Tallupooh
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December 30, 2022, 12:06:32 AM |
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In essence, we must always be careful when investing and think carefully. even though 2022 is a year full of bear markets, we still have to have good prejudices for the future.
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Darker45
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December 30, 2022, 12:50:56 AM |
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The list is actually much longer than this. The amount lost within this year alone is in several billions. There are lessons along with them, surely, but will we ever learn them? I'm afraid not. The history of crypto, although relatively short, is already full of hacks, bankruptcies, rug pulls, scams, and the like. But has the environment changed according to the lessons learned from all those unfortunate incidents? I don't think so. Has behavior toward altcoins, centralized exchanges, DeFi platforms, and others changed? Not really.
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wxa7115
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December 30, 2022, 02:16:02 AM |
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The list is actually much longer than this. The amount lost within this year alone is in several billions. There are lessons along with them, surely, but will we ever learn them? I'm afraid not. The history of crypto, although relatively short, is already full of hacks, bankruptcies, rug pulls, scams, and the like. But has the environment changed according to the lessons learned from all those unfortunate incidents? I don't think so. Has behavior toward altcoins, centralized exchanges, DeFi platforms, and others changed? Not really.
And the list would be even longer if we added to the list all the coins that have disappeared since the first altcoin was created. However I think it is possible that in the future the number of successful scams could go down, this is similar to the early days of the internet in which scams like the advance-fee scam were relatively new and people fell for it, but now decades later almost no one falls for it as everyone knows it is a scam, so while it will take a long time for this to become the norm it seems to me we could eventually reach that day.
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Kaliandra
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December 30, 2022, 02:18:07 AM |
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from all that incident I have taken a lesson, that bitcoin remains the most superior. because if we invest in bitcoin, of course it will be safe compared to altcoins. but yes, everything has happened, hopefully it will be an example for the future so that we are more careful in investing. but we also need to know that we must be aware that investing in crypto is indeed a risk.
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Darker45
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December 30, 2022, 03:34:07 AM |
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~snip~
And the list would be even longer if we added to the list all the coins that have disappeared since the first altcoin was created. However I think it is possible that in the future the number of successful scams could go down, this is similar to the early days of the internet in which scams like the advance-fee scam were relatively new and people fell for it, but now decades later almost no one falls for it as everyone knows it is a scam, so while it will take a long time for this to become the norm it seems to me we could eventually reach that day. Probably. I'm looking forward to that day. Meanwhile, another huge centralized exchange has fallen almost a decade after the largest centralized exchange has collapsed. Billions are lost in the process. And it's not even that cases of falling centralized exchanges are isolated. Between Mt. Gox and FTX, there were already countless of centralized exchanges that died. But since crypto awareness around the world is still low even at this point, I'm expecting that there will still be huge incidents like these that would happen in the next decades. So, lessons regarding centralized exchanges might take a long time to sink in. I just hope that nobody had fallen victim twice in the collapse of Mt. Gox, Cryptopia, QuadrigaCX, Livecoin, and countless others, or else we haven't really learned a lesson.
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skarais
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December 30, 2022, 04:17:18 AM |
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There's too much room for anger, but what does that mean? I'm grateful because in 2022 I didn't lose anything and wasn't involved because of the projects above, but of course I feel the impact.
To this day I've had an impact on overall asset depreciation where it's almost 20%, but really that's a dynamic that really has to be in every industry. There are enough lessons to be learned during 2022, we don't expect regrets at the end so this needs to be an experience. Returning to our respective goals, we may need to take advantage of this situation to remain optimistic for the future. The storm will stop, we can expect a brighter sunrise afterwards. It's only a matter of time.
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laurenB7742
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Vaccinized.. immunity level is full.
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December 30, 2022, 04:51:26 AM |
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6. FTX Group & Alameda Research Declared bankrupt on November 11th, destroyed after massive liquidation by its customers, this was triggered by CZ selling all Native FTT tokens, because these tokens were used as collateral or debt guarantees to borrow money by Alameda Research.
I don't think CZ sold all his FTT tokens because it provided an official letter he wrote to all the Binance workers about keeping their FTT bags. Although, the CZ tweet may trigger the massive liquidation of the FTT token. However, the major cause of it and the bankruptcy of FTX are SBF the mastermind, and Caroline which expose the situation at the wrong time. Caroline and the FTX co-founder have also pleaded guilty, and in a recent report, Sam will plead guilty on January 3. It's funny when everything is so clear that there are still people who think that CZ is the one who harmed FTX. If FTX really has 10 billion USD in reserve, then CZ's sale of 500 million FTT is just the salt in the pool, and will not affect FTX too much. I learned that no centralized services should be fully trusted. If we wanted to invest, invest on Bitcoin, buy it and never keep it on exchanges. Investing on centralized services and give 100% trust on them is another way of wasting money because sooner or later this centralized services will file bankruptcy.
