Two important lesson I learn from this forum this year 2022

Piesel

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Quote from: CryptoHeadlineNews on December 15, 2022, 07:18:57 AM

Quote from: Doan Ha on December 09, 2022, 10:01:58 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, 03:18:22 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, 07:18:57 AM

Quote from: Doan Ha on December 09, 2022, 10:01:58 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, 10:01:58 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, 04:05:56 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.

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Quote from: Ojima-ojo on November 22, 2022, 03:18:22 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, 06:36:59 PM

Quote from: AakZaki on December 12, 2022, 04:09:56 PM

Quote from: poldanmig on December 10, 2022, 06:54:44 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.

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Quote from: AakZaki on December 12, 2022, 04:09:56 PM

Quote from: poldanmig on December 10, 2022, 06:54:44 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, 06:54:44 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, 02:51:04 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, 11:11:09 AM

Quote from: lalabotax on December 08, 2022, 06:25:28 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, 06:25:28 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, 03:18:22 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?

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Quote from: lalabotax on December 08, 2022, 06:25:28 PM

Quote from: Ojima-ojo on November 22, 2022, 03:18:22 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, 06:25:28 PM

Quote from: Ojima-ojo on November 22, 2022, 03:18:22 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.

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Quote from: Ojima-ojo on November 22, 2022, 03:18:22 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, 03:18:22 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, 04:23:30 PM

Quote from: Ojima-ojo on November 27, 2022, 03:59:30 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.

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It is absolutely true that you utilize them, but not fully, if you trust the exchange. When you trade, only deposit the money you'll need for trading. Nothing more.
You may also say that you're not required to follow any well-known figures who share their industry observations. similar to the usual situation when a well-known person advises him on what to do and the media makes a big deal out of it. Many people made the mistake of believing those, which was wrong.

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In the first part the purpose of the exchange is to have us opportunity to buy an asset or a specific coin that's all and this is not built up to use as your wallet many people do this because they trust the exchange it will not get scam them and let their funds hold in these exchange still ideal to hold your coin where you have a fully authorization with it like the hot or cold wallets. NEVER store your coins in an exchange. In the second part, it depends on how you make research a particular coin like how it circulates and if this is ideal for the long term or not. They want to chase bitcoin but they can't follow it still, crypto is a risk, you risk a new coin with a possible big loss or big return.

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Quote from: pooya87 on November 23, 2022, 02:08:45 AM

Quote from: PrivacyG on November 22, 2022, 03:24:52 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.

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...

Centralization isn't the problem per se. It's the criminals who run those shit that have made it look that way. If anything, centralization even opened cryptocurrencies to the world rapidly. Many people would've been locked out of knowing how and where to buy from. I dabbled into cryptos with a huge puzzle of what it was dangling over my head at the time. Creating a wallet or opening an exchange account wasn't even as easy as they seem today. I wonder what it would've been like five years before I did. Today, many people think it's as easy as ABC. Talking about Cexs, no matter what, we've to acknowledge the good it has done us. At the risk of sounding like a broken record, the warning should be "investors shouldn't leave their cryptos on exchanges while traders should find a way of not leaving much there." To face reality, there's no way we tell traders not to leave funds on exchanges and it turns out fine. Except they aren't traders in the real sense of it.

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Quote from: CryptopreneurBrainboss on December 03, 2022, 02:05:00 AM

Quote from: Ziskinberg on December 02, 2022, 05:08:54 PM

Despite what happened with FTX, my trust remains in Binance but of course, leaving funds in them is not the thing we do, never.

It was not the right thing to say "we never trust an exchange" because they are also the ones who make this crypto market alive.

Why do people always think this, the ones making the industry alive is you and me and not the centralized platforms that cares nothing about the industry but only wants to enriched themselves. I bet people would had thought FTX gives a fuck about them too (the customers) but what they didn't realize was that FTX was just making use of their money to enriched themselves. Reports just came out that FTX wasn't selling any real Bitcoin to their customers and I won't be surprised if that's what is happening in other centralized exchange as well.

This guys are just displaying virtual representation of coins which is why when there's a massive withdrawal pressure, they paused withdrawals as they don't have the liquidity they claim to have. No centralized service providers should be trusted irrespective of how genuine you think they're. Binance is one of the worst and should be approached (used) with caution that's if you aren't comfortable with other alternative because when Binance will collapses, the impact will be more catastrophic than FTX was.

I can bet you that 99% of centralized exchange don't have the liquidy their claim and if going by recent events I the industry have further exposed the scam operation of some too-centralized platformers truth is I don't trust any of them with my bitcoin, all I use them for is for a small transaction that will not even make up to $1000 and I make sure I transfer my balance to my wallet.

Most of the CEOs of centralized platforms are using customer money for personal use, reports from investigations revealed that FTX CEOs transferred billion of dollars from the company account for personal use.

CryptopreneurBrainboss

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Quote from: Ziskinberg on December 02, 2022, 05:08:54 PM

Despite what happened with FTX, my trust remains in Binance but of course, leaving funds in them is not the thing we do, never.

