Topic: November 2022 worst month for cryptocurrency newbies here is lessons. (Read 327 times)
December 23, 2022, 05:20:28 PM
A lot has happened in the market since the beginning of the last quarter of the year and November is the worst-hit month among all with the ftx news and the whole of the other bad event that has affected the cryptocurrency market, but am sure this is not the worst mo the in cryptocurrency history so sure the market is going to recover pretty soon.
December 15, 2022, 02:53:09 AM
While you consider it the worst month, I'm look at the situation with a positive mindset because it's the month that gave us more discount for pushing of Bitcoin. The whole FTX situation would had been easily avoid if you listen to the advise of not keeping your coins on exchange. I don't think anyone who didn't have funds on FTX was affected in regards to them losing access to their funds and for the decrease in the prices of Bitcoin and other altcoins. That's just the volatility of the market doing its thing and if you hold until your Bitcoin, tomorrow you'll be smiling as the price will be worth more than what it's now.
Newbies seeing this post should focused on accumulating Bitcoin as this opportunity mightn't present itself again. Each time the market give you a discount to accumulate Bitcoin, grab that opportunity with both hands and ignore any negatively spreading around. I sympathize with the affected victims but they should learn from this experience and secured their funds better in the future.
Good advice, as I have been a pro Bitcoin right from time since this year have been the most discounted year for newbies, this cycle may never come again as this happens to be the lowest discount over 2 to 3 years back and even though bitcoin have made an all time high price of $69,000+ price in the previous year.Newbies seeing this post should focused on accumulating Bitcoin as this opportunity mightn't present itself again. Each time the market give you a discount to accumulate Bitcoin, grab that opportunity with both hands and ignore any negatively spreading around. I sympathize with the affected victims but they should learn from this experience and secured their funds better in the future.
FTX is just a market attack on centralized exchanges and those that kept their coins on centralized exchanges they are presently facing issues with the accounts but that does not have any relation with Bitcoin unless for the panic sale off which is a normal thing anytime something like this happen and there is bad news.
December 13, 2022, 01:37:06 AM
Honestly, November shocked even me. I was of the opinion that it was going to be a moving month for Bitcoin. I called it Movember but it didn't move the last month. It was disappointing for me to see my projections crumble. I know there were others too who expected a bull rally in November but got the same sad awakening. I don't see (expect) price picking this December, though it's looking promising today and trading above $17k. I believe it's going to slump after a few days.
December 12, 2022, 02:01:07 PM
Take your money off the exchange, regulations are coming for them all and if there are no bans for money loundery there will pull an exit scam on you, hack and what have you.
FTX is just the least of them the worst may still happen before the end of 2022.
FTX is just the least of them the worst may still happen before the end of 2022.
December 12, 2022, 01:07:47 PM
It's not over yet, hours ago I read that Binance exchange might be the next because the exchange is currently on the investigation, I don't know why this is happening because Binance exchange looks like the most transparent of them all but i may be wrong.
I believe CZ and his team will get over this easily but many other exchanges will face the same as we go deep into this bear market, FTX might not be the end.
I believe CZ and his team will get over this easily but many other exchanges will face the same as we go deep into this bear market, FTX might not be the end.
December 12, 2022, 12:02:55 PM
-snip-
Basically anything that you believe is safe will always have the risk of failing in the end. There have been many cases where large and trusted exchanges have been hacked, let alone small, disreputable exchanges and thousands of altcoin projects that have no clear purpose. You will never be free from risk regardless of you getting a guarantee from the owner, meaning always consider the risk for anything you believe in including bitcoin.A centralized exchange is necessary and that has driven more visibility in crypto so far. It's fine to trust a centralized exchange to trade assets, but it should only be used as an exchange and not for storage. FTX is just a message that everything is at risk, so it's still consider the whatever risks are possible in the crypto space.
If not for exchange there would have been limited visibility of even bitcoin and all the other coins, what we should do is to use exchange for what there are and try as much as possible to always move our balance off exchange, that way we can remain safe.
