Celsius, Terra, FTX Crash All Are Prove That Bitcoin Is The Only Trusted Crypto

[darkangel11]

I own more bitcoins each year since 2013 and I'm 100% confident that it will succeed. I've survived bear markets in 2014, 15, 18, 19, and 22 and I'm sure that if it goes into 23 I'll still be here picking bitcoins and adding to my balance.

That doesn't mean I haven't sold any. I sold in 2017 and 2021 but I still have more BTC than I had in 2014 so I consider it a huge win. Whenever somebody asks me how I feel when the price is crashing I answer that it's just a part of the game like getting yourself covered in grease is a part of being a mechanic. You can't do one without the other.

[Hispo]

I would like to mention there is a yield farming component or greed component to these stories of complete collapse.

Terra-Luna was a temporary success because people wanted to take advantage of their over 13% yield on their smart contract.
Celsius was just a platform people used in order to get more yield off "their" holdings of Bitcoin, Ethereum and other stable coins.
Blockfi was the same and the fact FTX needed to rescue Blockfi with a huge injection of money was one of the red flags.

In the end, FTX disaster was the product of greed and bad management by the people on the top of the company.

The lesson to learn here, besides the strength of Bitcoin over altcoins, it is the fact that we should not get greedy and pursue high yields at the cost of the self-custody or control over our satoshis. Do not get tempted by the papers, solvency and liquidity and the name of the people behind the projects which promise you high percentages.

[kamvreto]

~snip~In the end, FTX disaster was the product of greed and bad management by the people on the top of the company.

The lesson to learn here, besides the strength of Bitcoin over altcoins, it is the fact that we should not get greedy and pursue high yields at the cost of the self-custody or control over our satoshis. Do not get tempted by the papers, solvency and liquidity and the name of the people behind the projects which promise you high percentages.

At first, FTX's management, including its CEO, looked humble and put the interests of the poor and those in need at the forefront, but in reality it was just a camouflage to cover up their rottenness. the people who were at the top of the company made a lot of profit and now because of their own greed, the business has finally collapsed.
People who promise high percentages certainly have ulterior motives, moreover FTX is also an Exchange with the cheapest fees and it uses its users' money which continues to be used for other businesses.
Incidents like this should make us realize that nothing is truly safe and really protects our assets. Our assets are our responsibility, nothing will be safe as long as there is no full control. This incident was the dumbest bitcoin crash, because bitcoin was only affected.

[Mpamaegbu]

Celsius, FTX, Terra etc have all seemed like scam coins and scammy institutions all along. 

How come we didn't hear cries about them being scams before their crashes? People are quick to say, "I told you when things get fucked up" even when they didn't know a thing about the situation and quick to claim sagacity when it goes down well.

Don't hold coins on exchanges

If we're going to be factual on that, I will tell you that advice will only suit investors not traders.

don't fall for the dodgy get-rick-quick pump and dump coins.

But of course, that's the honest truth. However, most people have that mindset that it's their main reason of being in this game. They want it quick and short, forgetting that there's no shortcut to success.

[Lucius]

That doesn't mean I haven't sold any. I sold in 2017 and 2021 but I still have more BTC than I had in 2014 so I consider it a huge win.

I always say that it is wrong to approach Bitcoin only as an investment because it was conceived as a cryptocurrency and that is how we should use it from time to time. Many are surprised and complain that there is not a single place or there are too few in their environment that accepts Bitcoin as a means of payment, and at the same time they do nothing to change it.

Each of us should work to change people's perception of what Bitcoin really is, because if we continue to go in this direction then we will have to face the fact that Bitcoin will become just another in a series of speculative assets.

[Hispo]

~snip~In the end, FTX disaster was the product of greed and bad management by the people on the top of the company.

The lesson to learn here, besides the strength of Bitcoin over altcoins, it is the fact that we should not get greedy and pursue high yields at the cost of the self-custody or control over our satoshis. Do not get tempted by the papers, solvency and liquidity and the name of the people behind the projects which promise you high percentages.

At first, FTX's management, including its CEO, looked humble and put the interests of the poor and those in need at the forefront, but in reality it was just a camouflage to cover up their rottenness...

