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

[pawanjain]

That is a really good example actually to make people understand the importance of

1. Holding bitcoin instead of altcoins
2. Holding coins in a non-custodial wallet.

I am more concerned about all those people who had their life savings on FTX.
All of it vanished and they could do nothing about it. It must be so hard for them. 
It's a tragic event sadly.

[Falconer]

There are many reasons why investors should have bitcoin as their primary crypto investment asset instead of altcoins. Many of us know the reason, but on the other hand, asset diversification is also worth considering but once they know what the risks are.

We all believe bitcoin is better, but we can't prevent people from choosing which one is the best and most profitable for themselves in terms of investment, in fact not all of those investors care about the usefulness of bitcoin but most only care about the profit. Your thread and some of your points can really give some insight into why bitcoin is better, but I don't think this will encourage more people to leave altcoin for bitcoin.

[Flexystar]

There is actually more into this story rather than just having few roll overs. Crypto has seen its good and its worst all the time. I am not big fan of Altcoins either but there are few realistic projects out there who made amazing progress throughout their lifetime until now. Whether it is Credit card issuance or pay on the go services to amazon gift card trading, we have seen some good projects too.

I know it feels like I’m taking the side of Altcoins but all I am saying is, we are seeing the everything with wrong prospective. Just because there is one crook doesn’t mean all of them follow the same path.

Anyways, I am always having more % on bitcoin but alts have also given me nice ROI.

[crwth]

I thought FTX was here to stay in the long term. It still is, but the reputation is ruined with all the issues with the Alameda research and everything going on with the crypto space. It's essential to have noted that you need to be alert and aware of what's happening, and I agree that if you don't have any idea about all the happenings, one thing is for sure, BTC would be the key with all the things cryptocurrency related.

[Gyfts]

I'm curious as to how many of these crashes altcoin users are going to need to go through before recognizing the entire altcoin industry is a high risk, low reward, gambling sector that will undoubtedly collapse in flames with a lot of people out of funds. There isn't technology behind, there isn't an ecosystem, mere buzzwords to attract newbie investors.

It's concerning -- regulators are looking at these crashes and looking for any excuse they can to hammer down the crypto industry with regulations that will limit crypto's growth.

[indah rezqi]

I'm optimistic about bitcoin, but I won't ignore all the altcoin in my portfolio even though people tend to call them shitcoin. Bitcoin is the best, definitely true, and I also believe bitcoin is a store of value but when I want to make a profit then I also have some good options because in the market there are not only bitcoins that we can trade.

The crash that FTX is experiencing right now is proof that every current crypto asset always has the potential to fail and be replaced by others, so the first point in this investment is don't put all your money in crypto, whatever it is.

[BitDane]

There are many reasons why investors should have bitcoin as their primary crypto investment asset instead of altcoins. Many of us know the reason, but on the other hand, asset diversification is also worth considering but once they know what the risks are.

Well Bitcoin had proven itself for many times, so holding or choosing it over altcoin is a no brainer especially if we are planning a long term holdings. But in terms of profit, altcoin may have an advantage, we just need to know when to sell or else we will end up holding worthless cryptocurrency.

We all believe bitcoin is better, but we can't prevent people from choosing which one is the best and most profitable for themselves in terms of investment, in fact not all of those investors care about the usefulness of bitcoin but most only care about the profit. Your thread and some of your points can really give some insight into why bitcoin is better, but I don't think this will encourage more people to leave altcoin for bitcoin.

I highly agree, I think Bitcoin is good for those who is not fond of high risk high reward investment. I myself would choose altcoin in terms of short term investment and profit multiplier since altcoin always have market surge that goes up insanely.  Anyone can call it pump and dump but if we happen to time the trade right, a $100  investment can turn into $100k or more in a shorter period of time.

And regardless of what investment we choose, we should always make sure that we don't make crypto exchanges as our personal wallet that keeps all our cryptocurrency.

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.

Bitcoin isn't risk free, and there is no such thing as no risk investment but I agree with you that Bitcoin is the safest investment in the cryptocurrency market.

[albon]

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.