December 12, 2022, 09:41:15 AM
-snip-
Basically anything that you believe is safe will always have the risk of failing in the end. There have been many cases where large and trusted exchanges have been hacked, let alone small, disreputable exchanges and thousands of altcoin projects that have no clear purpose. You will never be free from risk regardless of you getting a guarantee from the owner, meaning always consider the risk for anything you believe in including bitcoin.A centralized exchange is necessary and that has driven more visibility in crypto so far. It's fine to trust a centralized exchange to trade assets, but it should only be used as an exchange and not for storage. FTX is just a message that everything is at risk, so it's still consider the whatever risks are possible in the crypto space.
December 12, 2022, 09:33:07 AM
This year is very bad with so many black swan events that make it is an abnormal bearish year. It is even worse than 2018 and 2019 bear market in my opinion because many people lost their money very quickly. It is totally different than 2018 and 2019 bear market when you lost your money very slowly.
I don't care about any month is a worst month or not. My strategy is buying more Bitcoin and Ethereum if a month gives me discount price to DCA. Hodlers wait for red months to DCA. Losers wait for green months to buy and they will sell in red months to hodlers.
I don't care about any month is a worst month or not. My strategy is buying more Bitcoin and Ethereum if a month gives me discount price to DCA. Hodlers wait for red months to DCA. Losers wait for green months to buy and they will sell in red months to hodlers.
December 12, 2022, 09:01:58 AM
in fact even the bankruptcy of small exchanges also occurred after FTX went bankrupt. it's like a domino effect. even some of the coins involved with FTX have had very high declines such as Solana where Ftx is holding a large number of solana coins and selling them. so panic also occurred among solana holders which caused the price of solana to fall quite deeply. But we don't know whether there was drama or not in these incidents. But what is clear is that the aftermath of the incident had a pretty good impact on us. such as several exchanges that are now competing in implementing the PoR system. the question is why these exchanges have not implemented a system of openness regarding fund management in the past.
We have saw many small exchange easy to be scam but can't believe with bigger and top standing exchange market like FTX have been scam too and right now claimed with bankruptcy. I think have drama incident about FTX exchange bankruptcy and easy for owner leave their exchange without care what happen with their costumer or FTX member. For the future all exchange market how reputable and trusted it have regulating with countries building coming from, we can't expected with several owner of exchange market how long they can trust and if bad thing happen later we got justice law from exchange market county coming from. December 12, 2022, 03:48:32 AM
in fact even the bankruptcy of small exchanges also occurred after FTX went bankrupt. it's like a domino effect. even some of the coins involved with FTX have had very high declines such as Solana where Ftx is holding a large number of solana coins and selling them. so panic also occurred among solana holders which caused the price of solana to fall quite deeply. But we don't know whether there was drama or not in these incidents. But what is clear is that the aftermath of the incident had a pretty good impact on us. such as several exchanges that are now competing in implementing the PoR system. the question is why these exchanges have not implemented a system of openness regarding fund management in the past.
The crash of ftx have indeed exposed so many limitations with centralized exchanges, and one of the most affected are those who have large balance holding in the various investment network of the exchange and trading accounts.I find something funny with the whole proof of Reserve thing, since this is not the first time the feature is mentioned or implemented as we have seen this feature on some price tracking sites before now.
But the question we should ask, is how transparent are these features since the exchanges can also manipulate the balance reserve just to win customers' trust.
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December 12, 2022, 03:12:25 AM
Lesson for the future
Even though this incidents among others have affected the adoption and usage of cryptocurrencies negatively the fact still remains that cryptocurrency was not directly involved in all of this most especially coins like Bitcoin but the actors in this incident is exchange and other third party actors who are all centralized.
We should know as a newbie that we can still be 100% secure if we never store our money and assets on a third platform such as exchange.
Cryptocurrency wasn't directly affected, but the trust of people towards investing into cryptocurrency is the one that is greatly affected.Even though this incidents among others have affected the adoption and usage of cryptocurrencies negatively the fact still remains that cryptocurrency was not directly involved in all of this most especially coins like Bitcoin but the actors in this incident is exchange and other third party actors who are all centralized.
We should know as a newbie that we can still be 100% secure if we never store our money and assets on a third platform such as exchange.
Trust can be destroyed in an instant and earning it back will take time. That's the problem. With what happened with FTX, we might see some investors who will not invest into cryptocurrency anymore and there might be some investors out there whose looking crypto as a good investment now backing out.
Overall, what happened to FTX really affected the whole sentiment of the investors towards investing into cryptocurrency and it will take time before the trust of them will be back again.