Even if the situation that happened this year didn't happen. It's a childish idea to entrust one's investment to a stranger we only see as an influencer online and it is always good to entrust our investment to ourselves because no one knows us more than ourselves. Before FTX crashed, we had Mt.gox, we should have learned from that and deposited money in exchange, like a deposit in the bank, they are not our money. "not your keys, not your property" this saying was spread long before FTX was created.
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Wildwest
Sr. Member
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December 30, 2022, 06:03:05 AM |
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In 2022 There are many things we can learn in the crypto world, although many events that occur are not to our liking but from there we can draw a conclusion that for the coming year we must be careful of every decision we make, this year there are many losses that we experience and only some people who get luck is not too big as expected, If this situation continues in 2023 then there will be many coins that will be lost on each of their platforms and currently they can only stand still to wait for the market to quickly increase again in every coin price, especially Bitcoin.
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suzanne5223
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December 30, 2022, 03:43:39 PM |
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6. FTX Group & Alameda Research Declared bankrupt on November 11th, destroyed after massive liquidation by its customers, this was triggered by CZ selling all Native FTT tokens, because these tokens were used as collateral or debt guarantees to borrow money by Alameda Research.
I don't think CZ sold all his FTT tokens because it provided an official letter he wrote to all the Binance workers about keeping their FTT bags. Although, the CZ tweet may trigger the massive liquidation of the FTT token. However, the major cause of it and the bankruptcy of FTX are SBF the mastermind, and Caroline which expose the situation at the wrong time. Caroline and the FTX co-founder have also pleaded guilty, and in a recent report, Sam will plead guilty on January 3. It's funny when everything is so clear that there are still people who think that CZ is the one who harmed FTX. If FTX really has 10 billion USD in reserve, then CZ's sale of 500 million FTT is just the salt in the pool, and will not affect FTX too much. I know about Caroline and Wang pleading guilty to the accusation but you said "Sam will plead guilty on January 3" are you a time traveler how come you know what he's going to do when he recently (today) cashes out $684,000 while he is under house arrest. Do you think someone that's doing this is ready to plead guilty? Having said that, anyone that thinks CZ was the one that harmed FTX definitely doesn't know the beginning of the story. I learned that no centralized services should be fully trusted. If we wanted to invest, invest on Bitcoin, buy it and never keep it on exchanges. Investing on centralized services and give 100% trust on them is another way of wasting money because sooner or later this centralized services will file bankruptcy.
Even if the situation that happened this year didn't happen. It's a childish idea to entrust one's investment to a stranger we only see as an influencer online and it is always good to entrust our investment to ourselves because no one knows us more than ourselves. Before FTX crashed, we had Mt.gox, we should have learned from that and deposited money in exchange, like a deposit in the bank, they are not our money. "not your keys, not your property" this saying was spread long before FTX was created. People in the cryptocurrency market we're today don't learn easily, their trust in influencer people is a major disease and this is the reason why we see some scammer turning Elon Musk tweet into crypto and naive investor will still buy it.
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The Cryptovator
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December 30, 2022, 04:06:13 PM |
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What can we do even take a lesson from past history? Maximum we can secure our holding but we can't secure our holding value anyway. Whatever the reason if the market crashed ultimately we are losing value and we don't know when will it recover. However, we learned that funds aren't should organize into a centralized exchange anyway even if we lose token value. That's what is in our hands to control. However, we learned a lot of things from this incident and we have to be more careful about our funds.
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Welsh
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December 30, 2022, 04:30:04 PM |
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I'm not convinced many have learned any lessons from these incidents. I personally wasn't effected by any of these, unless you count the price of Bitcoin taking a hit due to them. However, even then I'm not that bothered by the current price of Bitcoin. However, most people don't learn from the very first couple of incidents, and most people don't put the effort into learning about how to mitigate these issues.
For example, we'll still see a ton of people in the future losing money because they have their Bitcoin on a centralised exchange. Despite there being several largely talked about events that have stolen or lost several million pounds worth of Bitcoin.
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BigBos
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December 30, 2022, 05:27:52 PM |
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and what have you learned from all of this in 2022?
Taking lessons is very important not to repeat the same mistakes in the future, I experienced sadness when Bitcoin in my portfolio experienced a very significant price drop, even though in crypto there is a saying when you don't sell it, you don't lose, but still make it stressed. And my losses on FTX and Luna, even though they're only a small part of my portfolio, are still intolerable. Since then I started investing less in Altcoins and moving my Bitcoin assets from a centralized exchange to a decentralized exchange planned for the long term. This year has been tiring but must continue to collect Bitcoins for a better future.
