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

[Fivestar4everMVP]

Celsius(CEL), Terra(LUNA) And more recently, FTX(FTT) Crash, What Lesson Are We Being Taught?


       We are being taught not to trust in Altcoins, Bitcoin is the only cryptocurrency that should be trusted, if you are investing in bitcoin, after buying and moving your Bitcoin to your Non-custodial wallet, and keep keys in a safe and secure place, you are free do delete the wallet, even leave crypto completely.

Come back in 10, 15 years, get your keys, get your non-custodian wallet back up and restore your wallet, your bitcoin will be just as you left it..
Maybe with a better usd value?- Maybe but that's not the main purpose or message in this topic, the message in this topic is that --After staying away from crypto for so many years, you still meet your bitcoin the same way you left them in your non-custodial wallet, you can decide to move it to an exchange and sell or keep holding.


On The Other Hand...

       If you are investing in Altcoins, then it is mandatory to always be online every day following development update as well as the market, as you never can tell what decision the team will make at a particular time that will trigger a sell off, you have to be there to catch some part of your money as they flee  , but if you are the type that buy altcoin and stay offline for like a month or two before checking again, you might just come back one day and discover that the altcoin you bought and kept it as a future investment are now worthless.

Now, imagine business men/women, working class men/women who bought FTT(for example), kept it in their private wallet and because they are too busy with their day job, they don't have time to follow the project up, they probably trusted FTT as a very genuine investment.
Think about how they must be feeling the day they might decide to check to see how the price is doing only to discover that FTX exchange is no more and the native token have gone to hell to say hello to satan

Even a simple shift from one contract address to another ( which is very common with Altcoins) have costs inactive investors their money, as they were not online to follow the process provided by the project team to shift their tokens from the old contract to the new one at the provided or specified  time period.

Conclusion

        If you are not the type that spend several hours online everyday like me, then please give more attention to buying Bitcoin.

I will give three reasons why..

• Bitcoin is the only cryptocurrency that has no team to make useless decisions that will crash the price or destroy the project.
• Bitcoin has never and will never experience a shift in contract address (cus it has non) that will leave you with worthless coins if you are not online at the specified time period to swap, as it is common with most altcoins
• Bitcoin has the most liquidity, it can never be delisted from any exchange due to low trading volume as it is with some altcoins in the long run, so be rest assured that even if you are away for 10 or more years, anytime you come back, there is always some body ready to buy your bitcoin from you at the market price.

A lot of reasons, learn and never invest in altcoin and abandon it and say you will come back in the future to cash out millions, you might just return in the future and discover there is no longer a project associated with the altcoin you bought.
If you must be Away for even a day in this space, Buy Bitcoin instead.

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[cr1776]

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.

[Piesel]

One of the most interesting aspect of Bitcoin is it sustainability of value over time, and even though am not in support of leaving the crypto space for a long time even though you are holding Bitcoin but you will have some level of peace of mind while holding Bitcoin but you are still expected to keep check of portfolio even if there held in a none custodial wallets.

If you follow up things and events since the altcoin boom you will have noticed that most time when Bitcoin value drop significantly it can be trace to the vulnerability of an altcoin, take this drop of bitcoin price at the moment for example, it is as a result of the crash in the FTX that happen some few hours ago.

[examplens]

Celsius(CEL), Terra(LUNA) And more recently, FTX(FTT) Crash, What Lesson Are We Being Taught?

I would add Mt.Gox to this list as one of the more serious breakdowns in the crypto world. but it is most closely related to Bitcoin, not as the stability of the currency, but the most damaged are the bitcoin holders at that time.
maybe it would be better to reformulate to decentralised vs. centralised.

And yes, I completely agree with you about trusting altcoins.

[LDL]

There are many well-known and unintended issues that occur in cryptocurrencies, the most talked about issues being the Celsius crash, the crash of the Luna platform.  However, there has been no issue in cryptocurrencies for quite some time.  The recent FTX exchange liquidity crisis has dealt a major blow to cryptocurrency.  FTX Exchange is one of the most popular exchanges at the moment.  The liquidity crisis of this exchange means that people's confidence has reached zero.



In the Twitter post SBF told that his exchange FTX had a liquidity problem. After seeing his tweet investors and holders withdrawal more than $5 billions dollars from the exchange in a single day.
I think from the crashed that investors confidential level hit by the news of SBF.
The main reason for the crisis of public confidence is the liquidity crisis of such a large exchange like FTX.  And CZ has used this opportunity.  Because only FTX is the main competitor of Binance exchange.

