Don’t make any crazy/suicidal moves in this bear market

ChiNgadOr

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Quote from: Hyphen(-) on November 16, 2022, 10:55:13 AM

Quote from: Iroh on November 13, 2022, 10:23:02 AM

Bitcoin has withstood these attacks and proven all ye naysayers out there wrong and would continue to do so.
So I’m pretty much putting it out there to chill and not make any rash decisions that would be regretted later on. And also to reiterate the fact that exchanges are a no no for keeping your coins.

Isn't Bitcoin no longer the only option?
I am now skeptical of many altcoins because I believe they will eventually follow the LUNA and FTX trends. And, as you, the OP, have reminded us of similar security bridges in various Crypto exchanges back then, as well as FTX in 2022, the only trust I have now in cryptocurrency is in Bitcoin alone, not any other coin, unless after the bear market any coin that proves its standard.

Do not forget that no altcoins move without Bitcoin moving first. Every crypto projects always rely on Bitcoin movement for them to take their own move too. The market might think going after altcoins is a better option now but is wrong. We have seen so many crashed projects and crypto exchanges so that should tell us that mo matter what we think we can get from the altcoins market, we might become a victim one day if we become unlucky.

Gyfts

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It's true you shouldn't be making emotional investing decisions given the history of exchanges collapsing, but as a side note: Bitcoin's resilient enough to handle these enterprises collapsing, but I don't think it's a long term strategy to brush these corrupt exchanges off as not having immense power in the long run. They clearly effect Bitcoin's price significantly and I'm fearful that regulators are going to look at these collapses as an excuse to regulate Bitcoin into the ground.

I guess I never stepped back and realize that there were this many platforms that either got "hacked" or ran away with clients' funds. It's a bit shocking.

Wiwo

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Even though this warning has been sounded a couple of time, some people will still leave the assets on an exchange, I use to know a friend who stored all his bitcoin on binance and I always advise him against that because with an exchange, you don't have right over your coins and the exchange can lock you out of your account at any time because you don't have the wallet keys.

boyptc

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Do not forget about one of the craziest that has happened for this year and that's the UST and Luna collapse.

I saw news that there were people who went the other way and decided to end their lives because they can no longer attain to see the sinking boat of these two projects.

Every bear market is really making a lot of crazy events and happenings. And to those that are starting to think off, you can do better and it's not always the end when you're at a huge lose at this market.

Cookdata

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Not Your Keys, Not Your Bitcoin

Despite the clear sight that investors and crypto enthusiasts has seen on how centralized exchanges cannot be trusted, some exchange CEO like Binance CZ are playing tricky games on Twitter, he will preach how not your keys not your coins is the next big thing in crypto and second day, he will switch to how Binance is a reliable exchange but we all know the truth on how disastrous they are too bitcoin.

To those affected by the exchange stupidity and their shenanigans, keep your bitcoin out of them and hold them, if you have more usdt, buy more bitcoin if it keep going down, you will be the enjoying the benefits of been a diamond hands when the bull returns.

isaac_clarke22

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Quote from: Iroh on November 13, 2022, 10:23:02 AM

~

There is no perfect security anyway. I would not even buy it when they say "proven by cybersecurity experts" aside from being "top notch security", as you were already giving them your information and your coins for them to use for whatever purpose they wanted.

You know, I have not even heard of the news about FTX when it was like a fresh news in crypto. I just assumed that Bitcoin is just really having those "tank times" like we usually have back in the days before it takes off for new ATH, so the bearish market did not bother me at all.
I just wish the best to those who are affected mentally during these bearish market. Ain't trying to show "copium", but we've been at this point of the price almost every few years and yet we still see another ATH at the end of the day.

carlfebz2

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Quote from: Leviathan.007 on November 18, 2022, 03:07:23 PM

Recently I have seen many places where they talk about the FTX exchange and the hack story. First, we all should understand that exchanges are not a suitable place for holding your assets there because you can't have access to your funds directly. The other thing here is we cannot be sure to say the hack was really because this could be an attack from their friends to take money from people while they promised people to give them high-security services, but none of them on this list could provide this security. and drama happened every time.

As if these things turns out to be first time or something that cant happen? People who had just recently jumped in the market will really be having that shock but for those who had been on this market for some years and sees these exchange hacks and issues then they would really be just simply be ignoring it out and getting used to it.Suicidal attempts are to those people who had invested or leave their funds
on exchange which they didnt really expect for these things to happen which is very wrong.
If you do really make yourself that much confident towards your funds and storing it up on any centralized platform then it do always accompanies such risk, this is why its really better
to be wary of these things in the first place before making any deposit.

Leviathan.007

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Recently I have seen many places where they talk about the FTX exchange and the hack story. First, we all should understand that exchanges are not a suitable place for holding your assets there because you can't have access to your funds directly. The other thing here is we cannot be sure to say the hack was really because this could be an attack from their friends to take money from people while they promised people to give them high-security services, but none of them on this list could provide this security. and drama happened every time.

