Centrallized Exchanges Fail Again

Centralized Exchanges Fail Again

By Jimmython | cryptoinvesting | 20 Apr 2021

So I'm trying to move some assets around to get ready for this second BTC dump back below $50k, and Binance AND Huobi are disabled. Hilarious.

These guys are worse than my bank. What good is an exchange if it only works when you don't need to trade?

Pancakeswap still worked. It was slow, but at least it worked. Just another reason to trust tech over people. Code is law, dammit, and we don't need centralized structures to move forward with this society. It really irks me because I see all of these people online who are supposed to be experts trying to complicate the situation. All of these hacks seem to think that getting more people involved in the process somehow makes it more viable or legitimizes it or something. I can't tell you the number of useless businesses that sound smart because they obfuscate the path to innovation, detouring it through regulation or taxes or some other pointless thing.

Noobs, be wary. You always have to think ahead in crypto because the systems surrounding it are fragile. Note I didn't say crypto was fragile. The blockchain is the strongest, most secure technology we have. The stuff being built on top of it is the fragile stuff.

So if you're a noob and you don't think ahead, and then you get to an inflection point and you try to panic sell, just know you won't be able to. The centralized exchanges will invariably shit themselves and leave you stuck in positions you don't want to be in. 

Also, staying in low cap alt coins forever is dumb too. You won't be able to panic sell out of those because of liquidity issues. If you don't know what that means, research it. But it basically means you won't be able to sell when you most want to.

What's the moral of the story? Buy and sell when you don't want to. When things are boring. When stuff is green, you should be selling. When stuff is red, you should be buying. And during times of peak action in crypto, you should be doing something else like taking a walk or kissing a baby. Because if you try to follow the herd, you'll have herd problems. Which means you'll end up losing money.


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