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klidex
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December 30, 2022, 05:55:55 PM |
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In 2022 There are many things we can learn in the crypto world, although many events that occur are not to our liking but from there we can draw a conclusion that for the coming year we must be careful of every decision we make, this year there are many losses that we experience and only some people who get luck is not too big as expected, If this situation continues in 2023 then there will be many coins that will be lost on each of their platforms and currently they can only stand still to wait for the market to quickly increase again in every coin price, especially Bitcoin.
In fact, in 2022 this is an opportunity for all of us to be able to add crypto investment assets, where at prices that are relatively low like this, you can take more crypto and the profits when the bull market will be bigger too. If in 2023 the market conditions are still the same, we must endure and be patient. You can be sure that in a not long time the market will experience a revival and all cryptocurrency assets will experience a significant increase in price. It's not easy for a registered coin to just disappear. Basically every coin has big investors and they can definitely survive a bear market phase like this.
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wiss19
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December 30, 2022, 07:09:33 PM |
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If BTC didn't drop too much I think it won't also trigger a collapse for some of those companies. The collapse of BTC alone already cause a panic. People are selling and withdrawing their money. This should affected those crypto companies badly and then the panic got even worse. It then causes a domino effect to other crypto companies.
The biggest lesson that people learned this year is to not put so much trust in centralize platforms because they may have a trouble of withdrawing their money once the company experience some issue and it could lead to loss of funds if the company got bankrupt. Other than that, is to stay strong and have faith on cryptos. The storm will soon pass.
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livingfree
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December 30, 2022, 07:14:05 PM |
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I have my disappointment towards the year of 2022 but that doesn't mean that I have to have rage towards it.
Those things have happened already and that's there no matter what happens, the situation will never change.
It's anticipated that we'll see the market turning from bullish to bearish because that's how it used to be. But this time, too many turmoil and companies have fallen at the same time and made their share to the bear market.
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Wakate
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December 30, 2022, 07:16:05 PM |
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This is one of the things we need to out into consideration before trying to invest in altcoins or project that obviously looks shaky. Many of these project are good project that we never knew it would crash like that but sometimes things happens so fast that we might not have the opportunity to withdraw our funds. This is crypto market and we need to be very observant whenever we are taking decision and for me, it will be better to diversify our investment into different portfolio that to cast Everytime in one project with the aim that will are going to become a millionaire very soon.
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BitcoinPanther
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December 30, 2022, 10:31:19 PM |
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The fact that most issues that brought this bear market was from CEX this will make investors more cautious about them and request the government to regulate them
I disagree, this cEX are brought down by the bear market and mismanagement of the fund. Most of the got bankrupt because they failed to visualize the upcoming bear market and did not prepare for it. It is always a cycle that after the ATH, Bitcoin will have a long time duration of correction called bear market that make the price of almost everything to dip or crash. And many of these centralized company are victim of circumstances unless the CEO purposely misapproriates funds for his own benefits. Anyway, a simple lesson learned from these event, never trust centralized company especially their token. If profit is seen or target price is achieved, cash out and never look back, learn self-custody and how to secure it.
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landheer
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December 31, 2022, 12:15:30 AM |
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The lesson we can take is that we must be careful when we invest because if we invest carelessly it will certainly have fatal consequences, namely the risk of loss will be greater. so as most people say in this forum many people suggest investing in bitcoin better, because indeed in bitcoin it will definitely be safer, even if the price goes down it certainly won't be like an altcoin which of course if it goes down can go to 0. for bitcoin of course if it goes down will not be possible until the price becomes 0.
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Bazzu
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December 31, 2022, 04:29:04 AM |
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because of the collapse of ftx, and also the drop in the price of tera Luna, I have suffered a loss. but from my experience it makes me more careful in investing so if investing in altcoins I think ethereum is very suitable to be used as an investment vehicle because there are so many enthusiasts and adopters of ethereum. I'm sure the tragedy will make investors switch to quality altcoins like ethereum. but still number one is definitely bitcoin which is worthy of being used as an investment vehicle.The lessons we take from my experience are: in the future I will be more careful in investing. don't fall for the second time.
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taufik123
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Rollbit.com | Crypto Futures
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December 31, 2022, 05:23:43 AM |
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Of the several scammers mentioned, I only know DoKwon and SBF rogues, maybe I'm not up to date LOL. FTX became a drama that made an impression and became an event that really, really hurt a lot of people—being the largest after Mt.Gox.
Terra LUNA also gave their investors a lot of losses, instead of making a stable stablecoin, but in fact, the UST also collapsed and Do Kwon is currently a fugitive, while the bastard SBF has been caught and will be brought to justice.
In fact, there are many lessons that can be drawn from these incidents. We can't avoid some projects that are initially promising and become top projects, even in the top 10 of CMC, but end up being trash projects that harm many people.
That makes it undetectable, now all investors are more vigilant and don't keep their money in CEX because their trust has been lost with the FTX collapse incident which used their customers' money for research purposes and eventually went bankrupt.
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