ONE MAJOR LESSON LEARNT SO FAR THIS WEEK FROM THE CRYPTO MARKET 😥 - page 3.

Sayeds56

copper member

Activity: 1316

Merit: 715

Eloncoin.org - Mars, here we come!

Quote from: ?? on ??

Don't keep all your funds in one exchange, diversify your coins and diversify your exchange. Provide stablecoins to hold more when the price drops drastically and becomes a discount price, because that's a good time to enter bigger profits

The lesson we learn is that though crypto industry is developing very fast but still far from maturity so stay away from centralized exchanges until they are properly regulated and scrutinized to protect investor's fund.

This incident has massively damaged the reputation of all centralized exchanges and people to think twice/thrice before they transfer their funds in any exchange including Binance which is top rated exchange. People didn't like the role CZ (Founder & CEO of Binance) played; in the beginning he came up with rescue plan but later he backed out.

Conclusion: Though this fallout is a pain for the short term for the whole crypto industry, but I think it is good for the long term because more regulation will definitely come out now to scrutinize the crypto holding companies.

serjent05

legendary

Activity: 2884

Merit: 1258

Up to 300% + 200 FS deposit bonuses

The major lesson this week is not to leave your funds on exchanges, exchanges are not made to be banks. Not your keys, not your coins. Another thing, there is no huge company when it comes to bankruptcy. Every company has its rise and fall, the only question is when.

And always look at the history of the cryptocurrency market, it may give us hints on what lies ahead.

GreatArkansas

legendary

Activity: 2338

Merit: 1354

Quote from: Famous Grouse on November 13, 2022, 12:15:00 AM

(.....)
I personally, learnt to always take profit.

Exactly! Especially if you are trading, taking profits is a must. And if you are an investor and the reason why you invested is that you have a goal in the future especially to multiply your money so you can't achieve it without taking profits.
There are lot of people that always regretting that they are not taking any profits along the way and they always ended up losing or bankruptcy.
"Don't marry your altcoins".

o48o

legendary

Activity: 2982

Merit: 1149

Leading Crypto Sports Betting & Casino Platform

Quote from: Famous Grouse on November 13, 2022, 12:15:00 AM

What lesson did you learn from the market this week?

I personally, learnt to always take profit.

Last week i actually used something i've learned before. That is "Don't wait FUD to blow over if there's too much of it. Always act swiftly, because if you don't, others will."

This saved me a ton of money this week. And i haven't still bought back in as i am waiting for markets to go down another leg. I know that's not a popular opinion but i don't really care. I rather have what i have now then buy any alts right now. Maybe next week is better, or after when ever the next crash happens.

kurniawan05

member

Activity: 1708

Merit: 13

KUWA.ai

Quote from: Famous Grouse on November 13, 2022, 12:15:00 AM

What lesson did you learn from the market this week?

I personally, learnt to always take profit.

What I learned this week is:
1. Don't be 100% sure of a project, take profit and leave it for the project.
2. In a bear market it is better to hold stable coins.
3. Don't put all your eggs in one basket.

zonefloor

hero member

Activity: 1876

Merit: 524

The biggest lesson to be learned is that CEX is now an outcast for the cryptocurrency industry. After this time, definitely not to invest in exchange platforms operating in that area. The most important thing is to not trust anything in the cryptocurrency market. The markets are changing direction so hard and wearing out that we are all losing a lot of money. I have been in the crypto money industry for years, sometimes I made money, sometimes I lost money. But I have never seen a bear season where money was lost in such a devastating way. We are in the middle of the era when they officially say that elephants chew and rats are trampled.

Maestro75

sr. member

Activity: 1960

Merit: 329

www.Artemis.co

Quote from: Jackl87 on November 13, 2022, 08:33:04 AM

To be honest i have not really learned anything from the happenings of the last few days, to be honest i don't really know what can be learned from it.

The dump was unexpected at a time we were hoping price will keep going up. Anyone who said they took profit before it dumped was very lucky to do that. Some people have accused the fight between Binance and FTX for being responsible for the dump going on now. Someone even said bitcoin will go down to $10,000. That will be bad if it happens. What I have learned this week from the market is to be vigilant and stay away from the market when there is news of fraud involving major exchanges or tokens. It has a way of affecting bitcoin price and the entire market capitalisation.

isaac_clarke22

sr. member

Activity: 1596

Merit: 264

Quote from: Famous Grouse on November 13, 2022, 12:15:00 AM

What lesson did you learn from the market this week?

