Topic: Celsius, Terra, FTX Crash All Are Prove That Bitcoin Is The Only Trusted Crypto - page 3. (Read 537 times)

I hate to say it, but almost every single one is, and that's a problem when you're trying to convince people that Bitcoin is a better alternative to fiat. Since, every couple of years we have this sort of event happen, and that discredits Bitcoin as a whole.

Even if it's not directly about Bitcoin, and its the companies operating around Bitcoin, because that's what people see they automatically associate Bitcoin's reputation with these sort of companies. It's a trend that I can't wait to get rid of, but ultimately to do that we probably need to move to peer to peer exchanges, and that has its own problems then.

In terms what Bitcoin is very safe? since you're talking about the price, Bitcoin has a high risk and no one can control the price. It's possible if you see Bitcoin price decrease or increase for 20% just in one day. Does it will make anyone panic? it depends on the person, but does investing in Bitcoin is very safe if the price is highly volatile? Nope, you need to have a good risk management and control your own emotion.

Agree as simple as this: When there is a bad issue not only altcoins are wasted but Bitcoin also experiences a decline in price. But the difference here is that the strength of Bitcoin is tested where price reversals are always fast and recover so quickly without a doubt. And lo and behold other altcoins can't do what bitcoin did for a reborn with a price reversal. With proven facts, Bitcoin has become the public's trust over any coin. Bitcoin did touch the price of $15K but the positive point is that Bitcoin can recover without needing to wait long. The market responds to price in order to accumulate more Bitcoin.

I guess it's pretty obvious, those altcoins are really very risky as the price can go down very hard in matter of days, causing panic and destruction along the way. The Terra probably is one of the biggest failure, but then again, FTX didn't learn the lessons from that crash and Sam didn't try to avoid until it's too late that investors and traders can't withdraw.

People should see this already, again the risk is very high for this altcoin projects that suddenly burst into scene. Bitcoin could be dumping,  but there's no way that it can literally go to 0, it's too big to fall.

indeed today there are so many altcoins that make many people suffer huge losses because of investing in altcoins, and now it has been proven that bitcoin is a great future asset. because investing in altcoins is very risky. but if we invest in bitcoin, of course it is very safe.

The funny thing with the crypto market, however, is that its being a wild wild west could either make or break you. Early in my crypto years, I had a lot of DOGE. It was a popular coin years ago-- even until now in fact-- and for somebody who's taught to diversify, DOGE was one of the options. It was way back when it was only worth tens of Sats. I had more than a million DOGE. Of course, I've let it go already. But had I HODLed it, I would have made a lot of Sats.

There are actually a number of stories of crypto owners who forgot their coins or their access. When they finally got hand of them, they were already worth so much more. That includes Bitcoin, of course.

But I am not in any way arguing against your points. I think they're all correct. I'm just sharing the other possible side of the story. It's not worth taking the risk for some luck, of course, especially today when there are way too many coins to choose from.

Most important, it is a Proof of Work coin

Other important factors are
- It is decentralized and is not controlled by a single person, entity, company ... so it is impossible to see one person or one company can put Bitcoin at risk by using it as a collateral for an exchange, an company and face with liquidation that results in market panic
- It can not be created more than 21M bitcoins in total supply. No more minting from thin air. Impossible to change its total supply to more than 21M.

Terra, FTT fiascos happened because of over minting from thin air, bad risk management and very centralized ownership and powerful control that caused terrible centralized decisions.

After all, they are all scams but investors like risky games for a chance to get high profits so when these coins die there will be other scam coins that will replace them and always so. Bitcoin is unique and it is only when those people lose money on shitcoin that they realize that there is no better coin than bitcoin. So the existence of these scam coins is not so bad, without them many people would not realize what is the real cryptocurrency.

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.

There are many well-known and unintended issues that occur in cryptocurrencies, the most talked about issues being the Celsius crash, the crash of the Luna platform.  However, there has been no issue in cryptocurrencies for quite some time.  The recent FTX exchange liquidity crisis has dealt a major blow to cryptocurrency.  FTX Exchange is one of the most popular exchanges at the moment.  The liquidity crisis of this exchange means that people's confidence has reached zero.



In the Twitter post SBF told that his exchange FTX had a liquidity problem. After seeing his tweet investors and holders withdrawal more than $5 billions dollars from the exchange in a single day.
I think from the crashed that investors confidential level hit by the news of SBF.
The main reason for the crisis of public confidence is the liquidity crisis of such a large exchange like FTX.  And CZ has used this opportunity.  Because only FTX is the main competitor of Binance exchange.

Taught: I never invest others coins instead of bitcoin.
Binance & Coinbase exchange now the target of SEC.

I would add Mt.Gox to this list as one of the more serious breakdowns in the crypto world. but it is most closely related to Bitcoin, not as the stability of the currency, but the most damaged are the bitcoin holders at that time.
maybe it would be better to reformulate to decentralised vs. centralised.

And yes, I completely agree with you about trusting altcoins.

One of the most interesting aspect of Bitcoin is it sustainability of value over time, and even though am not in support of leaving the crypto space for a long time even though you are holding Bitcoin but you will have some level of peace of mind while holding Bitcoin but you are still expected to keep check of portfolio even if there held in a none custodial wallets.

If you follow up things and events since the altcoin boom you will have noticed that most time when Bitcoin value drop significantly it can be trace to the vulnerability of an altcoin, take this drop of bitcoin price at the moment for example, it is as a result of the crash in the FTX that happen some few hours ago.

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.

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


       We are being taught not to trust in Altcoins, Bitcoin is the only cryptocurrency that should be trusted, if you are investing in bitcoin, after buying and moving your Bitcoin to your Non-custodial wallet, and keep keys in a safe and secure place, you are free do delete the wallet, even leave crypto completely.

Come back in 10, 15 years, get your keys, get your non-custodian wallet back up and restore your wallet, your bitcoin will be just as you left it..
Maybe with a better usd value?- Maybe but that's not the main purpose or message in this topic, the message in this topic is that --After staying away from crypto for so many years, you still meet your bitcoin the same way you left them in your non-custodial wallet, you can decide to move it to an exchange and sell or keep holding.


On The Other Hand...

       If you are investing in Altcoins, then it is mandatory to always be online every day following development update as well as the market, as you never can tell what decision the team will make at a particular time that will trigger a sell off, you have to be there to catch some part of your money as they flee  , but if you are the type that buy altcoin and stay offline for like a month or two before checking again, you might just come back one day and discover that the altcoin you bought and kept it as a future investment are now worthless.

Now, imagine business men/women, working class men/women who bought FTT(for example), kept it in their private wallet and because they are too busy with their day job, they don't have time to follow the project up, they probably trusted FTT as a very genuine investment.
Think about how they must be feeling the day they might decide to check to see how the price is doing only to discover that FTX exchange is no more and the native token have gone to hell to say hello to satan

Even a simple shift from one contract address to another ( which is very common with Altcoins) have costs inactive investors their money, as they were not online to follow the process provided by the project team to shift their tokens from the old contract to the new one at the provided or specified  time period.

Conclusion

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

I will give three reasons why..

• Bitcoin is the only cryptocurrency that has no team to make useless decisions that will crash the price or destroy the project.
• Bitcoin has never and will never experience a shift in contract address (cus it has non) that will leave you with worthless coins if you are not online at the specified time period to swap, as it is common with most altcoins
• Bitcoin has the most liquidity, it can never be delisted from any exchange due to low trading volume as it is with some altcoins in the long run, so be rest assured that even if you are away for 10 or more years, anytime you come back, there is always some body ready to buy your bitcoin from you at the market price.

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.