Topic: If you could..... What will it be? - page 2. (Read 491 times)

Accidents are completely connected with the crypto space; it will not be appropriate to neglect or delete them from the crypto space. Taking this into consideration, the next step should be taken very carefully. And in my opinion, a successful person is one who learns from their past mistakes. Just as OP mentioned FTX and other members mentioned Tera Luna, all these tragedies are for learning, so you should make it a sub-discussion and learn a lesson that you should not trust anyone with your assets but yourself. Take care of your assets. So, in the end, I would like to say that you should take responsibility for your funds and do not want to trust any exchange, no matter how big and famous it is. Rather, make yourself more secure, save yourself from similar tragedies, and protect your money properly.

The fall of FTX is one of the incidents that is most difficult for its victims to forget, those who entrusted FTX as a place to store their assets can only be sad when they see their assets disappear which results in their money being lost. Market conditions also experienced shock due to this incident, Cryptocurrency prices were unstable due to the effects of the fall of FTX.
All negative events, intentional or unintentional, are part of the long journey of Cryptocurrency, you need to educate yourself to avoid events that can cause losses. Storing assets on exchanges is not recommended, look for the safest place to keep the assets that have been collected while being in the crypto field.

Maybe what Do Kwon has started, all of the fiascos that he has made as tightened down the bullish sequence of the market. But even if we can remove any of these parts, I still believe that everything happens for a reason and that's how we grow from this market. Whether we like it or not, all of the hackings did really gave the negative impression to the world and as well as to many investors that made a lot of us sold as quickly as we can to mitigate the potential loss that we can. That's how the market reacts and so do we because we're just taking care of our hard earned money that's invested on this market.

Somehow that number seemed unrealistic to me, so I checked what the statistics say, and it is just a little more than 50%, which is still a really big dominance, even though that CEX also recorded a big drop compared to last year. After all, it is a free market and people go where they think is best for them, but I think that considering how that CEX operates and how the authorities are pressuring them from all sides, the days of their greatest glory will slowly begin to fade.

I just hope it happens before some big scandal, whether it's hacking or something similar like what happened with FTX.

 There are things beyond are control and somehow, it's supposed to happen. That's why in life there are unplanned events. Many crypto users have been affected by one exchange going bust to funds being hacked and all and while some have mentioned that they'd change the issue of the FTX saga or limit the monopoly Binance is trying to have on the crypto market, I'd say if I had my way and I could change some things on the crypto space, that will be the volatility rate of Bitcoin price. Yeah, you can argue that volatility and Bitcoin go hand in hand but even while we are aware of such a factor, it still doesn't change thar some of us wish for a little stability.
 It takes a lot of strength and patience and even determination to hodl Bitcoin even when the market is recording losses or it's price is experiencing a sharp decline.

Everything happened naturally in real life, the FTX crash saga which led to many persons losing their funds became a nightmare for the victims. They never expected all this to happen, but they could have avoided the saddest period if they had been more careful with their assets. I will try to avoid anything that has a high risk of causing loss of assets as you described in Op.
Financial losses depend on how each individual manages their assets, those who realize the difficulty of earning money will be more careful in maintaining the security of assets that can be used for the future.

Yes, if you removed one, others would benefit from it, what what I meant is that, if i'm not wrong, the dominance of Binance is over 80% of the CEX market. I have nothing against Binance, but against concentrating so much power in only one service provider, specially when Bitcoin was meant to be used for peer-to-peer transactions, and not to create the opportunity for one new big "bank" like CZ's.




I totally agree with you in all these points and couldn't have explained it better.

Even if you can change one CEX to be dominant on the market, this does not mean that another one will not appear, because if you remove one, someone else will take advantage of that opportunity. In addition, you should take into account that Bitcoin was created for everyone, and that Satoshi did not in his vision go with any restrictions in terms of how mining or trading will be done.

It might have been better if we had DEX from the beginning, but no one could in any way prevent people from starting a business with CEX, which turned out to be extremely profitable for the owners, and on the other hand, a simple way for users to buy and sell Bitcoin. What is wrong in that whole story is that CEX started to present themselves as some kind of crypto bank, and many users started to use them in that way.

If there was a law that CEX could not keep the user's coins for more than 48 hours after the purchase, then clients would be forced to keep their coins in non-custodial wallets and this would somewhat prevent the centralization of millions of BTC in custody services.

Of course, something like that will not happen, because if we know that CZ indirectly called its users stupid in the sense that they are not able to store their coins independently, it is more than clear that they want you to buy something, and then leave it for them to keep.

This discussion has no meaningful impact since it can not change anything. It's just a mere a imagination and assumption that can never be translate to reality. But for the sake of having an imaginary discussion, I will contribute my own. The FTX crash has affected crypto users either directly or indirectly actually but since I was less affected by it's crash, I will rather choose to delete or stop from happening, the one that affected me directly. If I have the opportunity to delete one occurrence from happening in crypto, it will definitely be the crash Terra Luna. Luna crash up to this moment seems to be like a dream to me whenever I remember about it and what it caused me to lose. It has passed and nothing can be done about it anymore. The important thing is that lesson has been learnt and experience has been gained as well and we have move on. What doesn't kill you actually make you stronger indeed.

Some members said that they wouldn't change a thing from this crypto-sphere we live in, but IMO there are a lot of things that should be changed and a huge room to improve.

