Have you taken lessons?

[bangjoe]

Towards the end of 2022 We all know that in 2022 the crypto market experienced a very violent storm, especially until the price of Bitcoin fell by -60% of its ATH, several events pushed bitcoin to fall as it is now, which I know include;

1. Tera Luna

Technically, Terra Luna was not bankrupt but the monumental crash cost the owners of LUNA and UST an estimated $60 billion in losses. and pulled other companies into the abyss of their demise.

2. Three Arrows Capital (3AC)

Bankrupted on July 1, 2022, the main cause was due to the ownership of the LUNA token which collapsed with UST due to a massive sell-off. They owe an estimated $3.5 billion to 27 different companies including Blockchain.com, Voyager Digital, and Genesis Global Trading.

3. Digital Voyager

Bankrupt after 3AC, July 5, 2022, due to financial difficulties resulting from a loss of $650 million in 3AC. the latest news is that Voyager Digital was acquired by Binance for a $1.22 billion ransom.

4. Celsius

Bankrupt on July 13 due to a prolonged Bear market and also affected by the bankruptcy of 3AC, because they borrowed $75 million from 3AC and have a total debt of $5.5 billion.

5. Comput North (Bitcoin mining)

This mining company went bankrupt on September 22, 2022, due to a falling Bitcoin price and economic difficulties which were triggered by an increase in energy costs for mining, its assets were sold out.

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.

7. BlockFi

Filed for bankruptcy on November 28 due to its association with FTX, BlockFi estimates that it has $1 billion in assets, while the company's total liabilities or debts are at least $10 billion.

8. Genesis

Had temporarily stopped withdrawing user funds citing "unprecedented market turmoil" after the FTX collapse, but was saved by creditors from the crash crisis.

9. Core Scientific

Its shares plunged to 30% of resources sold out on December 21 and declared bankruptcy, but its bitcoin mining continues, it is said, to cover debts.


All of these incidents have had a significant effect on the price of Bitcoin, I can't go into detail because it would be too long and too much drama, but other than that, we have to take lessons from every incident that happened in 2022 as knowledge to be better for the future.

So, have you expressed your rage for 2022, and what have you learned from all of this in 2022?



Tell me if I missed something
#happyNewYearBitcointalk

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[Hispo]

So, have you expressed your rage for 2022, and what have you learned from all of this in 2022?

There is no reason to feel rage, specially towards the market. 
Any authentic holder which signed up for this ride knew exactly what to expect and the cyclical nature of this economy, on the other hand, I agree there is much yet to learn (besides what we have learnt this year). Many say this is a game of fear and greed and I mostly agree with it.

I learnt that does not matter how strong and stable a platform looks, one should never leave one's coins there, in consequence I reduced by exposition to centralized exchanges.
I also confirmed that those services which offered interests on one's Bitcoin (Blockfi and Celcius) were nothing but a ticking bomb.

I hope you did not suffered much losses and can let go your "rage" in a constructive and healthy way.

[GreatArkansas]

Lesson learned. This year 2022, I experience a lot of tragedies especially these bankruptcies that happened on the market. I was really affected by Terra Luna and FTX Exchange.
I learned a lot of lessons especially about taking profits if you are trading or investing with a goal.
It seems these entities went bankrupt is part of the bear market, it's part of the cycle where the market corrects, there are some entities that are affected but not all, and some of here are indeed misused of funds and intended to fraud the people.

[Dave1]

How about this news? I think we can learn a lesson or two: U.S. Treasury Sanctions Notorious Virtual Currency Mixer Tornado Cash and the developer is arrested.

So anyone can be put into jail, specially this kind of mixers. We all know that majority of privacy coins has been delisted, so maybe next year we will hear such services again at the helm of US government.

[romero121]

What we've come across the year is simply unexpected. Similar incidents have happened in the past, but the impact isn't that high as now. The growth of cryptocurrency and the increasing adoption have caused massive crash in the market. Same time the economic situation around the world at its worst makes things go even worse. To make a recovery it takes time, as the upcoming bullish move is predicted to be close to halving scheduled for 2024.

More and more things learnt from the year 2022. Beyond all these issues, the best learning is to trust bitcoin than any other altcoins.

