Why I sold all my crypto

Unless you’ve been living under a rock, you’ve been hearing about all the crypto exchanges filing bankruptcy. First it was the Luna collapse and then Voyager and Celsius. Then a few weeks ago, FTX, the 2nd/3rd biggest exchange went under. Crypto.com went under and now Gemini is about to go under. I haven’t dug super deep into the rationale, but it seems that these exchanges were creating their own shit coins and slowly releasing the coins to the public, thus artificially inflating the price due to the low supply. Then valuing the remainder of the coins in their possession at the inflated price and using it as collateral to borrow and trade other shit coins. And with FTX, using your real money to give to the CEO’s girlfriend at Almeda to daytrade with and lose it all.

The point of this is that BILLIONS OF DOLLARS got wiped out. I can’t say for certain, but the people who lost money were either the hard core crypto guys who held their coins there or the ultra rich guys who partnered with FTX. The casual US based crypto person like myself recognizes Coinbase more than Binance and FTX. While Coinbase says they aren’t affected by this, I decided to cash out all my ETH and withdraw my money anyway. I don’t think Coinbase will file bankruptcy, but I also wouldn’t say they have a ZERO chance of it happening.

Anyway, the big issue is that with all this news, the casual crypto holders are scared who is going to go under next. They see it as a big ponzi scheme. This PERCEPTION OF CRYPTO has tarnished crypto’s image and I don’t know if it can recover. Plus with the recession happening, there’s less disposable income to “play” in crypto. Hell, maybe I’m selling the dip and crypto will rise like a Phoenix once again? If it does, good for it; I’m done with the ride. Good luck to the rest of you have are still playing the game. I can’t wait for the Netflix documentary on FTX though.