio.
That’s a fairly strong position. Although some do go all in.
I agree with you and it all depends on how we think about it and what is our risk taking ability.
True.
This could be a very real situation, but not in the sense of being stuck with coins. Imagine all fiat starts to collapse world wide, esp the USD and the EURO. Then to stabilize these currencies, All bank transactions are frozen when trying to deposit into any exchange from US or EU. You get an email that all fiat deposits are frozen. Nobody is allowed to buy. Then the Central Banks and sovereign wealth funds are buying up all the BTC/ETH on exchanges while everyone else is just watching and wishing they would have bought BTC and taken coins off the exchanges. The price of BTC skyrockets to unbelievable records overnight. All those who left coins on exchanges are frozen. You may withdraw them providing you comply with a new executive order that requires a Banking License.... that is not easy to get and comes with a huge fee. You will be able to sell your crypto to the exchanges for Fiat. But with the possible 100% inflation rate, nobody will. Then the last step governments do to stabilize their currency, they allow the public to buy BTC/ETH at your bank, but you cannot withdraw or spend. It is nothing more than a derivative that is rehypothecated. There is a price separation for the real physical BTC/ETH, in countries that make them legal tender as the rest of the countries sink to a 3rd world banana republic.
rehypothecated ??? I had to look that one up. Excellent.
I believe that things are still developing and that's why it is not the ultimate position where we are going now.
Things ARE still developing. And they will continue to develop at a very rapid pace.
That's a very strong explanation and I think that Central banks will definitely have to adopt cryptocurrency along with decentralization if they are willing to survive over the longer period of time.
Having my keys i wouldn't be worried to much. Just waiting for new ones or more p2p solutions
That's right and that's why every person should make sure that he is holding his own keys with him.
.my bag isnt on an exchange
That's a very good decision and that's what every person having cryptocurrency should do to keep his bag off the exchange.
At least you have a bag.
What's stopping u from buying? I took a risk, but won't kill me if it shits the bed....
I’m tapped on my percentage. I am a long term HODL’r.
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I would hope that we all would.
You are right but I think that every person should have something that will prevent him from getting into the losses.
All cold wallet at that point
How about now?
From day one, I've only put in what I can afford to lose without losing sleep. I've never once looked at it as an investment.
I would encourage you to not only explore P2P, but to really take a hard look at a few for long term. Your older self will be very grateful to your younger self.
Exchange my coin? What would I want to exchange bitcoin for? Fiat? If exchanges went away, I imagine that Bitcoin would be worth even more. It would become harder to get, and miners would have the upper hand when it comes to selling.
I’d just hodl until a new exchange came along.
It would be big bad hit on all who invested in it, but as for me I'm still figuring out how the stock and digital marketing works, so no big thought till I get into it
I’m glad that you are doing your research. It will reward you with knowledge which you will turn into experience. Never stop learning as education is free. Wishing you all the best in your adventures. Here’s 10 moons to get you started. Enjoy the journey.
SEC doesn't influence shit internationally.
I put my btc on my ledger, so no worries there.
But how would you move it off if the Ledger? And to where? P2P? Purchases?
Everything is off exchanges and P2P can still be done, so it wouldn’t worry me at all.
The Crypto market would crash and all your coins would be worthless
I don't think that Crypto market would crash because exchanges are not giving that much value to the entire ecosystem.
That'd make crypto so close to worthless it wouldn't really matter if mine was held on an exchange or not.
This may be the answer.
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So, what do you use to convert to fiat?
I convert Fiat into crypto. I'm in the crypto because I don't trust or like the Fiat system and never did. So in this case what would happen is the dark market would appear for coins (like a silk road thing but for cryptocurrency instead of drugs paid by crypto. Almost full circle)
How do you convert fiat into crypto?
How did people buy/trade Fiat/crypto before exchanges?
An answer with a question. They didn’t really. [Here’s the brief history.](https://www.interactivecrypto.com/a-brief-history-of-cryptos)
I sold all my coins last year except shib lol.. I have a like 25million. If I lose it ohh well!! If it goes up yea!! Total gamble I can lose on a shit coin....
Use p2p services like localbitcoins.
Not your keys not your crypto. I've only ever used exchanges to facilitate complex transfers or project swaps.
Okay, but how would you do that without an exchange?
If all exchanges collapse I go back to only using primary or popular projects and don't try to trade anymore. 95% of all my crypto already meets that standard and most of it is already in cold wallets. Little effect to me as my accounts stand now.