It was not the right thing to say "we never trust an exchange" because they are also the ones who make this crypto market alive.

Why do people always think this, the ones making the industry alive is you and me and not the centralized platforms that cares nothing about the industry but only wants to enriched themselves. I bet people would had thought FTX gives a fuck about them too (the customers) but what they didn't realize was that FTX was just making use of their money to enriched themselves. Reports just came out that FTX wasn't selling any real Bitcoin to their customers and I won't be surprised if that's what is happening in other centralized exchange as well.

This guys are just displaying virtual representation of coins which is why when there's a massive withdrawal pressure, they paused withdrawals as they don't have the liquidity they claim to have. No centralized service providers should be trusted irrespective of how genuine you think they're. Binance is one of the worst and should be approached (used) with caution that's if you aren't comfortable with other alternative because when Binance will collapses, the impact will be more catastrophic than FTX was.

erep

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Quote from: Anguwa on December 02, 2022, 04:39:44 PM

Yes, centralized exchanges are the main issue, as they are the root of all the issues that are causing the bear market to last longer. When people heard about FTX, they panicked and sold all of their Bitcoin, which is why the price of the currency is still falling. If we can all avoid these exchanges, we can all enjoy Bitcoin and learn about the technology behind it because there will be a significant price increase that will benefit us all.

We should not be advised to have long-term assets on a centralized exchange because we do not have full control of the assets in that exchange, when they change the withdrawal algorithm from automatic to manual confirmation then withdrawing funds from the exchange will be delayed until the team approves it, so avoid centralized exchange activity one with a low reputation and better to have a hard wallet to store long term assets than trusting staking from an exchange offering which carries a high risk of losing funds.

Alisha-k

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Centralisation should forever be voted out whenever the opportunity to speak on freedom and liberty of funds arises. Cryptocurrency started as a cool p2p transaction before third-party exchanges came to make the worst out of it and every year this CEX gets more complicated and involved of bankruptcy or hacked. I have learnt that if i must own Bitcoin i should be my own bank decentralisation cannot be compromised for any reason.

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Quote from: Ojima-ojo on November 22, 2022, 03:18:22 PM

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

Despite what happened with FTX, my trust remains in Binance but of course, leaving funds in them is not the thing we do, never.

It was not the right thing to say "we never trust an exchange" because they are also the ones who make this crypto market alive. If that will happen, who will be trusted? Because I say that the use of exchange to make a trade is the safest way. If we are not trusting any of them, then I think there is no reason as well to stay in crypto.

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Quote from: Ojima-ojo on November 22, 2022, 03:18:22 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

Yes, centralized exchanges are the main issue, as they are the root of all the issues that are causing the bear market to last longer. When people heard about FTX, they panicked and sold all of their Bitcoin, which is why the price of the currency is still falling. If we can all avoid these exchanges, we can all enjoy Bitcoin and learn about the technology behind it because there will be a significant price increase that will benefit us all.

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Quote from: CryptoHeadlineNews on December 02, 2022, 10:37:01 AM

Quote from: Ojima-ojo on November 22, 2022, 03:18:22 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

Yes, I so much agree with your point of view, because the only problem cryptocurrency has today is centralized exchanges and human factors such as "greed", because its only greed that can make man want to hack/steal other peoples money worth millions of dollars, and likewise, only through the help of a centralized exchanges can all these be made possible, simply because users has no control over funds in a centralized exchange wallet

Right. Centralized exchanges safety to use is never a guarantee in the long run. Not only because we are still in doubt with KYC, but mainly because these exchanges could motivate those greedy people to steal the possessions of the users through hacking. And with these present threats, there’s no need to fall for any centralized exchange and just save our own money in our own private wallet. That way, we are in control of our money, and hacking is extremely not possible.

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Quote from: Piesel on December 01, 2022, 04:50:22 PM

Cryptocurrency is originally designed to be trustless and the presence of trust in form of third parties is what has resulted in the bad experiences in the cryptocurrency industry today, FTX have delt a heavy blow to many investors, and businesses who trusted the exchange with their funds.

Buy the good news is that, everyone will recover from this incident eventually but we can never forget the lesson this incident has thought us, never to trust third parties with our money.

Centralized exchange should not be trusted just like we can't trust the banks and other investment platforms around the market, best you hold your coins in your wallet

recover or not depending on how they can hold and manage the assets they have. during a bearish market like today, of course, all assets will experience a decline, but you won't lose if you don't sell them. Hold on and keep believing the bull market is coming soon.

And trust is important, if trust has been violated then there is no place for other beliefs. The Centralized Exchange is only a place to trade, not to be the main repository.