I personally, learnt to always take profit.

Yeah aside from just taking profits, I learned to stay away from social media if you were reading cryptos too much. A lot would surely shill the crap out of their shitcoin just to take advantage of the market we got right now.

Twitter is one of the sites I would really avoid right now. Considering the trending of "#cryptocrash" yesterday from my feed, I know there would be surge of millions of "experts" in crypto so sudden. Roll Eyes

Liz Truss

newbie

Activity: 28

Merit: 0

No CEX should be trusted with 100% , Take profit like a thief, convert some of your earnings to fiat to take care of yourself, learn before you venture into anything (DON'T FOMO).

Morningstarr

member

Activity: 546

Merit: 78

What I learned this week is :

1. Don't trust any centralized exchange.
2. Watching the market from afar in the Panic situation.
3. Buy a hardware wallet as soon as possible.

Sayeds56

copper member

Activity: 1316

Merit: 715

Eloncoin.org - Mars, here we come!

Quote from: Famous Grouse on November 13, 2022, 12:15:00 AM

What lesson did you learn from the market this week?

I personally, learnt to always take profit.

The lesson we learned from the sudden collapse of LUNA and FTX is that, your funds are always at risk in Centralized exchange wallets & they are not reliable, no matter how big the exchange is. This is the reason Investors are switching their funds to Decentralized exchanges (DEX) which is evident from price increase of native tokens of UNI, TWT, DYDX, DOD & SFP.

https://www.coingecko.com/en/crypto-gainers-losers?time=h24

GEMIN_M4

member

Activity: 237

Merit: 19

The biggest lessons I've learnt in 2022 about crypto is....

Never trust any centralised exchanges with your coins and tokens.

Buy a hardware wallet, it's safer for storing coins than other ways.

Dex exchanges are safer than Centralised exchanges.

Centralised Finance, lending and collateral assets are all nonsense.

lobo13hf

hero member

Activity: 2268

Merit: 507

Quote from: Famous Grouse on November 13, 2022, 12:15:00 AM

What lesson did you learn from the market this week?

One lesson that i have learned from so many incidents that happened during the week was never try to believe your money to the cex anymore. There are so many scumbag in the internal of cex itself. FTX must have told you a lot about this. Storing money in cex was the worst thing that has ever done by so many people. The most important lesson that already shown by cex about how bad centralized exchange site is. they can ban your account and steal your money through freeze it anytime as they want. it must the main thing to avoid centralized exchange site.

Jackl87

sr. member

Activity: 1722

Merit: 269

Quote from: Famous Grouse on November 13, 2022, 12:15:00 AM

What lesson did you learn from the market this week?

I personally, learnt to always take profit.

To be honest i have not really learned anything from the happenings of the last few days, to be honest i don't really know what can be learned from it. Maybe that a hefty dump of the whole crypto space can come pretty much out of nowhere at any given time, as for me that whole stuff happened completely unexpected. In general i agree that you should always take some profit with you once your investments are in the profit zone and that you should never be to greedy. That being said i am not sure if that advice or principle can be applied to the current situation. I mean we were in a bear market even before that dump.

Saisher

full member

Activity: 2324

Merit: 175

Quote from: Famous Grouse on November 13, 2022, 12:15:00 AM

What lesson did you learn from the market this week?

I personally, learnt to always take profit.

How about not your keys, not your coin, what happened to FTX recently is clear evidence that we should not keep our coins in exchanges, and yet many people still fall for this, custodial is the last wallet that you should store your coin and you must have a good reason why you choose a custodial wallet, I hope those FTX traders can still withdraw their money there's a lot of complaints about their coins stuck to this exchange.

cryptoaddictchie

legendary

Activity: 2100

Merit: 1321

Fully Regulated Crypto Casino

Quote from: Famous Grouse on November 13, 2022, 12:15:00 AM

What lesson did you learn from the market this week?

I personally, learnt to always take profit.

This week only? Always avoid overtrade or do some trade if you are confident to predict the possible move. If you are spot trading of course youll entry on a good pullback and might have a good reentry. While if future or margin trading, must be vigilant of possible market movement.

Famous Grouse

newbie

Activity: 42

Merit: 0

What lesson did you learn from the market this week?

I personally, learnt to always take profit.

Topic: ONE MAJOR LESSON LEARNT SO FAR THIS WEEK FROM THE CRYPTO MARKET 😥 - page 3. (Read 515 times)