Topic: If you could..... What will it be? (Read 422 times)

When the Luna scam broke out, many people were affected. I also invested some amount of money there and many of my associates invested also suffered hugely. It was one of the biggest scams in the short time the Luna platform gained popularity and also the biggest scam ever. This scandal has taught everyone and many have learned from it and many people do not even remember the scandal that happened at that time. Then again the biggest scam happened in FTX where the highest people lost their money and got scammed. FTX was the cryptocurrency popular one where most people invested and when they got scammed everyone was left destitute losing their money. Investors currently do not feel at all safe to invest in Altcoin after seeing the incidents of these scams. Now all the investors are alerted by this scam and they are ready to leave the altcoin investment as they are financially damaged.

I think, it is possible that at that time most people really believe in the idea that this space will develop rapidly in the next 1 to 10 years. Well, if we just look at it and in general, explosive growth cannot last forever and that happened with the FTX crash as the OP said as well as many other bad things happening in the crypto world because it will eventually reach a threshold. .

So. In my opinion, whatever our decision to buy a coin must be based on analyzing the real coin and using Google to find/choose the Exchange Service that we like and don't misplace our private key.

I was a victim of the FTX scam (If I could go back in time then I would avoid saving on FTX), I lost around 6 mbtc and it really makes an impression to this day, but I'm not that down because I know it was my mistake (I keep my btc in CEX). Currently I never store my assets in CEX anymore, the risk is really big that I will lose again, especially since the regulations on exchanges in several countries are quite strict, it is much safer to store crypto assets in a personal wallet.
 

I disagree with this comparison here. The loss value of victims should be estimated with price of Bitcoin at the times of those fiascos. Mt. Gox accident happened years ago and it's not correct to say about their victims' losses with today Bitcoin price. We can not assume they would have hold all their bitcoins, without any sale, over many years if Mt. Gox accident had not occurred.

Crypto exchange hacks has loss value at the time of hack is about $290M. I consider it is a more representative hack value than $22B or $23B.

Or better, simply say the losses in bitcoin, it's 850,000 BTC that is always true.

MT. GOX INCIDENT that happened between 2010 and 2014.

The amount of money that investors lost in the FTX incident was more or less $8 Billion base on a quick google search. As for Mt. Gox, the amount of money that the investors lost at that time was around 850,000 BTC base on Investopedia, and right now, the current price of it is around $22B - $23B. 3 times the amount of money investors lost in FTX. I know that it happened at the early years of Bitcoin, but I would not want to see investors losing that huge amount of Bitcoins. The good thing though is that they're starting to reimburse the lost Bitcoins... or are they?

For those who has been in the crypto for around 3 years or even lesser, the FTX issue is the worst hack that happened, but let's not forget that Mt. Gox lost way more money than that. I'm not affected by the FTX incident which is good, but every hack that's happening is a lesson for those who are, and aren't affected.

There are actually a lot of bad things happening in the crypto space including an FTX crash, we cant remove the past history but we can learn from it.

However, if I have to choose there is a dozen ton including making every hack and collapse of centralized exchange should be minimize or at least make it didn't happen at all.
Current situation I hope the SEC know what they are doing they should pass the crypto industry as the  world too. 

I rather not do any of that!
Time is the one thing you intend mess with as, this would be you rewriting the history of not just a single person but, a log of individuals who would have issues reconciling there memory to deleted events or lost times of there existence.
When it rains here, its shining some place else, though the sun might shine at a spot, the earth does rotate to ensure an even measure of shine on zones.

The sad events that might have occurred in the cryptospace was not all sad for everyone. There were those who benefited from these events and that to them was, a good decision and am saying this without giving any particular considerations to the scams and hacks.
The events is a learning opportunity and taking it out of existence is you as well taking off that experience.

A whole lot was learnt from that Luna loss to a great extend though, but still there are people that don't still learn. If a new project just like Luna is flagged off  today we will still have multitude crowd diving deep with their investment into it and that's why we will keep on having these losses happening now and then.

Cryptocurrency is a new financial innovation,  it is expected that their are challenges that will hit people down as it exist. The challenges that comes with Cryptocurrency didn't happen to stop bitcoin but I know it occurred for people to know the right things to do in the crypto journey.  I know from the bad experience that has happened in Cryptocurrency,  exchanges many people have learnt a lot and it will also be a guide to help young people who are coming up to join the cryptocurrency system to choose the right investment and exchange to store Cryptocurrency.

Their is nothing we can do about the bad events that happened in the past, the only thing will can do about this bad events is to learn from the past experience.

I personally actually hope that the tragedy of Terra Luna's fall never happens. Because that is where many people who invested in Luna Coins experienced big losses. Not only me but my friends were also affected at that time. I may not have suffered much loss but I still don't like what happened at that time. I feel sorry for the people who lost a lot in that disaster. I think there are many people here who have suffered losses from this incident. Although in reality after that everyone started to learn a lot about how unsafe altcoins are even those in the top 10. And the FTX incident was the same. From there, many people have learned the importance of storing assets in personal crypto wallets and never storing assets on centralized exchanges. The point is, there is a lot of wisdom to be gained behind all of that.

I think there are factors that make this happen and one of them is that the Bitcoin exchange rate fluctuates wildly.

