November 2022 worst month for cryptocurrency newbies here is lessons.

[Ojima-ojo]

November was that bad for people who did not follow advices. The focal points of the losses of November Crypto-currency loss was based on FTX but first if you had avoided centralized exchanges the case won’t be so.

I don’t think it’s should take an FTX drama to learn other than potential loss of fund on centralized exchange you would also have privacy compromise issues too. And some discreet details of your can get to foul hands.

I think those who lost in the FTX scan were caught up in the web, since some of them where already well grounded on crypto currency-related investment and the restrictions associated with leaving your funds in an exchange wallet.

With the way recent events have resulted with the whole investigation and Sam's unwillingness to offer useful information that could help recover the lost funds and the whole situation is now becoming clearer that it was an insider exit scam and the CEO is well aware.

Most investors, have learned their bitter lessons, and am sure they will never trust an exchange or any other investment platform such as Genesis, and the rest of others.

[Jatiluhung]

in fact even the bankruptcy of small exchanges also occurred after FTX went bankrupt. it's like a domino effect. even some of the coins involved with FTX have had very high declines such as Solana where Ftx is holding a large number of solana coins and selling them. so panic also occurred among solana holders which caused the price of solana to fall quite deeply. But we don't know whether there was drama or not in these incidents. But what is clear is that the aftermath of the incident had a pretty good impact on us. such as several exchanges that are now competing in implementing the PoR system. the question is why these exchanges have not implemented a system of openness regarding fund management in the past.

[LogitechMouse]

Lesson for the future
Even though this incidents among others have affected the adoption and usage of cryptocurrencies negatively the fact still remains that cryptocurrency was not directly involved in all of this most especially coins like Bitcoin but the actors in this incident is exchange and other third party actors who are all centralized.
We should know as a newbie that we can still be 100% secure if we never store our money and assets on a third platform such as exchange.

Cryptocurrency wasn't directly affected, but the trust of people towards investing into cryptocurrency is the one that is greatly affected.
Trust can be destroyed in an instant and earning it back will take time. That's the problem. With what happened with FTX, we might see some investors who will not invest into cryptocurrency anymore and there might be some investors out there whose looking crypto as a good investment now backing out.

Overall, what happened to FTX really affected the whole sentiment of the investors towards investing into cryptocurrency and it will take time before the trust of them will be back again.

How to remain secured:
The first thing to do is to have a cold wallet or good online wallets that give you wallet keys that can be used by only you to control your crypto portfolio that are held in the wallet.

I don't have any cold wallets, but I'm lucky that I didn't experience getting hacked by these hackers. It all comes out to how careful you are with the websites that you are visiting and the things that you're doing in your computer on a daily basis. Well, take his advice that storing your coins in a cold wallet or a hardware wallet because it's the safest wallet out there.

[Piesel]

in fact even the bankruptcy of small exchanges also occurred after FTX went bankrupt. it's like a domino effect. even some of the coins involved with FTX have had very high declines such as Solana where Ftx is holding a large number of solana coins and selling them. so panic also occurred among solana holders which caused the price of solana to fall quite deeply. But we don't know whether there was drama or not in these incidents. But what is clear is that the aftermath of the incident had a pretty good impact on us. such as several exchanges that are now competing in implementing the PoR system. the question is why these exchanges have not implemented a system of openness regarding fund management in the past.

The crash of ftx have indeed exposed so many limitations with centralized exchanges, and one of the most affected are those who have large balance holding in the various investment network of the exchange and trading accounts.

I find something funny with the whole proof of Reserve thing, since this is not the first time the feature is mentioned or implemented as we have seen this feature on some price tracking sites before now.
But the question we should ask, is how transparent are these features since the exchanges can also manipulate the balance reserve just to win customers' trust.

[8rch7]

in fact even the bankruptcy of small exchanges also occurred after FTX went bankrupt. it's like a domino effect. even some of the coins involved with FTX have had very high declines such as Solana where Ftx is holding a large number of solana coins and selling them. so panic also occurred among solana holders which caused the price of solana to fall quite deeply. But we don't know whether there was drama or not in these incidents. But what is clear is that the aftermath of the incident had a pretty good impact on us. such as several exchanges that are now competing in implementing the PoR system. the question is why these exchanges have not implemented a system of openness regarding fund management in the past.

We have saw many small exchange easy to be scam but can't believe with bigger and top standing exchange market like FTX have been scam too and right now claimed with bankruptcy. I think have drama incident about FTX exchange bankruptcy and easy for owner leave their exchange without care what happen with their costumer or FTX member. For the future all exchange market how reputable and trusted it have regulating with countries building coming from, we can't expected with several owner of exchange market how long they can trust and if bad thing happen later we got justice law from exchange market county coming from.