I completely agree with you, since a year ago I encountered a lot of reasons why some of the altcoins I was holding and had a good price value fell below zero due to the reckless teams of these altcoins who made quick decisions from changing the coin contract, merging it, transferring it to another network, or The exchange platforms that listed these altcoins have deleted them due to their price volatility, so if an investor will be away from the Internet for a period of a day or more without following the developments and updates and the community of the altcoin he invested, he will eventually get Shitcoins and lose his entire capital, so Bitcoin is the safest investment without a doubt.

[serjent05]

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.

I completely agree with you, since a year ago I encountered a lot of reasons why some of the altcoins I was holding and had a good price value fell below zero due to the reckless teams of these altcoins who made quick decisions from changing the coin contract, merging it, transferring it to another network, or The exchange platforms that listed these altcoins have deleted them due to their price volatility, so if an investor will be away from the Internet for a period of a day or more without following the developments and updates and the community of the altcoin he invested, he will eventually get Shitcoins and lose his entire capital, so Bitcoin is the safest investment without a doubt.

I have the same experience since I am the type of investor who buys cryptocurrency then forgets about it and comes back several months to years later.  I have lots of cryptocurrency holdings that have gone worthless due to swaps.  Others become worthless because of hack and rug pulls.  Though I don't keep my cryptocurrency in exchanges, this kind of swap activity done by the developer that has a time frame and needs manual sending of tokens for swap made me lose a good amount of money.

It is indeed true that if we invest in altcoins, we should be always on our toes monitoring them.

[harapan]

How many of these Ponzi scheme, crashes, and shut down of all of these exchange's will make people aware that Bitcoin is Bitcoin and will never come second to another coin and that also the aim of using Bitcoin is for self custody purposes. How many millions of people are still dump leaving their various Bitcoin still with exchange's. It's bad to see this news, a remarkable bad day in the Cryptocurrencies market.  These exchange's re regulated and soon enough they all will conide with the government just they have done with bank's.

[TimeTeller]

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.

I completely agree with you, since a year ago I encountered a lot of reasons why some of the altcoins I was holding and had a good price value fell below zero due to the reckless teams of these altcoins who made quick decisions from changing the coin contract, merging it, transferring it to another network, or The exchange platforms that listed these altcoins have deleted them due to their price volatility, so if an investor will be away from the Internet for a period of a day or more without following the developments and updates and the community of the altcoin he invested, he will eventually get Shitcoins and lose his entire capital, so Bitcoin is the safest investment without a doubt.

I have the same experience since I am the type of investor who buys cryptocurrency then forgets about it and comes back several months to years later.  I have lots of cryptocurrency holdings that have gone worthless due to swaps.  Others become worthless because of hack and rug pulls.  Though I don't keep my cryptocurrency in exchanges, this kind of swap activity done by the developer that has a time frame and needs manual sending of tokens for swap made me lose a good amount of money.

It is indeed true that if we invest in altcoins, we should be always on our toes monitoring them.

Most alts will have their swaps or changes with short amount of notification time to its holders.
This is why most are missing those swaps, making their coins or tokens useless.
And that is the good reason to store bitcoin, if you don't have time to keep up with these projects.
At least, with btc, we all know that it will still remain btc. And you can easily get news or updates in any crypto site.
With specific projects, you need to follow their social media channels or their site itself to get a hold of information.

[The Cryptovator]

Trusting an alt becomes harder than ever. So much drama happened last few months and people lost a lot in cryptocurrency. Even people lost a lot when they invested in a native coin of exchange. That's the worst case of people Lossing faith in exchange and crypto as well. Altcoins aren't truly decentralized anymore due to many reasons. So investing there is always risky. Bitcoin is a truly decentralized coin. So that's the reason why Bitcoin is stronger than any other altcoin or projects that coming new to the crypto space.

[ShowOff]

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.

And never keep your assets on any exchange until you make sure they are in a wallet that you have complete control over.
Your advice is right, but many of the beginners may not realize that they should not keep assets on the exchange. FTX is now a good example for everyone to believe that the exchange is a place to trade not long term storage. Invest in bitcoin, and hold it in a non-custodial wallet, that is good advice.

[South Park]

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.

Exactly, what this proves is that it does not matter what kind of idealism you may seem to preach at the end if there is a centralization of the power then the person which is at the very top will always begin to abuse their power, as such only decentralized coins should be given any chance at all to gain our trust, which ironically reduces the list of thousands of coins we have in the market to just a few, in which obviously bitcoin is at the very top of that list.

