There is Hope at the End of the Tunnel. Don't Give Up.

[Agbe]

Sam Bankman-Fried, the 30-Year-Old Billionaire Once Richer Than Dangote, Now Officially Poor.


Is Bitcoin a good platform to invest?

Sam Bankman Fried was the Bitcoin Lord in FTX (Futures Exchange) and he was the Chief Executive Officer (CEO) of the company (FTX), and he having about $26 billions which was equivalent to (#11.4 trillions) and in the 8th of 9th of November 2022 Bitcoin became bankrupt to the rate of $15k and on the of 11th of November, 2022 Sam Bankman-Fried become zero in the crypto space. And he left the position as the coe because of the Bitcoin bankruptcy.
Someone that once Richer than the richest man in Africa and become a poor man within a week. Are you sure crypto is the best place to invest?

Nigerian Crypto Big Boy Offers to Compensate Traders With N221 Million
US base Nigerian Bitcoiner Donated $500,000 to investors in this bear market. The crash took investors unaware and it is very drastically reducing to the predicted $10k, so a lot of people are crying for their lost.

Therefore, a Nigerian who is in America, a Bitcoin billionaire Gaius Chibueze offered to assist investors in this crash.

There is Hope at the End the Tunnel
Upon all that, Nigerians still have the hope despite the drastic bear market.Most Nigerians are on tears because of the recent crash that came suddenly yet they still have the hope that Bitcoin will still rise again.

[jossiel]

He was once a billionaire but not anymore today. I don't know that guy, Chibueze. But if he's in good will to donate $500k of his wealth to the victims.

But upon reading the article[1], it's not an actual donation that he's going to do. It's like a fund that he's willing to lend to the victims or the exchange in rebuilding of what the damage has done. Let us say that he's literally going to donate it and just want to add to the fund. However, I think that won't be enough as the damage is already too big to stop.

"....Even if Binance is not buying FTX again why can't industry players come together and save the Industry by contributing and Lending them this Money? I am ready to support with $500k."

[gantez]

First I think you want to write CEO not COE

Is Bitcoin a good platform to invest?

Sam Bankman Fried is not the only one that feel the heat from the Bitcoin drop this last week. The bear that dropped the young billionaire from his position as CEO of FTX is not expected but it happen and this is not the first time there is bitcoin dropping and not the last time. Every business will have such kind of time for higher profit and the lower time and the business will go on. This is not just bitcoin

[Zlantann]

Is Bitcoin a good platform to invest?

Every business has its ups and downs and investors in such sectors must be aware of them. They should be prepared to enjoy the gain and also bear the loss. The Bitcoin sector is not alone in this economic downward trend, many businesses has crumble in my location. Bitcoin have been very stable currently if not for this FTX crisis that is triggering this massive selloffs. We know that Bitcoin have experienced such occurrences so many times and it also an inbuilt mechanism to overcome these storms.

Upon all that, Nigerians still have the hope despite the drastic bear market.Most Nigerians are on tears because of the recent crash that came suddenly yet they still have the hope that Bitcoin will still rise again.

The only solution now is to be bold and HODL. I lost some money last time because of fear and impatience and I really regretted my actions. This time I don't need any encouragement or advice from anyone to make me keep my coins. I am HODLING regardless of the turbulence of the cryptospace.   

[Bananington]

Someone that once Richer than the richest man in Africa and become a poor man within a week. Are you sure crypto is the best place to invest?

It is very unfortunate what has happened to SBF and it will definitely be a difficult period for him, but SBF is very familiar with the crypto, he knows the potential it has to make one rich and also make one poor very quickly. I believe SBF will find himself, maybe not back to billionaire status quickly but he will not stay at this barest minimum for long.

[Majestic-milf]

It's normal for such things to happen in business. Because just like you gain from it, you also lose but what's most important is how you learn to get back up on your feet after you must have seemingly lost all. FTX was valued at $32bn but just today, it has been disclosed that he went bankrupt and has handed over reins to someone else. With the way he was hit, and the resultant damages that followed, I think it's going to take a long while before he can get back to the crypto scene.