How to remain secured:
The first thing to do is to have a cold wallet or good online wallets that give you wallet keys that can be used by only you to control your crypto portfolio that are held in the wallet.
I don't have any cold wallets, but I'm lucky that I didn't experience getting hacked by these hackers. It all comes out to how careful you are with the websites that you are visiting and the things that you're doing in your computer on a daily basis. Well, take his advice that storing your coins in a cold wallet or a hardware wallet because it's the safest wallet out there. The first thing to do is to have a cold wallet or good online wallets that give you wallet keys that can be used by only you to control your crypto portfolio that are held in the wallet.
December 12, 2022, 12:46:19 AM
in fact even the bankruptcy of small exchanges also occurred after FTX went bankrupt. it's like a domino effect. even some of the coins involved with FTX have had very high declines such as Solana where Ftx is holding a large number of solana coins and selling them. so panic also occurred among solana holders which caused the price of solana to fall quite deeply. But we don't know whether there was drama or not in these incidents. But what is clear is that the aftermath of the incident had a pretty good impact on us. such as several exchanges that are now competing in implementing the PoR system. the question is why these exchanges have not implemented a system of openness regarding fund management in the past.
December 11, 2022, 03:07:33 PM
November was that bad for people who did not follow advices. The focal points of the losses of November Crypto-currency loss was based on FTX but first if you had avoided centralized exchanges the case won’t be so.
I don’t think it’s should take an FTX drama to learn other than potential loss of fund on centralized exchange you would also have privacy compromise issues too. And some discreet details of your can get to foul hands.
I think those who lost in the FTX scan were caught up in the web, since some of them where already well grounded on crypto currency-related investment and the restrictions associated with leaving your funds in an exchange wallet.I don’t think it’s should take an FTX drama to learn other than potential loss of fund on centralized exchange you would also have privacy compromise issues too. And some discreet details of your can get to foul hands.
With the way recent events have resulted with the whole investigation and Sam's unwillingness to offer useful information that could help recover the lost funds and the whole situation is now becoming clearer that it was an insider exit scam and the CEO is well aware.
Most investors, have learned their bitter lessons, and am sure they will never trust an exchange or any other investment platform such as Genesis, and the rest of others.
December 11, 2022, 02:15:20 PM
I just hope those who lost in the whole sega will recover really quickly as the impact of what happened during the month of October down to November this has caused a lot of crises in the entire market forcing the price of most popular coins to pull down and spreading did which have had a grave impact on the crypto market.
But am sure those who were proactive escaped this situation because we should be familiar with how unsecured exchange can be and we should not leave any balance on an exchange account since there are prone to vulnerability.
Recovering quickly when that time has come, the bull market is sure to come but the bear market is still in control at the moment. Bearish momentum like now will test the resilience of investors to stay in the market and not leave it. we do have to get used to it, but we also have to have some reserves in order to make good use of the bear market. during the process of retaining assets, it is also important to review and safer to store in a personal wallet. But am sure those who were proactive escaped this situation because we should be familiar with how unsecured exchange can be and we should not leave any balance on an exchange account since there are prone to vulnerability.
December 11, 2022, 10:50:55 AM
I just hope those who lost in the whole sega will recover really quickly as the impact of what happened during the month of October down to November this has caused a lot of crises in the entire market forcing the price of most popular coins to pull down and spreading did which have had a grave impact on the crypto market.
But am sure those who were proactive escaped this situation because we should be familiar with how unsecured exchange can be and we should not leave any balance on an exchange account since there are prone to vulnerability.
But am sure those who were proactive escaped this situation because we should be familiar with how unsecured exchange can be and we should not leave any balance on an exchange account since there are prone to vulnerability.
December 11, 2022, 10:48:13 AM
While you consider it the worst month, I'm look at the situation with a positive mindset because it's the month that gave us more discount for pushing of Bitcoin. The whole FTX situation would had been easily avoid if you listen to the advise of not keeping your coins on exchange. I don't think anyone who didn't have funds on FTX was affected in regards to them losing access to their funds and for the decrease in the prices of Bitcoin and other altcoins. That's just the volatility of the market doing its thing and if you hold until your Bitcoin, tomorrow you'll be smiling as the price will be worth more than what it's now.
