If you could..... What will it be?

[libert19]

I read your post, and not a thought arose about changing a single thing. I find it myself weird cause I have been in crypto since more than a decade, there are plenty things that should have arose in my mind, but somehow they didn't.

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[Porfirii]

Some members said that they wouldn't change a thing from this crypto-sphere we live in, but IMO there are a lot of things that should be changed and a huge room to improve.

If I had to choose one, maybe the market dominance of Binance would be the one that I would choose as per today. It is dangerous when a monopoly like that dominates in such a degree a certain market, and in my understanding of the underlying values in the creation of Bitcoin, I think that it goes against Satoshi's vision.

[knowngunman]

What if you could delete an occurrence from happening in the cryoto-world, both past and current events making it that they don't happen or didn't happened. What would it be?

As  for me it is the FTX crash saga which led to many persons losing their funds that could have yield some profits by now. It was one of the saddest period for many in the crypto world.

How about you, what would it be?

This discussion has no meaningful impact since it can not change anything. It's just a mere a imagination and assumption that can never be translate to reality. But for the sake of having an imaginary discussion, I will contribute my own. The FTX crash has affected crypto users either directly or indirectly actually but since I was less affected by it's crash, I will rather choose to delete or stop from happening, the one that affected me directly. If I have the opportunity to delete one occurrence from happening in crypto, it will definitely be the crash Terra Luna. Luna crash up to this moment seems to be like a dream to me whenever I remember about it and what it caused me to lose. It has passed and nothing can be done about it anymore. The important thing is that lesson has been learnt and experience has been gained as well and we have move on. What doesn't kill you actually make you stronger indeed.

[Lucius]

Some members said that they wouldn't change a thing from this crypto-sphere we live in, but IMO there are a lot of things that should be changed and a huge room to improve.

If I had to choose one, maybe the market dominance of Binance would be the one that I would choose as per today. It is dangerous when a monopoly like that dominates in such a degree a certain market, and in my understanding of the underlying values in the creation of Bitcoin, I think that it goes against Satoshi's vision.

Even if you can change one CEX to be dominant on the market, this does not mean that another one will not appear, because if you remove one, someone else will take advantage of that opportunity. In addition, you should take into account that Bitcoin was created for everyone, and that Satoshi did not in his vision go with any restrictions in terms of how mining or trading will be done.

It might have been better if we had DEX from the beginning, but no one could in any way prevent people from starting a business with CEX, which turned out to be extremely profitable for the owners, and on the other hand, a simple way for users to buy and sell Bitcoin. What is wrong in that whole story is that CEX started to present themselves as some kind of crypto bank, and many users started to use them in that way.

If there was a law that CEX could not keep the user's coins for more than 48 hours after the purchase, then clients would be forced to keep their coins in non-custodial wallets and this would somewhat prevent the centralization of millions of BTC in custody services.

Of course, something like that will not happen, because if we know that CZ indirectly called its users stupid in the sense that they are not able to store their coins independently, it is more than clear that they want you to buy something, and then leave it for them to keep.

[Porfirii]

Some members said that they wouldn't change a thing from this crypto-sphere we live in, but IMO there are a lot of things that should be changed and a huge room to improve.

If I had to choose one, maybe the market dominance of Binance would be the one that I would choose as per today. It is dangerous when a monopoly like that dominates in such a degree a certain market, and in my understanding of the underlying values in the creation of Bitcoin, I think that it goes against Satoshi's vision.

Even if you can change one CEX to be dominant on the market, this does not mean that another one will not appear, because if you remove one, someone else will take advantage of that opportunity. In addition, you should take into account that Bitcoin was created for everyone, and that Satoshi did not in his vision go with any restrictions in terms of how mining or trading will be done.

-snip-

Yes, if you removed one, others would benefit from it, what what I meant is that, if i'm not wrong, the dominance of Binance is over 80% of the CEX market. I have nothing against Binance, but against concentrating so much power in only one service provider, specially when Bitcoin was meant to be used for peer-to-peer transactions, and not to create the opportunity for one new big "bank" like CZ's.

It might have been better if we had DEX from the beginning, but no one could in any way prevent people from starting a business with CEX, which turned out to be extremely profitable for the owners, and on the other hand, a simple way for users to buy and sell Bitcoin. What is wrong in that whole story is that CEX started to present themselves as some kind of crypto bank, and many users started to use them in that way.

If there was a law that CEX could not keep the user's coins for more than 48 hours after the purchase, then clients would be forced to keep their coins in non-custodial wallets and this would somewhat prevent the centralization of millions of BTC in custody services.

Of course, something like that will not happen, because if we know that CZ indirectly called its users stupid in the sense that they are not able to store their coins independently, it is more than clear that they want you to buy something, and then leave it for them to keep.

