ONE MAJOR LESSON LEARNT SO FAR THIS WEEK FROM THE CRYPTO MARKET 😥

[btc_angela]

What lesson did you learn from the market this week?

I personally, learnt to always take profit.

Take profit? or take out your coins from centralized exchanges because you don't know when they are going to collapse like FTX.

So create a wallet that you have total control of, have the keys, and save it. Others will say that just leave enough in an exchange for your trading, for me if I have more than $100 then I will withdraw it immediately just in case.

And for investments, just be careful on shitcoins and meme coins as they could be devalued or lost their worth very quick.

[Luffygroove]

The recent negative events in the cryptocurrency industry have taught me that we cannot always put our faith in projects that appear to be solid, reliable, secure, and so on. You should be alert to any new data, shifts, or warning indicators, no matter how vague they may seem. No one can be trusted, let alone centralized projects. Keep vigilance; protect yourselves at all times. Here, we can afford to slack off and yet come out ahead. You should be prudent with your finances because we can't predict when awful things will happen and must always be ready for the worse.

[Terezi]

What lesson did you learn from the market this week?

I personally, learnt to always take profit.

Trust no one in the crypto world, not your keys, not your coins.

Do not invest all funds in the same project, diversify investment andtaking profits is a must.

[tygeade]

I personally, learnt to always take profit.

I myself believe in the principle of always take profit. Because I don't like to wait if there is a profit from my investment whether it is less or more. A good opportunity came this week to make some profit. The market was dumped a lot this week. So I invested some USD and then sold when the market pumped again.

I do agree that it was a big drop, but that doesn't mean that we should be focusing on the drop and going all the way to USD because let’s not forget that it was printed so much. Yes, the value is growing a lot recently, but that is because of the interest rate going up too, at the end of the day we are talking about 30+ trillion dollars and that’s not easy to just hide, and that means dollar is not as valuable, just hiding the drop in the value that’s it.


Bitcoin on the other hand is super valuable and will grow beyond ATH again, its only matter of time, when the time comes that will happen and you will want to hold some bitcoins when that time comes, or you will be upset.

[Yatsan]

To @OP and everyone.

Taking profit is very common these days because if you don't do that, that's the actual lesson you'll learn. That's what I've learn long time ago and there were instances that when you take profits, the market rises more.

And at that time, the regret begins to tick on your mind that you should haven't taken the profit yet. But, you just did the right thing and you'll never know when the dump will start.

Simply know your satisfaction as a player. Taking profit won't be easy if you're on that drive of playing. Whether it id greed or not, it will be hard to stop in an instant. Your satisfaction as a gambler and investor would determine when to stop. Taking profit is a problem to many gamblers because they are wanting for more. Who's not in need of money by the way?Since the market prices of not only Bitcoin but to most of the cryptocurrencies are having a hard time, selling won't be not advisable for those who can,'t afford standing the situation without the idealisation of profit. Eversince I got here' if you more than 3mos,can  emember it correly,

[Sikinkato]

What lesson did you learn from the market this week?

I personally, learnt to always take profit.

That is a lesson you can learn from any other dump we have witnessed in the market in the past, so while important I do not think it is related to the events that occurred this week, a more important lesson is to always keep your coins in a wallet only you control, because as we have seen no exchange no matter how big or how good is their reputation is worth of that trust, as they could always collapse out of nowhere and then make you lose all your money with no chance of ever recovering it.

This is indeed correct and useful. Not your keys, not your coins. Don't trust any exchange, put assets into your own wallet, control your own funds to ensure safety. Always be vigilant in protecting your assets.

[Silberman]

Don't keep all your funds in one exchange, diversify your coins and diversify your exchange. Provide stablecoins to hold more when the price drops drastically and becomes a discount price, because that's a good time to enter bigger profits

The lesson we learn is that though crypto industry is developing very fast but still far from maturity so stay away from centralized exchanges until they are properly regulated and scrutinized to protect investor's fund.

This incident has massively damaged the reputation of all centralized exchanges and people to think twice/thrice before they transfer their funds in any exchange including Binance which is top rated exchange. People didn't like the role CZ (Founder & CEO of Binance) played; in the beginning he came up with rescue plan but later he backed out.

Conclusion: Though this fallout is a pain for the short term for the whole crypto industry, but I think it is good for the long term because more regulation will definitely come out now to scrutinize the crypto holding companies.

It's true that it really damages CEX's reputation, it requires transparency from the exchange regarding the storage and allocation of the investors' funds they hold. Also remember that DEX also has several weaknesses that can make investor funds get hacked too. It's better to be wise and diversify

Many decentralized exchanges are only decentralized in name so they are not as good as an option as they are trying to make themselves out to be, so it is important to trust no one when it comes to our coins and regardless of how good their promises are we need to keep our coins under our control at all times, and if this is not possible for you as you are a trader then your coins should only be at the exchange for long enough to make your trade and no longer than that.