Taught: I never invest others coins instead of bitcoin.
Binance & Coinbase exchange now the target of SEC.

[hatshepsut93]

Unfortunately, that's not the conclusion that people outside of crypto make. They see fiasco after fiasco and decide that all of crypto is a scam, including Bitcoin. How can you convince them that Bitcoin is different? They didn't study the crypto protocols to understand the fundamental difference between centralized and decentralized crypto coin. And they don't see that Bitcoin is being massively used in real world. That's why shitcoins and shitcoin exchange crashes drag Bitcoin with them.

[MoonOfLife]

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.

After all, they are all scams but investors like risky games for a chance to get high profits so when these coins die there will be other scam coins that will replace them and always so. Bitcoin is unique and it is only when those people lose money on shitcoin that they realize that there is no better coin than bitcoin. So the existence of these scam coins is not so bad, without them many people would not realize what is the real cryptocurrency.

[SquirrelJulietGarden]

Most important, it is a Proof of Work coin

Other important factors are
- It is decentralized and is not controlled by a single person, entity, company ... so it is impossible to see one person or one company can put Bitcoin at risk by using it as a collateral for an exchange, an company and face with liquidation that results in market panic
- It can not be created more than 21M bitcoins in total supply. No more minting from thin air. Impossible to change its total supply to more than 21M.

Terra, FTT fiascos happened because of over minting from thin air, bad risk management and very centralized ownership and powerful control that caused terrible centralized decisions.

[Darker45]

The funny thing with the crypto market, however, is that its being a wild wild west could either make or break you. Early in my crypto years, I had a lot of DOGE. It was a popular coin years ago-- even until now in fact-- and for somebody who's taught to diversify, DOGE was one of the options. It was way back when it was only worth tens of Sats. I had more than a million DOGE. Of course, I've let it go already. But had I HODLed it, I would have made a lot of Sats.

There are actually a number of stories of crypto owners who forgot their coins or their access. When they finally got hand of them, they were already worth so much more. That includes Bitcoin, of course.

But I am not in any way arguing against your points. I think they're all correct. I'm just sharing the other possible side of the story. It's not worth taking the risk for some luck, of course, especially today when there are way too many coins to choose from.

[Bazzu]

indeed today there are so many altcoins that make many people suffer huge losses because of investing in altcoins, and now it has been proven that bitcoin is a great future asset. because investing in altcoins is very risky. but if we invest in bitcoin, of course it is very safe.

[TravelMug]

I guess it's pretty obvious, those altcoins are really very risky as the price can go down very hard in matter of days, causing panic and destruction along the way. The Terra probably is one of the biggest failure, but then again, FTX didn't learn the lessons from that crash and Sam didn't try to avoid until it's too late that investors and traders can't withdraw.

People should see this already, again the risk is very high for this altcoin projects that suddenly burst into scene. Bitcoin could be dumping,  but there's no way that it can literally go to 0, it's too big to fall.

[naira]

Agree as simple as this: When there is a bad issue not only altcoins are wasted but Bitcoin also experiences a decline in price. But the difference here is that the strength of Bitcoin is tested where price reversals are always fast and recover so quickly without a doubt. And lo and behold other altcoins can't do what bitcoin did for a reborn with a price reversal. With proven facts, Bitcoin has become the public's trust over any coin. Bitcoin did touch the price of $15K but the positive point is that Bitcoin can recover without needing to wait long. The market responds to price in order to accumulate more Bitcoin.

[Solosanz]

indeed today there are so many altcoins that make many people suffer huge losses because of investing in altcoins, and now it has been proven that bitcoin is a great future asset. because investing in altcoins is very risky. but if we invest in bitcoin, of course it is very safe.

In terms what Bitcoin is very safe? since you're talking about the price, Bitcoin has a high risk and no one can control the price. It's possible if you see Bitcoin price decrease or increase for 20% just in one day. Does it will make anyone panic? it depends on the person, but does investing in Bitcoin is very safe if the price is highly volatile? Nope, you need to have a good risk management and control your own emotion.

[Welsh]

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.

I hate to say it, but almost every single one is, and that's a problem when you're trying to convince people that Bitcoin is a better alternative to fiat. Since, every couple of years we have this sort of event happen, and that discredits Bitcoin as a whole.

