Two important lesson I learn from this forum this year 2022

Piesel

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Quote from: CryptoHeadlineNews on December 15, 2022, 06:18:57 AM

Quote from: Doan Ha on December 09, 2022, 09:01:58 PM

How can someone grow without making mistakes?

The truth of the matter is that one can simply grow by taking advantage of learning from other peoples past mistakes, because you literally don't have to make one or have personal experience about losing funds on CEX or altcoins before knowing that saving huge funds in Centralized exchanges are big risk, just as O.P clearly stated as those are his/her two lessons learned this year as it concerns the forum/crypto world at large.

Sometimes, some lessons are learned best from one mistake and not the mistake of another person.

Quite a few people actually learn from other's mistakes, the rest will rather make the same mistake and learn from their own experiences.

Mistakes are part of life, but in all, we should always calculate and try to manage the risk level of whatever we want to go into.

Only involved with what you can afford to handle against putting all your life savings into an investment in what you can't control.

mvdheuvel1983

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Quote from: Ojima-ojo on November 22, 2022, 02:18:22 PM

As 2022 is almost coming to an end and haven't been around this forum for a couple of months now, I have learn two vital lessons this year that will guide my journey in the cryptocurrency space.
THE TWO LESSONS
1: I will never trust an exchange, most especially centralized exchanges e.g FTX Binance, etc.

As with most persons who are up to date with the current happenings in the crypto economy, I concur that never trustung any centralized exchange should be one of the key takeaways for this year.

CZ is cursing Kelvin O' Leary, FTX boss has been arrested, everyone everywhere is saying withdraw your coins from centralized exchange. And this has been going on since the past couple of months. Even the blind can read the handwriting on the wall.

reagansimms

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The two important lessons you learned during your 2022 journey cannot be separated from the collapse of FTX. The phenomenon of the FTX collapse has reminded us that one should not place too much trust in a centralized Exchange.
The conclusion from the first point is that investors must always learn how to store assets safely, because as long as assets are stored with third parties, these assets are not entirely ours.

You can trust any coin you like, but one thing you must never forget, the crypto market is very risky. During the sideways market, not only Altcoins have collapsed, Bitcoin has also been affected by the shocks resulting from the downward cycle that occurred.
The conclusion on the second point is that Bitcoin, which has strong fundamentals, makes investors increasingly believe that in the long term bitcoin will succeed in achieving a higher ATH than before.

_act_

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Quote from: CryptoHeadlineNews on December 15, 2022, 06:18:57 AM

Quote from: Doan Ha on December 09, 2022, 09:01:58 PM

How can someone grow without making mistakes?

The truth of the matter is that one can simply grow by taking advantage of learning from other peoples past mistakes, because you literally don't have to make one or have personal experience about losing funds on CEX or altcoins before knowing that saving huge funds in Centralized exchanges are big risk, just as O.P clearly stated as those are his/her two lessons learnt this year as it concerns the forum/crypto world at large.

Even apart from that, some mistakes can lead to life time regret. Some people invested their life savings on altcoins that they thought nothing would happen to, like Luna and FTX token. People only know that there are some foolish people like that when they take it to social media about the money they lost to be huge. Another example is the FTX hack that millions of dollars were stolen. I do say that it is pitying but stupid that some people lost a very high amount of money like their life savings that they got nothing to think about that to commit suicide.

There is no possible means someone can grow without making mistake, but there are mistakes others have made in the past which should be a lesson instead of people to be the victim again that might lead to life lesson of no recovery. Such mistakes have been made by many crypto users, I do not expect people to still make the same mistakes over and over again.

CryptoHeadlineNews

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Quote from: Doan Ha on December 09, 2022, 09:01:58 PM

How can someone grow without making mistakes?

The truth of the matter is that one can simply grow by taking advantage of learning from other peoples past mistakes, because you literally don't have to make one or have personal experience about losing funds on CEX or altcoins before knowing that saving huge funds in Centralized exchanges are big risk, just as O.P clearly stated as those are his/her two lessons learnt this year as it concerns the forum/crypto world at large.

_BlackStar

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Quote from: Wakate on December 14, 2022, 03:05:56 PM

Wow, I am so surprised that you have taken a fantastic decision which is going to guide and help you throughout your journey in the crypto sphere. Many of us had made this mistake of investing in a crypto projects and finally it crashed making us lost severely without even the help of the government.

The government moat can not help us to recover our lost funds that is why we need to be very careful about how to make decisions on the kind of crypto projects we will like to buy in respective of the exchange that owns them or the project team. We all need to stick with Bitcoin because it is the only reliable and trusted cryptocurrency.