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Quote from: Ojima-ojo on November 22, 2022, 03:18:22 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

Yes, I so much agree with your point of view, because the only problem cryptocurrency has today is centralized exchanges and human factors such as "greed", because its only greed that can make man want to hack/steal other peoples money worth millions of dollars, and likewise, only through the help of a centralized exchanges can all these be made possible, simply because users has no control over funds in a centralized exchange wallet

JoyMarsha

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There are numerous lessons I've learned just from this year alone about crypto. Even the king of the crypto future(bitcoin) cannot be assured or guarded in this life. Nobody genuinely knows what will affect cryptocurrency in general tomorrow. It is best to not depend on exchange for your crypto assets. Don't keep your cryptocurrency assets in an exchange or crypto wallet indefinitely; instead, do anything you wish with them on time when there are profits to your investment. But don't store them in an exchange or crypto wallet forever. Hoping that nothing can happen to your crypto assets. Hackers are into crypto day and night, working tirelessly to hack into our crypto assets on an exchange or crypto wallets

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Quote from: Rockstarguy on November 30, 2022, 06:06:22 AM

Investing in altcoins is just too risky, some people have traded altcoins and realize good profits and many traded and loss all they had. Altcoins is good for experience traders that can take the risk to invest or trade on it, I don't think it is proper for young investors to consider to invest in altcoins because of to make good profits. People take the risk of investing altcoins for greed to get quick money, the probability of not having good trade and investment in altcoin is very high. During this bear market many altcoins could not not survive the bear market. Bitcoin is the most reliable and trusted for investment.

Actually, not all altcoins have the same risks. Top altcoins are a bit safe for investment, both for old and young investors. Just consider the top altcoins like ETH, BNB, MATIC, SOL, TRX, ADA, or DOT if you don't want to take a too high risk. Only new altcoins, meme coins, or altcoins with weak fundamentals are not recommended to invest for young investors, it has a big risk and is hard to predict their future. New investors who have less experience will be difficult to know the price fluctuation of these types of altcoins, their prices sometimes are easily dumped and pumped. This may lead to losing big money although there is a chance to gain big profits as well.

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Quote from: AakZaki on November 30, 2022, 02:52:09 PM

Quote from: 8rch7 on November 28, 2022, 12:23:28 AM

Exchange market can't guarantee with trusted place for saving assets after FTX exchange collapse, I think another exchange just waiting moment become crash and collapse like FTX exchange. I agree with you without hold assets in exchange market but for daily trader can't for holding assets in hardware wallet. I am thinking about with my local exchange will collapse like FTX exchange because almost my assets holding in local exchange market.

I aware when holding assets in hardware wallet because want to earn daily day profit take longer time for withdrawing and deposit fund from exchange to hardware wallet or on the contrary.

currently, an important topic in crypto is about trust, user trust is finally undermined by the FTX event which of course has a significant impact on crypto, not only from the price but the level of trust in centralized markets eventually decreases. Storing on a centralized exchange won't be safe either. As a day trader making regular withdrawals to a personal wallet it would be better than having to hold them on a centralized exchange

Cryptocurrency is originally designed to be trustless and the presence of trust in form of third parties is what has resulted in the bad experiences in the cryptocurrency industry today, FTX have delt a heavy blow to many investors, and businesses who trusted the exchange with their funds.

Buy the good news is that, everyone will recover from this incident eventually but we can never forget the lesson this incident has thought us, never to trust third parties with our money.

Centralized exchange should not be trusted just like we can't trust the banks and other investment platforms around the market, best you hold your coins in your wallet

AakZaki

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Youtube Channel = Aak Zaki

Quote from: 8rch7 on November 28, 2022, 12:23:28 AM

Exchange market can't guarantee with trusted place for saving assets after FTX exchange collapse, I think another exchange just waiting moment become crash and collapse like FTX exchange. I agree with you without hold assets in exchange market but for daily trader can't for holding assets in hardware wallet. I am thinking about with my local exchange will collapse like FTX exchange because almost my assets holding in local exchange market.

I aware when holding assets in hardware wallet because want to earn daily day profit take longer time for withdrawing and deposit fund from exchange to hardware wallet or on the contrary.

currently, an important topic in crypto is about trust, user trust is finally undermined by the FTX event which of course has a significant impact on crypto, not only from the price but the level of trust in centralized markets eventually decreases. Storing on a centralized exchange won't be safe either. As a day trader making regular withdrawals to a personal wallet it would be better than having to hold them on a centralized exchange

Wiwo

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Quote from: Lida93 on November 30, 2022, 06:57:13 AM

Quote from: bakasabo on November 30, 2022, 06:17:10 AM

The lessons I've learned this year are "if you follow the rules, most likely everything would be fine with your and your money". Everything is on the surface, everything is already known, everyone knows "not your keys, not your crypto" rule, yet people still try to trick the system and invent a bicycle from the beginning; and do not fall of a greed victim. Nothing new, but people keep failing and doing same mistakes. People try to outsmart the system, but it impossible to outsmart what has been proven many times with sweat and blood.

I do agree with you, looking at many victims of the system are mainly those who deviate from the set rule of the system as laid down even before they engaged in. It is a capitalist system and as such every mistake by a user is an opportunity for them and the system isn't made for your best interest , so it's best since we can't avoid it entirely we all tread with great caution knowing the risk that's involved.

