Bitcoin Forum

Sam Bankman-Fried, the 30-Year-Old Billionaire Once Richer Than Dangote, Now Officially Poor.
 (https://www.legit.ng/business-economy/money/1503472-from-n16bn-account-balance-grass-grace-story-crypto-billionaire-sam-bankman-fried/)

Is Bitcoin a good platform to invest?

Sam Bankman Fried was the Bitcoin Lord in FTX (Futures Exchange) and he was the Chief Executive Officer (CEO) of the company (FTX), and he having about $26 billions which was equivalent to (#11.4 trillions) and in the 8th of 9th of November 2022 Bitcoin became bankrupt to the rate of $15k and on the of 11th of November, 2022 Sam Bankman-Fried become zero in the crypto space. And he left the position as the coe because of the Bitcoin bankruptcy.
Someone that once Richer than the richest man in Africa and become a poor man within a week. Are you sure crypto is the best place to invest?

Nigerian Crypto Big Boy Offers to Compensate Traders With N221 Million (https://www.legit.ng/business-economy/technology/1503314-nigerian-crypto-big-boy-offers-compensate-traders-n221-million/)
US base Nigerian Bitcoiner Donated $500,000 to investors in this bear market. The crash took investors unaware and it is very drastically reducing to the predicted $10k, so a lot of people are crying for their lost.

Therefore, a Nigerian who is in America, a Bitcoin billionaire Gaius Chibueze offered to assist investors in this crash.

There is Hope at the End the Tunnel (https://www.legit.ng/business-economy/technology/1474727-crypto-crash-has-cost-fortunes-but-we-still-have-hope-nigeria-traders-lament/)
Upon all that, Nigerians still have the hope despite the drastic bear market.Most Nigerians are on tears because of the recent crash that came suddenly yet they still have the hope that Bitcoin will still rise again.

He was once a billionaire but not anymore today. I don't know that guy, Chibueze. But if he's in good will to donate $500k of his wealth to the victims.

But upon reading the article[1], it's not an actual donation that he's going to do. It's like a fund that he's willing to lend to the victims or the exchange in rebuilding of what the damage has done. Let us say that he's literally going to donate it and just want to add to the fund. However, I think that won't be enough as the damage is already too big to stop.

First I think you want to write CEO not COE



Sam Bankman Fried is not the only one that feel the heat from the Bitcoin drop this last week. The bear that dropped the young billionaire from his position as CEO of FTX is not expected but it happen and this is not the first time there is bitcoin dropping and not the last time. Every business will have such kind of time for higher profit and the lower time and the business will go on. This is not just bitcoin

Every business has its ups and downs and investors in such sectors must be aware of them. They should be prepared to enjoy the gain and also bear the loss. The Bitcoin sector is not alone in this economic downward trend, many businesses has crumble in my location. Bitcoin have been very stable currently if not for this FTX crisis that is triggering this massive selloffs. We know that Bitcoin have experienced such occurrences so many times and it also an inbuilt mechanism to overcome these storms.


The only solution now is to be bold and HODL. I lost some money last time because of fear and impatience and I really regretted my actions. This time I don't need any encouragement or advice from anyone to make me keep my coins. I am HODLING regardless of the turbulence of the cryptospace.   

It is very unfortunate what has happened to SBF and it will definitely be a difficult period for him, but SBF is very familiar with the crypto, he knows the potential it has to make one rich and also make one poor very quickly. I believe SBF will find himself, maybe not back to billionaire status quickly but he will not stay at this barest minimum for long.

It's normal for such things to happen in business. Because just like you gain from it, you also lose but what's most important is how you learn to get back up on your feet after you must have seemingly lost all. FTX was valued at $32bn but just today, it has been disclosed that he went bankrupt and has handed over reins to someone else. With the way he was hit, and the resultant damages that followed, I think it's going to take a long while before he can get back to the crypto scene.

BTC investment is risky, and so is every other investment. At present, we are in the bear season and this is made worse by recent happenings, but I believe we'd still a period where it would experience stability.

Bitcoin is the best platform to invest in regards of being a cryptocurrency.  It has the most liquidity and the dominant in the market.


There are lots of discrepancies in your post, first, it isn't a donation, second, it isn't compensation for investors but support to the FTX exchange in order to help fill the gap of the needed $8B.  But I do not think it is your fault but the writer of the article because his article is messed up.

source: https://twitter.com/gaiuschibueze/status/1590464405820837888

Bitcoin has a virtual platform. Anything that operates virtually is bound to vanish unexpectedly. Anyway, congratulations to the early investors who invested in it made a huge return on investment and re-invest their dividends in other projects that are producing huge incomes for them again.

Crypto is a risky investment, it can make you rich and also make you poor. This is the kind of thing you experience when you have all your assets in a crypto exchange.