Even if it's not directly about Bitcoin, and its the companies operating around Bitcoin, because that's what people see they automatically associate Bitcoin's reputation with these sort of companies. It's a trend that I can't wait to get rid of, but ultimately to do that we probably need to move to peer to peer exchanges, and that has its own problems then.

[Strongkored]

       If you are not the type that spend several hours online everyday like me, then please give more attention to buying Bitcoin.

Even if we are a person who can be online for a few hours every day and keep an eye on market movements, keep an eye on the latest updates on the altcoin market and also pay attention to any news that appears, as a retail investor we will never be able to know in full what will or is happening on those altcoins, maybe even when bad things start to happen we are too late to get out of the market and still suffer losses.

Agree that Bitcoin is much safer from anything bad that might happen, even without adequate knowledge will still be detrimental to the person so we have to know how the cycling market works every year so that Bitcoin can be really useful for us.

[lionheart78]

Celsius(CEL), Terra(LUNA) And more recently, FTX(FTT) Crash, What Lesson Are We Being Taught?

Despite your given valid reason which I highly agree with, I still won't recommend people to not look at the altcoin market.  There are lots of potential profits to be made in the altcoin market.  It would be a waste if we don't take advantage of these opportunities.  Bitcoin's very high-profit return had been all in the past now, the x30 x50 x100 profit will be rarely seen in the Bitcoin industry which is often available in the altcoin market.  So the lesson these crashes of altcoin convey is that we should exit at a profit and not take the Altcoins market for long-term investment.  Plus avoid keeping our cryptocurrency in centralized exchanges.

Agree that Bitcoin is much safer from anything bad that might happen, even without adequate knowledge will still be detrimental to the person so we have to know how the cycling market works every year so that Bitcoin can be really useful for us.

True, the Bitcoin market is the most established market among cryptocurrencies but we still need to learn the curves of the Bitcoin market movement.  It is very important especially if we are engaging Bitcoin to take profit from its market.

[posi]

Unfortunately, that's not the conclusion that people outside of crypto make. They see fiasco after fiasco and decide that all of crypto is a scam, including Bitcoin. How can you convince them that Bitcoin is different? They didn't study the crypto protocols to understand the fundamental difference between centralized and decentralized crypto coin. And they don't see that Bitcoin is being massively used in real world. That's why shitcoins and shitcoin exchange crashes drag Bitcoin with them.

The root cause is that their understanding of bitcoin is virtually non-existent. Yesterday, I was talking to my cousin and we accidentally talked about bitcoin and he also knew that I invested in bitcoin for a long time. He doesn't mind the recent incidents but he still thinks bitcoin is a scam, no different from gambling. I asked him why he thought so, he said that it is very volatile like gambling, I just laughed and didn't want to say anything more. There are still many people who do not understand bitcoin well, they still see bitcoin as a scam and will soon disappear.

[noormcs5]

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.

There is one important thing which most of the people are missing in this crisis. Centralized exchanges can scam, Stable coins can scam, top crypto project can tank so what is the safest heaven in crypto ?  The answer to this is bitcoin BTC
Yes, people will say that by the time bitcoin will do 2x from 16,000$ to 32,000$, other coins can easily do 5x or even more. But there is more risk in other coins as we have seen recently. If you want to invest in crypto and still want to remain risk free, your 80% investment should be in bitcoin.

[Findingnemo]

Yeah, valuable point cause the isn't important the actual coin or token may be replaced by the project team and people who failed to switch will be left with useless tokens. Altcoin market is profitable but when people start to influence by the Exchanges, influencers, media or anything and go towards something which is growing unrealistic but having a central authority or related can do such damages later.

[Zanab247]

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.

Bitcoin still remain the king among other cryptocurrencies, you can invest in this season and have something reasonable to earn well, because whenever Bitcoin pump higher in the market other cryptocurrencies pump little, and whenever it dump lower other cryptocurrencies price dump also to show that Bitcoin is the most trusted crypto that can bring out a good profits in the future. I don't think, altcoins is advisable for investors to invest in this season, because end of the year is approaching, which many crypto investors are looking for potential coins that they will invest in this month of November and have something reasonable to achieve before the end of the year, which is advisable to invest in Bitcoin in this bear season and have something good to earn before the end of December.