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I was a beginner who suffered the 2018 crash, the market had plummeted compared to 2017's all-time high and for some newbies including myself, it looked like the end of the world. Fortunately, I didn't take a huge loss because I didn't actually get to sell my BTC which was then worth a mere of a few hundred dollars, not because I believe in cryptocurrencies, but because I was so devastated that I completely abandoned everything. I didn't lose hope though, and decided to wait a few months or even years to sell the minimal amount of Bitcoin I had acquired.
I'd like to conclude that beginners also tend to make rapid moves, overreact and are not patient enough when starting out, which can have fatal results in such a volatile market. These two characteristics are usually missing in beginners who easily get discouraged.
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You could perhaps open a claim to attempt a transaction reversal if you've made a deposit through a credit or debit card since it's covered by fraud, as others have already mentioned. Although from what I've heard on Reddit or other forums, it mostly covers fraud from unauthorized transactions, wrong deposits, etc. I'm not sure if bank transfers are covered and can be chargebacked with the same ease. To conclude, for the reasons mentioned before and by user o_e_l_e_o, I'm not sure if the bank is able to retrieve the funds you eagerly deposited to a centralized exchange, which till now was considered reliable. There was no error in the transaction itself.
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I have a feeling that I read a similar or even the same story on this forum recently. Nevertheless, that's applicable in every aspect of life; be modest and avoid showing off your wealth. Not only does it make you look arrogant, but it also makes you a target in situations like the one explained here. On top of that, the topic of Bitcoin and cryptocurrencies attracts a lot of questions when being brought up in conversations and may also be perceived as bragging by others. Thus, I generally refrain from mentioning cryptocurrencies to people with whom I don't feel comfortable.
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In my opinion, BTC is the lung of all Altcoins. as long as BTC is still alive, there will be many new ideas and ideas in the world of cryptography.
No wonder you hate Altcoins because this year there was an incident that disappointed all cryptocurrency users.
Precisely, in my opinion, the problems that occur are positive things that must be learned for every CEX and DEX to improve security in storing user funds in the future.
There is a saying that the more you are hurt, the stronger you are. the sentence states that tests or trials will make us stronger. Likewise, CEX and DEX will continue to improve their quality because problems that exist in their environment or those that approach them directly such as the collapse of Luna and FTT will make other parties more thorough and prioritize the safety and comfort of their users.
Since Bitcoin was one of the first cryptocurrencies ever created, the general concept of all altcoins derives from it, which is why they're also closely correlated. I honestly never bothered with altcoins too much, except one time I used to mine with my PC. I only felt safe with Bitcoin. However, I don't believe that all altcoins are poor; some have a specific purpose while others have characteristics that Bitcoin doesn't cover, such as anonymity (Monero) or Ripple, which was meant to be a payment system using a unique consensus mechanism, the XRP Ledger Consensus Protocol, for consensus and validation. |
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I'll have to agree with Franky1 that the fall of FTX mostly shook the news but did have an impact on cryptocurrencies, which in my opinion, it was just a minor and temporary dent. Only a minimal percentage of cryptocurrency users were actually affected, and the market is likely to recover back to $20,000 levels in a couple of weeks at most.
This should be a lesson to all of us, including ourselves, firstly to not trust third-party services and especially such coins that are backed with pure air.
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Long term employment is a relic of the past. Why would anyone wish to stay in a single role their whole life? Or work with a single company? People need change to grow and learn otherwise they are nothing but work slaves. A long time ago, back when jobs were very lucrative in pay and very rare, only the best and luckiest were selected. Obviously given the living conditions of those times the employees wanted to stay as long as possible. Because that job gave them a comfortable life. With time, employers became greedier and jobs became more abundant. Working no longer provided the same rewards as before.
Nowadays employers demand very high qualifications for crappy jobs with low pay. Even though the jobs themselves require minimal training time for new employees. So now its all about who pays more and because of this competitive market, people jump from one job to another, better paying one.