Giving someone money to trade or placing your money in someone's custody(exchange) to trade or buy crypto for you is not favourable. Had it been he trading and buying crypto for himself, he won't have lost all at ones

I also think there is hope at the end of the Tunnel but sometimes there is none if the tunnel is blocked.  Just like what happened in FTX.  It is supposed to be bought by Binance but due to some regulatory issues,  Binance give up on the idea.  Second, there is a misappropriation of the FTX fund, who in the right mind thinks that there is none when half of the investors' fund is loaned by the CEO's own company firm.  Then FTX filed a bankruptcy, and now there is where the hope is gone since the founder already blocked the hope where someone like  Gaius Chibueze wanted to extend a hand.  Then at the end of the tunnel is blocked by the hacking news which is possibly an inside job.  I think there is no hope for FTX now, but of course, if we talk about Bitcoin it is a different story.

Bitcoin had proven itself to recover every time it bottomed, it even breaks it own ATH record once every 4 years, a year after the halving.  Considering the current state of the Bitcoin market, and comparing it to Bitcoin history, Bitcoin is still the best platform to invest in because the current market sentiment and condition opens a window for newcomers to get in at a very low price.

I don't think CZ and his Binance team gave up the option to Buy FTX because of just regulations issues, yes CZ was hot at acquiring it I even thought the deal was concluded. But I think the team generally had some rethink and evaluation internally (and going by the main reason for wanting to purchase it in the first place being to prevent competition) I think CZ and binance felt this route is effective and money saving for them.

To be honest I am still following the news up although it's affect the financial lives of many people, I really hope we pick up great lessons from this events.

We can have our speculation and conspiracy theory but I think it is more reliable if the word is coming from CZ.   According to the news, they do give up, because as stated,  it was out of their control since there are issues about the mishandling of customer funds and the alleged US agency investigation.[1]



If you are following the news, then I think you have missed the explanation of CZ why they change their mind.  Besides, I don't believe in this competition theory things.

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[1] https://www.cnbc.com/2022/11/09/binance-backs-out-of-ftx-rescue-leaving-the-crypto-exchange-on-the-brink-of-collapse.html

Crashes or simply this bear market is always been part of this crypto space or simply with the market.We cant really just expect to have a single path to take which is upwards.The key point on here is that, on the time

you had entered this space then you should really be always put up into your mind that you should only invest on the money you can afford to lose.Dont really expect something about profits or positive outcomes.

Everything could happen on a snap and to those news and events around then it could suddenly appear on least we do expect.We know that there's always a rainbow after the rain.
Just dont consider yourself on making that panic selling decision then you should be fine.This is why its always been recommended on not to invest your life savings into crypto
or funds that for emergencies.

This market is still unpredictable, hence, not recommended for people who want a stable income.
As we experienced the up and down movement many times, it is not new that we are still in the bear season.
We can't tell the future of btc or let alone its immediate future, but the hope is still there because of increasing adoption.
Even though we are experiencing some bad news today, it doesn't mean, these will dictate the future of the market.
This is just another hurdle in this market. Worry if no one is going into this market or not even discussing this market anymore.

Not really know these CEOs of big companies in-depth like Sam, but this is why I am not really into being really rich especially in crypto. Everyone has to meet their own downfall one day and there is nothing they could do about it especially in such unstable market like crypto. I would imagine how Sam would not be used to living his new life now starting this season and to be honest, I would be the same. Just imagine going from hero to zero.

One day anything could just be taken away from you and you would just happen to accept and suck it up.

About the "hope of rising" you mentioned in crypto especially Bitcoin, I am sure that we do not need that anymore. We're always going to reach the lowest point of the market one day before we manage to reach another higher ones, new "ATH" like they said.

Sadly, sometimes, there is neither hope nor light at the end of the tunnel. The people might just have to dig a new tunnel or better still generate their own electricity. The whole FTX saga proves one thing, nothing is permanent. I am skeptical about this Chibueze and the motive behind his generosity. I am well aware that he is the founder of TATCOIN (https://www.premiumtimesng.com/promoted/409991-why-tatcoin-is-making-waves-in-africa-by-lucky-nwanekwu.html#:~:text=It's%20called%20Tatcoin%2C%20often%20shortened,with%20a%20high%20scope%20technology.). And he may just be looking for a way to pull public attention towards him and his coin.

Yes, because even binance themselves are already regulated and many cex too. Regulations are not a new thing anymore but it's now becoming a norm. Maybe you are right that the intention of buying FTX is to directly shut down the competition or to greatly lessen it rather since FTX was also one of top crypto exchanges nowadays and they think it will be a threat to them since FTX is slowly gaining a momentum.

If not because of this negative news that hit them, then maybe they will now be the second top exchange next to binance and they will completely overcome kucoin, and others. Apart from the competition thing, binance is also known for widening their empire as they also bought cmc on the past so maybe they have planned it already ever since before.