Centralization has become the order of the day, and in as much as we want to remain decentralized we can't do away with centralized services but the ultimate thing to do is, not to trust them even though there are documents showing their trusted and other insurance to cover the cost for payback customer balance whenever and however. Exchanges like Binance and others like crashed FTX all have such documents but yet FTX filed for bankruptcy and walked away with investors, and money. This is the major disadvantage of centralized service, not your keys, not your wallet they have the sole right to do whatever their wish with your money without your concept. So in totality, one needs to trade with high concentrations and deal at a minimal risk level.

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Quote from: bakasabo on November 30, 2022, 06:17:10 AM

The lessons I've learned this year are "if you follow the rules, most likely everything would be fine with your and your money". Everything is on the surface, everything is already known, everyone knows "not your keys, not your crypto" rule, yet people still try to trick the system and invent a bicycle from the beginning; and do not fall of a greed victim. Nothing new, but people keep failing and doing same mistakes. People try to outsmart the system, but it impossible to outsmart what has been proven many times with sweat and blood.

I do agree with you, looking at many victims of the system are mainly those who deviate from the set rule of the system as laid down even before they engaged in. It is a capitalist system and as such every mistake by a user is an opportunity for them and the system isn't made for your best interest , so it's best since we can't avoid it entirely we all tread with great caution knowing the risk thats involved.

bakasabo

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The lessons I've learned this year are "if you follow the rules, most likely everything would be fine with your and your money". Everything is on the surface, everything is already known, everyone knows "not your keys, not your crypto" rule, yet people still try to trick the system and invent a bicycle from the beginning; and do not fall of a greed victim. Nothing new, but people keep failing and doing same mistakes. People try to outsmart the system, but it impossible to outsmart what has been proven many times with sweat and blood.

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Quote from: CryptopreneurBrainboss on November 26, 2022, 05:55:31 PM

Quote from: Ojima-ojo on November 22, 2022, 03:18:22 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.

Writing is one easy thing to do but will you put your money where your mount is? Bears give people reasons to reason like this but will they kept to their promises in the bull market when everything seems to be giving people profit. One thing about altcoins investment is that, there'll always be one better than the one you're thinking will last forever and they can just disappear from the market without much been done. Altcoins has given people some decent profits in the last years but they have done more harm to a large range of speculators as the losses are always more than those profiting.

Investing in altcoins is just too risky, some people have traded altcoins and realize good profits and many traded and loss all they had. Altcoins is good for experience traders that can take the risk to invest or trade on it, I don't think it is proper for young investors to consider to invest in altcoins because of to make good profits. People take the risk of investing altcoins for greed to get quick money, the probability of not having good trade and investment in altcoin is very high. During this bear market many altcoins could not not survive the bear market. Bitcoin is the most reliable and trusted for investment.

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Quote from: Ojima-ojo on November 30, 2022, 05:31:26 AM

Just same as the Ponzi scheme, no matter their devastating effects on investors now people and even previous victims still fall for them time and time again.

Greed is a dangerous aphrodisiac. When you only see the promised returns and think how they will soon be yours, you let your guard down and stop using logic and common sense. That's when mistakes happen.

Quote from: Ojima-ojo on November 30, 2022, 05:31:26 AM

Sometimes I think it is an addiction since there have been many warnings to avoid holding big amounts on an exchange or stop investing in third-party investments.

That's just a natural consequence of the modern way of life. Take cellphones as an example. Everything about them is to simplify whatever you do. Most people will take the easier and quicker route, and the one that doesn't require a lot of thinking.

It's the same with exchanges. Why waste time creating your own wallets and be self-custodial when you can just deposit it somewhere where the owners "promise" that everything is safe. Many more billions of dollars will need to be wasted before self-custody becomes the standard.

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Quote from: NdaMk on November 30, 2022, 02:00:18 AM

So far, the cryptocurrency market has taught us some valuable lessons; I just hope we all take the correction and avoid falling victim to any of these scenarios. This is not the first time something like this has occurred, but what amazes me the most is that people continue to make the same mistakes. We shouldn't be surprised if it happens again and people cry over it. A word is enough for the wise, but what can we do? We can warn them, but we can't make them pay heed. I hope this lesson serves this time around.

Just same as the Ponzi scheme, no matter their devastating effects on investors now people and even previous victims still fall for them time and time again.

Sometimes I think it is an addiction since there have been many warnings to avoid holding big amounts on an exchange or stop investing in third-party investments.

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So far, the cryptocurrency market has taught us some valuable lessons; I just hope we all take the correction and avoid falling victim to any of these scenarios. This is not the first time something like this has occurred, but what amazes me the most is that people continue to make the same mistakes. We shouldn't be surprised if it happens again and people cry over it. A word is enough for the wise, but what can we do? We can warn them, but we can't make them pay heed. I hope this lesson serves this time around.

