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There are lot of possibilities here:
1) First possibility is that the owner was inefficient. He was not able to manage the funds properly or did some other basic mistakes related to finances of the exchange. Like some people have mentioned that they relied on their own coin too much which is never a good idea.
2) Second possibility which I personally agree with is that the owner of the exchange was a scammer. He was doing lot of wrong things like playing with the money of investors and was involved with different kinds of pump and dump schemes with hope of looting as much as possible from innocent investors. Because of his free, he kept doing the same mistakes again and again and finally a point was reached where he could not hide it from the media and investors. Finally, when he was caught, he planned the fake incident of exchange hack and transferred funds to own wallets.
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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?
Here are some solutions: 1) Limit on the number of new projects : All crypto devs are not greedy. But the problem is that there are so many new projects and so many new developers behind these projects that some people will come out to be greedy from these always. At such some step should be taken to limit the number of new projects. Only credible people or people with good history should be allowed for this . People can also ensure this by boycotting projects that do not have a solid team. 2) Strict punishment for defaulters : Even when coins have collapsed or exchanges were at fault, they were able to get away with all this without any punishments. This is not good as it removes the fear from bad people and they repeat the mistakes in future causing further loss to more people. Examples should be set in these cases with very strict punishments so that no one can think of duping people of their hard earned money with scam projects in future. |
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Not all news are true or correct.
That is why a good investor should verify the news from multiple sources before making the decision to invest. Let me share one mistake I did regarding this. I was seeing top gainers on coingecko and there was one coin with over 4000% gains in last 24 hours. I though coingecko is a reputed site and it will ever list scam projects. But after investing , when the value grew and I tried to withdraw , there was no option for this. It was a complete scam coin. They might have paid other sites for getting listed on top gainers lists. If I would have made more research about this project before investing, I would not have lost my money. As far as I am concerned, it's not just crypro reviews that are paid but also some news which the target is to spread FOMO and FUD
You are right, these days there is so much competition in blogging that even bloggers operating crypto related blogs will not hesitate in doing this. They will include some news or article promoting a new scam project for promotion after getting some money and later they will remove the article from the site to avoid backlash from regular readers. It is important to confirm the news from multiple websites. And prefer good websites for this who will never post fake information just for money. |
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To be fair, the recent price dip isn't just because of one exchange. It's a compounding effect involving a declining worldwide economy, i.e a global recession. War which has fuelled fear, but also dwindled resources for the every day person. Recovering from a global pandemic which pretty much stopped the world at one point.
So, while the word on everyone's mouth right now is Ftx, and how that's made Bitcoin drop further, Bitcoin was already struggling at that point (like pretty much every investment during this time), and the reasons are pretty much easy to identify.
You are correct. In fact, if you see the prices currently, bitcoin increased by 5% today when more bad news related to FTX is coming. Any sharp decline or rise in crypto prices is always combination of different factors. Multiple factors combined will have an overall effect. Some news will be positive and some news will be negative but the momentum of the price is set based on which side has more weight. Long term investors like me who are investing in bitcoin because they believe in blockchain and affected very less by these type of incidents. If you are holding for long duration, you can never be in loss. The people who loose all their money are those who are looking for get rich quick schemes in the field of crypto. Like , after this incidence of exchange going bankrupt, Binance owner warned investors not to trade FTT. But , if you go on binance and see volumes, people are still playing with this coin hoping for miracles. |
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Here are some problems I think bitcoin is solving:
1) As online service or product sellers, it is a very good form of payment. I am saying because these payments cannot be reversed and the sellers will not see fraud from buyers. But in case of PayPal, a buyer can order something and then do chargeback even after getting the item. It can result in huge loss especially if the ticket size of the item sold is big.
2) Easier to transact and carry : Crypto transactions can be done easily without the involvement of banks or government. One can carry large amount of money in the form of crypto safely in their wallet or mobiles. This can prove to be very helpful in future in doing big transactions like buying home or land. Since, all these crypto transactions are automatically registered and stored online, there is also proof of them being made which will reduce chances of fraud.