[Lucius]

I'm curious as to how many of these crashes altcoin users are going to need to go through before recognizing the entire altcoin industry is a high risk, low reward, gambling sector that will undoubtedly collapse in flames with a lot of people out of funds. There isn't technology behind, there isn't an ecosystem, mere buzzwords to attract newbie investors.

You said it well and it's the pure truth, but for millions of those who just want to make quick money overnight and believe all those false promises, all the warnings coming from you, me or anyone else mean absolutely nothing. If you have ever talked privately with people who invest in alts and tried to point out the risks to them, some may have reacted very aggressively in the sense that you are trying to take away their profits, because they simply do not have the money to buy 1 BTC, but would rather buy 100 marscoins and be rich when their savior pumps the price.

It's concerning -- regulators are looking at these crashes and looking for any excuse they can to hammer down the crypto industry with regulations that will limit crypto's growth.

I have nothing against regulating that part of the crypto market, because not every kid can have his own coin and promote it as some kind of super investment, and it has no purpose or sense. I think that Bitcoin is still a category of its own that should not be mixed with all this garbage that only parasitizes on Bitcoin, and I hope that the regulators will understand that.

[Ayers]

I'm optimistic about bitcoin, but I won't ignore all the altcoin in my portfolio even though people tend to call them shitcoin. Bitcoin is the best, definitely true, and I also believe bitcoin is a store of value but when I want to make a profit then I also have some good options because in the market there are not only bitcoins that we can trade.

The crash that FTX is experiencing right now is proof that every current crypto asset always has the potential to fail and be replaced by others, so the first point in this investment is don't put all your money in crypto, whatever it is.

Yes, I always support bitcoin never doubt it but we are all here for profit and not just for the crash of a few altcoins we are ignoring a lot of other potential altcoins. Once invested there is always risk, can't expect an investment to always win, that has never happened even with traditional assets let alone risky assets like cryptocurrencies. As long as we know how to manage capital, allocate it properly and invest only with the amount of capital that can be lost. The crash of FTX does not mean that BNB or ETH will die as well.

[m2017]

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.

Yes, this is true and any negative event in the world of cryptocurrencies casts a huge shadow on bitcoin as the flagship and industry leader. It looks like it will always be like this. Even now, this problem of FTX exchange directly affected bitcoin, the price of which has significantly decreased. Perhaps the price will fall even more due to the exposed problems in the industry. Of course, it is unpleasant that the reputation of bitcoin suffers because of the screwed-up leaders of such companies, but I still absolutely agree with OP that only bitcoin deserves our trust.

[BlackHatCoiner]

Actually, Celsius, Terra, FTX crashes all prove that if you don't do self-custody, you're going to pay it sooner or later. There are two kinds of centralized exchanges; those that have been shut down, and those that will. You wanna buy the shittiest coin, hold it, and hope to become rich one day? Go do it, but for the sake of you, hold your keys. If there aren't any clear, available methods to do it, start questioning the specific altcoin's growth.

[GonnaGrinditout]

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.

Keep in mind that BTC like altcoins are paired to USDT. USDT can't be trusted as they are not backed by adequate collateral.

[serjent05]

Keep in mind that BTC like altcoins are paired to USDT. USDT can't be trusted as they are not backed by adequate collateral.

There is always another pair option like BTC - USDC, or BTC - BUSD which has a regular audit and proven that they are backed by adequate collateral .

Actually, Celsius, Terra, FTX crashes all prove that if you don't do self-custody, you're going to pay it sooner or later. There are two kinds of centralized exchanges; those that have been shut down, and those that will.

Well, there is no permanent in this world, even the strongest kingdom crumbles and Dynasties end, so it isn't surprising that these centralized exchanges shut down one day.  Even Bitcoin can possibly be dethroned by another cryptocurrency one day.

You wanna buy the shittiest coin, hold it, and hope to become rich one day? Go do it, but for the sake of you, hold your keys. If there aren't any clear, available methods to do it, start questioning the specific altcoin's growth.

I greatly agree, better to have our wallet holding our worthless tokens than entrusting it to someone else.