Yatsan

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Quote from: Iroh on November 13, 2022, 10:23:02 AM

Bitcoin has withstood these attacks and proven all ye naysayers out there wrong and would continue to do so.
So I’m pretty much putting it out there to chill and not make any rash decisions that would be regretted later on. And also to reiterate the fact that exchanges are a no no for keeping your coins.

What happened really is a drama. It supposedly won't affect other cryptos but people made it happen. Many people gave up their investments because of the breach which cause huge downfall to most of the tokens' value. Bitcoin somehow moved but my take on this is that investors of Bitcoin gambled not selling no matter what it takes which is a good decision now that the drama is somehow fading. In this bear market panicking won't help but rather will just make situation worse for us. Investing at this point is double edged; you may earn huge profit once green marks dominate the market but also lose profit if things will just continue. So betteryet invest only to the trusted ones or those which has reputation of withstanding such dramas

taufik123

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Quote from: dunfida on November 16, 2022, 03:59:23 PM

It did really ending up on opening everyones eyes when it comes or do speak about reality because people get up so confident when it comes to exchange platforms on whom they do really believe that these things
cant happen anymore on these days but they are wrong.People shouldnt really be that confident when it comes to this.There's always probability which people do become shit on these platforms

incidents like this will continue to happen and maybe with different methods. I don't know which exchange and altcoin will be the next scammer. We all really have to learn from past events, otherwise, we will get stuck in it.

Quote from: dunfida on November 16, 2022, 03:59:23 PM

if they do saw huge sums of money which they can milk into and later on they would really be making out some alibis.You would really be having thoughts on suicidal
act on the time that you had go all in with your money that had been invested and then you had stored it on any centralized platforms or services.

In the end, they will come up with an alibi for what is going on and they don't feel it is their fault. Just look at that loser SBF who is still free to breathe fresh air. the actor who used to be known as a young person with potential and made donations to many foundations. none other than just as a penance and want to continue to be considered a generous person, but his behavior really does not reflect his image.

lesson for us, is never to invest all money in a centralized exchange, as the risk of loss will be greater.
Just look at this advice from Theymos: Reminder: do not keep your money in online accounts

dunfida

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Quote from: taufik123 on November 16, 2022, 12:59:14 PM

Quote from: Hyphen(-) on November 16, 2022, 10:55:13 AM

Isn't Bitcoin no longer the only option?
I am now skeptical of many altcoins because I believe they will eventually follow the LUNA and FTX trends. And, as you, the OP, have reminded us of similar security bridges in various Crypto exchanges back then, as well as FTX in 2022, the only trust I have now in cryptocurrency is in Bitcoin alone, not any other coin, unless after the bear market any coin that proves its standard.

Luna and FTX are true examples of altcoin collapse even though they are top altcoin projects and exchanges. this is because there are some idiots who work as con artists and cause big projects to crash.

Now no one can be completely trusted anymore because FTX opens old wounds and reminds us that everything is vulnerable and cannot be trusted. Bitcoin is the king coin of choice, it remains decentralized and no one can completely control it.

Everyone is very skeptical right now, I even withdrew some assets from the exchange for the purpose of making it safer.

It did really ending up on opening everyones eyes when it comes or do speak about reality because people get up so confident when it comes to exchange platforms on whom they do really believe that these things

cant happen anymore on these days but they are wrong.People shouldnt really be that confident when it comes to this.There's always probability which people do become shit on these platforms

if they do saw huge sums of money which they can milk into and later on they would really be making out some alibis.You would really be having thoughts on suicidal
act on the time that you had go all in with your money that had been invested and then you had stored it on any centralized platforms or services.

taufik123

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Quote from: Hyphen(-) on November 16, 2022, 10:55:13 AM

Isn't Bitcoin no longer the only option?
I am now skeptical of many altcoins because I believe they will eventually follow the LUNA and FTX trends. And, as you, the OP, have reminded us of similar security bridges in various Crypto exchanges back then, as well as FTX in 2022, the only trust I have now in cryptocurrency is in Bitcoin alone, not any other coin, unless after the bear market any coin that proves its standard.

Luna and FTX are true examples of altcoin collapse even though they are top altcoin projects and exchanges. this is because there are some idiots who work as con artists and cause big projects to crash.

Now no one can be completely trusted anymore because FTX opens old wounds and reminds us that everything is vulnerable and cannot be trusted. Bitcoin is the king coin of choice, it remains decentralized and no one can completely control it.

Everyone is very skeptical right now, I even withdrew some assets from the exchange for the purpose of making it safer.

CryptoHeadlineNews

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Quote from: Bitstar_coin on November 16, 2022, 10:47:00 AM

And the irony of it all is - people still have their funds kept on exchanges. I don't know what it will have to take to get some people to take their investments and funds seriously.
This has been repeatedly said countless times and many still won't learn from the experience of others

Yes, you just spoke wisely, because that's one thing about us human beings, not everybody learns from other people's mistakes, some want to be a personal victim before they could adjust, which is very bad. But I'm not against not having money on exchanges for a certain purpose (I.e either for trading, swapping or e.t.c) but I am totally against keeping money on exchanges, most especially huge funds that you simply can't afford to lose, because one mistake most people do is keeping huge money on exchanges or borrowing money just to buy Bitcoin, wish is very bad, and I wish to sympathize with all those who lost their funds during this recent FTX bankruptcy.