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Quote from: Zaguru12 on November 23, 2022, 03:17:19 AM

Quote from: pooya87 on November 23, 2022, 02:08:45 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 the consequences of its loss.

Let us not miss understanding the whole concept here, just as pooya87 said, it is not bad to build a centralized service on a decentralized network like bitcoin and the blockchain.

With that being said we should not attempt to eliminate centralized service, doing so will only limit Bitcoin's global adoption but we can limit how we let our privacy out and be conscious of the fact that privacy is our top priority in this space even though we can't achieve that 100%.

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Quote from: CryptoHeadlineNews on November 25, 2022, 05:53:19 PM

3. Always store your asset in a cold wallet, where you own the keys to your asset (i.e Electrum)

Electrum wallet is an online wallet, but you can use it on an airgapped device which makes it cold a storageElectrum cold storage.

Quote from: CryptopreneurBrainboss on November 26, 2022, 05:55:31 PM

Altcoins are best for speculations and trading, unfortunately they have become a part of the industry so if you want to get yourself involved then it should only be through trading and short term investment and not as long term investment options.

After a significantly long term bear market, when the market is so down in a downtrend like this, some people gamble altcoins. If followed by bull market, the return could be surprising as they are more volatile, but always good to know that altcoins are more volatile, riskier and lastly that they are gambling.

Altcoins are more volatile, traders uses low leverage for it, which means low trading fee, but they have their downsides in trading too, just like who was trading luna and bought it when the sudden crash occured, or the people that did not know earlier what would happen to ftt. Altcoins will stay, some will survive, but we do not know which one is the next luna, UST and ftt which makes altcoins to just be gambling.

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Quote from: Zaguru12 on November 23, 2022, 03:17:19 AM

Quote from: pooya87 on November 23, 2022, 02:08:45 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 the consequences of its loss.

The need for centralized services is highly demanded and if one must have a free passage of cryptocurrency it must have to go through a centralized payment gateway.

This is why, bitcoin advocates also know that bitcoin can not be regulated because bitcoin is decentralized, but Bitcoin services, source as exchange, and other bitcoin payment gateways can be regulated and centralized.

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Quote from: Ojima-ojo on November 22, 2022, 03:18:22 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

Exchange market can't guarantee with trusted place for saving assets after FTX exchange collapse, I think another exchange just waiting moment become crash and collapse like FTX exchange. I agree with you without hold assets in exchange market but for daily trader can't for holding assets in hardware wallet. I am thinking about with my local exchange will collapse like FTX exchange because almost my assets holding in local exchange market.

I aware when holding assets in hardware wallet because want to earn daily day profit take longer time for withdrawing and deposit fund from exchange to hardware wallet or on the contrary.

2stout

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It appears you have learned two valuable lessons and have taken them to heart. Hopefully, a lot of the rest of the masses will learn not to yield toward centralization and also that thou shalt not give up thy precious Bitcoin for shitcoins.

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Quote from: Ojima-ojo on November 27, 2022, 03:59:30 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.

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Quote from: CryptopreneurBrainboss on November 26, 2022, 05:55:31 PM

Quote from: Ojima-ojo on November 22, 2022, 03:18:22 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.

Writing is one easy thing to do but will you put your money where your mount is? Bears give people reasons to reason like this but will they kept to their promises in the bull market when everything seems to be giving people profit. One thing about altcoins investment is that, there'll always be one better than the one you're thinking will last forever and they can just disappear from the market without much been done. Altcoins has given people some decent profits in the last years but they have done more harm to a large range of speculators as the losses are always more than those profiting.

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

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Quote from: Ojima-ojo on November 22, 2022, 03:18:22 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.

Writing is one easy thing to do but will you put your money where your mount is? Bears give people reasons to reason like this but will they kept to their promises in the bull market when everything seems to be giving people profit. One thing about altcoins investment is that, there'll always be one better than the one you're thinking will last forever and they can just disappear from the market without much been done. Altcoins has given people some decent profits in the last years but they have done more harm to a large range of speculators as the losses are always more than those profiting.

Altcoins are best for speculations and trading, unfortunately they have become a part of the industry so if you want to get yourself involved then it should only be through trading and short term investment and not as long term investment options. Your only focus in the industry is to accumulate as much Bitcoin as possible and if trading altcoins can generate you funds to buy and hold Bitcoin then you can do so but don't ever think altcoins can replace Bitcoin.

Viscore

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Quote from: Ojima-ojo on November 22, 2022, 03:18:22 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

That’s right. Never trust and put your money in exchanges as they can get into future troubles and steal everything you have. Regardless if they are centralized or not, just stick to your own hardware wallet which gives highest level of security for your money. And as much as possible, maximize your bitcoin assets than those altcoins, simply because bitcoin is more secured and profitable than those newly cloned altcoins.

erep

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Quote from: Finestream on November 25, 2022, 04:57:20 PM

Good to hear that most of us now are already aware about how those centralized exchanges may lose everything we have in the future. If not with this FTX hacking, people will always trust those online exchanges that have no guarantees if they can always be reliable all the time. It’s better to find a hardware wallet that is more secured and reliable than those numerous centralized exchanges online.