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Is there any gambling project that have a soccer game and horse racing game onboard? I believe that these two genre are not based on luck but skill that's why I ask this question, since most gambling projects have games that are based on luck like roulette and others.
In some games, there is some level of skills involved. Let me explain with two examples: 1) Sports betting or prediction: This is very much popular in my country and it has resulted in lot of companies or websites offering these games. It was challenged by some people in my country that it is like lottery and court gave decision in favor of websites. It was because court was of opinion that some skill is required to make these predictions. It is obvious that if you have done good research about the players and team involved, pitch conditions and many other things, then only you can make correct decisions. 2) Rummy: Same way as above, court also ordered that online rummy will be legal in my country as it depends on the skill of the players. That is why there are so many rummy sites are operating here that entertain millions of players. |
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There are a lot of issues that drive me crazy with an online casino like
1) Lagging: It is common in new websites and apps and is a big no for me. I simply exhaust the added funds and say goodbye to such a casino. When you are playing on a reputed and aged casino, you can be sure that this problem will not occur. To enjoy different types of games in an online casino, it is important to have a pleasant experience first without any interruptions.
2) Delay in withdrawals: Some exchanges cause delay in withdrawal giving different types of excuses as their reason. Like some exchanges will ask for KYC even for small amount withdrawal which is completely unnecessary. These type of exchanges do not succeed in long run as people post their negative reviews against them online.
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Someone with a strict budget of gambling with $10, decides to start online gambling after been told by a friend, but on signing up discovers that the minimum deposit accepted is above the amount budgetted for gambling. Does high minimum deposit fees from online casino discourage gamblers who want to stick to a budget and influences them to gamble with bigger amounts? If yes, and that perhaps is a reason behind many other online casinos keeping their minimum deposits as low as $1, Could low minimum deposit be an encouragement for people to come gamble regardless of the money they have to gamble? Does minimum withdrawal encourage players to try again and keep gambling if they don't win up to the minimum withdrawal?
Most of the websites have minimum deposit restrictions. This is not to discourage new or small gamblers. You need to understand their business model as well. Their main revenue will come from big gamblers only who play frequently. And there are resources consumed on the app or website for each player. So having lot of small gamblers can in fact be loss for them. Also, there has to be good winning amounts in different types of games. If there are most of the players with small deposit only, how will they be able to pay big winning amounts. However, of you still have limited budget, there is no lack of options. You can try free gambling websites. They have less prizes but you can participate there with less money or even no money. You will enjoy the thrill and joy of playing just like big sites. |
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There is a negative image of gamblers surely. It is because of number of reasons and society does not consider these people as decent people. One of the reasons I can think behind this is movies where these people are show as bad people meeting bad results at the end of their life.
But we should not judge a person based on gambling. There is something like responsible gambling. Or some people can be doing this for fun only and they do not really interested in only the winnings from gambling. At least, the person involved in gambling is not doing any harm to other person in this activity. He is keeping himself engaged and treating it as a relaxing or leisure activity. Now there are also some people who are professional gamblers. For them, winning is important because gambling might be their only source of income. And they are not doing anything illegal as government has allowed in most of the countries.
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As has been said, this is not just a crypto thing. Don't let people know how much liquid / easily available funds you have in general.
It's not just the criminals who are going to rob you, or kidnap you and hold for ransom. It's the conmen, the relatives who need money, the tax people.
No, I'm not saying you should tell nobody. But, keeping your finances private and only let some people know is always a good thing.
