Don’t make any crazy/suicidal moves in this bear market - page 2.

Kelvinid

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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

perhaps, they will never realize it until it comes and happens to them personally. I
I'd see how disappointing it is to be what happened with FTX but thing like this isn't surprising anymore because of some known exchanges are in big trouble after for how many years of running their platform. It is something to tell us the importance of investing in hardware wallets especially if we are investing huge amounts in crypto. It even tells us the risk in choosing exchange wallet as a storing wallet as we never know any of these days they will be get hacked or being compromised.

Peanutswar

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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

Strongkored

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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.

ethereumhunter

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Quote from: Doan Ha on November 15, 2022, 09:20:11 PM

Quote from: dimonstration on November 13, 2022, 10:47:43 AM

Uniswap is a DEX which means no one is storing there token in there and not related if your main subject is not your keys not your coins against using centralized exchange.

FTX recent hacked is not a breach but rather a planned insider job to exit some money on there dying business. FTX is already fallen when the hacked is already occured somI wouldn’t say that it’s the main cause for there downfall but rather the shady deal of there CEO.

Whether or not there was a conspiracy in their operation, I was not involved in it. Maybe I'm too naive or not very smart. There are a few things I haven't done, 1. I don't operate frequently on centralized exchanges, and I stay away from the secondary market. 2. Bitcoin or digital currency is not everything to me, it is just a way for me to invest and manage money. 3 I have a normal mentality. If the encrypted world collapses, I will fail to invest. After all, I don’t have a lot of money.

We will never know whether there was a conspiracy or not in their operation. But what is clear is that it has happened and we can only wait for the investigation results from the regulators. You've done a good thing in your opinion and I agree to use bitcoin as an investment and manage our money. But this digital currency will still develop more in the future with more projects that will bring different technologies to complement the existing ones. And we can use it as another investment so that we can benefit from that investment.

Die_empty

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

So, like the heading says, do not make crazy suicidal moves in this bear market.
The recent FTX drama involving hundreds of millions of dollars stolen has resumed the barraging attacks on bitcoin and cryptocurrencies in general by critics and naysayers.

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.

Few person that are aware of my association with bitcoin have been bugging me with questions. I understand that some just wanted to mock me because of my confidence in bitcoin. Thank you OP for this good piece of advice. I made some mistakes before that caused me a whole lot of funds and I have always regretted my poor decision. I have learnt the priceless virtue of HODLING the hard-way and I am very willing to stay till the end.

These exchanges cannot be trusted because they are just commercial banks on the internet. Owners of these centralized firms run them like their families and sometime their decisions are not rational and economically sound that is why more would keep going down. I am not scared anymore because bitcoin would definitely bounce back and the keys to my bank are with me.

Doan Ha

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Quote from: dimonstration on November 13, 2022, 10:47:43 AM

Uniswap is a DEX which means no one is storing there token in there and not related if your main subject is not your keys not your coins against using centralized exchange.

FTX recent hacked is not a breach but rather a planned insider job to exit some money on there dying business. FTX is already fallen when the hacked is already occured somI wouldn’t say that it’s the main cause for there downfall but rather the shady deal of there CEO.

Whether or not there was a conspiracy in their operation, I was not involved in it. Maybe I'm too naive or not very smart. There are a few things I haven't done, 1. I don't operate frequently on centralized exchanges, and I stay away from the secondary market. 2. Bitcoin or digital currency is not everything to me, it is just a way for me to invest and manage money. 3 I have a normal mentality. If the encrypted world collapses, I will fail to invest. After all, I don’t have a lot of money.

Darker45

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I understand if some are going through severe depression during these trying times in crypto. Obviously, there are many whose lifetime savings are kept in FTX. It must be very painful to them. Even if they learned precious lessons out of it, they still won't be pacified. It's their savings that's lost. It's their hard work that is wasted. Their stuck funds could mean college education for their little children, a long family vacation abroad, a new house, a new car, and whatnot.

But this is what it is. You have to accept it. You have no choice. It's hard to swallow, but you have to.