Many people don't realize that "Your wallet, your management" but the case that happened to FTX has proven that the adage is true, even we can't withdraw funds from the exchange without their consent and after their fund crisis no withdrawals allowed, FTX case is history the worst case for exchanges so that the recovery of crypto prices from this impact is predicted to take years.

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Quote from: RILWAN on November 26, 2022, 11:38:05 AM

The truth is how can we separate the Bitcoin ecosystem from the centralized exchanges and another payment processor that allow for easy access to Bitcoin and its exchange?
We can do without them and as a matter of fact, we should learn how to leave with them and minimize the risk, because we can't totally avoid them.

Even as we can not detach Bitcoin from centralization since it exists in an economic system that has an established government that makes a lot of regulations in the financial sector of the economy, and there is no way Bitcoin can exist without them.

But the only thing we can do is to minimize how we interact with centralized systems if we truly value privacy since that is one of the aspects of cryptocurrencies such as Bitcoin.

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The truth is how can we separate the Bitcoin ecosystem from the centralized exchanges and another payment processor that allow for easy access to Bitcoin and its exchange?
We can do without them and as a matter of fact, we should learn how to leave with them and minimize the risk, because we can't totally avoid them.

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Quote from: Ojima-ojo on November 22, 2022, 03:18:22 PM

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

Should not keep assets on the Exchange for a long time because the risk is very high, you can only use the Exchange when needed, after that withdraw all the assets you have and store them in a secure wallet. I think this point has something to do with the post theymos made on November 15, 2022 Reminder: do not keep your money in online accounts

Quote from: Ojima-ojo on November 22, 2022, 03:18:22 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.

Your trust in Bitcoin is well-founded, so far Bitcoin has always provided proof, not promises. For that reason, people are starting to believe in Bitcoin and several countries have started to acknowledge the existence of Bitcoin as the fastest, easiest and most reliable transaction tool without any interference from third parties.

CryptoHeadlineNews

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Quote from: Ojima-ojo on November 22, 2022, 03:18:22 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,

While here are my lessons in addition
3. Always store your asset in a cold wallet, where you own the keys to your asset (i.e Electrum)
4. Never you invest an amount too much you can't affort to lose on crypto asset.
5. Bitcoin is not a get rich quick scheme where you can invest x today and expext 2x tomorrow or next week

Finestream

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Quote from: Ojima-ojo on November 22, 2022, 03:18:22 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

Good to hear that most of us now are already aware about how those centralized exchanges may lose everything we have in the future. If not with this FTX hacking, people will always trust those online exchanges that have no guarantees if they can always be reliable all the time. It’s better to find a hardware wallet that is more secured and reliable than those numerous centralized exchanges online.

KingsDen

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Quote from: Ojima-ojo on November 22, 2022, 03:18:22 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

The two lessons that you learnt are truth and nothing but the truth, and there is hardly anyone that will reasonably dispute your lessons.

I have this to say;
You are lucky to have learnt this lessons before making some mistakes, many newbies always make the mistakes before they learnt their lessons and that is still the faith of many people in this community. Being able to learn your lessons from other people's mistake is a great privilege for you not to be victim of what other people suffered.

So far we must learn to deal with the exchanges because they are very much part and parcel of the cryptocurrency industry, many of the newcomers that locate the crypto industry came through exchanges as the means of getting and storing coins and they will continue doing what they know even if it's wrong till a new knowledge is giving them.

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Quote from: passwordnow on November 24, 2022, 08:43:17 AM

~snip~ 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.

Beginners who still have a passion for learning and asking those who have been in crypto for a long time is certainly a good thing. they are trying not to get caught up in a scammer's game which would be easy to do. 2022 has been a tough year for beginners because there have been many negative issues leading to crypto and of course, there have also been many events that have made beginner's confidence fade. it is not easy to survive in the current circumstances. Fraud is everywhere with various methods, we must also be prepared to continue to grow. remember that nothing will be easy and run instantly, everything requires a process.

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Quote from: Ojima-ojo on November 22, 2022, 03:18:22 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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The Martian Child

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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Activity: 812

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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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Leading Crypto Sports Betting & Casino Platform

Quote from: kamvreto on November 23, 2022, 05:29:16 PM

Quote from: passwordnow on November 23, 2022, 02:25:57 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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Chancellor on brink of second bailout for banks

Quote from: Ojima-ojo on November 22, 2022, 03:18:22 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, 03:18:22 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, 03:18:22 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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Quote from: passwordnow on November 23, 2022, 02:25:57 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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Activity: 2044

Merit: 329

Quote from: Ojima-ojo on November 22, 2022, 03:18:22 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, 03:18:22 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, 03:18:22 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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Leading Crypto Sports Betting & Casino Platform