He ended up donating a millions of dollars to the political campaign of democrats in USA, millions of dollars which I suspect could have changed the situation of thousands of clients who now see their funds stuck in their account. Quite selfish of him, to be honest.

.. This incident was the dumbest bitcoin crash, because bitcoin was only affected.

Not only Bitcoin, If you check the general state of the market these days, you can notice there has been a downhill trend since the news on the collapse of FTX were known, there are few exceptions. It is true Bitcoin lost some value because of this, but the worst part was given to those holding the FTT token, it is already beyond -90% in value only this week. Another reason to stay away from CEFI tokens altogether.

[kamvreto]

He ended up donating a millions of dollars to the political campaign of democrats in USA, millions of dollars which I suspect could have changed the situation of thousands of clients who now see their funds stuck in their account. Quite selfish of him, to be honest.

the millions of dollars he donated to political campaigns in the US let us know what the true character of the SBF is. However, when the FTX exchange collapsed Biden did nothing, it became clear that Biden didn't want to meddle in SBF matters and didn't want to get his hands dirty. SBF started to get into politics only used when the brand needed it. the rest have to work alone until they go bankrupt.

Not only Bitcoin, If you check the general state of the market these days, you can notice there has been a downhill trend since the news on the collapse of FTX were known, there are few exceptions. It is true Bitcoin lost some value because of this, but the worst part was given to those holding the FTT token, it is already beyond -90% in value only this week. Another reason to stay away from CEFI tokens altogether.

Of course, the most affected FTT tokens can no longer be saved. besides that FTT tokens belonging to FTX users are also held and cannot be taken, if they can withdraw it I am sure the price will be even worse than it is now.

[OgNasty]

Probably only a matter of time before BNB is included in this list as well.  Sure, Binance was the first exchange to grift users with their own coin in order to get ridiculously rich.  They may have even managed to get enough adoption to keep this alive for a few cycles.  I think it is pretty much inevitable that things like this fail though.  Maybe CZ will be the exception, and the BNB rollout along with reduced exchange fees to give it a use case was wildly successful and something that has been emulated many times since, although usually unsuccessfully as was the case with FTT.  Just be careful out there.  Know the value of the things you're buying and be careful.

[Captain Corporate]

The only difference is that Binance is making so much money that they can keep BNB to a "health" place as much as possible. I mean its clear that we are talking about something risky and of course it could drop a lot, and I am not saying that it is impossible for Binance to ever bankrupt, they could definitely end up with a loss too. However, if we are talking about what we have seen so far, I am guessing that Binance will keep on profiting billions, and in a situation where BNB starts t drop, they can just buy a lot of it and burn it easily without care, sure would lose billions, but would keep their business afloat thanks to that. Nobody else had that much money and power.

[suzanne5223]

Bitcoin is the only trusted cryptocurrency right from the beginning and the level of its dominance in the market is already proven. Besides, it is not difficult to understand that most altcoin creator purpose was to enrich their pouch, not for the purpose of the technology.

Probably only a matter of time before BNB is included in this list as well.  Sure, Binance was the first exchange to grift users with their own coin in order to get ridiculously rich.  They may have even managed to get enough adoption to keep this alive for a few cycles.  I think it is pretty much inevitable that things like this fail though.  Maybe CZ will be the exception, and the BNB rollout along with reduced exchange fees to give it a use case was wildly successful and something that has been emulated many times since, although usually unsuccessfully as was the case with FTT.  Just be careful out there.  Know the value of the things you're buying and be careful.

Binance was ridiculously rich because of the Safu fund introduced by CZ, I said this because I notice the exchange gained more traffic, and their BNB experience a vast surge.
Although, according to the exchange proof-of-reserves they seem to have huge crypto kept inside cold wallet addresses but this still doesn't mean exchange should be used as storage or trust in their native coin that technically has no use case.

[Fivestar4everMVP]

~Snip~

Probably only a matter of time before BNB is included in this list as well.  Sure, Binance was the first exchange to grift users with their own coin in order to get ridiculously rich.  They may have even managed to get enough adoption to keep this alive for a few cycles.  I think it is pretty much inevitable that things like this fail though.  Maybe CZ will be the exception, and the BNB rollout along with reduced exchange fees to give it a use case was wildly successful and something that has been emulated many times since, although usually unsuccessfully as was the case with FTT.  Just be careful out there.  Know the value of the things you're buying and be careful.