BTC investment is risky, and so is every other investment. At present, we are in the bear season and this is made worse by recent happenings, but I believe we'd still a period where it would experience stability.

[lionheart78]

Is Bitcoin a good platform to invest?

Bitcoin is the best platform to invest in regards of being a cryptocurrency.  It has the most liquidity and the dominant in the market.

Nigerian Crypto Big Boy Offers to Compensate Traders With N221 Million
US base Nigerian Bitcoiner Donated $500,000 to investors in this bear market. The crash took investors unaware and it is very drastically reducing to the predicted $10k, so a lot of people are crying for their lost.

There are lots of discrepancies in your post, first, it isn't a donation, second, it isn't compensation for investors but support to the FTX exchange in order to help fill the gap of the needed $8B.  But I do not think it is your fault but the writer of the article because his article is messed up.

All FTX needed to sort what is currently destroying the entire crypto market is just 8 billion USD.
Even if Binance is not buying FTX again why can't industry players come together and save the Industry by contributing and Lending them this Money? I am ready to support with $500k

source: https://twitter.com/gaiuschibueze/status/1590464405820837888

[Marykeller]

Is Bitcoin a good platform to invest?

Bitcoin has a virtual platform. Anything that operates virtually is bound to vanish unexpectedly. Anyway, congratulations to the early investors who invested in it made a huge return on investment and re-invest their dividends in other projects that are producing huge incomes for them again.

Someone that once Richer than the richest man in Africa and become a poor man within a week. Are you sure crypto is the best place to invest?

Crypto is a risky investment, it can make you rich and also make you poor. This is the kind of thing you experience when you have all your assets in a crypto exchange.

Giving someone money to trade or placing your money in someone's custody(exchange) to trade or buy crypto for you is not favourable. Had it been he trading and buying crypto for himself, he won't have lost all at ones

[serjent05]

I also think there is hope at the end of the Tunnel but sometimes there is none if the tunnel is blocked.  Just like what happened in FTX.  It is supposed to be bought by Binance but due to some regulatory issues,  Binance give up on the idea.  Second, there is a misappropriation of the FTX fund, who in the right mind thinks that there is none when half of the investors' fund is loaned by the CEO's own company firm.  Then FTX filed a bankruptcy, and now there is where the hope is gone since the founder already blocked the hope where someone like  Gaius Chibueze wanted to extend a hand.  Then at the end of the tunnel is blocked by the hacking news which is possibly an inside job.  I think there is no hope for FTX now, but of course, if we talk about Bitcoin it is a different story.

Bitcoin had proven itself to recover every time it bottomed, it even breaks it own ATH record once every 4 years, a year after the halving.  Considering the current state of the Bitcoin market, and comparing it to Bitcoin history, Bitcoin is still the best platform to invest in because the current market sentiment and condition opens a window for newcomers to get in at a very low price.

[BIT-BENDER]

I also think there is hope at the end of the Tunnel but sometimes there is none if the tunnel is blocked.  Just like what happened in FTX.  It is supposed to be bought by Binance but due to some regulatory issues,  Binance give up on the idea. 

I don't think CZ and his Binance team gave up the option to Buy FTX because of just regulations issues, yes CZ was hot at acquiring it I even thought the deal was concluded. But I think the team generally had some rethink and evaluation internally (and going by the main reason for wanting to purchase it in the first place being to prevent competition) I think CZ and binance felt this route is effective and money saving for them.

To be honest I am still following the news up although it's affect the financial lives of many people, I really hope we pick up great lessons from this events.

[serjent05]

I also think there is hope at the end of the Tunnel but sometimes there is none if the tunnel is blocked.  Just like what happened in FTX.  It is supposed to be bought by Binance but due to some regulatory issues,  Binance give up on the idea. 

I don't think CZ and his Binance team gave up the option to Buy FTX because of just regulations issues, yes CZ was hot at acquiring it I even thought the deal was concluded. But I think the team generally had some rethink and evaluation internally (and going by the main reason for wanting to purchase it in the first place being to prevent competition) I think CZ and binance felt this route is effective and money saving for them.