Quote from: CaVO32 on November 22, 2022, 04:58:42 PM

Quote from: passwordnow on November 22, 2022, 04:55:30 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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Defend Bitcoin and its PoW: bitcoincleanup.com

Quote from: Ojima-ojo on November 22, 2022, 03:18:22 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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Activity: 1050

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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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Activity: 1400

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Always Act Smart and Play Safe With Your Funds

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, 05:29:47 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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Activity: 2072

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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, 02:08:45 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, 02:08:45 AM

Quote from: PrivacyG on November 22, 2022, 03:24:52 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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Activity: 3430

Merit: 10504

Quote from: PrivacyG on November 22, 2022, 03:24:52 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...

cryptoaddictchie

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Activity: 2044

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We have a decentralized space but we cant really have a fully decentralized system without interacting on such centralized authority. Yes these are boundaries if we want to walk on a convenient ways. Unless we confine to such strict control to achieve that.

These exchanges have agenda and they make sure that you wanna use their services. Really enticing but business is business so just read careful those rights that you are giving them to be able to those privileges.

Apocollapse

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Let be honest here, you're not learn from this forum since you're already know we must avoid shitcoins and centralized exchanges before FTX case happen Cheesy

Are you trying to create merit fishing thread to get merit? I see 3 users already give you few merits, congratulations your purpose already achieved.

I think you're an alt from someone account that already know how to get merit easy in this board.

Quote from: Ojima-ojo on July 31, 2022, 06:12:49 PM

Re: Exchange will go out of business if every Bitcoin is hold in private wallet

Bitcoin is already winning the war against the centralization of Bitcoin services, and a lot of Bitcoin holders are beginning to realize the safety of their Bitcoin when it is off the exchange and kept in a private wallet. You only send real Bitcoin when you do it on a p2p level and you don't own Bitcoin when your coins are stored on an exchange all you have is just promises and not Bitcoin if your Bitcoin is on the third party exchange.

Darker45

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🙏🏼Padayon...🙏

I think I'd even generalize further and follow theymos' advice not to keep money in online accounts. The emphasis there is online accounts. So this is not just about centralized exchanges. This is about any platform that keeps your money. So this covers the likes of FTX, 3AC, Celsius, Voyager, BlockFi, and others. They all went awry. Again, what we need to avoid are not just exchanges but also hedge fund sites, investment platforms offering unsustainably high yields, fake DeFi apps, crypto lending companies, and the rest.

However, your conclusion is not precisely correct.

Quote from: Ojima-ojo on November 22, 2022, 03:18:22 PM

So I am led to the conclusion that, cryptocurrency is not the problem...

To a certain extent, they are also the problem. Terra (LUNA) is a cryptocurrency. Solana (SOL) is a cryptocurrency. They are a problem. So while there is always a human factor that causes problems-- the tendency to buy their coins, for example, hoping that they will grow in price-- there is also the fact that cryptocurrencies nowadays are mostly faulty or outright scams.

This is probably the reason why Bitcoin, not crypto somewhat became a battle cry for some Bitcoin supporters.

sheenshane

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Quote from: Ojima-ojo on November 22, 2022, 03:18:22 PM

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

Never fool with the sweet offer, there is no real SAFU on a centralized exchange, it is just a marketing ad.
But remember CEX are DEX are totally different from others, we can't move out of our Bitcoin without this exchange to convert fiat or purchasing from fiat to Bitcoin, we still need this exchange but on DEX not on CEX.

Quote

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.

Stop investing in new projects like meme coin or shitcoin for a long-term investment, safe to invest in Bitcoin nothing else. I don't understand why there are people who love to invest in a very crucial coin like these. We have Bitcoin which has been proven from day one until now.

Good to see there are newbie thinking like this and we hope everyone has learned about FTX and Binance adoption.

GiftedMAN

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Activity: 686

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Leo is resting.

Good to see that you have learned from the mistake of others I believe experience remains the best teacher.
As humans are not 100%decent likewise the centralized exchanges in which so many people entrust their funds probably because they have been in existence for a long time but at the end they bring up issues regarding the missing funds or scams.

Lesson 2) is well understood because Bitcoin is not on the same level as the other shit coins because most of the shit coins have no lifespan they can appear within a space of few days they won't be fund again but the case of bitcoin is different because bitcoin has been the oldest and the most recognized cryptocurrency in the world so investing in cryptocurrency whether short or long team the only option is Bitcoin and nothing else.

kawetsriyanto

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Free Bitcoins Every Hour!

Quote from: Ojima-ojo on November 22, 2022, 03:18:22 PM

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

How about DEX? Do you also never trust this type of exchange?
By the way, since you never trust an exchange, does it mean you never use the exchanges to trade your coins? Or do you only never trust to keep your coins there? I think you need to explain this matter in more detail. Newbies/beginners probably don't get your point.

Quote from: Ojima-ojo on November 22, 2022, 03:18:22 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.