[LDL]

The year 2022 will go down in history as an infamous chapter for Bitcoin.  In the year 2022, the Cryptocurrency and Bitcoin market saw many unexpected scandals, data leaks and hacks, bankruptcies, which affected Bitcoin in various ways and forced it to come down to where it is today.


FTX crashed and Alameda Research: Over $40 b
Luna/UST crashed : $40b
3AC(3 Arrow Capital): $18b
Genesis Bankruptcy: $5b
Celsius: $4.5b
BlockFi: $4.5b
Voyager: $3.75
Ronin bridge Hack: $600M
WormHole Hack: $320M
Nomad bridge Hack: $190M
Beanstalk Farm Hack: $180M
Wintermute Hack: $160M
Mango Exploit: $115-120M
Core Scientific mining company Bankruptcy: update to next.



My previous post about it:

https://bitcointalk.org/index.php?topic=5427920.msg61429305#msg61429305
https://bitcointalk.org/index.php?topic=5430938.msg61480078#msg61480078

[Hispo]

How about this news? I think we can learn a lesson or two: U.S. Treasury Sanctions Notorious Virtual Currency Mixer Tornado Cash and the developer is arrested.

So anyone can be put into jail, specially this kind of mixers. We all know that majority of privacy coins has been delisted, so maybe next year we will hear such services again at the helm of US government.

I appreciate the highlight on that article!. I had almost forgot about what happened to Tornado Cash.
Nonetheless, the lesson we can learn from this is different from the situation on the privacy coins. The fact privacy coins are getting their liquidity and acceptance attacked for obvious reasons, it is an "old" precedent, it has been going on since 2020 with the delisting of DASH, Zcash and Monero on somw exchanges and also the reward the United States government offered to anyone able to develop tools to track monero transactions.

The Tornado cash drama, on the other hand, can teach us one can get arrested and charged by developing software aiming to improve privacy, which sound very dystopic. Or was that guy charged for any other crimes?

[OcTradism]

Move it to Altcoin Discussion board because these collapses are not because of Bitcoin. They are entities that over leveraged with altcoins, shitcoins. They were rekted by shit coins, not by Bitcoin.

Did you see MicroStrategy were rekted by Bitcoin yet? Not yet.

Lessons learned by me from their collapses. I am more careful with altcoins and trying to use more % of my capital for Bitcoin.

[Yaunfitda]

Move it to Altcoin Discussion board because these collapses are not because of Bitcoin. They are entities that over leveraged with altcoins, shitcoins. They were rekted by shit coins, not by Bitcoin.

Did you see MicroStrategy were rekted by Bitcoin yet? Not yet.

Lessons learned by me from their collapses. I am more careful with altcoins and trying to use more % of my capital for Bitcoin.

Yes, it has nothing to do with bitcoin, on the other hand we are the victim of this collapse specially the last one, FTX. Bitcoin was doing good that time, hovering above $20k when suddenly this news broke out and then we go on another lowest lows.

Of course the obvious lessons, "not your keys, not your coins", adage, do not leave your precious crypto to any crypto exchanges otherwise you will be the another victim, another statistics if it collapses because of mismanagement or collapse of the system.

[Ale88]

what have you learned from all of this in 2022?

In some cases I made it out in time, in others I didn't. What I've learnt, for sure, is that during a bear market you better keep all your cryptos with you: nothing on exchanges, no lending platforms, none of all those things. If prices go up then everything is fine, when things go south then we saw how everything is more connected than what we thought.

[bitzizzix]

Every year there must be a lesson for bitcoin or crypto and this happens throughout the journey of bitcoin, maybe this year the lesson is different and everything will be a lesson because nothing is perfect.
I believe that more and more problems that occur in this industry will make bitcoin stronger and continue to grow and develop, because this will make the name bitcoin more widely known which will make many people curious about bitcoin or other cryptocurrencies.
let alone the impact of the FTX issue, indeed everyone or investors feel it, but it all happened and we can only take lessons from what happened and as long as our goals for the long term are not a problem, this is actually our opportunity to raise more holdings funds to hold it in the long run and this is a very valuable lesson as well as an opportunity.

