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Now a days this kind of news are not new and are very often.
2013 (Silk Road)
2014 (MtGox, Cryptsy, Mintpal)
2015 (Bitstamp, Bter)
2016 (Bitfinex)
2017 (Nicehash)
2018 (Coincheck, BitGrail, CoinSecure, Coinrail, Zaif, MapleChange, Pure Bit)
2019 (HitBTC, Cryptopia, Coinmama, Binance)
(courtesy:-https://blog.saturn.network)
and so on.
I think its time to apply diversification on exchanges also. Keeping our investment in different exchanges can at least minimize the losses. Another well known solution is to store in hardware wallets.
Few days ago, I just came across one of the new project called Inzura which is with new concept of "Insurance of cryptocurrencies".
I think we need more such concepts in the market to avoid the situation along with regulations.
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Until now what I have observed is the price of token or coin drops more than 50% for around more than 90% of projects after it finishes ICO or IEO and gets listed in any exchanges. By this we feel not so good investing in that ICO or IEO. There is an opportunity in this case to accumulate more tokens or coins and average the investment, but still loss is occurring.
From my point of view, the best time to buy the altcoins or tokens is when they are in deep red zone.
For the renowned or among top ten or twenty listed coins also we have the opportunity to by at low levels.
However, still we are not sure if the time we bought is correct or not. The solution to this situation is "Time" only. Keeping our investment for long term can surely provide us good gains.
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Yes, IEOs are good at the moment. IEOs are far better than ICOs. There are many things. First, with IEO, investors are sure about the exchange the coin is listing because this is the first step to start the IEO. With ICOs, even though it's completed, most of the projects lists coin after a certain period, which few investors are not happy with.
With ICO, there is lack of transparency. It is the team who updates the fund raised bar on there website. It is very difficult to know the exact amount of funds raised.
With IEO, responsibility is also with exchanges launching that IEO to build the confidence in existing and new users.
However IOE does not guaranty that project is not scam. It totally depends on it development.
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As per the statement from Binance CEO, the breach only impacted Binance’s hot wallet, which contains roughly 2 percent of the exchange’s total bitcoin holdings. And there was no impact to users wallets. So dont think users have lost anything.
The thing we have to see here in this case is that hackers also got google authentication codes to withdraw this massive mount of $40 million. How its possible? Binance is always emphasizing on its security and presenting it to users to increase the confidence.
As a workaround and further investigation, now Binance has stopped deposits and withdrawls but we need to be very careful storing our assets with single exchange.
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This is really annoying that now a days every project, almost every project is asking KYC for investors as well as for bounty hunters. You are right that may be projects are selling our personal data to other projects or parties. I really dont like providing my information including ID documents as scan copies. I have seen many spam emails after submitting the KYC.
However we can not judge the project based on it requires KYC for their investors or not. It is project whose development decides the future of it and not the KYC criteria. By not doing KYC, we may miss good bounties from genuine projects.
I think again the solution is regulation of these projects which will make things more clear and also will increase the confidence of users.
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From my point of view, IEOs are far better than ICOs. There are many things. First, with IEO, investors are sure about the exchange the coin is listing because this is the first step to start the IEO. With ICOs, even though it's completed, most of the projects lists coin after a certain period, which few investors are not happy with.
With ICO, there is lack of transparency. It is the team who updates the fund raised bar on there website. It is very difficult to know the exact amount of funds raised.
With IEO, responsibility is also with exchanges launching that IEO to build the confidence in existing and new users.
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From my point of view, ICOs and IEOs are same. It's just a another way to get funds raised. The dumping is not dependent on the way the funds are raised. I don't know why people sell their coins to less value than ieo or ico price. I think this is the result of large investors or sometimes the allocation to tell members.
I have observed that more than 95% of projects tend to dump the coins after ieo or ico.
Distribution of Bounty and airdrop tokens before listing is also one of the reasons for dumping.
For me, the best way to invest in the project is not through ico or ieo but to buy the coins after dumping.
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Your words are absolutely correct. But please remember, these conditions will be true if your portfolio is with shorter duration and not long term investment.
With patience, positive attitude and being optimistic, long term investment goals with succeed you towards worthy gains.
Another important thing about managing the portfolio is to apply diversity to it. With different range of products (here in this situation, altcoins), one can really achieve good gains from such diversified portfolio.
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When I read such news, I feel very unsafe about my etherium based tokens or even other cryptocurrencies.
How secure these wallets? Rather, what will happen if they shut down without informing?
All these questions come into my mind. It is never safe to store your cryptocurrencies on exchanges. And now a days same situation with wallets.
Only best possible way or solution I see at the moment to store cryptocurrencies is to use hardware wallet.
The challenge is that it's not cheap and also not support all the altcoins
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You are absolutely right about the current situation on hyped up projects.
Sometimes I feel like it's the strategy of the project marketing team to create hype and thus to attract more investors. Due to use of all kinds of social media campaigns, creating hype is simple. Once investors invest money in the project, after certain duration he or she realizes that the project is not worth to the extent the hype was created.
So investors should be very careful with selecting the genuine project by researching more about it.
Also not to invest whole money into single project.
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