Popular Crypto Exchange SHUTS DOWN! Hotbit Halts Operations!

Now we had a pretty large exchange Closure that we did talk about last week Just to mention uh actually earlier in The week when we were talking about Caspa in particular and some of the Reasons for the reduction in the price Before of course now this is this bull Run that we just saw or not bull run but This increase in price right this nice Little uptick with in Casper before that And this could have definitely Influenced it but why what else has this Influenced and why did this happen let's Go ahead and see if we can figure it out Hotbed exchange halts operations and Urges users to withdraw their funds hot Bits said decentralized exchanges are Becoming more cumbersome and highlighted That it is quote unlikely to meet Long-term trends end quote Is this a bad thing or is this a good Thing right when we start talking about Wanting to fall back into the Fundamentals of cryptocurrency do we Want to see failures of centralized Entities or how much longer do we need Centralized entities I suppose is the Question because the the question that I Have is how much longer are we Participating within the traditional Financial system needing a central Centralized exchange to participate and Move funds back and forth between In an announcement The Exchange said

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That its operating conditions have Deteriorated since a former member of Its team was subjected to an Investigation in August of 2022 According to the exchange the probe Forced it to stop its business for weeks In addition cockpit also cited various Incidents within the crypto space as Contributors to its decline The Exchange Cited the FTX collapse and the banking Crisis that caused the U.S decoin the Pegging event as reasons for its Deteriorating cash flow hoppit said that The incidents resulted in a continuous Outflow of funds from centralized Exchanges which this is interesting Because if we talk about crypto Twitter And the encouragement that surrounds That everybody is encouraged to outflow And pull off a centralized exchanges So this isn't necessarily surprising Especially as people lose trust in the Banking system as well as if you lose Trust in the banking system especially The banks that have been failing tied to Cryptocurrency specifically Cryptocurrency exchanges then you lose Thereby lose trust in centralized Exchanges and to protect your money you Pull out this actually kind of snowballs The effect on the centralized exchanges And the banks that are pro crypto which Does bring up a question of was this the Right move for cryptocurrency

Should this have been delayed or tried To be pushed off a little bit further so That there are still good inlets and Outlets for cryptocurrency from the Fiat System I don't know it's kind of an interesting Topic though the exchange also blamed The repeated cyber attacks and the Exploitation of quote project defects by Malicious users end quote as reasons for Its downfall as the announcement came Several members of the community Reported that they were unable to Withdraw their funds from the exchange Some also warned community members of Phishing links and that pretend to be The official hot hotbit exchange On Google while hotbit is taking its bow Other exchanges are carrying on while Some long or with some launching Campaigns to fix the issues in the Crypto industry crypto exchange coinbase Recently published a campaign to update The system okay X took it a further step And it wants to rewrite the system Entirely now rewriting the system and And and fixing the system or updating The system Doesn't really necessarily work though And and that's the That is the overarching top-down problem With cryptocurrency that if you are a Supporter of Bitcoin crypto in general You think this is the future you have to

Realize that the reality of that is a Certain amount of economic pain for that To come to fruition and that is just Going to be the case and there's no Really way around it right Um I'd like to say that you could have a A completely painless transition from One system to the other but historically That's never been true that wasn't true With the Agricultural Revolution that Wasn't true with the Industrial Revolution people suffered in all of These things and so that will happen Again with something as as As impactful as cryptocurrency could be And so it it's kind of like you have to Go through the fire to reap the rewards Thanks for checking out this clip from The crypto mining show you can check out The full episode here or more crypto Content down here also I'd like you to Check out my locals page at son of a Tech.locals.com where you can become a Member for free or choose to be a five Dollar a month supporter that unlocks Additional content

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