You are responsible for your investment decisions in bitcoin or altcoin without government influence. I don't know why you would want insurance from your government when a project fails and you lose money. You should never blame your government in the failure of your investment, in my opinion that is not right because you are the one who makes any decision that has passed analysis.

You can't expect the government to responsible for your loss when one of the centralization projects scammed you. That seems impossible to me, and that's why you need to consider an asset that you have complete control over and that is bitcoins in your wallet. The government only takes advantage through taxes without insuring your losses.

Wakate

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Quote from: Ojima-ojo on November 22, 2022, 02:18:22 PM

As 2022 is almost coming to an end and haven't been around this forum for a couple of months now, I have learn two vital lessons this year that will guide my journey in the cryptocurrency space.
THE TWO LESSONS
1: I will never trust an exchange, most especially centralized exchanges e.g FTX Binance, etc.
2: never n trust any other coin aside from Bitcoin for long-term goals, most especially the highly centralized altcoin as there are open to external influence just like centralized exchanges are also exposed to external influence.
So I am led to the conclusion that, cryptocurrency is not the problem, but centralization and the human factors are the major set back in the young fast-growing cryptocurrency industry

Wow, I am so surprised that you have taken a fantastic decision which is going to guide and help you throughout your journey in the crypto sphere. Many of us had made this mistake of investing in a crypto projects and finally it crashed making us lost severely without even the help of the government.

The government moat can not help us to recover our lost funds that is why we need to be very careful about how to make decisions on the kind of crypto projects we will like to buy in respective of the exchange that owns them or the project team. We all need to stick with Bitcoin because it is the only reliable and trusted cryptocurrency.

RILWAN

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It is much more important to learn from what happen and cheaper and less risky to take responsibility for future occurrences of similar incidents of exchange wiping off customers' balances all in the name of bankruptcy or what have you.
No one keeps a huge balance on an exchange anymore and most members are already adopting self-custody wallets.

Ojima-ojo

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Quote from: Kelvinid on December 12, 2022, 05:36:59 PM

Quote from: AakZaki on December 12, 2022, 03:09:56 PM

Quote from: poldanmig on December 10, 2022, 05:54:44 PM

Investment advisers should avoid trusting asset holdings on exchanges because the sourcing service cannot be fully trusted even though the exchange's rating is highly reputable. FTX has proven how badly created exchanges are as a sourcing and crypto asset sourcing service and many other scam exchange services, so avoid storing assets on exchanges and switch your investments to a personal wallet that you can fully manage.

FTX is a living example of how dark the game can get so many of us fall victim to their greed. trust in centralized exchanges is now decreasing and all investors are competing to withdraw their assets to make them safer. At first they look good and become the most trusted, in the end they will betray customers with greed and misuse of customer assets. FTX is a small part of the ugliness of centralized exchanges and this makes customers even more careful.

How about Binance? Are people quitting the use of this reputable exchange already?
I understand that people have a bad view of CEX now but still see people using CEX till now. However, their way of understanding is different, and be careful about depositing and keeping their money in them. I'd see Binance having no excuse about it and traders being also doubtful about the safety of their funds, quite it changing a lot after the FTX issue. Perhaps, it gives learnings to all of us and it badly affects the entire market.

Binance is heavily involved in all the crisis and the exchange have also received a legal invitation and investigation on money laundering, and if care is not taken CZ and his team may be heavily investigated and a possible charges may follow.

This whole event in the cryptocurrency industry has been triggered by centralized exchanges and projects that have failed their investors, and also betrayed the trust and their reputation. Except there is a high presence of corruption in the legal processes if not, no e of the CEOs will escape the law in the long run.

Kelvinid

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Quote from: AakZaki on December 12, 2022, 03:09:56 PM

Quote from: poldanmig on December 10, 2022, 05:54:44 PM

Investment advisers should avoid trusting asset holdings on exchanges because the sourcing service cannot be fully trusted even though the exchange's rating is highly reputable. FTX has proven how badly created exchanges are as a sourcing and crypto asset sourcing service and many other scam exchange services, so avoid storing assets on exchanges and switch your investments to a personal wallet that you can fully manage.

FTX is a living example of how dark the game can get so many of us fall victim to their greed. trust in centralized exchanges is now decreasing and all investors are competing to withdraw their assets to make them safer. At first they look good and become the most trusted, in the end they will betray customers with greed and misuse of customer assets. FTX is a small part of the ugliness of centralized exchanges and this makes customers even more careful.