[BALIK]

So, have you expressed your rage for 2022, and what have you learned from all of this in 2022?



Tell me if I missed something
#happyNewYearBitcointalk

If you have been in financial markets long enough and have read about the history of financial markets, the collapse of companies or projects is nothing new, even for traditional markets, the same thing happens.

Regardless of the market, as an investment, there will always be risks, so the lesson here I want to tell you is that when you accept an investment, you must take into account the risks that you will face, not only think about profit.

I've never been angry with what's going on in the market, if we want to be successful, we want to be bigger, and we need to make trade-offs.

[Apocollapse]

1. Tera Luna
2. Three Arrows Capital (3AC)
3. Digital Voyager
4. Celsius
5. Comput North (Bitcoin mining)
6. FTX Group & Alameda Research
7. BlockFi
8. Genesis
9. Core Scientific

All of these incidents have had a significant effect on the price of Bitcoin, I can't go into detail because it would be too long and too much drama, but other than that, we have to take lessons from every incident that happened in 2022 as knowledge to be better for the future.

1. Shitcoin doesn't have any effect to Bitcoin.

2 and 3 are just small company that operated in their own region, doesn't affect anything.

4, 7 and 8 are ponzi scheme company, they're accept many coins, not only Bitcoin, so less or nothing effect to Bitcoin.

6 is just an exchange, we have so many exchange that accept Bitcoin, so losing 1 centralized exchange doesn't mean anyone can't trade using exchange.

5 and 9 are bankrupt because of Bitcoin price is always decrease, which mean Bitcoin price make mining company shutdown, not mining company bankrupt affect Bitcoin price.

It's better if you use your logic first.

[Reatim]

this must not be in altcoin discussion mate because there is nothing to do with Bitcoin (though this is about cryptocurrency.

lesson i learned? to never believe so much in Altcoin project 

from now on I will completely believe in Bitcoin and will just spend small amount in altcoins if needed.

[xSkylarx]

what have you learned from all of this in 2022?

In some cases I made it out in time, in others I didn't. What I've learnt, for sure, is that during a bear market you better keep all your cryptos with you: nothing on exchanges, no lending platforms, none of all those things. If prices go up then everything is fine, when things go south then we saw how everything is more connected than what we thought.

The recession is a signal to withdraw your funds from all platforms. Though I can't relate because I don't have funds on other platforms and keep them in my own wallet, it is really the best thing to do if it happens again (which I hope it doesn't) because it is not safe because everything would be a problem on a bear market and it was also affected by the recession. In "green days," we really don't have a problem at all, as most of the exchange platforms are doing well, but when "bear days" come, that is really a huge problem, as there are possibilities that they would be closing due to the price constantly dropping.

[Iroh]

I wouldn’t exactly express any rage for the year 2022. The year, like every other year had its ups and downs and I would like to always look on the bright side.
What I have especially learned this year is not to put and leave your funds into any exchanges as we’ve seen exchanges come out all strong and later fold up taking peoples money along with them. Sadly this year, people learnt the hard way about exchanges with the demise of FTX. Hopefully, that would be the wake up call some people desperately need.

[mk4]

2. Three Arrows Capital (3AC)

Bankrupted on July 1, 2022, the main cause was due to the ownership of the LUNA token which collapsed with UST due to a massive sell-off. They owe an estimated $3.5 billion to 27 different companies including Blockchain.com, Voyager Digital, and Genesis Global Trading.

The LUNA/UST meltdown was just one minor thing — they mostly became bankrupt when they were hilariously (and obviously carelessly) long Ethereum with too much leverage.

[worle1bm]

this must not be in altcoin discussion mate because there is nothing to do with Bitcoin (though this is about cryptocurrency.

lesson i learned? to never believe so much in Altcoin project 

from now on I will completely believe in Bitcoin and will just spend small amount in altcoins if needed.

What OP has mentioned in the above post is basically pointing out to the risk these centrally owned financial services have if you keep your funds with them like exchanges or any other platforms while altcoin is different subject.You have decided to invest in bitcoin only then it's really great but the thiis keep them in your custody without relying on these platforms who have access to your funds as we have seen how their collapse can lead us to zero investment and returns.