We can have our speculation and conspiracy theory but I think it is more reliable if the word is coming from CZ.   According to the news, they do give up, because as stated,  it was out of their control since there are issues about the mishandling of customer funds and the alleged US agency investigation.[1]

“In the beginning, our hope was to be able to support FTX’s customers to provide liquidity,” Binance said in a tweet Wednesday. “But the issues are beyond our control or ability to help.”

On Monday night, facing a liquidity crunch, Bankman-Fried was scrambling to raise money from venture capitalists and other investors before he went to Binance, according to sources with knowledge of the matter. Zhao initially agreed to step in, but his company quickly changed course, citing reports of “mishandled customer funds and alleged U.S. agency investigations.”

To be honest I am still following the news up although it's affect the financial lives of many people, I really hope we pick up great lessons from these events.

If you are following the news, then I think you have missed the explanation of CZ why they change their mind.  Besides, I don't believe in this competition theory things.


[1] https://www.cnbc.com/2022/11/09/binance-backs-out-of-ftx-rescue-leaving-the-crypto-exchange-on-the-brink-of-collapse.html

[stomachgrowls]

There is Hope at the End the Tunnel
Upon all that, Nigerians still have the hope despite the drastic bear market.Most Nigerians are on tears because of the recent crash that came suddenly yet they still have the hope that Bitcoin will still rise again.

Crashes or simply this bear market is always been part of this crypto space or simply with the market.We cant really just expect to have a single path to take which is upwards.The key point on here is that, on the time

you had entered this space then you should really be always put up into your mind that you should only invest on the money you can afford to lose.Dont really expect something about profits or positive outcomes.

Everything could happen on a snap and to those news and events around then it could suddenly appear on least we do expect.We know that there's always a rainbow after the rain.
Just dont consider yourself on making that panic selling decision then you should be fine.This is why its always been recommended on not to invest your life savings into crypto
or funds that for emergencies.

[TimeTeller]

There is Hope at the End the Tunnel
Upon all that, Nigerians still have the hope despite the drastic bear market.Most Nigerians are on tears because of the recent crash that came suddenly yet they still have the hope that Bitcoin will still rise again.

Crashes or simply this bear market is always been part of this crypto space or simply with the market.We cant really just expect to have a single path to take which is upwards.The key point on here is that, on the time

you had entered this space then you should really be always put up into your mind that you should only invest on the money you can afford to lose.Dont really expect something about profits or positive outcomes.

Everything could happen on a snap and to those news and events around then it could suddenly appear on least we do expect.We know that there's always a rainbow after the rain.
Just dont consider yourself on making that panic selling decision then you should be fine.This is why its always been recommended on not to invest your life savings into crypto
or funds that for emergencies.

This market is still unpredictable, hence, not recommended for people who want a stable income.
As we experienced the up and down movement many times, it is not new that we are still in the bear season.
We can't tell the future of btc or let alone its immediate future, but the hope is still there because of increasing adoption.
Even though we are experiencing some bad news today, it doesn't mean, these will dictate the future of the market.
This is just another hurdle in this market. Worry if no one is going into this market or not even discussing this market anymore.

[isaac_clarke22]

Not really know these CEOs of big companies in-depth like Sam, but this is why I am not really into being really rich especially in crypto. Everyone has to meet their own downfall one day and there is nothing they could do about it especially in such unstable market like crypto. I would imagine how Sam would not be used to living his new life now starting this season and to be honest, I would be the same. Just imagine going from hero to zero.

One day anything could just be taken away from you and you would just happen to accept and suck it up.

About the "hope of rising" you mentioned in crypto especially Bitcoin, I am sure that we do not need that anymore. We're always going to reach the lowest point of the market one day before we manage to reach another higher ones, new "ATH" like they said.

[Davidvictorson]

Sadly, sometimes, there is neither hope nor light at the end of the tunnel. The people might just have to dig a new tunnel or better still generate their own electricity. The whole FTX saga proves one thing, nothing is permanent. I am skeptical about this Chibueze and the motive behind his generosity. I am well aware that he is the founder of TATCOIN. And he may just be looking for a way to pull public attention towards him and his coin.