How about Binance? Are people quitting the use of this reputable exchange already?
I understand that people have a bad view of CEX now but still see people using CEX till now. However, their way of understanding is different, and be careful about depositing and keeping their money in them. I'd see Binance having no excuse about it and traders being also doubtful about the safety of their funds, quite it changing a lot after the FTX issue. Perhaps, it gives learnings to all of us and it badly affects the entire market.

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Quote from: poldanmig on December 10, 2022, 05:54:44 PM

Investment advisers should avoid trusting asset holdings on exchanges because the sourcing service cannot be fully trusted even though the exchange's rating is highly reputable. FTX has proven how badly created exchanges are as a sourcing and crypto asset sourcing service and many other scam exchange services, so avoid storing assets on exchanges and switch your investments to a personal wallet that you can fully manage.

FTX is a living example of how dark the game can get so many of us fall victim to their greed. trust in centralized exchanges is now decreasing and all investors are competing to withdraw their assets to make them safer. At first they look good and become the most trusted, in the end they will betray customers with greed and misuse of customer assets. FTX is a small part of the ugliness of centralized exchanges and this makes customers even more careful.

poldanmig

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Quote from: Ojima-ojo on December 10, 2022, 01:51:04 PM

Before we use an exchange, we should be well aware of the risk associated with source service and we should be well away that we can not use it as an exchange to store large funds, even if we made that mistake before we should try as much as possible to be trustless in this space.

Investment advisers should avoid trusting asset holdings on exchanges because the sourcing service cannot be fully trusted even though the exchange's rating is highly reputable. FTX has proven how badly created exchanges are as a sourcing and crypto asset sourcing service and many other scam exchange services, so avoid storing assets on exchanges and switch your investments to a personal wallet that you can fully manage.

Ojima-ojo

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Quote from: Altryist on December 10, 2022, 10:11:09 AM

Quote from: lalabotax on December 08, 2022, 05:25:28 PM

Indeed, although we are using them, never trust them 100%. We have learned from some conditions so far, that although have high trust and reputation can also be crashed and then bankrupt. Moreover, centralized exchanges will also have certain interests something that will make one other competitor in whatever they want.

We do not need to trust exchanges to be able to use their services, but we must be careful and never store our coins where they are at high risk. I also do not trust banks, but I have to use their services, because modern society is now built in this way and it is convenient for me. We can choose for ourselves, take responsibility for ourselves, or shift it to someone else.

We can not underestimate the role of education in our general well-being and when if comes to investment, we need a good understanding of the part and aspect we are diving into for instance.

Before we use an exchange, we should be well aware of the risk associated with source service and we should be well away that we can not use it as an exchange to store large funds, even if we made that mistake before we should try as much as possible to be trustless in this space.

Altryist

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Quote from: lalabotax on December 08, 2022, 05:25:28 PM

Indeed, although we are using them, never trust them 100%. We have learned from some conditions so far, that although have high trust and reputation can also be crashed and then bankrupt. Moreover, centralized exchanges will also have certain interests something that will make one other competitor in whatever they want.

We do not need to trust exchanges to be able to use their services, but we must be careful and never store our coins where they are at high risk. I also do not trust banks, but I have to use their services, because modern society is now built in this way and it is convenient for me. We can choose for ourselves, take responsibility for ourselves or shift it to someone else.

Doan Ha

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Quote from: Ojima-ojo on November 22, 2022, 02:18:22 PM

As 2022 is almost coming to an end and haven't been around this forum for a couple of months now, I have learn two vital lessons this year that will guide my journey in the cryptocurrency space.
THE TWO LESSONS
1: I will never trust an exchange, most especially centralized exchanges e.g FTX Binance, etc.
2: never n trust any other coin aside from Bitcoin for long-term goals, most especially the highly centralized altcoin as there are open to external influence just like centralized exchanges are also exposed to external influence.
So I am led to the conclusion that, cryptocurrency is not the problem, but centralization and the human factors are the major set back in the young fast-growing cryptocurrency industry

In many cases, there is nothing wrong with the tool, but the person who uses the tool. Why should a decentralized world choose a centralized toolkit? If your financial loss is serious, how many people can see themselves clearly and find the reason for the failure from themselves? This is worth pondering. The key to solving problems is education and learning, which is mentioned by many people in the forum. But there is no perfect world. How can someone grow without making mistakes?