ChiNgadOr

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

It has been reiterated countless times on the need to keep and store your coins off exchanges as it has been proven a couple of times about how unsafe exchanges are, and with the latest drama involving FTX, the point is proven once again.

These are some of the crypto exchanges that has either been hacked, had some sort of a security breach or has downright folded up and when it occurred.
1. Altsbit - Feb 2020
2. Uniswap- April 2020
3. Balancer- June 2020
4. Cashaa- July 2020
5. Hotbit- April 2021
6. Ascend EX- December 2021 and just recently,
7. FTX- November 2022

These breaches are just some as recent as two years.
Exchanges such as those listed above would promise top notch security and encourage people to do business with them and when breached, it’s same people who would be at the receiving end.

These hacks and breaches in these exchanges does not fare well for the crypto market as it could get existing and potential new investors jittery.

So, like the heading says, do not make crazy suicidal moves in this bear market.
The recent FTX drama involving hundreds of millions of dollars stolen has resumed the barraging attacks on bitcoin and cryptocurrencies in general by critics and naysayers.

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.

So many things are happening in the market now and so many investors had lost plenty funds and some loses their life savings which is the reason why we should never keep all our funds in an exchange because if anything happens to the exchange, we might lose all our funds and nothing will happen. This is time we standing knowing the risk of keep so large fund in an exchange which can end up crashing anytime any day. Those who are affected by the current crash will really felt the pain of losing all their life savings without an to signal from anywhere.

Mpamaegbu

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

These are some of the crypto exchanges that has either been hacked, had some sort of a security breach or has downright folded up and when it occurred.
1. Altsbit - Feb 2020
2. Uniswap- April 2020
3. Balancer- June 2020
4. Cashaa- July 2020
5. Hotbit- April 2021
6. Ascend EX- December 2021 and just recently,
7. FTX- November 2022

These breaches are just some as recent as two years.

Disappointedly, I didn't see Binance on your list. We all know that it was also hacked during the period in quote here. Hacks are synonymous with exchanges and most times it's insiders' jobs with staff leaking vital information to hackers. However, FTX's case wouldn't be classified as a hack. It's total greed on the part of the CEO, Sam Fried. The dude has caused more harm than envisaged to the entire crypto space within these few days that his sharp practices got out in public. He should be made to face the law and consequences of his needless recklessness.

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Quote from: GideonGono on November 13, 2022, 04:20:42 PM

I like to store my coins at exchange before since it would save me time and fee whenever I want to trade them,
But thinking about the risk on holding it there seem's too much, and this reminds me of a very popular phrase "NOT YOUR KEY, NOT YOUR COIN".
It is better to be safe than sorry so instead of risking my funds due to my laziness and cutting off fee I would rather have them on my personal wallet.

I had also followed your footsteps by hodling my coins in my electrum wallet and only transfer the actual trading amount to my exchange for trading, Thermos made a bold warning to crypto hodlers to hodl their large amount of cryptos in a wallet where you own the private keys, it's obviously very risky to store our coins in any exchange irrespective how reputable and credible the exchange is, because it has becoming a reoccurring issues of exchanges hacked by hackers with the help of insider and this seem not abating for now despite all the firewall deployed to prevent hackers from gaining access to the exchange.

Lucius

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

These breaches are just some as recent as two years.

Why only in the past 2 years, when we know that such things have been happening since 2012, and despite that, the majority have not yet learned any lesson from all this. I would say that crazy/suicidal moves are something that people do constantly, because they keep repeating the same things, which means that they are consciously harming themselves.

There is an old saying that says "Fool me once, shame on you; fool me twice, shame on me."

