Topic: Corrupt people in crypto - page 6. (Read 1402 times)

Most times, I have to just agree that this developers if not all but some of them really meant well for their users but got drown along the line and they also wish they would do something about it just in the case of FTX who also tried to partner with binance but later got rejected.

On the other hand, I also have to blame the users as well because of the rate of greed of minimizing input and maximizing output which later on swallowed them.

This incidence and the similar ones can actually be prevented if the rate of greed is actually minimized from the end of the users and also try not to store money in exchanges no matter how reputable the exchange might seem.
Don't be surprised that some people still have a whole lot of money still stored in binance believing it is safe and can also be trusted.

I also feel the loss from Luna and FTX, I'm worried that FTX conditions can occur in other exchanges so as to make the market more drop, it is time for all information to be open, the concept of decentralization that makes us able to know the condition of the project and excahnges should make crypto a hope in the future .

Truly a bad year for crypto but is more of a learning year for crypto. It would have been strange if bitcoin had a smooth run. Well, how do you prevent this incidences from occurring in the future? As a client, one way I would say is, avoid projects that are heavily levered. They are the first to go down in the even of any uncertainty. I remembered O'leary making this statement on a CNBC interview a couple of months ago and it turns out he was right.

I am not sure what means corrupt in this case. But if this is about what happened to some projects that you mentioned, this may not relate tot he corrupt. But this is more to the scams and fraud. But, whatever the term, those incidents really disappointed us. They were big projects with massive community and progress, but in fact, they could be crashed very easily. We may not expect that this will happen. But in fact, the competition in the business especially the crypto business is very hard. Each can make another to be crashed very easily. And the one with weakness can be crashed also very easily. That is why form this I am learning that we ca never trust anyone here. Just invest for our own investment to take or earn profits, not as loyal to certain altcoins or exchanges.

Now the issue is currently hot which it did really make out some results on making the community would really be put up on extreme fear,anxiety and hesitance.This is why it is really that hard on pumping out the

market.We cant really deny that people are observing now which there might be even more similar scenarios or events and some are really just waiting for the right opportunity to buy on possible bottom.

The way you could really make yourself avoid with these scams and frauds is that you should really be that confident for whatever things that you do have in mind.
Corrupt and other things in related is not something new on this market.So better prepare yourself anytime.

After various occurrences this year in cryptocurrency luna crashing and FTX to some extent, people's eyes were opened even with the security of your asset on an exchange, looking at the top of bitcointalk news you will see that it was a clear warning about not keeping your money in an online account is very risky but despite the warnings, people will not change but the issue of FTX served as a lesson to everyone who keeps their money on an exchange because your assets are in their custody.

FTX was founded in 2019, so it's hardly an old exchange even by bitcoin standards, barely 3 years old and only getting world recognition in the bull run in 2021, when probably all the troubles also started.


Of some?
No, of everyone involved, because what could have been other than greed that made you deposit your tokens on a barely regulated entity with no guarantee other than their word for a 5-15%  APY? Common, honesty time, there are hundreds even now on this forum who despite all the crashes, despite the bolded announcement on top of the page will still deposit their tokens for returns, because an x10 in a few years is not enough, they want another 2x, and they want it now!
This would have not happened if everyone would have played by the first rule, be your own bank, do not trust a wanna-be bank with your coins, worse than actual banks, and for what?
SBF could have been the scammer of all cammers, if none would have trusted him with money he couldn't have scammed anybody!


Or, or, let me voice this outrageous idea...
We could do without every single of those companies that need to be supervised by some entity.

See, simple, it's me and the merchant, the money is in my wallet it goes to the merchant when I buy something, it goes to my friend's wallet when I want to give him money, no ftx, no celsius, no, voyager, no #safu!

This is due to the greed of the project teams, their lack of experience, and their haste in making the wrong decision. Unfortunately, the investors are the victims of this greed and ignorance. I see that these incidents that have occurred and will happen will be unavoidable, but we, as investors, have to learn from experiences and incidents in order to reduce losses in the future, so we must not put all our wealth in one currency, no matter how strong it is in the market, as it may vanish in days, and we do not keep our wealth in a central exchange platform, as there are many safe alternatives. With time, we can gain enough experience that enables us not to make such mistakes and not become victims of such incidents.

when he said "PEOPLE" i really thought he'd named someone from the forum and have proof. but let me give one which i think we might all agree.