So many rich people wealth is crashing last month it was Kanye West and now it is Sam what kind of world are we in, today we rise and tomorrow we fall. The bear market of Bitcoin has really affected so many investors just imagine FTX crashed because of losses and this moment.

This shows that crypto business is very risky and you need to be ready to lose if you are an investors. I know so many people are in a rush now to sell of their coin thinking that Bitcoin might not hit the bull again. $8 billion is a very big amount and I don't think crypto industry players can contribute and lend out this funds to fix FTX. In business it is either you are excelling or crashing especially in a volatile business

I used to tell everybody that futures trading is a scam. It's a casino that tries to look like an exchange and has nothing to do with real investing.
Sam also had nothing to do with bitcoin. He affected the crypto market as a whole but that's because he invested and held a lot of altcoins.

Bitcoin got affected by this only because dumb people held it on SBF's exchange and when he paused withdrawals they tried to sell their bitcoin and try to withdraw stable coins or fiat.
An exchange that is insolvent should've been immediately cut from the tickers so that it can't affect spot price on other exchanges but the system is far from perfect.

In my eyes bitcoin remains unaffected. It's good that SBF got his ass handed to him because he was a proponent of centralized blockchains and regulation. We don't need people like him in the space.

True but the thing is, it would be difficult for the victim of the FTX fiasco to dig for a new tunnel since their funds are already trapped on the exchange.  They can just go back to the start of the tunnel and look for another path to venture their crypto investment.  Like when the FTX crashed, Bitcoin opens its window for new investors since the Bitcoin market is affected by the FTX fiasco and somehow the Bitcoin price crashed.  This is advantageous to newcomers because they can buy BTC at a discounted price.

I recognize SBF's talent, but I don't believe he is selfless. There is competition in this market, but unfair competition will only change people's mentality. I feel that SBF is no longer the original SBF. I was actually very disappointed. I also believe that he can walk back. People can make mistakes, but the steps will fall again in the same place.

Well, what's done is done. Those first impressions that we've given to him have all dropped and changed. He's not the SBF that we used to know or this is a planned thing by him and his cohorts. I remember the other collapsing of exchanges where it's because of poor leadership and lack of transparency with the people.

But not for him who's taken care of people's money, there's really no room for mistakes in people like him because all eyes are on them.

1.Stop repeating that Bitcoin became bankrupt. Bitcoin is not a corporation and Bitcoin cannot become bankrupt, even if the BTC price goes down to 1K USD.
2.Sam Bankman-Fried didn't lose his fortune because of the BTC price crash. He caused the price crash(Binance helped a little bit  ;D).
Maybe he isn't flat broke. Maybe he is hiding a few million dollars worth of crypto. He lost his company and a huge part of his fortune because he lied to his investors and his customers.
3.I don't know anything about this Nigerian guy. I don't know if this is fake news or not.

The saying is actually :
Another thing is that many add, just pray the light it's not a train!  :D

It's quite funny how the forum suddenly has turned into some kind of meeting for every spiritual and motivational coach and speaker is trying to boost the crowd's morale scared that if the crowd leaves he is out of business. This is the first time this year when really in terms of morale it's at an all-time low, and the avalanche of those topics where you try to keep it up it's just pointing out the obvious, fear has gained a foothold and it's here to stay.


Yeah yeah, If anybody would have posted back in July that FTX will go bankrupt he would have been labeled as a fudder or fuddist, whatever the term is, when the thing actually happens, no it's nothing, we're used to this, it's normal everyone saw it coming.

 

Now representatives of financial regulators are already turning their attention to the Binance exchange and are ready to understand how exactly it affected the bankruptcy of FTX.

This indicates that this bankruptcy is not the last.  Now a real financial storm is raging in the crypto asset market.  The market was really very overheated.  And the leaders of the crypto industry used very adventurous financial schemes in their work. 

As for Bitcoin, it works stably and on the basis of a strictly defined mathematical algorithm.  I believe that investing in Bitcoin will still bring great returns.

That's the risk he took from investing in the crypto space. It was reminded over and over again in this forum to invest at your own risk. Although I know he is not part of the family here, he does have a financial/investment specialist to help him in deciding all of that.
Exchange is not a good business in the crypto space, it needs every minute of monitoring, customer support, whales backing him up, and offers that will water the mouths of traders.
He made a wrong initial decision by giving away a big part of his coins to another exchange just so he could be listed. This is a good lesson for those aiming the same as him. Better just pay them with USD/USDT or any stablecoins in exchange for listing.

People choose the crypto business because they know it is profitable. Might some had fail it because of the possible wrong approach they made and wrong decisions. Though it is to believe the risk in the crypto space, it seems manageable enough if we can manage to control ourselves as well from the influence of a negative mindset.

