Two important lesson I learn from this forum this year 2022 - page 4.

348Judah

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

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

Good for you, most importantly this are the two aspects we consider as weak point for many investors when they were actually eager to invest but not considering the type of coin they are investing with and the exchange they use as well to have their investment through, though it is believed that the reality is that our coins were not stored on the wallet or exchanges we use but rather on the blockchain and then encoded with an unblocking keys to access them through our various wallets or exchanges, now it will be immature enough to let exchanges have the access to decode the access to them by providing you with their own public keys and have the control in their custody, if you don't have the keys then you don't have the coins, that's why most now preferred wallets for their storage because of the keys it provides you.

inthelongrun

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It makes sense. The effects of the LUNA crash, the FTX scam, and Binance's ability to shut down its rivals are giving me more realizations to stay out as much as possible to centralized exchanges and be more selective in choosing altcoins. My earlier plan is to accumulate BTC, ETH, BNB, and some more altcoins but I might drop ETH and BNB or at least lessen my projected investments toward them. ETH after shifting to POS seems it is turning into a centralized system while BNB as a Binance token might be in danger from its rival exchanges and other chains.

Crypt0Gore

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Good advice OP, Bitcoin is the safest coin to hold for long term but who is going to hold BTC for 4x gains after waiting for years for another bull market to come where altcoins can give you 20x or more?

It's best to invest 50% of your fund in Bitcoin and split the rest in different good altcoins, you will make more money that will worth the long wait, 4 years cycle is not a joke.

passwordnow

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Quote from: kamvreto on November 23, 2022, 04:29:16 PM

Quote from: passwordnow on November 23, 2022, 01:25:57 PM

Many still think crypto is a scam, thanks to those exit scammers from different projects and investment schemes that have used crypto as their payment gateway.
Also, to the big exchanges that have made their name through the entire community by doing something like what FTX has done. But us, who have been here for quite a while, we understand these situations and events that has happened.

Those who think that crypto is a scam certainly don't fully know crypto, for those of us who have been on this forum for a long time, this is an ongoing cycle. scammers will come out and leave the crypto market. Untrusted altcoins are doomed and exchanges like FTX are only a fraction of past examples of exchanges that have had the same problem.
The current situation gives fear to those beginners who are just getting into crypto. Still, this kind of situation indicates that a bull market is coming soon. not only 2 important lessons, but throughout the history of crypto many lessons can be taken to avoid losses and some scammer traps.

Yes, they don't know wholly about crypto and they're just relying on the bad news being done by scammers. They're leading people into the misuse of crypto because it's their deposit requirement and the currency that they use. But salute and encouragement to those beginners that still proceed with caution and ask for the guidance of those that have been part of the market for a long time. Those that seek help and guidance are wise people and don't want to be misled to avoid that bad occurrences like being scammed.

LogitechMouse

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

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

Not your keys, not your coins.
A famous quote that has been shared numerous times on the internet already but until now, there are still many people who are storing most of their coins in these centralized exchanges. For what? Because there are some exchanges who are offering staking like what Binance and other does. It's not worth it for me especially if you know that your coins might vanish anytime knowing that there is somebody that is holding your coins. I hope what happened to FTX will be a lesson to all who always wants to store their holdings on exchanges.

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.

After the FTX scam, many investors changed their mindset now and those who are investing into altcoins will prefer investing into Bitcoin because they know that it's a good coin to hold for long term. Don't expose yourself too much on altcoins especially those centralized exchanges. Always go for Bitcoin. Right now, I'm trying to increase my Bitcoin holdings and it's my own preference but I'm also buying Ethereum.

Sandra_hakeem

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Goodnight, ohh Leo!!! 🦅

Hehehe.....
It's kinda like, working in pari Passu and anyone can't be left out. Crypto is hugely depending on FIAT's flexibility, inelasticity or fixed point as the case might be. Fiat affects the market structure almost predominantly Which means, the advantage it has over Bitcoin is "being a legal tender"...but that's even impossible as it's made to be a "store of value"
The whole feature wasn't made for that, or even if there's an adoption to change its original plan, how'll that be? When Sir SATS' gone into hiding, following his rule of pseudonymity, which hasn't done any harm but rather, it's had atleast 40% change- course over FIAT. So my whole point here is that; Bitcoin undergoes a "renaissance", every single time it trys to grow.
Carefulness and tenderness is a virtue.... a sort that anyone wouldn't simply get used to the p.r.o.c.e.s.s, Most especially if they lost their self-control. Don't put cash on centralized wallets/ platform...whatever.