If employers sacrificed part of their profits for higher employee wages, they would have employees staying longer with them. But that is not cost effective, if you consider the cost of training new employees who accept lower wages.
The only reason I can see is financial stability through one job or company that you acknowledge; we seek comfort in what we know and feel safe with. Change is sometimes difficult and may seem out of reach for some, which is one of the reasons someone would be hesitant to make such a switch. On the other hand, by switching jobs, you're much more likely to obtain a pay rise than by staying in the same job for years. Another article I recently read claimed that the average increase in salary for someone who's staying at a specific job for years is up to 45%, while changing jobs can achieve up to 20%. I can't vouch for the validity of such claims, but it sounds possible. Long-term employees are rarely appreciated until their resignation comes. |
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It depends on the person and someone's personal needs. Both are frustrating for an employee, but it could also be an opportunity to seek something better. Supposing I had to choose one of the two, I'd take a pay cut and "silence-quit," and in the meantime, try to find a better-paying job. Silence quitting is when you put the least amount of effort into your work, doing the minimum to get the job done. Unless being laid off came with a reimbursement, I'd choose a pay cut over being fired.
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I find it strange that you keep your money on a central platform for fear of keeping it in a very private and safer place. By the way, you are not required to use MetaMask permanently, as you can keep the private key and sign transactions without being connected to the Internet, and then send them using a device connected to the Internet. I don't find it surprising that this is the main reason why you should use Binance or other central platforms.
If you have noticeable activity on the platform, you will have no escape from all those pursuits that will ask you to prove your identity.
Binance or any other centralized exchange provides you with the ability to have quick control over your money. I want to use these funds actively for staking; keeping them locked in an offline or hardware wallet isn't a valid option for me. If I were to stake on a platform like Beefy, I'd have to use a Metamask or similar wallet. I'm definitely not fond of all the KYC or the centralized platforms, but it's currently the easiest option for me. In the near future, I will move my funds from Binance to something more decentralized. It may not be enough time to do everything on a centralized platform before transferring funds as a final step to a private wallet. We cannot predict when a catastrophe might happen, but we are certain that it can happen. This is a warning out of fear. After your answer to my comment, Theymos made an important announcement stating that almost all platforms should not be trusted. I don't know if you noticed it. I recommend you to view it here : https://bitcointalk.org/index.php?topic=5421039.0No, I hadn't seen it before you mentioned it. I do agree with Theymos, and it's perfectly understandable that on Binance or whichever centralized exchange you don't actually have any control over your money. The concept is similar to a bank deposit. The bank doesn't have your X amount of money stored somewhere; it's displaying the money they theoretically owe you. What happened with FTX is extremely frustrating and gives cryptocurrencies a bad name. I do, however, believe that an exchange like Binance won't fail that way. Although I do believe that it's best to store your coins away from exchanges. Theymos post is in sticked topic shown in top right of this screen : News: Reminder: do not keep your money in online accountsAnd as it is a locked topic, users continue discussing the topic in many other boards including some local boards where many users can't practice a good english. What happened with FTX isn't new. Nor is it the worst in crypto history.Those who were victims of the MTGox platform are still suffering from the consequences of what happened, more than 7 years after the accident. Binance platform is a giant entity that is difficult to drop in the same way as FTX, but everything is possible and nothing can be ruled out. What happened had a good or bad effect on all sectors active in the crypto field . Yes, I noticed it earlier this morning. The FTX bankruptcy is extremely unfortunate and certainly not an isolated case. I think I started learning about Bitcoin a little before or a little after the Mt. Gox incident, but I had heard about it back then, but me being a teenager couldn't really comprehend what exactly happened. Now I certainly do. Generally, I have a history of abandoning funds on online wallets and exchanges, and fortunately, till now, I have faced no issue. After the FTX crash, I'm also going to withdraw most, if not all, of my funds from Binance too. |
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I find it strange that you keep your money on a central platform for fear of keeping it in a very private and safer place. By the way, you are not required to use MetaMask permanently, as you can keep the private key and sign transactions without being connected to the Internet, and then send them using a device connected to the Internet. I don't find it surprising that this is the main reason why you should use Binance or other central platforms.
