Celsius, Terra, FTX Crash All Are Prove That Bitcoin Is The Only Trusted Crypto - page 2.

South Park

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Quote from: cr1776 on November 10, 2022, 03:20:15 PM

Celsius, FTX, Terra etc have all seemed like scam coins and scammy institutions all along.

Don't hold coins on exchanges, and don't fall for the dodgy get-rick-quick pump and dump coins.

Exactly, what this proves is that it does not matter what kind of idealism you may seem to preach at the end if there is a centralization of the power then the person which is at the very top will always begin to abuse their power, as such only decentralized coins should be given any chance at all to gain our trust, which ironically reduces the list of thousands of coins we have in the market to just a few, in which obviously bitcoin is at the very top of that list.

ShowOff

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Quote from: Fivestar4everMVP on November 10, 2022, 03:03:41 PM

A lot of reasons, learn and never invest in altcoin and abandon it and say you will come back in the future to cash out millions, you might just return in the future and discover there is no longer a project associated with the altcoin you bought.
If you must be Away for even a day in this space, Buy Bitcoin instead.

And never keep your assets on any exchange until you make sure they are in a wallet that you have complete control over.
Your advice is right, but many of the beginners may not realize that they should not keep assets on the exchange. FTX is now a good example for everyone to believe that the exchange is a place to trade not long term storage. Invest in bitcoin, and hold it in a non-custodial wallet, that is good advice.

The Cryptovator

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Trusting an alt becomes harder than ever. So much drama happened last few months and people lost a lot in cryptocurrency. Even people lost a lot when they invested in a native coin of exchange. That's the worst case of people Lossing faith in exchange and crypto as well. Altcoins aren't truly decentralized anymore due to many reasons. So investing there is always risky. Bitcoin is a truly decentralized coin. So that's the reason why Bitcoin is stronger than any other altcoin or projects that coming new to the crypto space.

TimeTeller

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Quote from: serjent05 on November 11, 2022, 02:01:55 PM

Quote from: albon on November 11, 2022, 01:55:24 PM

Quote from: Fivestar4everMVP on November 10, 2022, 03:03:41 PM

A lot of reasons, learn and never invest in altcoin and abandon it and say you will come back in the future to cash out millions, you might just return in the future and discover there is no longer a project associated with the altcoin you bought.
If you must be Away for even a day in this space, Buy Bitcoin instead.

I completely agree with you, since a year ago I encountered a lot of reasons why some of the altcoins I was holding and had a good price value fell below zero due to the reckless teams of these altcoins who made quick decisions from changing the coin contract, merging it, transferring it to another network, or The exchange platforms that listed these altcoins have deleted them due to their price volatility, so if an investor will be away from the Internet for a period of a day or more without following the developments and updates and the community of the altcoin he invested, he will eventually get Shitcoins and lose his entire capital, so Bitcoin is the safest investment without a doubt.

I have the same experience since I am the type of investor who buys cryptocurrency then forgets about it and comes back several months to years later. I have lots of cryptocurrency holdings that have gone worthless due to swaps. Others become worthless because of hack and rug pulls. Though I don't keep my cryptocurrency in exchanges, this kind of swap activity done by the developer that has a time frame and needs manual sending of tokens for swap made me lose a good amount of money.

It is indeed true that if we invest in altcoins, we should be always on our toes monitoring them.

Most alts will have their swaps or changes with short amount of notification time to its holders.
This is why most are missing those swaps, making their coins or tokens useless.
And that is the good reason to store bitcoin, if you don't have time to keep up with these projects.
At least, with btc, we all know that it will still remain btc. And you can easily get news or updates in any crypto site.
With specific projects, you need to follow their social media channels or their site itself to get a hold of information.

harapan

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How many of these Ponzi scheme, crashes, and shut down of all of these exchange's will make people aware that Bitcoin is Bitcoin and will never come second to another coin and that also the aim of using Bitcoin is for self custody purposes. How many millions of people are still dump leaving their various Bitcoin still with exchange's. It's bad to see this news, a remarkable bad day in the Cryptocurrencies market. These exchange's re regulated and soon enough they all will conide with the government just they have done with bank's.