Real investors are hoping for the best of their investment, they don't easily give up and find a way to find solutions to their problems. It was done already and so we have to move on and make all of these things a lesson to ponder.

Preventing a hack is not in our hands, but saving our money from getting into hackers palms is possible if we dont use the exchange hot wallets as storage wallets. Unfortunately this is done by many and they have not learnt lessons from previous hacks.

But I still dont see how some other person lending their money to victims means there is hope for the victims. They will most likely be roped into some loan scheme by this person and eventually they will regret that too. Remember that MLM victims often got double scammed by strangers posing as money recovery agents.

The only hope that victims should have is if they had savings and not some random person donating money. This is the importance of savings parallel to investments.

First of all bitcoin is not the reason why the FTX founder went broke and even the FTX is still a profit making company but from the investments he ran other humdreds of associate companies which ate all the money so he filed for bankruptcy. So this has nothing to do with the bear market cause exchange is always going to make money as long as trades happen.

Now the investors who lost the bitcoins due to FTX crash and hack might be responsible for their own loss because its a known fact that any exchange can be hacked at anytime so users who kept funds in exchange wallet should move funds to wallet if possible.

Nothing particularly extraordinary has happened lately. The current bear market is bad but IMO not worse than the one we had in 2018-2019. So nothing unpredictable or devastating in this matter. As for the FTX story, it's a cautious reminder that centralized services can write you the numbers of coins that you allegedly own and store there, but they are the true owners of your coins and can basically do as they please with them, resulting sometimes, even if not often, in devastating events. I see no reason to give up or to worry too much, as nothing that harms Bitcoin as such and its reputation has happened.

This has happened to several exchanges before but the sad part is, many investors still didn't learn from the history. It isn't advisable to store funds on exchanges because the possibility of being hacked will always exist. However, it already happened and they have no choice but to move on and take this as a lesson. I hope that more investors will see the importance of proper storing of funds.

There's always hope when it comes to BTC if you think about it. BTC went all the way down close to several thousands and recovered like crazy later on multiple occasions proving that it will survive no matter what.

Other popular cryptocurrencies like ETH, LTC, Doge etc followed in its footsteps and are surviving no matter what in a similar fashion which implies that cryptocurrencies aren't going anywhere.

I was also saddened about this sudden news but I believe SBF has also prepared for this and he must have been into other investments as well aside from crypto. So he’ll still get back to his own feet in time. And knowing he has been doing a lot of charity donations with crypto, so definitely a lot of people are very eager to help him in times like this.

When a person puts all his investments in the field of crypto trading or creates a working platform or application in the field, he is certainly aware of the level of the risk in what he is doing. What happened is not like that person losing his private keys, it is the market movement that is affected by many data. Crypto has never been the best field for investment, although profits in it may reach record levels. However, we understand that these questions are frequently asked about the feasibility of investing in digital assets in general, given the successive disasters throughout the past year.
This will not last long, but it may take longer than other crises.

This event also teach us a lesson that we should never trust exchanges no matter how big or popular it is since its  future is still not secured and everything bad may happen in just a blink of an eye that will eventually lead to its own destruction. Although the case of Sam is very unfortunate because we have known that his profits from crypto usually ends up in different charitable organizations, but this is crypto life, everything is unpredictable and that nothing is permanent.

Today might be a very frustrating moment for Sam. But that Chibueze guy, I’m not really familiar about him. Maybe he’s really that wealthy to lend some funds to the victims and I think that’s a very humane act of him. But for Sam, I know he is not really in obsession for profits like he always said in his last interviews, but I know what had happened to him now is really unexpected and might bring fears to other big exchanges too.

As far as I know, every company must have experienced a period of bankruptcy after the glory he went through at the beginning of the project. but even though a company already understands this, of course the company's CEO already has a strategy to overcome if one day bankruptcy occurs. so that the company can crawl up again.
in the case of FTX, in my opinion, Sam Bankman Fried as CEO must have a plan or strategy to overcome if one day this problem occurs. but in reality the CEO of FTX was unable to overcome all this and instead asked the CEO of binance (CZ) for help in acquiring the company. this is one of the weaknesses of the FTX CEO who is unable to control his own company instead of asking another company for help. very sad




not only Nigerians believe that bitcoin will rise again, but everyone or all investors affected by the FTX incident are crying because of the fall in bitcoin prices and they are still convinced that bitcoin will rise again in the coming year. Every cloud has a silver lining

Years ago, there was a case where coinbase employees bought an altcoin (if I remember correctly) before it was officially adopted by coinbase. There were accusations of insider trading of which coinbase later received an innocent verdict. There was a noticeable bump in the price of the altcoin, before the official adoption. Which many recognized and acknowledged.