If you have noticeable activity on the platform, you will have no escape from all those pursuits that will ask you to prove your identity.
Binance or any other centralized exchange provides you with the ability to have quick control over your money. I want to use these funds actively for staking; keeping them locked in an offline or hardware wallet isn't a valid option for me. If I were to stake on a platform like Beefy, I'd have to use a Metamask or similar wallet. I'm definitely not fond of all the KYC or the centralized platforms, but it's currently the easiest option for me. In the near future, I will move my funds from Binance to something more decentralized. It may not be enough time to do everything on a centralized platform before transferring funds as a final step to a private wallet. We cannot predict when a catastrophe might happen, but we are certain that it can happen. This is a warning out of fear. After your answer to my comment, Theymos made an important announcement stating that almost all platforms should not be trusted. I don't know if you noticed it. I recommend you to view it here : https://bitcointalk.org/index.php?topic=5421039.0No, I hadn't seen it before you mentioned it. I do agree with Theymos, and it's perfectly understandable that on Binance or whichever centralized exchange you don't actually have any control over your money. The concept is similar to a bank deposit. The bank doesn't have your X amount of money stored somewhere; it's displaying the money they theoretically owe you. What happened with FTX is extremely frustrating and gives cryptocurrencies a bad name. I do, however, believe that an exchange like Binance won't fail that way. Although I do believe that it's best to store your coins away from exchanges. |
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Even back in 20132016, you could acquire a decent amount of Bitcoin for $200. Nowadays, with such an amount of money, you'd get a tiny portion of BTC. Even if the price multiplies by x10, you'd still have $2000.
We won't have the same opportunities as a guy in 2013, sure. But whereas it'd be a guy throwing down money on Bitcoin one off in 2013, we're now talking about different opportunities like DCA today. In 2016 when I was first freelancing and asking for BTC, people were saying the same thing, that it's too late now to buy BTC and hope for x10 (BTC would x35 or so a year and a half later), but if you'd DCA'd then, you'd have not $200 but maybe $2000 by the time the rally began. The same I would say for a DCA starting today. Regardless of what happens to price from now until a year after the next halving, that's about 30 months of DCA opportunities. $200 a month is going to be $6000, it's a great amount of savings to have, and who knows what happens by next ATH? (Rough examples, just for its sake) Certainly, opportunities back then were pretty much endless; with a small amount of money, you could acquire a decent sum of BTC. However, that only applies if you've actually held that amount, and the truth is that most of us would have sold it the minute it doubled in value. Regretting what you did or could have done otherwise puts us in a vicious cycle; it leads nowhere. To be honest, supposing I had bought BTC at $200 each, I'd be extremely tempted to sell at $1000, a price difference that may sound insignificant now, but it was a huge deal back then. The exact same thing will also occur when BTC recovers from ~$20,000 to $30.000. It's not over yet, we're far from it, there are still an abundance of opportunities out there. |
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My main question is where you'd stake your stablecoins now.
