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

[blockman]

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.

Well, what's done is done. Those first impressions that we've given to him have all dropped and changed. He's not the SBF that we used to know or this is a planned thing by him and his cohorts. I remember the other collapsing of exchanges where it's because of poor leadership and lack of transparency with the people.

People can make mistakes, but the steps will fall again in the same place.

But not for him who's taken care of people's money, there's really no room for mistakes in people like him because all eyes are on them.

[davis196]

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?

1.Stop repeating that Bitcoin became bankrupt. Bitcoin is not a corporation and Bitcoin cannot become bankrupt, even if the BTC price goes down to 1K USD.
2.Sam Bankman-Fried didn't lose his fortune because of the BTC price crash. He caused the price crash(Binance helped a little bit  ).
Maybe he isn't flat broke. Maybe he is hiding a few million dollars worth of crypto. He lost his company and a huge part of his fortune because he lied to his investors and his customers.
3.I don't know anything about this Nigerian guy. I don't know if this is fake news or not.

[stompix]

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

The saying is actually :

There is light at the end of the tunnel

Another thing is that many add, just pray the light it's not a train! 

It's quite funny how the forum suddenly has turned into some kind of meeting for every spiritual and motivational coach and speaker is trying to boost the crowd's morale scared that if the crowd leaves he is out of business. This is the first time this year when really in terms of morale it's at an all-time low, and the avalanche of those topics where you try to keep it up it's just pointing out the obvious, fear has gained a foothold and it's here to stay.

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

Yeah yeah, If anybody would have posted back in July that FTX will go bankrupt he would have been labeled as a fudder or fuddist, whatever the term is, when the thing actually happens, no it's nothing, we're used to this, it's normal everyone saw it coming.

 

[Smartprofit]

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.

Now representatives of financial regulators are already turning their attention to the Binance exchange and are ready to understand how exactly it affected the bankruptcy of FTX.

This indicates that this bankruptcy is not the last.  Now a real financial storm is raging in the crypto asset market.  The market was really very overheated.  And the leaders of the crypto industry used very adventurous financial schemes in their work. 

As for Bitcoin, it works stably and on the basis of a strictly defined mathematical algorithm.  I believe that investing in Bitcoin will still bring great returns.

[Reid]

That's the risk he took from investing in the crypto space. It was reminded over and over again in this forum to invest at your own risk. Although I know he is not part of the family here, he does have a financial/investment specialist to help him in deciding all of that.
Exchange is not a good business in the crypto space, it needs every minute of monitoring, customer support, whales backing him up, and offers that will water the mouths of traders.
He made a wrong initial decision by giving away a big part of his coins to another exchange just so he could be listed. This is a good lesson for those aiming the same as him. Better just pay them with USD/USDT or any stablecoins in exchange for listing.

[Ziskinberg]

Exchange is not a good business in the crypto space, it needs every minute of monitoring, customer support, whales backing him up, and offers that will water the mouths of traders.

People choose the crypto business because they know it is profitable. Might some had fail it because of the possible wrong approach they made and wrong decisions. Though it is to believe the risk in the crypto space, it seems manageable enough if we can manage to control ourselves as well from the influence of a negative mindset.

Real investors are hoping for the best of their investment, they don't easily give up and find a way to find solutions to their problems. It was done already and so we have to move on and make all of these things a lesson to ponder.

[TheUltraElite]

Preventing a hack is not in our hands, but saving our money from getting into hackers palms is possible if we dont use the exchange hot wallets as storage wallets. Unfortunately this is done by many and they have not learnt lessons from previous hacks.

But I still dont see how some other person lending their money to victims means there is hope for the victims. They will most likely be roped into some loan scheme by this person and eventually they will regret that too. Remember that MLM victims often got double scammed by strangers posing as money recovery agents.

The only hope that victims should have is if they had savings and not some random person donating money. This is the importance of savings parallel to investments.

[jrrsparkles]

First of all bitcoin is not the reason why the FTX founder went broke and even the FTX is still a profit making company but from the investments he ran other humdreds of associate companies which ate all the money so he filed for bankruptcy. So this has nothing to do with the bear market cause exchange is always going to make money as long as trades happen.

Now the investors who lost the bitcoins due to FTX crash and hack might be responsible for their own loss because its a known fact that any exchange can be hacked at anytime so users who kept funds in exchange wallet should move funds to wallet if possible.

[kryptqnick]

Nothing particularly extraordinary has happened lately. The current bear market is bad but IMO not worse than the one we had in 2018-2019. So nothing unpredictable or devastating in this matter. As for the FTX story, it's a cautious reminder that centralized services can write you the numbers of coins that you allegedly own and store there, but they are the true owners of your coins and can basically do as they please with them, resulting sometimes, even if not often, in devastating events. I see no reason to give up or to worry too much, as nothing that harms Bitcoin as such and its reputation has happened.

[Cling18]

Preventing a hack is not in our hands, but saving our money from getting into hackers palms is possible if we dont use the exchange hot wallets as storage wallets. Unfortunately, this is done by many and they have not learned lessons from previous hacks.

But I still don't see how some other person lending their money to victims means there is hope for the victims. They will most likely be roped into some loan scheme by this person and eventually, they will regret that too. Remember that MLM victims often got double scammed by strangers posing as money recovery agents.

The only hope that victims should have is if they had savings and not some random person donating money. This is the importance of savings parallel to investments.

This has happened to several exchanges before but the sad part is, many investors still didn't learn from the history. It isn't advisable to store funds on exchanges because the possibility of being hacked will always exist. However, it already happened and they have no choice but to move on and take this as a lesson. I hope that more investors will see the importance of proper storing of funds.