Some are saying that bitcoin declined before the FTX case made headlines. Which indicates FTX is not responsible. But having seen the coinbase insider trading case, is it fair to say there could be similarities between the two. Could inside traders have received inside knowledge of FTX which led them to dump their bitcoin before headlines were announced.

Its hard for me to care about FTX as there have been many worse headlines in finance over the past 15 years, which people seemed not to care about. It feels as if most did not pay attention to current events or the news until the 2020 pandemic hit. Then everyone began scrambling to become more literate in finance and politics to fill in the gaps in their knowledge.

As long as you don't put your BTC on any CEX it's safe since you have the key and not them. Investment isn't just easy it has a risk to it and we can't say you will not suffer some losses but be ready when that time comes. Nothing is safer when n it comes to investment but if you know what to do with it then you really learning on how to prevent huge losses when investing.

Most people should realize what happened in the past and reflect what could be prevented when that terrible time comes.

On the time you had made out deposits on an exchange then its already part of the risk and its true that as long you dont make exchanges are your main wallet then i dont see anything wrong with it.

It is really just there are really things which we cant avoid not to make deposits specially when we do make trades or on the time we do make out conversions to fiat which we would really be needing on touching up exchangers.
When we do speak about future then there's no such thing about guarantees that it would really last forever or wont really be able to face up issues and events which would really be
disaster for a business.

There is always hope at the end of the day but after I watching this, well its look crazy that FTX collapse is not ending yet, I hope ftx find the way to recovel all the mess

https://cdn.discordapp.com/attachments/1006850517034610764/1040934780595871794/photo_2022-11-12_13-10-59.jpg

It’s clear that making mistakes is common in the crypto world, when there are too many people who could show the right path, there are still a lot of people who make mistakes because they think they are smarter than everyone else, and that’s not an easy thing to deal with realizing you are actually more stupid than all of them.

The easy thing would be buying bitcoin, as much as you can, putting it on a ledger, and then just leave it there, keep buying more when you get some money, and keep doing that for over a decade and you l be left with a lot of money in the end. But something as simple as that cannot be done and some people think they can make money quicker, and end up losing instead.

You think everyday is yours? Well that wasn’t Sams day and he lost it all. I am pretty sure he is poor by number but not by his bank account. He was billionaire with sound brain so he must have invested and saved up lot of money along the way. The fact is, we can not be rich in the crypto all the time and not all of us can be rich at the same time if you ask me. If someone is buying then someone is selling and it depends whether they are selling or buying in loss/profit. For Sam it was tragic, we are already in the bear, we already lost big chunk of money from the market and then FTX happened. What could have he done? Just wait and watch.

I wonder why this investment doesn't save  FTX from collapsing.  As in, there are lots of investments done by FTX and its sister company Alameda, and yet they failed to supplement the needed fund of FTX to survive.  Now I wonder if these investments are just for show, while the management is moving away the funds of FTX clients.

It is also funny how SBF trick his FTX client of its profit by loaning the money to Almeda and making that investment acquire his own firm.  It looks like SBF had been fooling his FTX clients from the start.

Agree with what you said about us not being able to continue to be rich in Crypto because sometimes we also have bad luck there and maybe even more often than actual profits.
But with this, we can also know that sometimes things that are expected are not always realized in real terms, so we really need a few moments to make this better, although there are still sometimes things that of course you don't really want, just like in Sam's case. and this FTX.

The thing is, a person must be honest on his works.  Don't try to take advantage people trusting people because it may back fire one day. Just like what happened to SBF.  He has been exploiting his FTX exchange client.  Instead of directly acquiring the investments through FTX, SBF created Almeda to tunnel the clients funds into investment and take the profit directly by himself.  I think SBF had done enough fooling and cheating around, so this time he must take responsibility of all his wrong doings.

There's no smoke that could really be hidden out forever which means if things turns out to be shit and you've been hiding all of these things out of your investors or users the pretty sure you would
really be facing a huge problem and this is the best example on whats currently happening to SBF. Anything that you do bad will really be having that karma later on.
In speaking about hope about recovery into those investors who had some negative then for sure this market will really be having that kind of recovery
but for those funds who had been totally lost or been stolen then there's no chance about retrieval.

In this case, honesty is always the main factor. But indeed when it comes to finances, everything can become greedy, so things like things that can be said to be very reckless are commonplace. When greed dominates someone who puts his passions forward, then what happens is like Sam, which in the end makes him suffer his own loss.

Now everything has happened and we have to make this an experience because even if we don't feel it but we know the consequences when doing so, the loss will be multiplied.

Yes, it is a fact that if we are not careful then whatever money we invest in crypto will be wasted. I like what you said that every emotion won't be ours, there are times when the day will be the bad day we get. And it's true again, a person like him may not only have one investment model, rather he is poor in his money in cryptocurrencies but not with anything else that is his second or even third pocket.