KingsDen

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Quote from: lalabotax on December 08, 2022, 05:25:28 PM

Quote from: Ojima-ojo on November 22, 2022, 02:18:22 PM

1: I will never trust an exchange, most especially centralized exchanges e.g FTX Binance, etc.

Indeed, although we are using them, never trust them 100%. We have learned from some conditions so far, that although have high trust and reputation can also be crashed and then bankrupt. Moreover, centralized exchanges will also have certain interests something that will make one other competitor in whatever they want.

Indeed we use them always and they are part of our lives, only a few people who do not use exchanges but however it may be we don't trust them a hundred percent . There is no need to give anything 100% trust. Even in this forum we do not trust everything going on because you may wake tomorrow and discover that this forum is no more.
We only increase the level of trust when we are operating with an open-source protocol, which Bitcoin is among them.

Quote from: lalabotax on December 08, 2022, 05:25:28 PM

Quote from: Ojima-ojo on November 22, 2022, 02:18:22 PM

2: never n trust any other coin aside from Bitcoin for long-term goals, most especially the highly centralized altcoin as there are open to external influence just like centralized exchanges are also exposed to external influence.

...

Bitcoin is trusted than every other cryptocurrency in circulation and one thing about this fact is that everyone is aware of it. But those holding on to altcions are crypto gamblers. Sometimes they succeed other times dey fail and continue trying because it is the nature of the industry.

lalabotax

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Quote from: Ojima-ojo on November 22, 2022, 02:18:22 PM

1: I will never trust an exchange, most especially centralized exchanges e.g FTX Binance, etc.

Indeed, although we are using them, never trust them 100%. We have learned from some conditions so far, that although have high trust and reputation can also be crashed and then bankrupt. Moreover, centralized exchanges will also have certain interests something that will make one other competitor in whatever they want.

Quote from: Ojima-ojo on November 22, 2022, 02:18:22 PM

2: never n trust any other coin aside from Bitcoin for long-term goals, most especially the highly centralized altcoin as there are open to external influence just like centralized exchanges are also exposed to external influence.

This is the basis of investing in cryptocurrencies. So far, only Bitcoin is the most trusted for the long term. In fact, now I'm starting to have doubts and worries about some of the top altcoins. Because LUNA and FTX are tip projects and platforms that are very well known, but they can be destroyed very quickly. Hence, Bitcoin may be less risky compared to altcoins. But that doesn't mean zero risk

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Quote from: Falconer on November 27, 2022, 03:23:30 PM

Quote from: Ojima-ojo on November 27, 2022, 02:59:30 PM

You a very right, it is easier said than done since it is easy to write than to practice.

But as far as I know, it is better for a newbie to concentrate on Bitcoin other than altcoin since the rate of volatility between the two is with a wide gap.

As you said, altcoins have done more harm than good so ultimately we will need to stay away from such high-risk investments most especially as a newbie in the crypto market.2

Of course you are right, but in the market bitcoin is not the only asset that can generate profits. Volatility also exists with bitcoin due to supply and demand factors, actually I can say that ETH tends to have almost the same volatility as bitcoin so if your goal of investing in crypto is to make a profit then bitcoin is the one.

Volatility shouldn't be the best reason why you would choose bitcoin over altcoins as an investment asset. I tend to think of its use cases as a currency, its adoption as a means of payment, and the security of your funds with your keys as some of the advantages of why bitcoin is the best among other crypto assets.

I believe we are investing because we have seen their potentials to be profitable, and by having real utility cases that become more visible especially when hold for long term, then definitely those coins are the one we should focus on investing. While others have fallen on altcoins, I believe bitcoin has even more potentials to succeed and become profitable, not only because of its utility cases, but also because the bitcoin community has constantly proven it.

RILWAN

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One of the point I always mention to people is never to trust an exchange with your fund, ones you have to perform a transaction on the exchange, you should move you coins out to a personal wallet, and as a newbie am glad you already realize this mistake and have taken steps to avoid getting caught in the web of exchange manipulation and scam.

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We can't claimed what happen with FTX exchange after becoming scam or collapse will happen with other bigger exchange market, I think some people here have misunderstanding their decision with all exchange market is not safety for saving assets. I believe with many potential exchange market trusted and can exist for longer time like Binance, Kucoin and Huobi.

Although can't guarantee with above exchange market have chance the same cases like FTX, I think Binance is most trusted exchange right now after transparent fund back up publishing. Exchange market is very important for the sustainability of cryptocurrency, if some one have less confidence level with Exchange market I can't imagine how to sell our cryptocurrency assets later.

Topic: Two important lesson I learn from this forum this year 2022 (Read 945 times)