No where, because it doesn't like the idea of staking. I choose cryptocurrencies because I want to avoid how banks make money out of our savings while giving us very little interests in return. Someone help me understand, What's the point of risking one's funds to stake for a 10% APY if I can make that very amount is a very short time with a perfectly executed purchase of bitcoins on the dip? As much as I'd like to disagree with you, you're right. The thing with staking is that you practically have a semi-steady source of income every month, no matter what. It feels similar to having money in a bank account but with much higher interest. However, back when I was actively trading Bitcoin, most of my trades yielded an average of 710% return, which was approximately 3040 dollars per successful trade. Even with two successful trades per month, my profit was way higher than what stablecoin staking is generating. |
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The reason people use a centralized exchange is that if there is a dollar there, it's easy to buy and sell any coin from there at any time with no extra fees, but if you keep your funds in a personal wallet and you exchange it from the DEX. If you want then your fee will be cut more and to avoid this extra fee most people use centralized exchange but it is a risky thing many will never think but after the incident of FTX crash everyone will be careful to keep their dollars in CEX and Think twice . so if someone want to hold there coins then they should use hardware wallet which will safe there fund as well
This all means there is no trusted centralized exchange. The only problem is, converting bitcoins to fiat or trading bitcoin is very important to many people (that's a fact). Unfortunately, we have to be connected to one of the CEXs to do it, while the DEX can't help us with that thing. Any solution for that? There is no alternative solution. We must use a CEX to convert our bitcoins and other cryptocurrencies to fiat in which case DEX cannot help us. But in this case we need to use a proper and trusted centralized exchange. However, no CEX can be fully trusted in the current situation. Because when something like this can happen with a big and popular exchange like FTX how can we trust a cex completely now. Exchanges are a necessary evil, especially if you're trading on a daily basis, even though there are a few decentralized alternatives. The main point is to avoid storing coins somewhere you practically have no access to. Would you trust a stranger with your money? Nope. Well, exchanges are something similar. While I don't believe that Binance would suffer something similar to FTX, it's best to be on the safe side, which is also the main reason I keep my Bitcoin out of reach. Not only do you pose a risk from exchanges themselves, but also from malware or phishing attempts. Not long ago, I was scammed through a Chrome extension. |
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Bitcoin is the only thing that has remained intact since its founding. It remains decentralized, it hasn't been hacked, the total number of coins is strictly limited to 21 million, it's open source, it continues to be adopted by new people, and it probably features a ton of other characteristics.
It's extremely frustrating that such a large exchange can fail so abruptly. My condolences go out to the people who lost their money. While Bitcoin's (and other coins') value has severely decreased and may look like a great opportunity for purchases, the extremely unstable market situation is rendering it a risky time for investments, and the OP is suggesting that investors be extra cautious in their choices.
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I've been hearing rumors regarding Crypto.com as well. These rumors, starting right after the FTX incident, are quite concerning and suspicious. From what I've read (and I'm also quoting the article below), Crypto.com is holding 20% of their assets in Shiba Inu, which is more than their Ethereum reserves, in a meme coin. My other guess is that someone or another major exchange is spreading rumors on purpose in an attempt to hurt Crypto.com and the market in general. One thing is certain, though: trust in cryptocurrencies will be dented if another exchange goes down. https://www.euro2day.gr/investments/crypto/article/2161051/ypoptes-kinhseis-apo-to-antallakthrio-cryptocom.html Article in Greek but could be translated into English. |
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I didn't acknowledge the existence of the FTX exchange before its bankruptcy. Don't get me wrong, I'm not supporting the usage of OKx for staking; I'm mostly concerned that they're offering a significantly higher APY (10% instead of 2%), just by verifying your ID. Why does it make such a huge difference?
My main question is where you'd stake your stablecoins now. The only decentralized platform I have used and am comfortable using is Beefy, but I'm pretty sure there are others out there. I'd prefer if a user here could recommend one, not because I can't do my own research but because sometimes blogs and websites might be promoting a specific one on purpose.
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As others have already mentioned, it's no use dwelling on the past. We don't know what the future holds for Bitcoin and cryptocurrencies. However, I honestly believe that the early days of Bitcoin are over. Before you jump to conclusions, my point is that you can no longer obtain a large amount of Bitcoin with, say, $200300. Even back in 20132016, you could acquire a decent amount of Bitcoin for $200. Nowadays, with such an amount of money, you'd get a tiny portion of BTC. Even if the price multiplies by x10, you'd still have $2000.
My point is that, compared to the earliest stages of Bitcoin, we don't have the same opportunities. $1000 back then could potentially make you a millionaire, providing that you held till the last few years. Now however, the same amount of money hardly makes you millionaire, no matter what.