-Dave
Yes it applies to other type of holdings as well. Like for instance, gold related crimes are also very common in my country. People keep gold here in their homes and even poor people have some gold surely. Whenever, there is robbery in any house, gold is stolen first and results in huge loss as it is costly. Most of the times the reason behind this happening is that private information is leaked by some maid or other family member and robbers make use of that information. Another reason to keep all this financial information private is that this information can also spread from person to another. Suppose you casually tell to a trusted relative about your bitcoin holdings. But what will happen if that relative further spreads that information to another relative. Like for example, suppose you share it with your father and then he boasts of his son achievements in front of his friends. This is very common and can happen with anyone. |
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Most of the cryptocurrencies listed on the market have experienced large gains in price over the past years. Even during the bear market, some coins have managed to "pump" a little in price because of the hype. But that doesn't seem to be the case with LTC, as market prices are relatively the same these days. In the worse cases, LTC's price goes down only to take quite a long time to go back to its previous highs (if it ever does). I don't get why Litecoin is often under the radar of investors and traders alike, when it's one of the oldest cryptocurrencies on the market. The supply is finite (84m coins), and it's still a PoW coin unlike most of the popular "shitcoins" (ETH, ADA, BNB) which are PoS. Not only that, but LTC recently adopted a privacy mechanism dubbed "Mimblewimble" to help bring anonymity to the Blockchain. Have people forgotten about this coin? It's sad because Litecoin was often proclaimed as "Silver to Bitcoin's Gold". With Ethereum becoming less-decentralized after "The Merge", it might be possible for a truly-decentralized cryptocurrency like LTC to gain the spotlight once more. What do you think about LTC? Will it die soon? Or will it last? Do you think it'll go sky-high sometime in the future? If not, why? Your input will be greatly appreciated. Thanks in advance.  The coins you said that have pumped even in near market are newer coins. Like if you see even the trend for bitcoin, it has also not grown much in last few months and remained at same price. Now, lite coin has also behaved the same during this time. If it has not gone up by a lot, it has not even got down much. On the other hand, if you see coins like Solana and Luna, they have completely ruined the wealth of investors. So if you have invested in lite coin during this period instead of Luna or Solana, your funds would have remained safe. Personally, I still use litecoin for payments. I do this because of two reasons. Speed of transaction is ok and the fees for transfer is also less than transferring bitcoin. The people I do transactions with also have no problem while trading with litecoin. |
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This topic applies to many things in life. For example, it's even been said that you shouldn't talk about the things you want to do. Those who say this are right. Because Bitcoin may not be the only thing stolen. Methods that will allow you to earn income for buying Bitcoin can also be stolen. That's why we shouldn't talk about everything. There's no point in saying that and taking risks. The outcome of such events can also be undesirable. Therefore, paying attention and thinking for a few minutes before speaking can save us from negative consequences.
There are a lot of factors involved like 1) Cunning friends: If you some friends who are very cunning, their purpose is just to get maximum benefit from you. They will always pretend to be nice and caring for you so you cannot even differentiate them from genuine friends. What is worse today is that most of the friends are like this only. There are very less real friends who are with you in your bad times and will never exploit your weakness. 2) Nature of the person: Nature of the person also has an impact on whether this will happen or not. Extrovert people are at higher risks for these type of problems because they are not able to control their mouth. They express all their feelings and emotions even in front of strangers. This is the basic nature of person and it cannot be changed also. Only thing they can do is to remind themselves continuously not to revel information like that related to crypto or btc holdings. |
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I've read so much about Bitcoin in recent time despite it's bearish state now, the growth I've read and seen from the inception of Bitcoin, has been so far an amazing one, Outside making my first Bitcoin purchase on the 23rd, of October 2022, https://bitcointalk.org/index.php?topic=5418706.msg61204329#msg61204329I'm a also a local agent for buying and selling of landed properties, and from my observations, I can say that investing in Bitcoin has some edge(advantages) over investing in landed properties as follows * Easy sorting * Availability * Ease of Trading * Faster D.O.R Easy Sorting Bitcoin can be easily sorted for as compared to lands which in some cases, takes some time to sort at a land to meet a buyer's specification and budget. Availability Bitcoin also as compared to land has also been readily available for purchase at all time as compared to land which might be exhausted or not available at a particular area when needed at a particular time Ease Of Trading Buying and selling of Bitcoin can easily be done from the comfort of one's bed, which isn't the case with landed properties as it is difficult most time to sort for potential buyers and also sellers at some points and time. Faster D.O.R Faster Dividend Of Return is one advantage of Bitcoin over landed properties, as one who invests in Bitcoin now(bear run) will be smiling in no time as there might be possible Bull run before the end of next year. Will you sell Bitcoin to buy a land or sell a land to buy Bitcoin? What would you rather invest in? Even if the Bitcoin has many advantages over land investment, most of the people int country choose the later for investment. Let me list some reasons for this: 1) Most important thing is mindset. It took years for people to understand that land investment gives very good returns. It is now rooted in the mind of people as their parents used to discuss this in homes, they saw this in news and internet. It is very hard to remove this conditioning and replace land investment with a new form of investment like bitcoin. 2) It might sound ridiculous but people here boast of the properties they own. It is a matter of social status. On the other hand, even if you own a lot of bitcoin or other crypto, no one else will come to know about it. I know the idea to feel proud this way is stupid but we cannot change the way society operates. This is the way people think here. However, gradually things will change and people here will also understand the benefits of crypto over land investment. |
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So let me share a real incident with all of you that happened two months before in India. There was a businessman and he used to own some crypto for trading and also as an investment. His friends came to know about exact amount he had which was quite big amount in my country. It happened because he casually mentioned it to them and showed them his investment and profit.