[hd49728]

This year is very bad with so many black swan events that make it is an abnormal bearish year. It is even worse than 2018 and 2019 bear market in my opinion because many people lost their money very quickly. It is totally different than 2018 and 2019 bear market when you lost your money very slowly.

I don't care about any month is a worst month or not. My strategy is buying more Bitcoin and Ethereum if a month gives me discount price to DCA. Hodlers wait for red months to DCA. Losers wait for green months to buy and they will sell in red months to hodlers.

[_BlackStar]

-snip-

Basically anything that you believe is safe will always have the risk of failing in the end. There have been many cases where large and trusted exchanges have been hacked, let alone small, disreputable exchanges and thousands of altcoin projects that have no clear purpose. You will never be free from risk regardless of you getting a guarantee from the owner, meaning always consider the risk for anything you believe in including bitcoin.

A centralized exchange is necessary and that has driven more visibility in crypto so far. It's fine to trust a centralized exchange to trade assets, but it should only be used as an exchange and not for storage. FTX is just a message that everything is at risk, so it's still consider the whatever risks are possible in the crypto space.

[Ojima-ojo]

-snip-

Basically anything that you believe is safe will always have the risk of failing in the end. There have been many cases where large and trusted exchanges have been hacked, let alone small, disreputable exchanges and thousands of altcoin projects that have no clear purpose. You will never be free from risk regardless of you getting a guarantee from the owner, meaning always consider the risk for anything you believe in including bitcoin.

A centralized exchange is necessary and that has driven more visibility in crypto so far. It's fine to trust a centralized exchange to trade assets, but it should only be used as an exchange and not for storage. FTX is just a message that everything is at risk, so it's still consider the whatever risks are possible in the crypto space.

Exchange should be indeed used for what there are and not as storage to avoid the risk associated with such decisions, regardless of what have happen within this period and beyond, exchanges remain a major part of crypto currency adoption and usage.

If not for exchange there would have been limited visibility of even bitcoin and all the other coins, what we should do is to use exchange for what there are and try as much as possible to always move our balance off exchange, that way we can remain safe.

[Outhue]

It's not over yet, hours ago I read that Binance exchange might be the next because the exchange is currently on the investigation, I don't know why this is happening because Binance exchange looks like the most transparent of them all but i may be wrong.



I believe CZ and his team will get over this easily but many other exchanges will face the same as we go deep into this bear market, FTX might not be the end.

[RILWAN]

Take your money off the exchange, regulations are coming for them all and if there are no bans for money loundery there will pull an exit scam on you, hack and what have you.
FTX is just the least of them the worst may still happen before the end of 2022.

[Mpamaegbu]

Honestly, November shocked even me. I was of the opinion that it was going to be a moving month for Bitcoin. I called it Movember but it didn't move the last month. It was disappointing for me to see my projections crumble. I know there were others too who expected a bull rally in November but got the same sad awakening. I don't see (expect) price picking this December, though it's looking promising today and trading above $17k. I believe it's going to slump after a few days.

[Ojima-ojo]

While you consider it the worst month, I'm look at the situation with a positive mindset because it's the month that gave us more discount for pushing of Bitcoin. The whole FTX situation would had been easily avoid if you listen to the advise of not keeping your coins on exchange. I don't think anyone who didn't have funds on FTX was affected in regards to them losing access to their funds and for the decrease in the prices of Bitcoin and other altcoins. That's just the volatility of the market doing its thing and if you hold until your Bitcoin, tomorrow you'll be smiling as the price will be worth more than what it's now.

Newbies seeing this post should focused on accumulating Bitcoin as this opportunity mightn't present itself again. Each time the market give you a discount to accumulate Bitcoin, grab that opportunity with both hands and ignore any negatively spreading around. I sympathize with the affected victims but they should learn from this experience and secured their funds better in the future.

Good advice, as I have been a pro Bitcoin right from time since this year have been the most discounted year for newbies, this cycle may never come again as this happens to be the lowest discount over 2 to 3 years back and even though bitcoin have made an all time high price of $69,000+ price in the previous year.

FTX is just a market attack on centralized exchanges and those that kept their coins on centralized exchanges they are presently facing issues with the accounts but that does not have any relation with Bitcoin unless for the panic sale off which is a normal thing anytime something like this happen and there is bad news.

[RILWAN]

A lot has happened in the market since the beginning of the last quarter of the year and November is the worst-hit month among all with the ftx news and the whole of the other bad event that has affected the cryptocurrency market, but am sure this is not the worst mo the in cryptocurrency history so sure the market is going to recover pretty soon.