Topic: If you could..... What will it be? (Read 482 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.

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.

If I'm given the power to undo an occurrence in cryptocurrency it will be the hack that happened to my wallet in the past years when I had less experience in cryptocurrency. There was a token I bought 28000 pieces, and before the token could get listed I mistakenly exposed my wallet phrase to a scammer by connecting my wallet to the Uniswap exchange. The last time I checked the price of the token on an exchange my 28000 pieces were worth $15000, and this money could have changed my life for good.

It's true, I've heard stories of someone missing information about the tokens they invested in which they thought were fundamental and would be fine and ultimately the value of their investment dropped drastically after the incident.

Who will forget the story of the past, but do we have to stay there? of course not. What we need to think about and prepare for now is meeting the ongoing needs of life and finding a way out quickly.

Yes. The world of Crypto continues to run and gives us a lot of insight into trading and one thing we have to instill is knowing how to manage money, especially in the world of trading, by reading related news and current issues and relating them to the coins or tokens we are investing in.

Unlike many colleagues I knew who fell victim to the FTX crash I can still imagine the emotional trauma some of them had to go through within that period particularly those that had to take loan to invest in it hoping to make profit and return the loan in due time but unfortunately for them the shipwreck occured taking their money down with it.

In same vein you attended you attended a FTX sponsored class that was how they got to know about FTX and decided to invest without doing much research own their own but fortunately for you you didn't invest and therefore lost nothing to the crash event.

 You need not continually to regret about buying bitcoin early, to me I believe each person has a right time for them in buying their first bitcoin and same applies in your case, what really matters now is how you're making a good use of the opportunity now to your profit based on the knowledge you've gotten about bitcoin.

Wow! To me this topic is really getting interesting more than I thought as with each comment's I have got to read and know many more events that had happened in the cryoto-world that I never had an idea about before now and this is part of learn even though this events really brought miserable losses  to it's victims which also from which many people have learned from them all to be very cautious and selective on what they invest on.