If the reason is the possibility of price huge declines such as Luna and FTX, it can happen at any time.
Even if you hold the coins for a short-term goal, it doesn't mean you can avoid the risk of freefall price possibility.
IMO, once you distrust other coins, simply don't hold them both for the long-term and the short-term goals.

Sanitough

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Play Bitcoin PVP Prediction Game

Quote from: Ojima-ojo on November 22, 2022, 03:18:22 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

It’s always safer to go offline and a hardware wallet which offers the highest level of security when it comes to privacy. Your money will be safe since hacking is highly not possible. And if you go for potential coins to invest, it’s always bitcoin that gives high dominance compared to random altcoins. Cryptocurrency is good and safe, unless you start trusting centralized exchanges that will put yourself and your money at risk.

RockBell

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Activity: 714

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Underestimate- nothing

There have been numerous warnings that trusting an exchange with your assets is a risky decision. Before what happened with FTX, people had a strong belief in centralized exchanges. However, people are now wary of exchanges because of their numerous annoying features, such as the ability to suspend withdrawals and the proverbial "not your keys, not your coins." There is nothing more intriguing than having complete control over your coin rather than having your assets in the hands of another person. Investing in bitcoin is preferable, but given the current state of affairs, some people will still choose alternative coins that will increase 100 times their value. Not all alternative coins will survive this period.

GeorgeJohn

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Activity: 1400

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Bitcoin is achievement

An exchange is can not be trusted with full assurance, and secondly even human creatures can be given hundred percent assurance per say, in terms of coins even Bitcoin can't be trusted hundred percent because of it's fluctuations in the market, so investment sometimes i will say it's luck, because some shitcoins that we invest on, sometimes perform absolutely well during during bullish market, but during a bearish it happens to experience alot of disadvantages.

CaVO32

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Quote from: passwordnow on November 22, 2022, 04:55:30 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.

passwordnow

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Activity: 2926

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Leading Crypto Sports Betting & Casino Platform

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.

dkbit98

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Cashback 15%

Quote from: Ojima-ojo on November 22, 2022, 03:18:22 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

You can't have everything decentralized, so some centralization is actually good to have in world, but not for money, and cryptocurrencies.
I understand people want convenience but look what happened with banks and fiat currencies, exact same thing would happen with Bitcoin if we go the route of centralization like other shitcoins.
Centralized exchanges should exist, but I think people should work much more on decentralized exchanges even for bigger investors.

Welsh

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Quote from: PrivacyG on November 22, 2022, 03:24:52 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. We can live very well without Binance, Trust Wallet and the likes. This is so unnecessary yet we all hype it up and use it as if that is what Bitcoin really is. Without them, we would have zero problems besides those who lose their coins by accidentally sending them to the wrong address or sending them to an 'Elon giveaway' address over Twitter.

Users won't like to hear it, but we rely on centralisation, and third parties to a certain degree, and that's actually an okay thing. Especially, when you're trying to get more people to adopt Bitcoin. Since, without having the ease of use that these centralised figures provide, people wouldn't adopt. Almost every single new investor that doesn't know much about Bitcoin will be going through a centralised exchange, since the process is streamlined. A peer to peer exchange wouldn't be of benefit to them as there's too many additional steps.

Centralisation, and third parties will always be a benefit, however over reliance on them isn't. People just need to know the risks of these third parties, and the best practices when dealing with them. For example, purchasing your Bitcoin in small increments via an exchange isn't a problem, it's the storing of those coins on a centralised wallet that's the problem.

Upgrade00

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Professional Community manager

Welcome to the other side of the divide.
You do not need to trust an exchange with your funds at any time and even if you insisi on using them, do not keep your funds on there for prolonged periods of time. The war on privacy has been on for a while now and would only get worse as time goes on, with governments trying to get more information on crypto networks and transactions going over it.

"Not your Keys; not your coins."

The Cryptovator

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Need PR/CMC & CG? TG @The_Cryptovator

I'm not sure if this will be an costly lesson for you, but I hope you didn't lose during this controversy. But you are correct; as we have always explained, never trust any centralized exchange with your funds. We have no choice but to use for trading. However, for holding purposes, assets should be moved to a secure wallet. Because an incident with the exchange could occur at any time, or they would go bankrupt as well.

On the other hand, after the crashes of Luna and FTX native coin, it's become challenging to believe any altcoin. It doesn't matter if it was planned, but we're losing at the end of the day. As a result, even if we choose an altcoin or stick with Bitcoin, we must be very selective.

PrivacyG

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Merit: 1723

Crypto Swap Exchange

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. We can live very well without Binance, Trust Wallet and the likes. This is so unnecessary yet we all hype it up and use it as if that is what Bitcoin really is. Without them, we would have zero problems besides those who lose their coins by accidentally sending them to the wrong address or sending them to an 'Elon giveaway' address over Twitter.

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Regards,
PrivacyG

Ojima-ojo

sr. member

Activity: 546

Merit: 352

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

Topic: Two important lesson I learn from this forum this year 2022 (Read 878 times)