It’s not a victory when an exchange fails. All it does is creates fud for the entire market.

Lately this sub is filled with news of failing exchanges, obviously.

The amount of people commenting acting as if it’s some personal victory amazes me. It’s especially common between binance and cdc. People from one side celebrating when there’s fud against the other. The ironic part is the same people are calling for crypto adoption.

In reality, the biggest thing to come out of it is negative headlines. Literally warning potential future investors away from crypto in general. These future investors don’t understand “not your keys, not your coins” / storage options, they just see the simplified version : “millions of people bought crypto and lost their money”.

Remember it’s not a “us V them” in terms of which exchange you use whether it be binance, cdc, Cb or whatever. When one fails it’s a set back for us all.

Competition in the market is a good thing too, the last thing we need is a limited number of trustworthy exchanges (if such a thing exists). We don’t want a monopoly where a single exchange can charge whatever fees/spread they want.

People need to get it into their head; an exchange should be only used for what it’s designed for: exchanging crypto to fiat and vice versa. Not a wallet, nor do you own shares in the company, you don’t benefit when it’s rivals are down. Cut the emotions and loyalty out of it and focus on your main objective; to make money.

And my last point: when someone loses money as a result of a failed exchange- don’t celebrate it. Nothing good about kicking a man when he’s down.