Investing in Bitcoin involves patient. It isn't easy as some people use to think and talk about. Just like any other business, it has it ups and downs. Anyone who invest during bullrun will think is very easy but if you invest during bearish, you will really know what investing in cryptocurrency is. I know what I'm having in my wallet last year and what I'm left with now. It only the strong that can withstand this.

True, even friends and families become greedy.  So better make sure to not trust anyone, especially on the internet.  We should be vigilant when making transactions online.  The FTX incident reminds us that we must never leave our funds in exchanges unless it is needed.  


We must take learning from the experiences of other people.  Life is too short to learn them all by ourselves.  And it is devastating if we experience all the shit things of the world.

Yes, because many people has tested Bitcoin investment that made them to prefer Bitcoin investment than any other investment, because no matter how long the bearish market take place, one day, the bullish market will definitely appear to make both long term traders and short term traders happy. Despite, what traders are going through in this bearish season,I think there is a big hope for those that can exercise patience with this bearish market and hold for the bullish season to come, which is very close to traders to experience in the community.

Cryptocurrencies is a type of investment that is very risky, when someone gets a big profit, it is better to use for other types of investment such as property, gold or others, sometimes human nature and always never satisfied making a sad end, this is an important lesson for us that if if if One time we get a big profit then immediately switch to another type of investment, not too long hold.

That's not it there was a factor which caused the reult which is what happened recently. The problem is that people are generalizing the incident such that it will happen again which just causes people to panic . Cryptocurrencies not only Bitcoin is already a risky investment because of the volatile market prices. But the risk involved in the incident is not solely with the investor but the exchanger itself. It should be a safe haven to investors because they are paying for the service, the result should not be that way. The issue is merely because of platform's negligence of not securing the networks.

When it comes to what happened with Sam is also another story. He invested most of his assets to something which cannot be controlled with consistency.

Whatever investment you make, you must know about the risks in advance and make estimates and how to deal with those risks if they happen to you so you can minimize them. It is always good to have many types of investments and diversify your investments to benefit from various investments. And bitcoin is a good investment to have. Even though investing in bitcoin is risky, the price movements are too fast, but if we use the right time, we can profit.

Each investment has its own strategy, many factors influence price movements. And that's where we can actually learn and make our risks smaller in that investment. There is no profitable investment if we do not have the knowledge, everything is based on good knowledge to bring us profit.
Bitcoin is a very promising type of investment if we are able to understand all the elements that are in bitcoin. Again all based on knowledge.

Thank you

And this is something that every investor must do but they refuse to do so, when they invest they only think about the best possible scenario but they never think about the things that could go wrong and force them to take a difficult decision, and yet those are the decisions that make you or break you as an investor, because at the end being a trader or investor will always come down to your ability to take the right decision under pressure, and very few people can do this if they are not prepared for it.

sometime there is nothing at the end neither light nor hope - i went through horrible time of my life during last 2 years. Nothing worked and nothing working

Well for me personally I will not give up hope and know that Is Bitcoin a good platform to invest. Its the people who can not seem to understand Bitcoin who are the ones who doesnt agree with it and see bad things happening so immediately give up on it.

Since Bitcoin is not such a easy topic for everyone to grasp like for example a credit card, it is easier for them to disagree with it then to learn about it and agree with it. I have been surprised with some people who I think would agree with it since they are business people but still they dont think its worth learning about.

Investing always carries certain risks. I will tell my point of view that investing in bitcoin is no more risky than investing in real estate, there is a lot to argue about this, but this is the reality that I see. You are right in that you need to diversify your investments, this can always save some of your investments, you cannot store all your eggs in one basket.

The high risk that we have in crypto is also the reason why it could be so profitable. We are down about 75% or so in bitcoin if I am not wrong, that means if we go back to ATH that would be a great profit for anyone who invested and that’s just the ATH, as we all know bitcoin keeps breaking over its ATH all the time, and it will happen again.

So, nobody can say it won't be 10x from here, we don't know when but I guarantee that it will be 10x "one day", and that’s why investing into bitcoin could be risky for the short term, but it is also such a profitable business in the long run. That is why I would like to just focus on buying more, and ignore the risks.

Don't give up as long as there is still hope. I know this bear situation and the upcoming downtrend will likely have its end someday. I'd see how the roller coaster moves, there is up and down, and so entering the tunnel where light can be seen on the other side.
As we carried the risk of investing in crypto, therefore, we also make ourselves ready to face the reality of the market where not all the time on the upside but also on the downside of the market. It is probably hard for newcomers to understand the situation but yeah, this is how crypto market works. Life isn't easy...

