Topic: Don’t make any crazy/suicidal moves in this bear market - page 3. (Read 711 times)

This is a very important clarification of the term as I observed that, any member are miss representing both means one, DEX exchange, gives you the right to hold your coins in your private wallet, and any time you want to swap you will need a wallet connection to the Dapp site to initiate the conversion.
On the other hand, centralized exchange hold your assets and does not give you a wallet key to recover your asset. any point, so the holder becomes not in control of the wallet.

Bitcoin is the only thing that has remained intact since its founding. It remains decentralized, it hasn't been hacked, the total number of coins is strictly limited to 21 million, it's open source, it continues to be adopted by new people, and it probably features a ton of other characteristics.

It's extremely frustrating that such a large exchange can fail so abruptly. My condolences go out to the people who lost their money. While Bitcoin's (and other coins') value has severely decreased and may look like a great opportunity for purchases, the extremely unstable market situation is rendering it a risky time for investments, and the OP is suggesting that investors be extra cautious in their choices.

Not only in bear markets, but even in trading in general. One of the most deadly sins of trading is revenge trading your losses, in the hopes of making the losses back sooner.

We have to convey more to people who don't know that a centralized exchange is not a safe place for us to store assets, I think there are still many out there an investor who still keeps assets on the exchange, especially a beginner who comes for the first time, of course, will definitely choose an exchange over personal wallet to store it but this awareness sometimes makes it difficult for us to tell those who have been hypnotized by the exchange because of its convenience even though behind all of that there is a big risk that awaits.

I feel sorry for people that got involved in these disputes. The year 2022 is really rough  on Bitcoin investors. Many people will never return to crypto again, after losing their savings and investments at the mercy of a bankrupt exchange. Some guys during the Luna crash committed suicide, I heard. To battle such thoughts, read some books, hit the gym and talk to a doctor for a therapy. No need hating on Bitcoin it's the fault of bad Managements of these exchanges, also it's not the right time to think or blame anybody for storing funds on exchanges. Not everyone is privileged to know how risky it is to keep funds there. However, Bitcoin will bounce back as it's the perfect time to purchase more Bitcoin.

Thanks for making the list. Causes for losing money on an exchange can differ: it can be a bankruptcy, security breach, an inside job, an exit scam, etc. It's also not always clear what actually happened, but the outcome of all these actions in the same: people lose their money. This should be a cautious lesson for everyone not to store money on exchanges and to only use them when necessary. If you need to use an exchange regularly, you should do your research and regularly withdraw profits (if you're a trader) from there as well. The FTX story wasn't good for the already bearish market, but I'm confident Bitcoin will recover from this.

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.

You are absolutely correct mate, the issue With FTX is not one that should be considered as a breach, but rather, the CEO mismanaged funds belonging to the users of the exchange.

Generally though, I think the message OP is trying to pass  is that crypto users should stop storing their funds in centralized exchanges, this one message is one that can never be outdated as long the crypto space continues to exists and newbies continue to join the space, ive had this experience when cryptopia exchange got hacked, I lost almost everything I had then and had to start afresh again, this experience thought me a vital lesson and till today, I never leave my funds on centralized exchanges anymore, I rarely use them even, except on days I decide to do some trading.

These 'potential investors' should research and know the differences between altcoins and bitcoin, centralized exchanges or services and decentralized exchanges, self custody and custodial, etc, if they can understand these differences then they would no longer be jittery about anything, but understand that hacks, breaches, censorship and the rest of them all have to do with centralized services.

Exchanges are not supposed to hold your funds and you are not supposed to hold centralized crypto, if you are rekt through doing that, it is your own error, and if potential investors research well they would know the right thing to do, as long as BTC remains safe, secure and decentralized, there is nothing wrong with the general crypto market, but with some specific centralized crypto and services.

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.

Crazy decisions? I'm getting more now! I haven't bought a single coin in 2020 and 2021 and this is the first in a long time that I feel like bitcoin is cheap again. 2018 and 2019 was for me a time of accumulation, 2020 was weird I didn't do anything at that time. I was rather focused on the pandemic, my family and stuff, 2021 was for me a year of spending when I bought some things, traveled, had a lot of fun and 2022 was from the start a waiting game. I didn't want to do anything rush and I had enough money to go by so I stayed away from the market and looks like it was a good decision.

I've been here for many years. Not since the beginning, but I've seen ICO boom, IEO, DEFI, NFT and all that, and believe me, this 17k bitcoin is cheap. I won't tell you that it won't be cheaper in the coming months, but it's going to get much more expensive in 2024, and people will be making threads asking "Should I buy now at $80k or wait for another bear market?".

I know how it feels when you are one of those that are being hacked, especially big amounts when storing to these exchanges. Even some of the famous personalities I’ve personally known in the Philippines aren’t exempted from it like they are losing a lot. Despite their big losses, they just choose to be strong and just keep moving forward and learn from it.

Last April 2022, I was hacked $12k+ from both my Metamask and Trust Wallets combined because of not doing my due diligence which ends me accidentally clicked the fake PDF malware and got siphoned to the hacker’s wallet after. It is my biggest loss to be honest, and not from the bear market where I am doing DCA with BTC and ETH and all are losses. But I chose to move forward rather than doing crazy or having suicidal thoughts, because I know my future is still bright and here I am today standing strong and keep doing what I love.

This is actually a valid message because more people than I thought use FTX and have been plunged into confusion and sadness. Not just that. Bitcoin being lower than $17,000 has made people have second thoughts. So with the recent news surrounding FTX right now and crypto in general, more people have begun to panic. Say NO to suicide. We’ll bounce back from this.

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.