[doomloop]

I also think there is hope at the end of the Tunnel but sometimes there is none if the tunnel is blocked.  Just like what happened in FTX.  It is supposed to be bought by Binance but due to some regulatory issues,  Binance give up on the idea. 

I don't think CZ and his Binance team gave up the option to Buy FTX because of just regulations issues, yes CZ was hot at acquiring it I even thought the deal was concluded. But I think the team generally had some rethink and evaluation internally (and going by the main reason for wanting to purchase it in the first place being to prevent competition) I think CZ and binance felt this route is effective and money saving for them.

To be honest I am still following the news up although it's affect the financial lives of many people, I really hope we pick up great lessons from this events.

Yes, because even binance themselves are already regulated and many cex too. Regulations are not a new thing anymore but it's now becoming a norm. Maybe you are right that the intention of buying FTX is to directly shut down the competition or to greatly lessen it rather since FTX was also one of top crypto exchanges nowadays and they think it will be a threat to them since FTX is slowly gaining a momentum.

If not because of this negative news that hit them, then maybe they will now be the second top exchange next to binance and they will completely overcome kucoin, and others. Apart from the competition thing, binance is also known for widening their empire as they also bought cmc on the past so maybe they have planned it already ever since before.

[Frankolala]

So many rich people wealth is crashing last month it was Kanye West and now it is Sam what kind of world are we in, today we rise and tomorrow we fall. The bear market of Bitcoin has really affected so many investors just imagine FTX crashed because of losses and this moment.

This shows that crypto business is very risky and you need to be ready to lose if you are an investors. I know so many people are in a rush now to sell of their coin thinking that Bitcoin might not hit the bull again. $8 billion is a very big amount and I don't think crypto industry players can contribute and lend out this funds to fix FTX. In business it is either you are excelling or crashing especially in a volatile business

[pixie85]

Sam Bankman Fried was the Bitcoin Lord in FTX (Futures Exchange)

I used to tell everybody that futures trading is a scam. It's a casino that tries to look like an exchange and has nothing to do with real investing.
Sam also had nothing to do with bitcoin. He affected the crypto market as a whole but that's because he invested and held a lot of altcoins.

Bitcoin got affected by this only because dumb people held it on SBF's exchange and when he paused withdrawals they tried to sell their bitcoin and try to withdraw stable coins or fiat.
An exchange that is insolvent should've been immediately cut from the tickers so that it can't affect spot price on other exchanges but the system is far from perfect.

In my eyes bitcoin remains unaffected. It's good that SBF got his ass handed to him because he was a proponent of centralized blockchains and regulation. We don't need people like him in the space.

[serjent05]

Sadly, sometimes, there is neither hope nor light at the end of the tunnel. The people might just have to dig a new tunnel or better still generate their own electricity. The whole FTX saga proves one thing, nothing is permanent. I am skeptical about this Chibueze and the motive behind his generosity. I am well aware that he is the founder of TATCOIN. And he may just be looking for a way to pull public attention towards him and his coin.

True but the thing is, it would be difficult for the victim of the FTX fiasco to dig for a new tunnel since their funds are already trapped on the exchange.  They can just go back to the start of the tunnel and look for another path to venture their crypto investment.  Like when the FTX crashed, Bitcoin opens its window for new investors since the Bitcoin market is affected by the FTX fiasco and somehow the Bitcoin price crashed.  This is advantageous to newcomers because they can buy BTC at a discounted price.

[teiviet]

Someone that once Richer than the richest man in Africa and become a poor man within a week. Are you sure crypto is the best place to invest?

It is very unfortunate what has happened to SBF and it will definitely be a difficult period for him, but SBF is very familiar with the crypto, he knows the potential it has to make one rich and also make one poor very quickly. I believe SBF will find himself, maybe not back to billionaire status quickly but he will not stay at this barest minimum for long.

I recognize SBF's talent, but I don't believe he is selfless. There is competition in this market, but unfair competition will only change people's mentality. I feel that SBF is no longer the original SBF. I was actually very disappointed. I also believe that he can walk back. People can make mistakes, but the steps will fall again in the same place.