Now these friends made a plan and kidnapped him and then asked him to trasfer all the crypto to their wallets. It was about 3 BTC in total. But the good thing was that he escaped them and then told police about all this and the funds were recovered. But he could might have lost his life and all the crypto because of this incident.
So the lesson here is to never tell anyone exact amount you hold. You can inform just one member like your parents or wife about this so that they can recover the funds in case anything happens to you but never tell this information to casual friends or distant relatives.
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I also planned something like this but one thing stopped me. I wanted to gift Bitcoin as surprise gift but this is not possible as per my knowledge. Because the person I am gifting to needs to have an account on an exchange to receive Bitcoin from me. If I tell the person to create account or ask for his documents, all the fun of the surprise gift will be ruined. If anyone has some inputs on how to do this without letting the other person know about it in advance, I will really appreciate it.
Anyway if even 10% of bitcointalk forum members start doing this on birthdays of their friends and family, it will educate a lot of people about the usage and benefits of crypto. Some people are not using crypto because they do not own any coin and are hesitant to buy some as they think that is a new technology and there can be some issues. But if they get it as a gift, they will surely explore it more.
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Congrats to you but posts like this should not be encouraged. People will come to gambling without any skills or reality check and loose a lot of money. This is because young people can get carried away by these incidences or proofs.
One good thing is that people got to know about a genuine platform with your help. Because there are many other online site which do not release the winning funds easily or are manipulated as well. You also added video proof which is a must because images can always be altered. I will advice you to use the winnings wisely and not spend the entire winning in juts one gamble. If you are doing gambling just for fun, and it is small amount compared to your monthly savings, then you can risk this winning amount also.
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I think I heard about one of the exchanges enacting this policy a few years ago.
The policy doesn't specify inactive accounts. I just imagine if that includes accounts with empty balances, if users arrive back a few months later and it will deduct their deposit according to the period of inactivity.
Yes the exchanges who have implemented this deduct from balance added in future even though you have no funds there currently. |
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Elon Musk is a big supporter of Dogecoin and has promoted it multiple times. Now he also owns Twitter where he has many times pushed different crypto projects and caused big fluctuations in the price of different crypto coins.
So is it possible that he will use the ownership title of Twitter to push the prices of Dogecoin also ? I have observed some increase in prices already but will it continue for long run ? Do you think one should bet on this event and spend good amount of money on dogecoin for reaping the benefits later ? Or we should not rely on a man like Elon Musk who has made contradictory statements about bitcoin is past? Which side are you ?
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1. If your goal is to actually "use" bitcoin/crypto, you most likely wouldn't have it on an exchange
There can be other reasons to keep it on exchange like doing future trading, buying NFTs on an exchange and then trading it and so on. 2. Leaving funds on exchanges if you aren't trading them isn't a smart move in the first place
You will still need an account on an exchange to buy crypto before sending to own device. The point is now some exchanges are charging for this which I think is not cool. 3. Just stop using such exchanges if you're not a fan of inactivity fees and let them feel the damage
Is this practical ? Where you buy new crypto coins from then ? |
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