If in life, someone only depends on Cryptocurrency for their income, I don't think they will get rich quickly because in Cryptocurrency everyone needs a process to get income gradually in Cryptocurrency. And on this occasion I will not discuss the founder of FTX, who has recently gone viral with the problems he is facing. But for Bill Gates and Elon Musk, you need to know that they don't come from poor families and their parents are the ones who have the capital to make their children successful.

After all, Bill Gates and Elon Musk also manage more than one kind of business and they have never depended on just one business in this world, so that they both find it easier to get rich because of this and also because they have had basic capital provided by their respective parents.

Once we enter the world of crypto investment, we should keep in mind that it will always be accompanied by risks that we have to deal with. The bearish market is a challenge for most holders but also an opportunity at the same time so we shouldn't fear it or even lose our hopes because we've already been into previous bearish seasons and we have seen how the market could recover and reached a better situation. Good things come to those who wait so if we want a good profit, we should wait for the best time to sell.

we must learn from the mistakes made by SBF. but we also have to learn from the success of SBF before getting rich to getting rich. Hope is always there even for everyone on this earth. However, please note that a hope is always accompanied by the same risk. So we must not give up but we must also always be vigilant. Greed is the biggest enemy in crypto investing. and fear is the biggest enemy of beginners in the crypto space. because that's how I feel. even when bitcoin is now at $ 15k, the fear of buying is always there. if only I didn't know DCA. then maybe I would feel more fear. but with DCA. my mentality is a bit awake.

Hope but on the sense that it should really be a realistic one so that you wont really be ending up on getting frustrated.Its true that there's always light in the end of the tunnel but dont make yourself too much

trusting up or hopeful so that you wont really be that disappointed.All things that we are encountering on this market is really just normal on which it is really just a normal cycle and events or things do happen.

This is why its really important that you should really make yourself that fully aware on things which could possibly happen along the way on the time that you had
stepped your foot into this unpredictable and very random market.

yes you are right. Be aware of the risks you are taking and the other thing to do is to keep investing with really cold money. so that when the worst risks occur. so that we can still survive financially. because we must know that investing in crypto assets is an investment with a really high risk.

Giving up in this long bearish season is not a good idea than to be strong in holding for the bearish to give way for bullish season to takeover so that you will be part of those that will celebrate when the season come.  Despite, the decreased of the price of Bitcoin and crypto in this year 2022, I think there is a great future ahead of those that will not give up on their holding. Bitcoin is a good investment you can invest wisely in this bearish season and have something good to achieve in the future, which many bitcoiners has testified what Bitcoin has done for them in the past.

We need knowledge of the investment to be able to benefit. We have to learn more from other people so that our abilities can increase and we can have investments that will be profitable in the future. And bitcoin has allowed us to invest in making a profit, but we also have to learn how to invest in bitcoin, which is good and right.

Every wise investor will think carefully before investing and using their money because they must have had a lot of previous experience. Investors will try to determine the risks and others as material for consideration to start investing. And if in the middle of their journey, investors experience problems, they will be able to find a solution so they can still invest as before.

For this reason, we must learn all about the investments that we will use to know what the risks are and how to find the right way or solution to overcome the risks or reduce them. This will help us to know if we can keep investing or quit before things fall apart. And every investment will have its own risks and it is by managing or managing those risks that we can survive well. Most investors out there lack this because they only hope to earn profits without thinking about overcoming the risks.

Not only that, practice will be invaluable for a trader. Experience is a lesson that is not in any book, because we have to experience it for ourselves. With experience we can get closer to the market situation, shape our mentality, and much more. For some people, practice and hands-on experience are easier to understand than theory which will be a bit confusing. Of course we will gain experience when we have jumped right in and practiced it. Requires a long process for us to fully understand.

The major place that brought invest down was when bitcoin got to $68K ATH and there were lot of news flying all over it could hit another new ATH of $100k, so many investors used their life savings invested and bitcoin changes it directions to downtrend before another market turbulence caused by Luna sentiment and then finally FTX crash is another weaker point that redicule's the future of most investors.
One thing about market is to be sensitive enough to have all necessary information needed otherwise you could face a hit that will keep burning your soul for single mistake. This FTX effect was mostly on those who kept their money on exchange.

Every investment has its advantages and disadvantages, and investing in cryptocurrencies involves strict risks and huge gains. A person can be rich and overnight his capital evaporates, as we saw billionaire Sam Bankman. Therefore, it is wrong to put all our investments in one currency, and among the safest currencies that the crypto community trusts are Bitcoin, but Bitcoin also has risks, but it is not like other altcoins that may collapse and turn investors’ money into zeros. Everyone and people in general, not just Nigerians, have hope for the return of Bitcoin and the return of the bull market, so we have to initiate the buy, HODL, and prevent any FUD.