[sohrabka]

Towards the end of 2022 We all know that in 2022 the crypto market experienced a very violent storm, especially until the price of Bitcoin fell by -60% of its ATH, several events pushed bitcoin to fall as it is now, which I know include;

1. Tera Luna
https://pbs.twimg.com/media/Fkt5dCfWYAATK8c?format=jpg&name=900x900
Technically, Terra Luna was not bankrupt but the monumental crash cost the owners of LUNA and UST an estimated $60 billion in losses. and pulled other companies into the abyss of their demise.

2. Three Arrows Capital (3AC)
https://pbs.twimg.com/profile_images/1604830346008461312/-w62UKLK_400x400.jpg
Bankrupted on July 1, 2022, the main cause was due to the ownership of the LUNA token which collapsed with UST due to a massive sell-off. They owe an estimated $3.5 billion to 27 different companies including Blockchain.com, Voyager Digital, and Genesis Global Trading.

3. Digital Voyager
https://thecbq.ca/wp-content/uploads/2020/08/1.-Featured-Image-Voyager-Stephen-Ehrlich-CEO.jpg
Bankrupt after 3AC, July 5, 2022, due to financial difficulties resulting from a loss of $650 million in 3AC. the latest news is that Voyager Digital was acquired by Binance for a $1.22 billion ransom.

4. Celsius
https://pbs.twimg.com/media/FfimQThXkAQVLqD?format=jpg&name=900x900
Bankrupt on July 13 due to a prolonged Bear market and also affected by the bankruptcy of 3AC, because they borrowed $75 million from 3AC and have a total debt of $5.5 billion.

5. Comput North (Bitcoin mining)
https://imasons.org/wp-content/uploads/2022/01/dave-perrill-highres-sm-350x350.png
This mining company went bankrupt on September 22, 2022, due to a falling Bitcoin price and economic difficulties which were triggered by an increase in energy costs for mining, its assets were sold out.

6. FTX Group & Alameda Research
https://assets.bwbx.io/images/users/iqjWHBFdfxIU/ilrG41TEihIk/v1/1000x-1.jpg
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.

7. BlockFi
https://images.ctfassets.net/s9sj79zoigw1/6AP4up2hDA5omNzDKxvQr3/92fb164e019a4ce0b223013a13068e40/zac_prince.jpeg
Filed for bankruptcy on November 28 due to its association with FTX, BlockFi estimates that it has $1 billion in assets, while the company's total liabilities or debts are at least $10 billion.

8. Genesis
https://pbs.twimg.com/profile_images/1552286404193001472/R0PEHI25_400x400.jpg
Had temporarily stopped withdrawing user funds citing "unprecedented market turmoil" after the FTX collapse, but was saved by creditors from the crash crisis.

9. Core Scientific
https://s29.q4cdn.com/356375974/files/images/board/mike_levitt.jpg
Its shares plunged to 30% of resources sold out on December 21 and declared bankruptcy, but its bitcoin mining continues, it is said, to cover debts.


All of these incidents have had a significant effect on the price of Bitcoin, I can't go into detail because it would be too long and too much drama, but other than that, we have to take lessons from every incident that happened in 2022 as knowledge to be better for the future.

So, have you expressed your rage for 2022, and what have you learned from all of this in 2022?



Tell me if I missed something
#happyNewYearBitcointalk

Earthquakes occur so frequently that it is hard to imagine the experience of 2022. I passed your course, I learned to be prudent, not to be greedy, to hold Bitcoin but not to play with too much capital. Through various major events this year, it fully illustrates the ugliness of capital and the importance of decentralization.

[Edwardard]

This year made crypto investors  realise that they need to be more cautious on the type of CEX  they use and what type of coin they are investing on

Ppl never realise mistakes here. We had one more major CEX collapse (mt. gox) in early 2014. Did ppl stop using cexes since then? You can figure it out yourself.
We had major coin collapse (bitconnect) in early 2018, where its value fell to almost worthless sht but did ppl stop investing in sh*tcoins since then? Ppl still are taking risks. They never learnt and never will. The cycle will continue, thats why many OGs too call the markets crazy and we cant change it. Be ready, there will be another bubble in the next bull market preparing to get burst later, lol.