Sandra 💇

Russlenat

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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

Cryptocurrency is always considered a potential asset but it will only be useless if we store them in those unreliable exchanges that anytime can be hacked and lost everything we store in it. The best option is to store them in a cold storage that is not connected in the internet. And definitely, always chose bitcoin as your first choice of investment because that is the most potential asset in the crypto market.

kamvreto

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MAaaN...!! CUT THAT STUPID SHIT

Quote from: passwordnow on November 23, 2022, 01:25:57 PM

Many still think crypto is a scam, thanks to those exit scammers from different projects and investment schemes that have used crypto as their payment gateway.
Also, to the big exchanges that have made their name through the entire community by doing something like what FTX has done. But us, who have been here for quite a while, we understand these situations and events that has happened.

Those who think that crypto is a scam certainly don't fully know crypto, for those of us who have been on this forum for a long time, this is an ongoing cycle. scammers will come out and leave the crypto market. Untrusted altcoins are doomed and exchanges like FTX are only a fraction of past examples of exchanges that have had the same problem.
The current situation gives fear to those beginners who are just getting into crypto. Still, this kind of situation indicates that a bull market is coming soon. not only 2 important lessons, but throughout the history of crypto many lessons can be taken to avoid losses and some scammer traps.

Renampun

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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.

we all should learn from the FTX incident, I am one of the victims who until now my Bitcoins are still stuck at FTX and I don't know how long I will get my Bitcoin back.

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.

Centralized crypto assets are prone to collapse when those supporting them fail, just look at what happened to Solana when FTX was declared bankrupt. it is wiser to believe in long-term investment in Bitcoin.

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

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

cryptocurrencies are innovative, that's not "a problem", what's problematic are the people behind it, if greedy and criminal people use them, the impact will be bad and negative.

Freeveto

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This year is full of lessons and full of suprises, I have equally learnt some lessons too this year as regards to how and where to store my cryptos seeing big exchange like FTX finally went bankruptcy and scamed a lot of investors is one very important lesson that I will find very difficult to forget. Centralization is really the problem we have now in this industry.

passwordnow

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Quote from: CaVO32 on November 22, 2022, 03:58:42 PM

Quote from: passwordnow on November 22, 2022, 03:55:30 PM

It is so very true about trusting the exchange, you just use them but you don't wholly use them. When you trade, deposit only the amount that you'll be using for trading, none other than that.
You can add to it that you don't have to be hyped with any popular person that gives his insights about the market. Like the typical thing when there's someone popular that gives advice about what he must do and the media hypes it. There were many people that have done the wrong thing of believing those.

I am glad the OP got those realizations. Because up until now, a lot have different outlook towards crypto market. For most who are not yet here, they thought crypto is a scam. But they only need right information to understand what the OP stated. Those simple lessons will give them good approach towards crypto and find ways how to secure their assets away from fraudulent sites and projects.

Many still think crypto is a scam, thanks to those exit scammers from different projects and investment schemes that have used crypto as their payment gateway.
Also, to the big exchanges that have made their name through the entire community by doing something like what FTX has done. But us, who have been here for quite a while, we understand these situations and events that has happened.

tech30338

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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

I agree with OP also experience this situation, i just want to add and share what I have learn during the process

Make sure you have full control of your wallet
also keep your keys safe and never share it to others sucure it and never save it to other place,
Always take profit when its due, some people never appreciate profits that is why they think the price will make it more bigger
Never trust someone who out of nowhere send personal message asking you to click links lots of of people are victimized by this

Awaklara

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an incident that certainly provides learning and also appeals to every investor and trader. maybe if the FTX tragedy had not happened, we and many traders and investors would still have the old habit of keeping their assets on the exchange.
now everyone is learning and more aware of their assets. buying a hardware wallet is one of the first steps you can take. send to the exchange only when we want to trade and convert it to fiat.
2022, many say a difficult year for those in the crypto market. but what is happening in the world market seems no less difficult.

Adbitco

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Saving funds or leaving funds on CEX currently is a no go area because of the hit occurred and I wouldn't have it in mind anyone else not to have learned a great lesson I m sure lots of users over here got the news would be very mindful if not for those that is to come should do more research because it's very hard after raising funds and make investment overnight you could find none of them, it's very disheartening and disappointed even leading to suicide. 2022 A year not to be forgotten so soon

Taskford

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Quote from: RILWAN on November 23, 2022, 04:29:47 AM

Exchange have lost their trust since from time and anyone still leaving the coins on an exchange are doing themselves great harm and in time to come, they may be denied access to those coins.
A lot have happened with exchanges in the past that have thought some of us a great lesson and since then we learn never to trust an exchange, be it centralized or otherwise.
But we can use them as a channel to transact but not to keep custody of our balance.