Newbies seeing this post should focused on accumulating Bitcoin as this opportunity mightn't present itself again. Each time the market give you a discount to accumulate Bitcoin, grab that opportunity with both hands and ignore any negatively spreading around. I sympathize with the affected victims but they should learn from this experience and secured their funds better in the future.
Newbies seeing this post should focused on accumulating Bitcoin as this opportunity mightn't present itself again. Each time the market give you a discount to accumulate Bitcoin, grab that opportunity with both hands and ignore any negatively spreading around. I sympathize with the affected victims but they should learn from this experience and secured their funds better in the future.
I might be considered a self centered fellow for this but I sympathize with people greatly affected by the this bearish period. This year is actually a great year if you just started investing in Bitcoin. Imagine it been at that 60k mark it will be high for new investors but at the current 17k it is a blessing to new comers to accumulate more. Thereby getting it both as a store of value and expecting some profits.
As for the Exchange saga I think the warning has been there since, so it was a matter of time before what happened would actually occur. I just hope people actually learn from the saga and leave off making exchanges like this, their wallets and staying off shitcoins. It was a bitter lesson for some and I sympathize with everyone affected
December 11, 2022, 10:04:08 AM
It’s intriguing how SBF try to save company that went down due Terra Luna incident and then they experienced the same loss.
Probably his grave mistake to did that when he isnt sure of a recovery yet due to market downfall. Its like his trying to look genius or famous om the crypto realms but the truth is, market collapse cant be save by such exposure like that. Maybe he thought it will be bullish due to him but see what happened? CZ and others recognize whats cooking inside and that lead to a more serious damage to FTX. legendary
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December 11, 2022, 07:15:59 AM
While you consider it the worst month, I'm look at the situation with a positive mindset because it's the month that gave us more discount for pushing of Bitcoin. The whole FTX situation would had been easily avoid if you listen to the advise of not keeping your coins on exchange. I don't think anyone who didn't have funds on FTX was affected in regards to them losing access to their funds and for the decrease in the prices of Bitcoin and other altcoins. That's just the volatility of the market doing its thing and if you hold until your Bitcoin, tomorrow you'll be smiling as the price will be worth more than what it's now.
Newbies seeing this post should focused on accumulating Bitcoin as this opportunity mightn't present itself again. Each time the market give you a discount to accumulate Bitcoin, grab that opportunity with both hands and ignore any negatively spreading around. I sympathize with the affected victims but they should learn from this experience and secured their funds better in the future.
Newbies seeing this post should focused on accumulating Bitcoin as this opportunity mightn't present itself again. Each time the market give you a discount to accumulate Bitcoin, grab that opportunity with both hands and ignore any negatively spreading around. I sympathize with the affected victims but they should learn from this experience and secured their funds better in the future.
December 11, 2022, 05:07:05 AM
I think its the worst for the people who did not understand cryptocurrency is so volatile, for experience traders this is the best month for them, so even if your a newbie or a experience trader, you should first check the market, or ask other experience trader for suggestion, if you're getting started, it will be worse if you just jump and put big amount of money in a coin without even checking if its just a scam or a legit one.
December 11, 2022, 03:24:38 AM
I never think November is the worst month for crypto newbies especially if they want to invest in crypto. I mean they came at the right time as the price of crypto has dip a lot over the last 1 year, in fact it is very possible they could make a lot of profit in the long term if they started investing during last November.
But of course there is a valuable lesson to be learned from this mess especially they need to keep their eyes open about the risks that exist in the crypto space especially when they trust a centralized exchange 100% without a doubt of the bad possibilities. Of course they will learn and then they will also know that a centralized exchange is not a safe depository wallet in the long term. Luna and FTX should be the reason why they can't 100% believe in crypto and something centralized. There is always a risk even if they invest in bitcoin but don't know how to store it safely.
But of course there is a valuable lesson to be learned from this mess especially they need to keep their eyes open about the risks that exist in the crypto space especially when they trust a centralized exchange 100% without a doubt of the bad possibilities. Of course they will learn and then they will also know that a centralized exchange is not a safe depository wallet in the long term. Luna and FTX should be the reason why they can't 100% believe in crypto and something centralized. There is always a risk even if they invest in bitcoin but don't know how to store it safely.
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