If I had to choose one, maybe the market dominance of Binance would be the one that I would choose as per today. It is dangerous when a monopoly like that dominates in such a degree a certain market, and in my understanding of the underlying values in the creation of Bitcoin, I think that it goes against Satoshi's vision.

I read your post, and not a thought arose about changing a single thing. I find it myself weird cause I have been in crypto since more than a decade, there are plenty things that should have arose in my mind, but somehow they didn't.

If you erase an event in the past or present, everything that will happen in the future will change. And it's not necessarily the case that deleting the incident will benefit us because everything will change too.

There is no need to erase anything that has happened because we can make it a valuable lesson to be more careful about the exchange market. We can be more selective in choosing the exchange and will not use much money to trade on the exchange. There are many things we can learn from every case we experience so that we can increase our knowledge.

Everything we do must have an effect. And we also don't know whether the effect will be positive or negative. And if you delete the FTX case, maybe something worse will happen later than the FTX and Mt.Gox cases because you have deleted the FTX case.

Absolutely nothing, because even though some events are considered very negative, they still served a purpose and some people learned something from it all. Besides, even if someone could turn back time and prevent all the bad things that happened, they would very likely happen at some point in the future.

Ideally, it would be to prevent people from behaving stupidly and irresponsibly, but that is certainly one of the things that I personally think is impossible. In the context of cryptocurrencies we see a lot of illogical things, but in the general context of human stupidity it is only the tip of the iceberg.

Choose not to invest carelessly in projects if you don't want to experience the same incident in the future. Not saving money on the exchange is another answer to avoid incidents that don't want to happen again, such as many cases of losing money due to the exchange.

For me, the FTX case is a story that can be an important lesson for crypto users, including me, I quite felt the impact of the collapse of FTX, even though I was not the person who was a victim, but we can feel how difficult it is for people to earn money at work just to be able to invest, but the results are very sad because losing money.

Every bad news in crypto is opportunity for the smart investors, FTX crash was why crypto bottomed the first time since 2021 bull market, and that was my best buying opportunity till today, if FTX doesn't crash, maybe things would have been different? I don't know, something must cause some panic in the crypto space for the weak hands to get out of this space.

I've learned to always take a step whenever something bad happens, look at solana, after FTX crumbled many people failed to buy at 8$ now it's 19$ and was over this price months back, fear is where the opportunities are made in crypto space, if you believe this, you will hardly miss good buying opportunities.

I don't want to go back into the past even if I can, I believe it won't change anything, big players in this space knows how to shake crypto with news and bad events, it's how they get richer, I am sorry for all those who lost money with FTX, but we got to be a victim of something to learn from it, I was a victim of some scams in crypto space too, it's the risk we have to take.

Nobody have the power to make an occurrence from not happening unless they avoid what the masses are doing because the masses are the ignorant people. Example is the FTX that you mentioned, before the hack, people were told not to leave funds on centralized exchanges, but they will not listen. If they will have money on exchanges, it should not be more than the trading fund which they can also afford to lose.

Another one that people will not have wanted are the Luna, UST and other depegged stable coins, the Mt. Got and Cryptopia exchanges hacked. There are many other exchanges that were also hacked. Nowadays, there are also many DeFi hack and many like that. The best is to just avoid all these bad occurrences.

There are others include the pump and dump projects and exit scam projects and others that have occured in the past.

You can create a hardfork so that all the coins that were stolen will be restored from an occurrence happening in crypto-world both past and present events make it not happen or did not happen, including the money stolen from FTX, but will the new coin have value? I doubt it.

Bitcoin is characterized by decentralization, and although losing money is cruel, it is a model that does not lead to trust in a third party, just as was the case in banking services, in which there is still the possibility that you will be defrauded.

It is closer to cash, but it is easier to track currencies in it.

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My 10K post 🥳🎉🥳🎉🥳🎉🥳🎉

For those who feel very disadvantaged at a certain moment, perhaps they want to eliminate or repeat the time not to be involved in the situation. but however, this will be recorded as history in the Crypto world. we all follow it all. We can't deny what has happened, so we just follow a path that we can't predict.

that's probably a pretty silly question. but the answer to bad or good events so far in the crypto market still ultimately gives us a lesson. we can't blame the past or hope it won't happen again in the future.

They are all elements of real life, real market and real cryptocurrency chronological history. If in the world, we have like a time-traveling machine, the world would be completely different than now. We will no longer have belief in anything because all things can be reverted by someone from the future.

Assume, there is such time-traveling machine, I can know about FTX and their bad operation so I can use that machine to go backwards to the past and reveal the fact when FTX just started all of their scam show. Someone who got rich by FTT will be reverted back to normal people. Someone who are victims of FTX will still have money. However, time-traveling machine can not change those people. Who are smart and clever will still be themselves, who are stupid and greed, carelessly will still be themselves and will lose money in other scam projects.

It does not make any sense at all.

There are so many events that have directly affected Bitcoin and bitcoin holders alike. Almost all of them are as a result of faikue of a third party which was granted full custody to keep those funds accessible to their customers. I can't pick one incident to undo; MtGox, FTX... Such events are bound to happen again and serve as a marker to avoid centralized exchanges and opt for the alternative.

There is also the rise of side projects like ICOs, DeFi etcetera. While they made a few rich, they wrecked a lot more people and served to benefit the founders and developers, but it's a personal decision to put money in such gambles and more of such will always spring up.

I will probably undo government involvements in Bitcoin and cryptocurrency of which the users do not have control over. It remains completely untaxed and free of government regulations.