Even before I don't trust any online platform especially dealing a lot of money come from any random people its hard to trust foreign entities since if we get hack or scam we will struggle to see them because they are far away from us and it cost a lot of money if we file a case against them. So to avoid receiving heavy damage I or much better for us to practice depositing a small amount only since I believe FTX like scamming will never end and for sure there are more to follow.

RILWAN

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Exchange have lost their trust since from time and anyone still leaving the coins on an exchange are doing themselves great harm and in time to come, they may be denied access to those coins.
A lot have happened with exchanges in the past that have thought some of us a great lesson and since then we learn never to trust an exchange, be it centralized or otherwise.
But we can use them as a channel to transact but not to keep custody of our balance.

lovesmayfamilis

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Those who witnessed the FTX scam, and even more so the victims, learned a good lesson for the future: not to trust the exchanges. We have seen in the news that recently, after the collapse of the exchange, users have withdrawn more than 172,700 BTC to their noncustodial wallets in a month. This indicates that the exchanges are losing trust, and it is likely that many will become more aware of the concept of the expression "not your keys, not your money."
Today we see newcomers thinking about privacy issues, but in my opinion, you can't achieve privacy in just one day. There are so many flags that we may have left in the past on the Internet, and today, history may be difficult to remove.

Zaguru12

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Quote from: pooya87 on November 23, 2022, 01:08:45 AM

That's true but the actual problem is when people don't understand the disadvantages of using these services not their existence. In fact I believe it is not a bad thing to build centralized services on top of a decentralized system and they actually provide some benefits too. For example the payment processors give merchants the option to receive bitcoin and convert it to fiat very easily and vice versa. Or centralized/custodial wallets (even government controlled wallets like Chivo) allow absolute newbies with no technical understanding to still use bitcoin.

P.S. I myself started my journey from a web wallet...

I agree on this, that's why I think it will be a hard work stopping people from using Centralized exchanges. People rarely want to acquire knowledge of what there are getting into and with some of these exchanges it is just easy to transact to there local currencies, not withstanding the numerous enticing offers those kinda of exchanges offers.
Some actually think that funds lost in exchanges are recoverable or rather will be refunded unlike wallets where one take consequences of its loss.

Ojima-ojo

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Quote from: pooya87 on November 23, 2022, 01:08:45 AM

Quote from: PrivacyG on November 22, 2022, 02:24:52 PM

The biggest problem is that we have introduced third parties and Centralization over an ecosystem that requires no trust and no third parties to function.

That's true but the actual problem is when people don't understand the disadvantages of using these services not their existence. In fact I believe it is not a bad thing to build centralized services on top of a decentralized system and they actually provide some benefits too. For example the payment processors give merchants the option to receive bitcoin and convert it to fiat very easily and vice versa. Or centralized/custodial wallets (even government controlled wallets like Chivo) allow absolute newbies with no technical understanding to still use bitcoin.

P.S. I myself started my journey from a web wallet...

The centralized services play a vital role in cryptocurrency adoption globally and as you have rightly said, cryptocurrency services are the organs through which digital assets are converted to fiat currency for the exchange of goods and services.

What is bad is leaving a large amount of balance on centralized exchanges and platforms, and also knowing when and what to put on them.

I started my Bitcoin journey using a web wallet also and to a great extent, the service has been awesome I have no regret using the wallet, but for sake of privacy once my Bitcoin stash become large I will look for a more secured cold wallet to save my bitcoin in for the long term.

pooya87

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Quote from: PrivacyG on November 22, 2022, 02:24:52 PM

The biggest problem is that we have introduced third parties and Centralization over an ecosystem that requires no trust and no third parties to function.

That's true but the actual problem is when people don't understand the disadvantages of using these services not their existence. In fact I believe it is not a bad thing to build centralized services on top of a decentralized system and they actually provide some benefits too. For example the payment processors give merchants the option to receive bitcoin and convert it to fiat very easily and vice versa. Or centralized/custodial wallets (even government controlled wallets like Chivo) allow absolute newbies with no technical understanding to still use bitcoin.

P.S. I myself started my journey from a web wallet...

Topic: Two important lesson I learn from this forum this year 2022 - page 4. (Read 951 times)