Topic: Why are crypto devs so greedy - page 4. (Read 805 times)
Staking, lending and trading platforms are all mechanisms through which people can actually make money investing in crypto and if they do it right, users won't complain too much about the downsides. After all, at least users don't throw their money into the website and wait forever without showing anything.
Not only are people greedy in cryptocurrencies, but people in any investment industry are greedy. Don't trust anyone, not even your friends. Don't put all your money on exchanges.
Putting money or rather the better term is storing money on exchanges. There is always some people who will keep doing this and the people who do such things are not visiting this forum regularly. Being greedy is common but bad luck can hit and exchanges getting hacked is pretty common. We have to reduce the amount of money kept there for regular transaction as much as possible.
Offline wallets are always safer as compared to online wallets.
The majority of crypto collapse always comes from the centralisation part and of cos the human greed, what do you think is the proper solution for these? To avoid hurting crypto investors and how to guarantee that their funds is safe with any platform, either Staking, Lending or Trading.
What is the way forward? What solution do you think will be effective?
There is no guarantee. If an exchange or platform says that your funds are "guaranteed" safe, then they are lying. The only way to keep your funds safe is to hold your coins in wallets that only you have access to. The wallets were you own the private keys and no one else. Want to trade? Use decentralized exchanges. Yeah, they aren't very popular or easy to use for most users, but still better than using a centralized exchange or platform to exchange your funds. If you still want to use a centralized exchange because of the features they provide, then once you are done trading, withdraw your coins. Don't hold it there. If you want to stake, then stake the coins using your own wallet. What is the way forward? What solution do you think will be effective?
If you want to be safe individually, then avoiding or minimizing the usage of centralized platforms would be the best action to take. That way any immediate damage from these platforms wouldn't necessarily affect you, though it will inevitably damage the market which can damage your investments in a way, so it's still going to damage you indirectly.
Another way but for everyone not just you are proper regulations that support users. It's going to take a lot of time and effort though, so for the time being, proper education about the current crypto scene would help an individual investor protect his funds at the very least. And it's not really a surefire way to trust a third party or regulations at times, at the very least, it's still best to rely on yourself for the most part.
Another way but for everyone not just you are proper regulations that support users. It's going to take a lot of time and effort though, so for the time being, proper education about the current crypto scene would help an individual investor protect his funds at the very least. And it's not really a surefire way to trust a third party or regulations at times, at the very least, it's still best to rely on yourself for the most part.
Not just cryptocurrency developers, everyone is greedy.
Crypto developers will get into the cryptocurrency space for more money, and they see an opportunity to profit in the crypto industry. Many altcoins are created to defraud market investors of funds.
There are also some greedy investors who always think that they can make quick profits by investing in altcoins in the short term, but end up losing a lot.
Crypto developers will get into the cryptocurrency space for more money, and they see an opportunity to profit in the crypto industry. Many altcoins are created to defraud market investors of funds.
There are also some greedy investors who always think that they can make quick profits by investing in altcoins in the short term, but end up losing a lot.
The majority of crypto collapse always comes from the centralisation part and of cos the human greed, what do you think is the proper solution for these? To avoid hurting crypto investors and how to guarantee that their funds is safe with any platform, either Staking, Lending or Trading.
(.....)
I feel you. It seems that right now, there's no one can trust, even Decentralize Finance (DeFi) platforms are vulnerable, and even reputable and huge centralize platforms are failing too.(.....)
It is also bad timing for all of these since the cryptocurrency market recently started to tank. It seems that no one is an excuse.
But for this issue, I rather go with Decentralize Finance (DeFi) rather than centralized. And another good solution is on Bitcoin, go for Bitcoin and use non-custodial wallets, and that's it.
The majority of crypto collapse always comes from the centralisation part and of cos the human greed, what do you think is the proper solution for these? To avoid hurting crypto investors and how to guarantee that their funds is safe with any platform, either Staking, Lending or Trading.
What is the way forward? What solution do you think will be effective?
What is the way forward? What solution do you think will be effective?
Not only are people greedy in cryptocurrencies, but people in any investment industry are greedy. Don't trust anyone, not even your friends. Don't put all your money on exchanges.
The funds are safe only in one place. That is your Cold Wallet. If you are thinking that you funds are safe online. So this is your mismanagement or you can you are foolish.
Funds are not safe online like you can see Mtgox and FTX example. They just stolen money wisely. So keep safe with your offline wallet.
Funds are not safe online like you can see Mtgox and FTX example. They just stolen money wisely. So keep safe with your offline wallet.
The majority of crypto collapse always comes from the centralisation part and of cos the human greed, what do you think is the proper solution for these? To avoid hurting crypto investors and how to guarantee that their funds is safe with any platform, either Staking, Lending or Trading.
What is the way forward? What solution do you think will be effective?
What is the way forward? What solution do you think will be effective?
What is the solution that will be effective? Then stay away from investing in new projects regardless of how worthy it is if you don't understand the risks you are dealing with. The problem is sometimes not with the projects but with investors themselves thinking their money will be x10, x20, x50, x100 in the future if they will invest in these said projects.
I know DYOR is always applied by these investors before putting money into a project but it's really hard to deal with the speculative market of crypto.
The only solution is to avoid them. The problem isn't just that majority of the cryptocurrency developers are greedy and selfish, it is also that many of us are as greedy as them. So when a greedy developer offers us a product that claims to give us money or make us rich, we are easily carried away. So without enough research and effort to do due diligence, we entrust them our money.