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Quote from: albon on November 11, 2022, 01:55:24 PM

Quote from: Fivestar4everMVP on November 10, 2022, 03:03:41 PM

A lot of reasons, learn and never invest in altcoin and abandon it and say you will come back in the future to cash out millions, you might just return in the future and discover there is no longer a project associated with the altcoin you bought.
If you must be Away for even a day in this space, Buy Bitcoin instead.

I completely agree with you, since a year ago I encountered a lot of reasons why some of the altcoins I was holding and had a good price value fell below zero due to the reckless teams of these altcoins who made quick decisions from changing the coin contract, merging it, transferring it to another network, or The exchange platforms that listed these altcoins have deleted them due to their price volatility, so if an investor will be away from the Internet for a period of a day or more without following the developments and updates and the community of the altcoin he invested, he will eventually get Shitcoins and lose his entire capital, so Bitcoin is the safest investment without a doubt.

I have the same experience since I am the type of investor who buys cryptocurrency then forgets about it and comes back several months to years later. I have lots of cryptocurrency holdings that have gone worthless due to swaps. Others become worthless because of hack and rug pulls. Though I don't keep my cryptocurrency in exchanges, this kind of swap activity done by the developer that has a time frame and needs manual sending of tokens for swap made me lose a good amount of money.

It is indeed true that if we invest in altcoins, we should be always on our toes monitoring them.

albon

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Quote from: Fivestar4everMVP on November 10, 2022, 03:03:41 PM

A lot of reasons, learn and never invest in altcoin and abandon it and say you will come back in the future to cash out millions, you might just return in the future and discover there is no longer a project associated with the altcoin you bought.
If you must be Away for even a day in this space, Buy Bitcoin instead.

I completely agree with you, since a year ago I encountered a lot of reasons why some of the altcoins I was holding and had a good price value fell below zero due to the reckless teams of these altcoins who made quick decisions from changing the coin contract, merging it, transferring it to another network, or The exchange platforms that listed these altcoins have deleted them due to their price volatility, so if an investor will be away from the Internet for a period of a day or more without following the developments and updates and the community of the altcoin he invested, he will eventually get Shitcoins and lose his entire capital, so Bitcoin is the safest investment without a doubt.

BitDane

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Quote from: Falconer on November 11, 2022, 11:36:23 AM

There are many reasons why investors should have bitcoin as their primary crypto investment asset instead of altcoins. Many of us know the reason, but on the other hand, asset diversification is also worth considering but once they know what the risks are.

Well Bitcoin had proven itself for many times, so holding or choosing it over altcoin is a no brainer especially if we are planning a long term holdings. But in terms of profit, altcoin may have an advantage, we just need to know when to sell or else we will end up holding worthless cryptocurrency.

Quote from: Falconer on November 11, 2022, 11:36:23 AM

We all believe bitcoin is better, but we can't prevent people from choosing which one is the best and most profitable for themselves in terms of investment, in fact not all of those investors care about the usefulness of bitcoin but most only care about the profit. Your thread and some of your points can really give some insight into why bitcoin is better, but I don't think this will encourage more people to leave altcoin for bitcoin.

I highly agree, I think Bitcoin is good for those who is not fond of high risk high reward investment. I myself would choose altcoin in terms of short term investment and profit multiplier since altcoin always have market surge that goes up insanely. Anyone can call it pump and dump but if we happen to time the trade right, a $100 investment can turn into $100k or more in a shorter period of time.

And regardless of what investment we choose, we should always make sure that we don't make crypto exchanges as our personal wallet that keeps all our cryptocurrency.

