so in case of ftx, i don't think sam was thinking of having this failure knowing that it will surely ruin his reputation in crypto world.
He saw an opportunity to take a huge risk, and he stupidly did. Dude was printing so much money with the FTX platform but yet he decided to a unnecessarily retarded risk. |
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A Ledger or Trezor hardware wallet, and write down the backup on a piece of paper(or 2, and store it on 2 different locations). That's it. Don't try to complicate things.
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Probably the same exact reasons why people abandon their social media accounts? Mostly the fact that they're either got bored, or they forgot their login credentials and didn't care enough to gain back access to the accounts.
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It's too much of a general question.
- Will I still be able to survive with a 50% pay cut?
- Is there any other job opportunity if I get laid off?
- Can I afford not having a job for a couple of months?
etc.
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Exchanges being insolvent due to whatever reason isn't anything new — that's one of the reasons why the quote "not your keys, not your coins" has been repeatedly said thousands of times already.
But to answer your topic question, ponzi schemes are ponzi schemes and exchanges are exchanges. What made FTX a ponzi scheme in this case is because of how the CEO(and company) handled their user's funds.
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There's a reason why a lot of successful traders use algorithms/bots/scripts to execute their trades — it's to take as much emotion as possible out of the picture.
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I agree but what Ledger do not take serious is privacy, this is reason I do not like to tell anyone about the hardware wallet. The software which is Ledger Live is open source, only the secure element on the hardware wallet is close source, it helps protect the seed phrase, but I prefer a hardware wallet that is open source in everything. Also quick note that we're not required to use the Ledger Live software (probably outside of updating firmware). When using Ledger hardware wallets, I always recommend using Ledger+Wasabi or Ledger+MetaMask. |
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Anything that FTX touched and owned is in big trouble now, and I guess bloclfolio was using FTX api to fetch coin prices, that is why this app is not working correctly anymore.
You can pick what exchange you get the prices from for every trading pair with Blockfolio. If I were to guess, the reason why Blockfolio is now not working is because of server-related reasons in general. |
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You really cant have trading in general as your only source of income if you're quite new to the game. On the other hand, if you're good enough to run a hedge fund or a trading firm (which is like sub 1% of all of us here), it can definitely be a great sole source of income.
Also, don't totally rely on signature campaigns as well.
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The only people who knows what's really happening are people in the backlines close to FTX/Alameda. Everything we see on Twitter are just theories for now, and nothing has been proven yet. I'm betting that FTX/Alameda just took too much risk — to the point that it was totally retarded.
As for who will be next, heavy rumours on CryptoCom and Gateio. But then again, rumours.
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I kinda doubt there would be an increase. In the first place, the companies/services/businesses advertising on Bitcointalk are likely hit by inflation as well; and it's not their fault that the economy is in this situation anyway.
Anyhoo, it shows how important it is to have other sources of income outside of signature campaigns.
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The reason why Binance didn’t bail out FTX is because there is no point. They owe $9B in liabilities and got only $1B in liquid assets.
They got maybe $3B in illiquid assets of many tokens they created like SRM so realistic they have maybe 0.5B in illiquid digital assets.
Rest is stuff like investments in businesses. These maybe a worth another $1B at most but will take forever to collect.
So they are in bad shape and nothing Binance could do.
Same thoughts. Not sure if I'm missing some things, but Binance acquiring FTX knowing they owe their users a crap ton of money is like Binance just buying a headache. |
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Bitcoin fee is already cheap and transaction fee is decent. I don't understand why people still purchased Bitcoin on other chain.  Definitely not saying that people should be holding WBTC for the long term, but just to answer your question — it's the fact that you can buy WBTC through "DEXs" on other networks(Ethereum/Solana/etc) using stablecoins. |
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Pretty similar experience — I didn't know crap about finance and investing before Bitcoin; Bitcoin pretty much jumpstarted my interest in finance and investing. I'd say even if all my bitcoin/crypto holdings went to zero today and never went back up(though I hope not), I'd still be a better position today than where I was 6 years ago because of all the acquired knowledge.
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So, like the heading says, do not make crazy suicidal moves in this bear market.
Not only in bear markets, but even in trading in general. One of the most deadly sins of trading is revenge trading your losses, in the hopes of making the losses back sooner. |
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Get funds off exchange for now(even if you trade actively) just to be totally sure. We might not have seen the extent of the contagion risk/effect caused by FTX's insolvency.
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Yea, no. If there's anything that's proven time and time again, people will always return to the cryptocurrency industry because gambling is fun and addicting. It's just a matter of 'when', not really a matter of 'if'. Binance there is not Even office ?
Doubt Binance can operate without an office. Coinbase there been so many hacks and all things like account errors.
1. Coinbase's hacks are user errors 2. "Account errors" suck, but they can't really be prevented People now withdraw funds from many places and exchangers it will create chaos and liquity issues !!
I mean, if a certain exchange is insolvent, it's better for them to blow up as soon as possible. Someone really need to Fix this otherwise all trust Will be gone to digital systems.
Lmao not really. |
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