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As others have already mentioned, the "Bitcoin is dead" phenomenon is pretty repetitive every time we go through a bearish period. Ignore it for your own well-being. Anyway, I'm not interested in reading any kind of predictions anymore; I don't see the point; whatever is going to happen will happen. On top of that I'm generally not interested in Bitcoin's price movements. A few months ago, in a similar thread, I had mentioned that Bitcoin's lowest point would settle at approximately $14.500–15.000. So far, I haven't been proven wrong. Although, in my opinion, $10.000 sounds way too exaggerated and unlikely to happen.
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I honestly don't know how to explain my stand regarding privacy. As PrivacyG already mentioned in their initial post, I agree with all the points regarding our personal privacy stated in the second paragraph. However, for some reason, I'm not too bothered regarding the privacy of my cryptocurrency funds in general. I've never used a Bitcoin mixer and I'm not planning to anytime soon. Anyone can easily see how much BTC I own, and that address can easily be traced back to my BTT account.
On top of that, I've also submitted all necessary information in my Binance account, which holds a relatively decent sum of money. I later realized that this was a mistake, since any money can be easily traced back to me and be subject to questions on its acquisition. On the one hand, I acknowledge that it's probably not the best option, but on the other hand, I'm not bothered to change it. Perhaps I'm way too comfortable with that idea, thinking that nothing unfortunate will happen to me (identity theft, FTX incident, etc.).
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I was a victim of this two days ago.
It changed my Binance bitcoin address to this address:
1bmL3m2Wrb4qzSyNnLU3ExEhWX8C7QeWK
I lost 0.00810000 BTC.
BTC is still unspent.
https[Suspicious link removed]hWX8C7QeWK
Is it possible to get the real ID/team of this extension maker?
I'm sorry for your loss. Do you have any idea how the extension got installed in the first place? In my case, I found that it had been running for quite a while and couldn't possibly trace back to who was responsible for its installation. I had a few guesses regarding some torrented software, but the creation date of the extension's folder doesn't line up with the download date; thus, I can't be sure that the torrents were to blame. Although I will refrain from downloading pirated software from now on. |
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I'm from Europe, Greece to be exact, and have never heard of the IMO. I'll drop my two cents about energy sources, though. Climate regulations are what sparked the energy crisis, starting in August/September, by closing a large amount of coal plants in Europe in order to turn to renewable energy resources. I'm not against renewable energy, but there are numerous scandals in Greece about placing wind turbines on burned forests. It sounds like a conspiracy theory, but it has been proven that huge corporations were interested in and had deposited proposals for creating wind farms in forests that would be burned in the near future.
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I'm guessing that you sold at a quite high price in 2021, at least over $40–50,000. Since you already know Bitcoin's capabilities in terms of value, consider this an opportunity to acquire it and prepare for the new bullish season. Unfortunately, the economy is in a dire situation worldwide for a variety of reasons, such as the war, the energy crisis, excessive inflation, etc., which isn't helping any kind of investment, from stocks to assets and cryptocurrencies. Even the S&P 500 index has lost value in the past few months.
To summarize, this period is a great time to acquire discounted Bitcoin if you have the available budget.
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News outlet usually just follow the trend the market since that’s what people want to see. People wants to see the price to go lower on bear market since they want to buy cheaper price. This is what media outlet feeding to crypto people to attract them to read there articles. It will not hurt to play safe but following news is really the dumbest thing to do specially on trading.
I couldn't have said it better myself. I've also noticed this pattern in news coverage. When the market is bullish, excessively optimistic predictions keep popping up, and the exact opposite thing happens during bearish periods. News and predictions mostly follow market trends, just like you said. I don't see any valid reason to take them into account. I don't even bother reading any kind of analysis or news anymore. That keeps my mind at peace. Although Bitcoin has taken a hit due to the FTX fall, it's perfectly normal since the cryptocurrency world has taken a solid hit with it being one of the largest exchanges worldwide. |
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If you're too afraid then ease your mind; sell you holdings. This is being repeatedly told to every investors here. You won't be wrong from either selling or holding because that is your decision. Just be safe feom regrets whatever decision you are about to take; this is your goal as an investor. The market is volatile in nature simply because its market value is determined by demand. With demand, it is not constant because of factors affecting it. If you can endure no matter how low the market price gets, then continue holding. The losses, as long as you are not selling, are just temporary and you only have to wait for the recovery. This is how simple investment is, not only in this industry but also to other types of asset.
There are a number of people who can't bear to see their funds lose value. I somewhat identify as one of them; I couldn't stand seeing that I made a wrong trade, which could potentially lead to a loss. In such cases, you have to compensate if you still want to be in the game. Personally, I stopped trading, but I'm interested in trying it again if I empty my schedule a little. I also stopped buying so-called promising altcoins and stuck with Bitcoin only. I'm not even bothered to check my funds' value anymore; I don't worry even during bearish periods like this one. |
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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 4–5%, 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 2013–2016, 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 7–10% return, which was approximately 30–40 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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