Quote from: noormcs5 on November 11, 2022, 09:11:35 AM

There is one important thing which most of the people are missing in this crisis. Centralized exchanges can scam, Stable coins can scam, top crypto project can tank so what is the safest heaven in crypto ? The answer to this is bitcoin BTC
Yes, people will say that by the time bitcoin will do 2x from 16,000$ to 32,000$, other coins can easily do 5x or even more. But there is more risk in other coins as we have seen recently. If you want to invest in crypto and still want to remain risk free, your 80% investment should be in bitcoin.

Bitcoin isn't risk free, and there is no such thing as no risk investment but I agree with you that Bitcoin is the safest investment in the cryptocurrency market.

indah rezqi

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I'm optimistic about bitcoin, but I won't ignore all the altcoin in my portfolio even though people tend to call them shitcoin. Bitcoin is the best, definitely true, and I also believe bitcoin is a store of value but when I want to make a profit then I also have some good options because in the market there are not only bitcoins that we can trade.

The crash that FTX is experiencing right now is proof that every current crypto asset always has the potential to fail and be replaced by others, so the first point in this investment is don't put all your money in crypto, whatever it is.

Gyfts

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I'm curious as to how many of these crashes altcoin users are going to need to go through before recognizing the entire altcoin industry is a high risk, low reward, gambling sector that will undoubtedly collapse in flames with a lot of people out of funds. There isn't technology behind, there isn't an ecosystem, mere buzzwords to attract newbie investors.

It's concerning -- regulators are looking at these crashes and looking for any excuse they can to hammer down the crypto industry with regulations that will limit crypto's growth.

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I thought FTX was here to stay in the long term. It still is, but the reputation is ruined with all the issues with the Alameda research and everything going on with the crypto space. It's essential to have noted that you need to be alert and aware of what's happening, and I agree that if you don't have any idea about all the happenings, one thing is for sure, BTC would be the key with all the things cryptocurrency related.

Flexystar

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There is actually more into this story rather than just having few roll overs. Crypto has seen its good and its worst all the time. I am not big fan of Altcoins either but there are few realistic projects out there who made amazing progress throughout their lifetime until now. Whether it is Credit card issuance or pay on the go services to amazon gift card trading, we have seen some good projects too.

I know it feels like I’m taking the side of Altcoins but all I am saying is, we are seeing the everything with wrong prospective. Just because there is one crook doesn’t mean all of them follow the same path.

Anyways, I am always having more % on bitcoin but alts have also given me nice ROI.

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There are many reasons why investors should have bitcoin as their primary crypto investment asset instead of altcoins. Many of us know the reason, but on the other hand, asset diversification is also worth considering but once they know what the risks are.

We all believe bitcoin is better, but we can't prevent people from choosing which one is the best and most profitable for themselves in terms of investment, in fact not all of those investors care about the usefulness of bitcoin but most only care about the profit. Your thread and some of your points can really give some insight into why bitcoin is better, but I don't think this will encourage more people to leave altcoin for bitcoin.

pawanjain

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That is a really good example actually to make people understand the importance of

1. Holding bitcoin instead of altcoins
2. Holding coins in a non-custodial wallet.

I am more concerned about all those people who had their life savings on FTX.
All of it vanished and they could do nothing about it. It must be so hard for them. Sad

It's a tragic event sadly.

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Celsius, FTX, Terra etc have all seemed like scam coins and scammy institutions all along.

Don't hold coins on exchanges, and don't fall for the dodgy get-rick-quick pump and dump coins.

Bitcoin still remain the king among other cryptocurrencies, you can invest in this season and have something reasonable to earn well, because whenever Bitcoin pump higher in the market other cryptocurrencies pump little, and whenever it dump lower other cryptocurrencies price dump also to show that Bitcoin is the most trusted crypto that can bring out a good profits in the future. I don't think, altcoins is advisable for investors to invest in this season, because end of the year is approaching, which many crypto investors are looking for potential coins that they will invest in this month of November and have something reasonable to achieve before the end of the year, which is advisable to invest in Bitcoin in this bear season and have something good to earn before the end of December.