[BitDane]

It's true that it really damages CEX's reputation, it requires transparency from the exchange regarding the storage and allocation of the investors' funds they hold. Also remember that DEX also has several weaknesses that can make investor funds get hacked too. It's better to be wise and diversify

I think I learned that proper regulation on centralized exchanges must be implemented.  As you said, fund transparency is a must.   An exchange should be audited at least once a year in order to verify the reserve funds if it is 1:1 to the clients funds.  That way exchange users will have a peace of mind and their balance is available anytime they wanted to withdraw.  I also agree to not put our money in one basket.  Diversification is one of the key to avoid a total lose when our investment doesn't do well.

[serjent05]

What lesson did you learn from the market this week?

I personally, learnt to always take profit.

Take profit? or take out your coins from centralized exchanges because you don't know when they are going to collapse like FTX.

I think it is better to learn both  .  Take profit and take your fund out of the centralized exchange in order to avoid the same experience the FTX clients had.

So create a wallet that you have total control of, have the keys, and save it. Others will say that just leave enough in an exchange for your trading, for me if I have more than $100 then I will withdraw it immediately just in case.

Same here, I'd rather spend the money elsewhere than leave it in an exchange and get stuck due to an exchange getting hacked, getting bankrupt or turning rogue and scamming their client.

And for investments, just be careful on shitcoins and meme coins as they could be devalued or lost their worth very quick.

I agree, even though profit in these altcoins can be life-changing, the risk involves is also life-changing if we get all in and failed to calculate the risk involved and got scammed.

[glendall]

lesson I got
1. always be aware of our personal assets
2. Never store large amounts of assets on an exchange
3. keep learning and learning in everything about what is cryto, exchange, and all kinds of blockchain

[WalkerIVIV]

even the coin that's among the highest ranked could just lose their value in the blink of an eye, this has occured twice and I don't think everyone will have the same faith to these highest ranked coins like before since it could literally make you broke in just short moments, I'd say diversification of the investments is the only thing that could save your investments in this tough times, after all with diversification, if one of the coin is crashing there are still many coins left that could potentially go up in value.

[shinratensei_]

Some important lessons can be learned during this month


- Storing money in cex was stupid choice
- Try to take profit once market is recovery a little bit
- Try to be patience when bearish market is still stay here
- people must never try to trust centralized entity so much.
- Lending platform was the garbage platform that can dead instantly


Lots of lessons have come but it seems people never try to learn it. So many people keep even sending their money to the lending platform which has been playing shady with the customer funds and liquidity. i hope that people will be learned a lot from the last case happened with FTX that was affecting so many defi.

[Orange89]

Always Keep your fund safe don't connect your wallet to any Unknown website check the Authentication of that website always
Don't trust on any Centerlized Exchange even if it is Binance or any top exchange
Just purchase a hardware wallet for storing your funds for the long run
Ultimately knowledge is everything so try to gain more knowledge from other opinion and implement it

[Rengga Jati]

What lesson did you learn from the market this week?

I personally, learned to always take profit.

Not only this week but along my journey in this crypto world:
- Never be greedy, always take profits as targeted or at the right time
- Use SL if we are daily traders
- Not panic about FUD, stay wise and calm to think and consider what's best to do in certain conditions.
- Never trust anyone that rise the hype and suggest you hold certain new projects because commonly, they only want to rise the hype, take profits, and deceive us by leaving us with our holding tokens. 
- Always analyze and watch the market movement if the rate that we target is almost reaching, for, we may probably lose our only chance to take profits if we expect too high.

[Silberman]

lesson I got
1. always be aware of our personal assets
2. Never store large amounts of assets on an exchange
3. keep learning and learning in everything about what is cryto, exchange, and all kinds of blockchain

All of those lessons are important but the third one is critical, it is important to remember that no one knows everything and with this in mind we need to always be open to learn about new things, this is especially true when it comes to scammers a they are always coming up with new ways to scam people and if you are not aware of how it works then you may get scammed by them, unfortunately those which may need to listen to this advice the most are probably the ones that are the least likely to hear it.

[irhact]

What lesson did you learn from the market this week?

I personally, learnt to always take profit.

Taking profit has always been advised in the industry as this is a very volatile market that one minute we could be in a bullish trend and the very next minute things change. We have very vulnerable investors in the market which is why things move so quickly. Emotions are all over the market even though it has been advised against entering the market with emotions. We have traders with no experience which are just gambling on how the market will go and they open position that they can't withstand the pain if they were to lose.
The market has made it seems like you go big or go home, everyone wants to hit it big one time and this is reflecting on the market as the charts are unhealthy and making things difficult for traders that read the market with charts.

[Antonas1]

What lesson did you learn from the market this week?

For this week? Even this month I learned nothing. As usual, I just love it when the chart turns red, because it means I can buy Bitcoin at a cheap price.

I personally, learnt to always take profit.

I'm sure you do, since you are like a trader. Many of my friends also do the same thing; they love scalping.

[A-Kuber D]

We are still very early. Hope THIS MESS won’t take place in future when the industry is mature enough.