Quote

2022, November 12   FTX   Unauthorized transactions   $600 million
2022, January 17   Crypto.com   Unknown   $34 million
2021, December 11   AscendEX   Obtained access to hot wallet   $80 million
2021, December 5   BitMart   Obtained access to hot wallet   $150 million
2021, August 19   Liquid   Obtained access to hot wallet   $97 million
2021, April 29   Hotbit   Obtained access to hot wallet   Nil
2020, December 23   Livecoin   Compromised system/servers   Unknown
2020, December 21   EXMO   Obtained access to hot wallet   $4 million
2020, December 1   BTC Markets   Internal staff error/mistake   270,000 user's private details
2020, September 25   KuCoin   Data leak   $275 million
2020, July 11   Cashaa   Malware   $3.1 million
2020, June 29   Balancer   Vulnerability in protocol   $500,000
2020, April 19   Lendf.me   Bugs and Re-entrancy attack   $24.5 million
2020, April 19   Uniswap   Bugs and Re-entrancy attack   $500,000
2020, February 5   Altsbit   Obtained access to hot wallet   $70,000
2019, December 19   Youbit   Obtained access to hot wallet   Unknown
2019, November 26   Upbit   Obtained access to hot wallet   $49 million
2019, November 5   Vindax   Unknown   $500,000
2019, July 11   Bitpoint   Compromised system/servers   $32 million
2019, June 27   Bitrue   Compromised system/servers   $4.5 million
2019, June 6   Gatehub   Unknown   $9.5 million
2019, May 7   Binance   Obtained access to hot wallet   $40 million
2019, March 29   Bithumb   Unknown   $29 million
2019, March 25   Coinbene   Suspected trusted insider   $40 million
2019, March 24   DragonEX   Unknown   $1 million
2019, February 15   Coinmama   Data leak   450,000 user's private details
2019, February 1   Cryptopia   Unknown   $16 million
2019, January 26   LocalBitcoins   Phishing data on fake site   $27,000
2018, October 28   Maplechange   Suspected trusted insider   $51,000
2018, September 14   Zaif   Obtained access to hot wallet   $60 million
2018, June 18   Bithumb   Unknown   $31 million
2018, June 10   Coinrail   Unknown   $40 million
2018, April 13   CoinSecure   Suspected trusted insider   $3.5 million
2018, February 10   Bitgrail   Suspected trusted insider   $146 million
2018, January 27   CoinCheck   Unknown   $560 million
2017, December 20   EtherDelta   Server DNS compromised   $1.4 million
2017, July 5   Bithumb   Unknown   $7 million
2017, April 22   Yapizon   Obtained access to hot wallet   $5.3 million
2016, August 2   Bitfinex   Unknown   $623 million
2016, May 9   Gatecoin   Obtained access to hot wallet   $2.14 million
2016, April 7-9   Shapeshift   Suspected trusted insider   $230,000
2016, February 16   BTER   Unknown   $1.75 million
2015, December 11   Bitstamp   Malware   $5 million
2015, August 15   BTER   Suspected trusted insider   $1.65 million
2014, July 13   Mintpal   Obtained access to hot wallet   $2 million
2014, March 4   Poloniex   Obtained access to hot wallet   $50,000
2014, February   Mt. Gox   Various methods   $460 million
2013, November 11   Bitcash   Compromised system/servers   $100,000
2012, September 12   Bitfloor   Compromised system/servers   $250,000
2012, March 1   Bitcoinica   Compromised system/servers   $87,000

Source

TungTresa

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Your own hardware wallet is the safest place to be. I haven't done any trading since May. I'm waiting for a good opportunity to buy again. I've lost a lot of money in crypto investments in the past two years, but I'm pumped up and not going to kill myself, I'm sure I can earn it back again later, there's really nothing left if I die.

Adbitco

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I do sympathized with those who were as a victim to that occurrence and I know how painful it's to lose their heart earn money to the hands of hackers through exchange, through fake project and many more but it doesn't mean were one could commit suicide and takes their life's for sake of lost yet I understand how the trauma is because I have been a victim and this has really made me strong. I just pray for those affected to have their selves right and move on I believe In no time they could recover from it.
So my advice to everyone out there is; they should look for a trusted cold wallet or hardware wallet to store their funds and I do not store your fund in an exchange account to avoid being hacked and say no to suicide.