This is precisely what is happening with crypto platforms that you mentioned, staking, lending, and trading. I will add altcoins, IDOs, and NFTs to that list.
What is the way forward? Let us all avoid all these predators.
This is precisely what is happening with crypto platforms that you mentioned, staking, lending, and trading. I will add altcoins, IDOs, and NFTs to that list.
What is the way forward? Let us all avoid all these predators.
As Kevin Mitnick said, the biggest flaw of a system is people. He said it as a vulnerability, but everywhere with humanity touches is open to abuse. With the centralisation you already know what is the possibilities for you.
The majority of crypto collapse always comes from the centralisation part and of cos the human greed, what do you think is the proper solution for these? To avoid hurting crypto investors and how to guarantee that their funds is safe with any platform, either Staking, Lending or Trading.
What is the way forward? What solution do you think will be effective?
What is the way forward? What solution do you think will be effective?
I believe regulation. Since most of altcoins are centralized blockchain since dev have full control of the system, I think it won't hurt if government step in. It is good to see projects that are asking for money to have permission and proper approval from the government. This way greedy and wicked developer will be filter.
At the current condition, I believe not patronizing their project is the best and effective way to deal with these greedy dev.
When it comes to greed, it is a feature that is necessarily found in every human being. There is a phrase that I always use against my environment; Even the richest people in the world are doing something to add wealth to their wealth and making huge amounts of money. In other words, every person, rich or poor, needs money. I mean, even if these people have enough money to support themselves, the more money they earn, the more their luxuries increase. So greed stems entirely from that.
....What is the way forward? What solution do you think will be effective?
Investor awareness or education. There's nothing more important than that. Even the Government authorities keeps reminding people to be more discerning in choosing investments. These greedy developers gets their way because there are always gullible and ignorant people. legendary
Activity: 3010
Merit: 1028
Leading Crypto Sports Betting & Casino Platform
Since crypto become so popular among so many parties is if it's the easiest way to make money and then tons of developers were coming to the crypto with various motive. I rarely seen the developed who developed the product without money as motivation as majority of them are only seeking money from the crypto. The problem is their greediness already out of the box just like FTX's case. If FTX was not using customer's fund to put it into the alameda and i think that everything gonna fine but since FTX was putting lots of money into the its VC and then when massive withdrawal was happening and exchange site can't provide enough liquidity for people who in demand to withdraw their money from FTX. Human is always having greed as part of it but it's about how human can control it properly or not.
The solution is not to overuse existing centralized platforms like betting exchange platforms and others and have 100% trust that they will always be secure, they can be hacked or the developers rugpull, use them sparingly, you can still use centralized exchanges but never leave funds in there in the long term, feel free to do staking but only for a short time.
News notifications in this forum also provide a solution to prevent bad things from using centralization platform Reminder: do not keep your money in online accounts
News notifications in this forum also provide a solution to prevent bad things from using centralization platform Reminder: do not keep your money in online accounts
Everyone has greed, greed is human nature. Encryption developers launch projects to make more money. Wait and see in recent years, many scam new projects have used various means to make a fortune from investors.
All we have to do is control our greed and really learn to choose projects and avoid scams.
All we have to do is control our greed and really learn to choose projects and avoid scams.
The majority of crypto collapse always comes from the centralisation part and of cos the human greed, what do you think is the proper solution for these? To avoid hurting crypto investors and how to guarantee that their funds is safe with any platform, either Staking, Lending or Trading.
What is the way forward? What solution do you think will be effective?
What's more, if not for money, many crypto projects fail even after they sell a lot of their tokens or coins. They also don't want to do anything that will sustain and grow their project while and after they've made a lot of money.What is the way forward? What solution do you think will be effective?
Business is cutthroat. Money and power have always been the main problem. Likewise in the crypto world, we already know from various cases related to this, scams, fraud, fraudulent investments, pump and dump schemes, and so on.
The solution? No need to care about them, but we must care about ourselves, how to avoid becoming their victims, how to anticipate the risks that may happen, or how to utilize every chance in every condition, even in a bad condition.
Greed is human nature. It's in every man and can either be displayed conceitedly or consciously. Those who control their level of greed do so with a conscious effort so as not to hurt others. It's the same way the need to do good spurs godly people that the urge to do evil moves the ungodly. Most people (virtually all) are In cryptos for the Benjamins. It doesn't matter if they openly admit it or not. That's what the mindset is about. Crypto Devs have come to realize that since the nature of cryptos is often online and could be created from thin air, there aren't likely to be office addresses or contacts anyone could trace them to in case they misfire. So, invariably they think they can mess up with investors funds and get away with that. That's what fuels their greed.
Whilst centralized platforms exist, there will always be fraud & theft. We all know the saying, not your keys, not your coins. It’s still so true! You need to take the risk away by withdrawing your coins from these scam factories.
As for a solution, there isn’t a guaranteed one other than don’t trust third parties & middlemen. You must take self custody. Proof of reserves only goes so far to mitigate scams.
Self custody, I will preach it every day until people listen.
As for a solution, there isn’t a guaranteed one other than don’t trust third parties & middlemen. You must take self custody. Proof of reserves only goes so far to mitigate scams.
Self custody, I will preach it every day until people listen.
Jump to: