Corrupt people in crypto - page 8. | Bitcointalksearch.org

cabron

hero member

Activity: 2800

Merit: 595

https://www.betcoin.ag

There were theories that FTX causes the collapse of 3AC, Luna, Blockfi, and all the rest and bought them all as well to make sure they look like a savior of crypto and gain the trust of celebrities and big investors.

Many of these stories come out Cofounder of 3AC Kyle Davies also confirms that FTX contributes to its collapse. And even Huobi CoFounder Wang confirms FTX contributes Luna's collapse. There were interviews like this one https://www.youtube.com/watch?v=zTuzyByADv0

Quote from: krishnaverma on November 21, 2022, 08:24:38 AM

What do you think are the required steps to prevent these incidences from occurring in future ? Or are these unavoidable ?

CZ has the initiative for the recovery funds and proof of reserves.

Zlantann

legendary

Activity: 1050

Merit: 1100

Quote from: krishnaverma on November 21, 2022, 08:24:38 AM

A lot of bad incidences happened in crypto community this year including:

1) FTX
2) Luna
3) Gemini Earn
4) Celcius
5) Voyager
6)BlockFi

All these incidences happened because of the greed of some people. It is important to control the entry of these kind of people as developers or people behind some new crypto projects. Otherwise people will have very less trust left on crypto in general and people will move to other alternatives. What do you think are the required steps to prevent these incidences from occurring in future ? Or are these unavoidable ?

I think I agree that one of the main reasons why most of these crypto companies are failing is because of greed. Another important cause of all these challenges is lack of risk management and financial management knowledge. Most of these exchanges use people's deposit to fund risky businesses without considering the financial implications. They are just young CEOs that lacks basic forms of financial intelligence. I also agree that there should be a kind of regulations that would help ensure that these centralized businesses operate based on stipulated standards or guidelines so that clients can be protected from loss of funds. There should be a sort of insurance structure that can facilitate the recovery of funds and prompt payments of depositors. But using decentralized exchanges and P2P transactions options still remains the best alternative.

jackg

copper member

Activity: 2856

Merit: 3071

https://bit.ly/387FXHi lightning theory

In the case of centralised systems, taking your funds off the service is the best way to do it. Most of the systems that failed were centralised or backed by centralised funds.

For "decentralised" mechanisms like luna, high growth generally stems from high risk. The stablecoin was backed by the depth and the order book of luna. The mechanism was still safe for a few days after it was broken so vigilance would've stopped you from making a loss greater than ~5-30% as.i remember it.

noorman0

hero member

Activity: 1778

Merit: 709

[Nope]No hype delivers more than hope

Quote from: krishnaverma on November 21, 2022, 08:24:38 AM

-snip-
All these incidences happened because of the greed of some people.

Can I say that the greed is actually from both sides? Especially users, they have their own criteria to consider this kind of service legit.

Quote from: krishnaverma on November 21, 2022, 08:24:38 AM

-snip-
Otherwise people will have very less trust left on crypto in general and people will move to other alternatives.

It doesn't mean that it will be completely finished, leaving only a handful of people who always uphold the concept of non-custody.

Quote from: krishnaverma on November 21, 2022, 08:24:38 AM

-snip-
What do you think are the required steps to prevent these incidences from occurring in future ? Or are these unavoidable ?

If the first point could be deducted, not many people would fall.

gantez

full member

Activity: 1736

Merit: 121

It is avoidable when hodlers choose rightly to invest properly and not giving centralised system this chance to always scam them. The point to this is to not give scammers this opportunity, close the loop holes. For exchange you don't leave your coins with the exchange this is why the huge sum of estimated $10 billion was lost in FTZ scam. Another is to invest major in bitcoin because some investors want to buy cheap unit of coins , accumulation of satoshi is more secured.

krishnaverma

full member

Activity: 1442

Merit: 108

A lot of bad incidences happened in crypto community this year including:

1) FTX
2) Luna
3) Gemini Earn
4) Celcius
5) Voyager
6)BlockFi

All these incidences happened because of the greed of some people. It is important to control the entry of these kind of people as developers or people behind some new crypto projects. Otherwise people will have very less trust left on crypto in general and people will move to other alternatives. What do you think are the required steps to prevent these incidences from occurring in future ? Or are these unavoidable ?

Topic: Corrupt people in crypto - page 8. (Read 1402 times)