Just as it is important to not let ourselves be influenced by FUD we need to do the same for FOMO as it can be just as damaging, I say this because it is true there were a lot of people that invested all their money in bitcoin when its price was near its ATH and this was simply a bad move, and even if bitcoin had kept raising and reached six figures it would still have been a bad move, as the moment to buy an asset is when it is cheap, as it is right now, and not when it is expensive.

You would really be making yourself that disciplined or emotionally controlled once you do have experienced enough into this market.There's no way that you could really be easily get affected on things that

you might encounter along the way.Its true that this market cant really be just having this kind of condition where it would be bear like forever, there's always a light in the end of the tunnel.
It is really just turning out that people are really just too impatient specially if they are dealing with crypto investment or do make out trades.

There's no way that you cant avoid nor not to make out some reaction but the most ideal thing to be done is to assess the situation and act according
or basing on your experience.

Yes, and this is also similar to 2017, when we reach all new high, people are saying that we will reach $50k so we FOMO but then the bear market takes over. And with the FTX news, everyone is very sensitive and at the edge, which means anytime we might see another sell off. Although I'm not against those people selling, it's there right, but if you have been in the market and had the right experience, we wouldn't sell if there is FUD or negative news, on the contrary, we are going to take advantage of that situation and then fatten our bitcoin wallet and HODL and wait till the right time to sell.

Yes, it's true because the practice carried out continuously will give us different experiences so that we can get different solutions depending on the cases we face. Gaining experience from the practice will also enable us to analyze better than before. As long as we continue learning and practicing it, our experience will increase and improve our analytical skills in trading. So we must not give up before we reach our goal.

The bankruptcy affected the entire future exchange, and if the Nigerian crypto big boy is willing to give 500,000 dollars not a bad idea, he will not just give some out without getting something in return. Despite everything that has happened, if anyone can hold until this point I don't believe that the individual to panic of selling. The reason I appreciate bitcoin is that despite all of the FTX issues, it still exists, which is a positive sign when examining businesses in general as they each have their own risks and challenges.

Definitely it’s a tragic event for Sam, but knowing he has a brilliant mind and knows that cryptocurrency will never be for everyone, then for sure Sam has also did a lot of successful investments outside cryptocurrency. So he might be very down and frustrated these days, but it never means that his assets and bank account have gone down into zero value.

I do believe that holding up until this point was the hardest part, if you held so far, then it will be easier to hold from now on. I have been holding and even accumulating a bit during this past 1 year, and even though I bought a lot from 20k range and it's lower right now, I still feel fine about it because it’s not too far off and it will get closer and closer.

Just realize that hardest part is over, do not stress yourself, and today is the lowest day of your portfolio hopefully and it will get better. If you keep promising yourself that, and keep repeating that, you will eventually be right and then it will always go higher and higher to make you more profit.

there are good and bad people everywhere - what good people do try to keep themselves away from bad people but what bad people are thinking - they want to stick to good people so that they can get benefit out of it. All we need is being a little vigilant because vigilance never hurt.

No, no investment will promise you never-ending wealth. We all know the risk of cryptocurrency and even the biggest business in crypto can go down to zero in a wink, nothing is secured. Even big exchanges are not secured for being bankrupt. Mismanagement of funds led to the downfall of FTX and this could happen to any business, not just cryptocurrency. That is why never invest all your money, including your life savings in cryptocurrency. Due to its high risk and volatility it can bring you profit, however, it can also lead to a miserable loss.

It doesn't have to be high risk, that’s the point. The hope at the end of the tunnel is the fact that if you buy bitcoins and hold it, you could make a good profit out of it and not many people realize this. If people cannot say it can't be 10x from here, that doesn't mean that it's risky, it means it's riskless, then you should invest into it.

It’s true that we are talking about something that is crashing time to time and that’s why people are worried, but that doesn't mean we should be constantly worried about what to do, we should be happy that in the long run those crashes do not matter and that is why it doesn't have that much risk, aside from maybe if we need emergency money and it's low.

Actually, in this case it depends on which angle you look at it because indeed, as @Genemind said, Crypto clearly has a very big risk in this case, so if you are in doubt, then you should not be here because the risks to be taken are clearly not easy.
But indeed the risk determines the profit because the big risk is proportional to the pleasure in the end in my opinion.
Even though in this case I am only referring to bitcoin which is where I have felt the impact but on the other hand we also cannot make it seem as if this is a safe and comfortable thing.

Most likely those which are selling their coins now are either those which bought bitcoin near the last ATH or people that did not really knew what they were getting into when they invested in this market, as they thought they will just make some easy money without too much of trouble, however if it was not because of them then it would be impossible for anyone to make money, so while I still give the right advice to newbies about what to do in the current circumstances, at the end they are the ones which have to decide whether to listen to our advice or not.

Frankly speaking for last two years there have been disappointment only there is no hope at the end of my tunnel I went to both the ends.
Now I think I should dig a new tunnel because I don't feel like going through the same experience again.