[Haunebu]

There's always hope when it comes to BTC if you think about it. BTC went all the way down close to several thousands and recovered like crazy later on multiple occasions proving that it will survive no matter what.

Other popular cryptocurrencies like ETH, LTC, Doge etc followed in its footsteps and are surviving no matter what in a similar fashion which implies that cryptocurrencies aren't going anywhere.

[Sanitough]

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 was also saddened about this sudden news but I believe SBF has also prepared for this and he must have been into other investments as well aside from crypto. So he’ll still get back to his own feet in time. And knowing he has been doing a lot of charity donations with crypto, so definitely a lot of people are very eager to help him in times like this.

[coupable]

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?

When a person puts all his investments in the field of crypto trading or creates a working platform or application in the field, he is certainly aware of the level of the risk in what he is doing. What happened is not like that person losing his private keys, it is the market movement that is affected by many data. Crypto has never been the best field for investment, although profits in it may reach record levels. However, we understand that these questions are frequently asked about the feasibility of investing in digital assets in general, given the successive disasters throughout the past year.
This will not last long, but it may take longer than other crises.

[Finestream]

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.

This event also teach us a lesson that we should never trust exchanges no matter how big or popular it is since its  future is still not secured and everything bad may happen in just a blink of an eye that will eventually lead to its own destruction. Although the case of Sam is very unfortunate because we have known that his profits from crypto usually ends up in different charitable organizations, but this is crypto life, everything is unpredictable and that nothing is permanent.

[Viscore]

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."

Today might be a very frustrating moment for Sam. But that Chibueze guy, I’m not really familiar about him. Maybe he’s really that wealthy to lend some funds to the victims and I think that’s a very humane act of him. But for Sam, I know he is not really in obsession for profits like he always said in his last interviews, but I know what had happened to him now is really unexpected and might bring fears to other big exchanges too.

[len01]

As far as I know, every company must have experienced a period of bankruptcy after the glory he went through at the beginning of the project. but even though a company already understands this, of course the company's CEO already has a strategy to overcome if one day bankruptcy occurs. so that the company can crawl up again.
in the case of FTX, in my opinion, Sam Bankman Fried as CEO must have a plan or strategy to overcome if one day this problem occurs. but in reality the CEO of FTX was unable to overcome all this and instead asked the CEO of binance (CZ) for help in acquiring the company. this is one of the weaknesses of the FTX CEO who is unable to control his own company instead of asking another company for help. very sad

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.

not only Nigerians believe that bitcoin will rise again, but everyone or all investors affected by the FTX incident are crying because of the fall in bitcoin prices and they are still convinced that bitcoin will rise again in the coming year. Every cloud has a silver lining

[Hydrogen]

Years ago, there was a case where coinbase employees bought an altcoin (if I remember correctly) before it was officially adopted by coinbase. There were accusations of insider trading of which coinbase later received an innocent verdict. There was a noticeable bump in the price of the altcoin, before the official adoption. Which many recognized and acknowledged.

Some are saying that bitcoin declined before the FTX case made headlines. Which indicates FTX is not responsible. But having seen the coinbase insider trading case, is it fair to say there could be similarities between the two. Could inside traders have received inside knowledge of FTX which led them to dump their bitcoin before headlines were announced.

Its hard for me to care about FTX as there have been many worse headlines in finance over the past 15 years, which people seemed not to care about. It feels as if most did not pay attention to current events or the news until the 2020 pandemic hit. Then everyone began scrambling to become more literate in finance and politics to fill in the gaps in their knowledge.

[Oceat]

Nothing particularly extraordinary has happened lately. The current bear market is bad but IMO not worse than the one we had in 2018-2019. So nothing unpredictable or devastating in this matter. As for the FTX story, it's a cautious reminder that centralized services can write you the numbers of coins that you allegedly own and store there, but they are the true owners of your coins and can basically do as they please with them, resulting sometimes, even if not often, in devastating events. I see no reason to give up or to worry too much, as nothing that harms Bitcoin as such and its reputation has happened.

As long as you don't put your BTC on any CEX it's safe since you have the key and not them. Investment isn't just easy it has a risk to it and we can't say you will not suffer some losses but be ready when that time comes. Nothing is safer when n it comes to investment but if you know what to do with it then you really learning on how to prevent huge losses when investing.

Most people should realize what happened in the past and reflect what could be prevented when that terrible time comes.

[Hamphser]

Nothing particularly extraordinary has happened lately. The current bear market is bad but IMO not worse than the one we had in 2018-2019. So nothing unpredictable or devastating in this matter. As for the FTX story, it's a cautious reminder that centralized services can write you the numbers of coins that you allegedly own and store there, but they are the true owners of your coins and can basically do as they please with them, resulting sometimes, even if not often, in devastating events. I see no reason to give up or to worry too much, as nothing that harms Bitcoin as such and its reputation has happened.

As long as you don't put your BTC on any CEX it's safe since you have the key and not them. Investment isn't just easy it has a risk to it and we can't say you will not suffer some losses but be ready when that time comes. Nothing is safer when n it comes to investment but if you know what to do with it then you really learning on how to prevent huge losses when investing.

Most people should realize what happened in the past and reflect what could be prevented when that terrible time comes.

On the time you had made out deposits on an exchange then its already part of the risk and its true that as long you dont make exchanges are your main wallet then i dont see anything wrong with it.

It is really just there are really things which we cant avoid not to make deposits specially when we do make trades or on the time we do make out conversions to fiat which we would really be needing on touching up exchangers.
When we do speak about future then there's no such thing about guarantees that it would really last forever or wont really be able to face up issues and events which would really be
disaster for a business.

[dansus021]

There is always hope at the end of the day but after I watching this, well its look crazy that FTX collapse is not ending yet, I hope ftx find the way to recovel all the mess