Gary Gensler. this man behaved like he knew crypto and even taught blockchain in MIT where the Bitcoin community thought he could be the right man to be on SEC, it turns out he's a bad actor.

There are many cases where exchanges have been subjected to hacks, fake trades and exit scams. Good business ethics will prove that the product works well and is profitable.

One thing you can do is use more than one exchange, so your risk is spread out. The downside is that if one of them does Binance, you lose all your crypto. Also, beware of fake exchanges that are only there to steal your private keys and passwords.

In fact, it is difficult to prevent such incidents from happening in the future, because greed exists as a basic instinct of many people and therefore they will constantly try to get big money in any way and it is difficult to stop them, the best way to stay safe is to avoid these central projects and increase knowledge and awareness towards these Type of projects, these things come by increasing knowledge and experience and conducting deep research before investing in any project.
In any case, I am happy that the Crypto market is cleaning itself of these weak and false projects that will collapse little by little, and only the strong and worthwhile projects will remain in the market.

I agree with you that custodian wallets should not be used to store our crypto assets, but if you say people should stop using custodial exchanges, I think we won't be able to do it. Although, centralized exchanges are risky, there is no denying that they are an extremely important part of the market. They make it convenient for us to provide services that are easy to use and very suitable for many people, especially newbies. Defi and DEX currently have a lot of limitations and their use is also difficult, that's why people are still not excited about DEX.
My point is to still use CEX but never put your full trust in them, never leave money on it, trade only when necessary and withdraw everything when done.

Soon Coinbase, Binance (the most corrupt), Tether.

Point of correction. People will less trust in CEX, and centralized financial services and move to alternatives using DeFi, DEX, and non-custodial wallets which is what this forum always advises.
If you do some online surfing you'll see that the number of hardware wallet users has increased lately which shows that people are already moving to the alternatives.

What I believe require to prevent future malpractice in the CEX, and centralized financial services is regulation and it is against the liberation introduced by Crypto.

Everyone is here for profits besides the fact that we also here for the privacy. However, due to some upgraded and extensions in the crypto space over the period of time (introduction of centralised exchangers, NFT crap, Meme crap) and much more we got diverted. Then peeps started seeing huge amount of money along the way and mostly developers and project owners literally started to blow off the bubble with that intentions only.

Now, peeps themselves are trading to earn profits. However, when the limit of earning reaches beyond millions of dollars in short period of time then greed takes over.

Guess what the role is played by either project owners or peeps as whale investors. So these things were supposed to happen someday or other.

Because human behavior has the same instinct of being greedy, those people who know how to play the crypto market become corrupt in this field, and those who are greedy usually becomes a victim. If all those new crypto enthusiasts know how to keep their crypto safe and do not use custodial exchange or wallet upon storing their crypto, --there is no corruption that happen.
We hope that people learned now what happened on FTX, this could be a mistake that we should not forget and should be learned.

You have greed and I have greed too, we all have greed so as long as greed persists it will not be possible to prevent scams. Cryptohave always been considered a risky and scam market, we should protect ourselves against that if we can't protect ourselves it's best to leave the market, don't expect the government or a hero to protect us.

Honestly, I'm fine with the market, I have nothing to lose from the recent crashes because I know that no one can be trusted in this market, I just believe in myself and I'm always ready to accept if something goes wrong with me.

In crypto we must not trust any third party, in crypto we need to verify!

I don't know the reason why you say them corrupt, they're not corrupt but greedy since they're leaving their coins on the centralized exchange in order to save few dollar and stake their coins on lending platform to get tiny amount interest.

But the thing is they're risking all of their coins on the exchange, does it's worth to earn 5% per year but the risk is 100% of your initial capital? really not worth it.

All these are happening because people is changing what crypto supposed to be, how Satoshi left it for them, coins transactions supposed to be trustless in a way you do not have to depend on any centralized service, but see all what you named, they are centralized services, nothing like noncustodial wallet or decentralized exchange like Bisq mentioned. If you trust someone, the person can disappoint you, which was what FTX started.

In my opinion there is no easy solution for this. Ultimately though, there definitely needs to be some sort of oversight entity that will govern and more regulation and oversight at an early stage.

I think this is similar to the way stock markets are regulated in the US or other countries where there needs to be clear definitions/standards according to what is allowed and what is not when creating crypto tokens, selling tokens for fundraising, or using tokens for voting/ governance.

This will prevent people from profiting from someone else's misfortune. otherwise it would collapse on its own—as was happening right now.