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After a fourth reduction since I deposited my stablecoins on Binance's savings and staking options, I decided to withdraw all my funds, provided that I find a decent alternative, preferably decentralized. Binance is now offering only 6% APY on BUSD and 5% on USDT, for up to $1.000 on each option. It's honestly too little to stay; it used to be 10% of $2.000. I found a few vaults on Beefy ranging from 812%, which isn't too bad. However, the one that struck me the most was OKx's saving plans. The OKx exchange is offering 10% for up to $2,000 per stablecoin (USDC, USDT), but on one condition. That you submit for Level 2 KYC, which includes your personal details plus a photo of your ID. Surprisingly, the KYC process requires far less information compared to Binance. What are your thoughts about this? 10% isn't bad; it doesn't state for how long it's valid, but it's quite competitive with Beefy's vaults. https://www.okx.com/earn/stablecoin |
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I highly doubt it; Binance holds the majority of cryptocurrency assets while they also claim to have a SAFU of $1B (Secure Asset Funds for Users) in place, something that I didn't know until another user here pointed it out. In my opinion, if Binance goes down for whatever reason, so will the majority of cryptocurrencies, leading to a tremendous impact on the market. While I trust Binance, and I don't think there's any reason to worry about our funds, we've already seen that there are no guarantees when it comes to the safety of assets. I'll be withdrawing half of my money from Binance soon, but for a different, not relevant to the topic, reason. Generally, I'm satisfied with Binance's services because they're extremely convenient.
So in summary, it's unlikely Binance will go bankrupt or shut down, and it's wrong to compare it with Luna. Luna wasn't an exchange.
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~Snipped~
I'm sorry, did they only provide you with 24 hours to verify your account before limiting it? I was given 10 days before the first restrictions would take place, and till then, I had another 20 days before more restrictions took place. I can't remember what would get restricted when, but I do remember mentioning 10 and 30 days, respectively. My bad, seems like indeed there was another email but since It went into the folder with other emails Binance is sending daily I didn't even bother to check it, I knew I had no exposure, and no money in that account so I just let them expire there. So yeah, 12 days ago this one landed:  And now that I read it once more..."Have your passport (or identity card) and your smile ready" Oh, how cute!!! Let me apply some mascara too, just for you my dear CZ. Also, the same reward here, it was mentioned in the first mail, not in the other two. Oh no, what a shame; you're going to miss that wonderful reward. Binance today went ahead and reduced savings rewards from 8% to 6% for BUSD and to 5% for USDT. This is the fourth reduction from Binance within the last month or two. I had found a way to override the recent yield reductions by allocating my funds in smaller parts through staking and saving options. Thus, I didn't mind too much because I found the platform quite convenient. However, the recent reductions are rendering my earnings completely unimportant and minimal. I'm going to be withdrawing in the following days and moving back to a decentralized platform, such as Beefy. |
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I also used to live with a girlfriend, now wife and we have a daughter. I can tell you how things are at my place and who we manage.
I go shopping once every 2 days because I drive next to a grocery store almost every day and there's also a parcel locker at the car park, so it's a convenient place to go.
Every time I go shopping I think of meals. Given that I want to make spaghetti, I buy noodles and sauce. I don't buy things I think I could eat without having a full dish in mind. The downside of this method is we don't have more than 3 days of food at the house, unless you count dry, frozen, or cans. When I know I can't eat something before it goes bad I freeze it. It's especially useful when you make soups.
That's approximately how we organize our shopping; we want to make pasta on Tuesday and chicken on Friday, so we proceed to purchase any necessary materials to eat on these two days. However, some ingredients, such as the spaghetti sauce, are designed for four servings, but because there are only two of us, we only use half of it. The issue now arises that we fail to organize to cook pasta in the following 2-3 days before the leftover sauce is spoiled, and thus, we're practically wasting half of perfectly good food. Not only is it a waste of money, but it's also a shame because there are others out there struggling. One thought I had was to use post-it notes on the fridge as reminders and/or organize a cooking schedule through Google Calendar. |
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