Binance was ridiculously rich because of the Safu fund introduced by CZ, I said this because I notice the exchange gained more traffic, and their BNB experience a vast surge.
Although, according to the exchange proof-of-reserves they seem to have huge crypto kept inside cold wallet addresses but this still doesn't mean exchange should be used as storage or trust in their native coin that technically has no use case.

Lucky dube said in a song that "too much power in one man's hands is very dangerous for the society"

I personally think that Binance have managed to gain alot of power in crypto and it is indeed very dangerous for bitcoin, and the entire crypto market, as it is now, if binance goes down, it is likely that the price of bitcoin will go down below $3000, and alot of people will leave crypto.
The question now is, how did the Binance managed to get this much power and what must be done to prevent the impact binance's fall will bring the market..

[zeuner]

Celsius, FTX, Terra etc have all seemed like scam coins and scammy institutions all along. 

Don't hold coins on exchanges, and don't fall for the dodgy get-rick-quick pump and dump coins.

True. Still funny that people take the fact that it is possible fo scammers to run an exchange as a sign for "crypto having crashed"...

[Crypto-Ivan]

There will always be some unexpected things in the crypto market. Project scams and the closure of exchanges will make people realize that bitcoin is a relatively safe investment currency. As the king of cryptocurrencies, bitcoin has experienced dozens of years. The test of the year is the most mature market in cryptocurrencies. Investing in Bitcoin is relatively safe and profitable at any time.

[suzanne5223]

~Snip~

Probably only a matter of time before BNB is included in this list as well.  Sure, Binance was the first exchange to grift users with their own coin in order to get ridiculously rich.  They may have even managed to get enough adoption to keep this alive for a few cycles.  I think it is pretty much inevitable that things like this fail though.  Maybe CZ will be the exception, and the BNB rollout along with reduced exchange fees to give it a use case was wildly successful and something that has been emulated many times since, although usually unsuccessfully as was the case with FTT.  Just be careful out there.  Know the value of the things you're buying and be careful.

Binance was ridiculously rich because of the Safu fund introduced by CZ, I said this because I notice the exchange gained more traffic, and their BNB experience a vast surge.
Although, according to the exchange proof-of-reserves they seem to have huge crypto kept inside cold wallet addresses but this still doesn't mean exchange should be used as storage or trust in their native coin that technically has no use case.

Lucky dube said in a song that "too much power in one man's hands is very dangerous for the society"

This is totally true and I believe this is the reason Satoshi founded Bitcoin on decentralization and consensus ecosystem. This is the reason why no altcoin will ever have the chance to be like or close to Bitcoin.

I personally think that Binance have managed to gain alot of power in crypto and it is indeed very dangerous for bitcoin, and the entire crypto market, as it is now, if binance goes down, it is likely that the price of bitcoin will go down below $3000, and alot of people will leave crypto.

CZ Binance is an economist by profession and he put his professionalism to work that is the reason why Binance gained power in the CEX ecosystem. As you said, this is dangerous for crypto at large due to the result of much power in one man's hand.
Yes, if Binance goes down BTC is likely to downtrend to a $3000 price but only the naive crypto investor will leave the market because of it. In the meantime, there's a chance that this won't happen because the SEC will step in soon and there will be huge level of regulation in the crypto market soon.

The question now is, how did the Binance managed to get this much power and what must be done to prevent the impact binance's fall will bring the market..

If you notice that Binance get much power in the CEX market after the exchange hacked issue. They did 2 things which is the result of what we see today.

1) Build trust among crypto investors, traders, and holders through the introduction of SAFU while they technically increase their capital through a ridiculous withdrawal fee of 0.0005BTC before they later change it to 0.0002BTC last or this year I don't remember correctly.

2) They keep building their ecosystem and introducing more ideas to outshine competitors. In every business setting people that do this will always be on top.

We can not do anything to prevent the impact of Binance's fall since they are the richest CEX but to prevent the exchange and others from falling the SEC needs to come in, do some examination of CEX activities, and prevent future activities like what we see in FTX.
Just like the saying prevention is better than cure.