Hitting it straight, I wouldn't have wished them inventing paxful app because whenever I remember how I lost my money because of my carelessness, I really feel so bad and since I can't blame the exchange for this mistake, then I just wish they never founded paxful in the first place. There have been some several attacks that have left the cryptocurrency industry in a great shock but it always comes back stronger.
I just wish there are ways Bitcoin can become absolutely decentralized because at some point, I do feel it isn't with the presence of centralized exchanges as well as p2p

If centralized exchanges never appeared in crypto then we might find ourselves rolled back in terms of cryptocurrency milestone.  We cannot deny the fact that centralized services plays a very huge part in crypto adoption.  Bitcoin wouldn't be in its current popularity if the centralized services never participated in Bitcoin adoption.  Bitcoin popularity won't also attain the current heights and the government will continue to see Bitcoin as a tool for illegal trades.

Bitcoin network stays decentralized the problem lies with the people who use exchanges as their bank which is not supposed to be since centralized exchanges are used for exchanging cryptocurrency and not as a bank.

Aside from that, if people plan to scam other people, no matter what platform they are introducing, they will end up scamming people because it is their intention in the first place.

We always wanted something that we don't want to happen but if we ever did able to remove or prevent then that's good to know but unfortunately, no one can to remove such event so I don't have an answer which  I should remove at all. Anyway, things like that happening in crypto space is also what makes people learn from it even though it's very negative especially to those who are affected directly from it. After all, it may not be the best way to learn but at least we learn about it and we will have a chance to prevent it from happening in the future.

The FTX saga was probably the most heartbreaking that leaves a big lesson to all crypto investors. That trusting a centralized exchange may only lead to a sudden downfall of your investment.

However, for me, I think I just hope these centralized exchanges have never appeared in the crypto market. If we will stick to bitcoin, knowing it’s still completely decentralized, it deserves a decentralized exchange so that incidents like FTX collapse will never be possible. If we just focus on decentralized exchanges, at least KYC will not be present and the fact will always be realized that our keys, our coins, since we still hold the full access of our crypto account.

Since I joined the bitcoin world, I have not experienced or had about a scam that is well talked about like the FTX crash, it was really a very hard time for all those that had funds with them. It made the hopes of some people who were doubting what bitcoin will become in the future to not believe in it anymore. As to those who are bitcoin enthusiasts, it was just another event in bitcoin history that they’ve seen had happened and believed many will still likely happen in the future.

Whatever the reason maybe for the crash, it was never worth it and hopefully such never happens again. I would say this is my first experience to see how worst events like this cause setback to the market even though I was not a victim of it or know anyone that’s a victim of it.

Without hesitation, I will delete the ICO craziness of the bull market in 2017, that's was the beginning of all the scams that we're now experiencing in the industry. Without the success of ICO then that anybody can set in his basement and launch an attractive site that'll raise millions of dollars in matter of days, we won't have been having all this other problems that we have been facing in the industry. It was after the ICO boom of 2017 that alot of scammers started coming into the industry disguise with their different altcoins scamming investors easily without getting any repercussions (punishment) just because the industry is an unregistered one. It was after the ICO era that scammers began to push the narrative of a trend and build all sorts of scam projects surrounding that trend like Defi and now AI projects just to scam gullible investors of their money. Delete the ICO boom and many projects existing today won't have existed and we might have had a safer space.


FTX collapsing was something that was inevitable because the exchange shady behavior was getting too obvious like their involvement in the pumping of Solana to the top without having an actual working product with a blockchain that isn't stable yet it got the support of top influencers and FTX was a big investors in the project. The founder Sam Bankman-Fried was a well known arbitrage trader so it wasn't a surprise he was messing with his customers funds. Most newly launched projects don't survive their first bear market especially projects that were launched after a bear market. The FTX crash didn't do much to the market as after the crash of the exchange, this isn't even the worse bear market that Bitcoin has experienced. The worst Bitcoin crash was the 2018 bear market and that was immediately after the ICO boom.

I never really got affected by the FTX and Mt. Gox scam, so I couldn't relate. One of the case that I can personally relate is the Bitconnect scam. If there is anyone who haven't know about this case, this is a good read from the past https://www.bdo.ca/insights/cryptocurrency-execs-charged-for-2-4-billion-ponzi-scheme. I know a lot of relatives, friends, and acquaintance who lost their money on this scam, lost their life-saving, their education money, and even some of them buried in debt, this scam was massive in my country. And this case is one of the main reason why some/many people viewed crypto in a really bad way.

There is no need to erase anything from what happened because there is no point.
We also can't do it and the events in the past can be a lesson for us to be more careful so that we don't experience this.
The FTX crash and the older ones like Mt.Gox teach us a lesson not to store a lot of assets on exchanges because exchanges will not always be safe from hacking.
Maybe a crash like that could tell the general public that no system is truly safe from hacking, so they must always be careful in protecting their assets and keeping them away from the prying eyes of hackers by storing them in their personal wallets.

The biggest negative event I've seen in the crypto space is the FTX crash. Although I had been trading for a long time, so I didn't have much FTX invested at the time, so I didn't lose much money. But when this incident happened, most of the world's crypto markets went down, which was really sad for everyone. A large amount of money was siphoned off from investors, leaving people destitute. At that time the price of all currencies including bitcoin market went down just because of this scam. Although now people are forgetting that big scam slowly and everyone is getting attracted to Bitcoin. But I think if people keep investing in Bitcoin, surely they won't be afraid of losing from there and don't have to face fraud, Bitcoin investment will be good for everyone.