Hyphen(-)

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Quote from: Iroh on November 13, 2022, 10:23:02 AM

Bitcoin has withstood these attacks and proven all ye naysayers out there wrong and would continue to do so.
So I’m pretty much putting it out there to chill and not make any rash decisions that would be regretted later on. And also to reiterate the fact that exchanges are a no no for keeping your coins.

Isn't Bitcoin no longer the only option?
I am now skeptical of many altcoins because I believe they will eventually follow the LUNA and FTX trends. And, as you, the OP, have reminded us of similar security bridges in various Crypto exchanges back then, as well as FTX in 2022, the only trust I have now in cryptocurrency is in Bitcoin alone, not any other coin, unless after the bear market any coin that proves its standard.

Bitstar_coin

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And the irony of it all is - people still have their funds kept on exchanges. I don't know what it will have to take to get some people to take their investments and funds seriously.
This has been repeatedly said countless times and many still won't learn from the experience of others, they will only become suicidal when the deal has been done. While not correct such mistakes while you still can rather than wait for something to happen before regretting it all. A stitch in time saves nine.

Franctoshi

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Quote from: albon on November 16, 2022, 09:49:33 AM

The really crazy and suicidal moves is to keep your currencies in central exchange platforms. We must learn from the mistakes of others and learn that exchange platforms are not a safe place to keep our wealth inside. There are many alternatives through which we can keep our currencies safe during the bear market so that we do not wake up and find that the exchange platform that we trusted has gone bankrupt or has been hacked, and one of these alternatives is a hardware wallet such as Trezor or Ledger.

But this is bad, Initially when I joined the crypto space newly I was thinking that this exchanges are digital banks and therefore acts as banks in this industry, but now seem this is becoming opposite because most of them have now turned out to be a clear scam exchange, and this is why we need regulation to protect investors, hence if this platforms should get away with this act, it doesn't mean well for the entire industry because more will follow suit and still get away with it.

However so far crypto is currently not been adopted and regulated world wide, we still need them as medium of exchanging our cryptos into fiat.

Nightz

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But it also depend on your overall literacy in terms of secure storage by yourself and the amount you have invested and the overall time you have to manage your stuff.

This is no recommendation to store your coins on a centralized exchange ever, but sometimes it can be ok if you leave your coins with a reputable, registered exchange and familiarize yourself in the meantime with secure storage.

It's right that it should be the other way around, but if one decides to buy first and store it on a centralized exchange, chances that it gets lost are lower with well established exchanges. Yes, FTX now proved the opposite, but some of the exchanges OP mentioned are shady as hell anyway!

albon

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Quote from: Iroh on November 13, 2022, 10:23:02 AM

Bitcoin has withstood these attacks and proven all ye naysayers out there wrong and would continue to do so.
So I’m pretty much putting it out there to chill and not make any rash decisions that would be regretted later on. And also to reiterate the fact that exchanges are a no no for keeping your coins.

The really crazy and suicidal moves is to keep your currencies in central exchange platforms. We must learn from the mistakes of others and learn that exchange platforms are not a safe place to keep our wealth inside. There are many alternatives through which we can keep our currencies safe during the bear market so that we do not wake up and find that the exchange platform that we trusted has gone bankrupt or has been hacked, and one of these alternatives is a hardware wallet such as Trezor or Ledger.

EveerythingTech

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Quote from: Strongkored on November 16, 2022, 05:49:36 AM

FTX is one of the biggest exchanges and some of its sponsorship of athletes definitely brings a lot of people who have big funds to use it and when the funds can't be taken it will be very frustrating especially with the news that keeps popping up making it even more doubtful for the users that the money can be withdrew taken later and can lead them to think of ending their life, can't blame their actions even though it's not the right thing because we can't definitely feel what they feel. We can only empathize and learn that when our funds are in the hands of other people, they are no longer ours, so don't ever blindly entrust your funds anywhere.

Oasisman

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Quote from: Peanutswar on November 16, 2022, 07:08:28 AM

This is the reason why some of the people telling that don't store your coins into those exchanges because there's a chance might happen in the future with them and of course you cant do anything if they face this kind of scenario there's a lot of people making their money in just one exchange and does not invest into cold wallet or hot wallets which might risk their money on those exchange also we it is related to the reminder of theymos in the announcement board. Reminder: do not keep your money in online accounts

People who thinks crypro is the way out to become rich overnight will think this is fine. But as much as more people said " not your keys, not your coins." they have not reaized how important this reminder was until it literally became to life. Well, it happened with FTX.
It's inevitable not to see people with the same mindset, especially that we're not even half of the population who adopted crypto.

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