Findingnemo

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Yeah, valuable point cause the isn't important the actual coin or token may be replaced by the project team and people who failed to switch will be left with useless tokens. Altcoin market is profitable but when people start to influence by the Exchanges, influencers, media or anything and go towards something which is growing unrealistic but having a central authority or related can do such damages later.

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Quote from: cr1776 on November 10, 2022, 03:20:15 PM

Celsius, FTX, Terra etc have all seemed like scam coins and scammy institutions all along.

Don't hold coins on exchanges, and don't fall for the dodgy get-rick-quick pump and dump coins.

There is one important thing which most of the people are missing in this crisis. Centralized exchanges can scam, Stable coins can scam, top crypto project can tank so what is the safest heaven in crypto ? The answer to this is bitcoin BTC
Yes, people will say that by the time bitcoin will do 2x from 16,000$ to 32,000$, other coins can easily do 5x or even more. But there is more risk in other coins as we have seen recently. If you want to invest in crypto and still want to remain risk free, your 80% investment should be in bitcoin.

posi

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Quote from: hatshepsut93 on November 10, 2022, 06:38:46 PM

Unfortunately, that's not the conclusion that people outside of crypto make. They see fiasco after fiasco and decide that all of crypto is a scam, including Bitcoin. How can you convince them that Bitcoin is different? They didn't study the crypto protocols to understand the fundamental difference between centralized and decentralized crypto coin. And they don't see that Bitcoin is being massively used in real world. That's why shitcoins and shitcoin exchange crashes drag Bitcoin with them.

The root cause is that their understanding of bitcoin is virtually non-existent. Yesterday, I was talking to my cousin and we accidentally talked about bitcoin and he also knew that I invested in bitcoin for a long time. He doesn't mind the recent incidents but he still thinks bitcoin is a scam, no different from gambling. I asked him why he thought so, he said that it is very volatile like gambling, I just laughed and didn't want to say anything more. There are still many people who do not understand bitcoin well, they still see bitcoin as a scam and will soon disappear.

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Quote from: Fivestar4everMVP on November 10, 2022, 03:03:41 PM

Celsius(CEL), Terra(LUNA) And more recently, FTX(FTT) Crash, What Lesson Are We Being Taught?

Despite your given valid reason which I highly agree with, I still won't recommend people to not look at the altcoin market. There are lots of potential profits to be made in the altcoin market. It would be a waste if we don't take advantage of these opportunities. Bitcoin's very high-profit return had been all in the past now, the x30 x50 x100 profit will be rarely seen in the Bitcoin industry which is often available in the altcoin market. So the lesson these crashes of altcoin convey is that we should exit at a profit and not take the Altcoins market for long-term investment. Plus avoid keeping our cryptocurrency in centralized exchanges.

Quote from: Strongkored on November 11, 2022, 05:11:50 AM

Agree that Bitcoin is much safer from anything bad that might happen, even without adequate knowledge will still be detrimental to the person so we have to know how the cycling market works every year so that Bitcoin can be really useful for us.

True, the Bitcoin market is the most established market among cryptocurrencies but we still need to learn the curves of the Bitcoin market movement. It is very important especially if we are engaging Bitcoin to take profit from its market.

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Quote from: Fivestar4everMVP on November 10, 2022, 03:03:41 PM

If you are not the type that spend several hours online everyday like me, then please give more attention to buying Bitcoin.

Even if we are a person who can be online for a few hours every day and keep an eye on market movements, keep an eye on the latest updates on the altcoin market and also pay attention to any news that appears, as a retail investor we will never be able to know in full what will or is happening on those altcoins, maybe even when bad things start to happen we are too late to get out of the market and still suffer losses.

Agree that Bitcoin is much safer from anything bad that might happen, even without adequate knowledge will still be detrimental to the person so we have to know how the cycling market works every year so that Bitcoin can be really useful for us.

Topic: Celsius, Terra, FTX Crash All Are Prove That Bitcoin Is The Only Trusted Crypto - page 2. (Read 537 times)