Iroh

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Quote from: so98nn on November 13, 2022, 11:36:16 AM

This is good message because peeps has been doing such extreme moves in the crypto markets. This is nice reminder because bitcoin is dipping at its deepest point during the current financial year. This is impacting the market a lot and peeps also go take extreme steps in the flow of it. The negativity that is getting spread all over the market is really concerning. This is also leading to mega dumps throughout the market.

Only message from the desk would be, investing more money (affordable investment) and buy as much as we could.

This could also contribute to little stabilisation of current market if EVERYONE follow this.

People do extreme and crazy things when seemingly backed into a corner. The recent events has spooked a lot of people and things are not looking bright at the moment. All these are experienced when venturing into investments.

Most people fear and do not trust what they don’t know and with all the recent drama, the negativity is spreading even more and people would be influenced by it.

With investments, it’s always best to play it safe and not go all in so there would not be any regrets that would induce crazy thoughts and actions.

harapan

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Aren't these warnings clear enough for people to take of those coins of that exchange?
If you're new to the Cryptocurrency space, possibly a new investor who haven't observed other bear market, ask from those who have been, you'll find out that Bitcoin jerk's back up after such charades and dramatic happenings that occurred recently with FTX and other Exchange's.................................

That's said, other shit coin's will never be like Bitcoin and may never bounce back. So OP it's good as you've decided to remind people to not make sucidal moves, some are depressed.
Please don't end up killing yourself, check on your love one's who are in crypto and have invested ans ensure they are safe and sound.
I see people advicing, leave crypto,leave crypto, but you donx forget bitcoin is not crypto, leave exchange's. Leaving those coin's on exchange's cause them to loose them

KingsDen

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Indeed this is a very tough time for cryptocurrency industry, it is saddening and disheartening. So many people are already speechless and depressed, some has lost hope in crypto.

First it has been continued bear market for a very long time, secondly, the bankruptcy and hack of the second largest crypto exchange just happened, which further pushed the market to more bear. This has left many people hopeless to be honest with you. I stumbled into group of crypto friends today and they we are all weak, no joy, no happiness, some are saying about the FTX problem, others are complaining of the bear. The vibe was very low.

OgNasty

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Now is a good time to make some moves to secure your coins if you haven't already done so. Moving shitcoin balances into BTC and removing from exchanges is a great way to ensure that you won't be destroyed from this mess. Common sense would also say that if you are able, now is a good time to be buying while everyone else is in a panic. I would just urge folks not to sell their portfolio for cash here and throw up their hands at the crypto market. Things will recover from this event, if even temporarily. Now is the time to force exchanges to be solvent or go under. Go to BTC, remove it from the exchanges...

GideonGono

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I like to store my coins at exchange before since it would save me time and fee whenever I want to trade them,
But thinking about the risk on holding it there seem's too much, and this reminds me of a very popular phrase "NOT YOUR KEY, NOT YOUR COIN".
It is better to be safe than sorry so instead of risking my funds due to my laziness and cutting off fee I would rather have them on my personal wallet.

The Cryptovator

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Well written. First of all, you should never hold your funds anywhere that you don't have control like a non-custodial wallet. Doesn't matter if it's a centralized exchange or web wallet. Just secure your funds with a hardware wallet or non-custodial wallet. Suicidal or something like this is the worst thing ever. Don't invest if you can't afford the loss. It's crypto and anything could happen at any time. So your mind should prepare to accept any kind of situation.

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

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.

(Bolded part)
Its never been ideal on the first place and its been told countless times that exchanger or any centralized platforms isnt that ideal on storing up your money or making it as a main wallet.
We've seen lots of hacking incidents, we've seen lots of similar situations and been saying all over again and again that exchangers arent wallets. You would definitely be having that kind of thinking
about suicide specially if you had put all in of those money you do have.I know its simple to say to get rid or overcome those emotions because we arent the ones who had lost that big but
if we are on their shoes then pretty sure you might really be possibly be able to experience these things and have thoughts on your mind. This is why risk management and
securing your assets on best or safest way as possible should really be your priority.

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