I totally agree with you in all these points and couldn't have explained it better.

[zaim7413]

Everything happened naturally in real life, the FTX crash saga which led to many persons losing their funds became a nightmare for the victims. They never expected all this to happen, but they could have avoided the saddest period if they had been more careful with their assets. I will try to avoid anything that has a high risk of causing loss of assets as you described in Op.
Financial losses depend on how each individual manages their assets, those who realize the difficulty of earning money will be more careful in maintaining the security of assets that can be used for the future.

[Majestic-milf]

 There are things beyond are control and somehow, it's supposed to happen. That's why in life there are unplanned events. Many crypto users have been affected by one exchange going bust to funds being hacked and all and while some have mentioned that they'd change the issue of the FTX saga or limit the monopoly Binance is trying to have on the crypto market, I'd say if I had my way and I could change some things on the crypto space, that will be the volatility rate of Bitcoin price. Yeah, you can argue that volatility and Bitcoin go hand in hand but even while we are aware of such a factor, it still doesn't change thar some of us wish for a little stability.
 It takes a lot of strength and patience and even determination to hodl Bitcoin even when the market is recording losses or it's price is experiencing a sharp decline.

[Lucius]

Yes, if you removed one, others would benefit from it, what what I meant is that, if i'm not wrong, the dominance of Binance is over 80% of the CEX market. I have nothing against Binance, but against concentrating so much power in only one service provider, specially when Bitcoin was meant to be used for peer-to-peer transactions, and not to create the opportunity for one new big "bank" like CZ's.
~snip~

Somehow that number seemed unrealistic to me, so I checked what the statistics say, and it is just a little more than 50%, which is still a really big dominance, even though that CEX also recorded a big drop compared to last year. After all, it is a free market and people go where they think is best for them, but I think that considering how that CEX operates and how the authorities are pressuring them from all sides, the days of their greatest glory will slowly begin to fade.

I just hope it happens before some big scandal, whether it's hacking or something similar like what happened with FTX.

[bhadz]

Maybe what Do Kwon has started, all of the fiascos that he has made as tightened down the bullish sequence of the market. But even if we can remove any of these parts, I still believe that everything happens for a reason and that's how we grow from this market. Whether we like it or not, all of the hackings did really gave the negative impression to the world and as well as to many investors that made a lot of us sold as quickly as we can to mitigate the potential loss that we can. That's how the market reacts and so do we because we're just taking care of our hard earned money that's invested on this market.

[Razmirraz]

The fall of FTX is one of the incidents that is most difficult for its victims to forget, those who entrusted FTX as a place to store their assets can only be sad when they see their assets disappear which results in their money being lost. Market conditions also experienced shock due to this incident, Cryptocurrency prices were unstable due to the effects of the fall of FTX.
All negative events, intentional or unintentional, are part of the long journey of Cryptocurrency, you need to educate yourself to avoid events that can cause losses. Storing assets on exchanges is not recommended, look for the safest place to keep the assets that have been collected while being in the crypto field.

[GbitG]

What if you could delete an occurrence from happening in the cryoto-world, both past and current events making it that they don't happen or didn't happened. What would it be?

As  for me it is the FTX crash saga which led to many persons losing their funds that could have yield some profits by now. It was one of the saddest period for many in the crypto world.

How about you, what would it be?

Accidents are completely connected with the crypto space; it will not be appropriate to neglect or delete them from the crypto space. Taking this into consideration, the next step should be taken very carefully. And in my opinion, a successful person is one who learns from their past mistakes. Just as OP mentioned FTX and other members mentioned Tera Luna, all these tragedies are for learning, so you should make it a sub-discussion and learn a lesson that you should not trust anyone with your assets but yourself. Take care of your assets. So, in the end, I would like to say that you should take responsibility for your funds and do not want to trust any exchange, no matter how big and famous it is. Rather, make yourself more secure, save yourself from similar tragedies, and protect your money properly.

[Out of mind]

The biggest negative event I've seen in the crypto space is the FTX crash. Although I had been trading for a long time, so I didn't have much FTX invested at the time, so I didn't lose much money. But when this incident happened, most of the world's crypto markets went down, which was really sad for everyone. A large amount of money was siphoned off from investors, leaving people destitute. At that time the price of all currencies including bitcoin market went down just because of this scam. Although now people are forgetting that big scam slowly and everyone is getting attracted to Bitcoin. But I think if people keep investing in Bitcoin, surely they won't be afraid of losing from there and don't have to face fraud, Bitcoin investment will be good for everyone.

[traderethereum]

There is no need to erase anything from what happened because there is no point.
We also can't do it and the events in the past can be a lesson for us to be more careful so that we don't experience this.
The FTX crash and the older ones like Mt.Gox teach us a lesson not to store a lot of assets on exchanges because exchanges will not always be safe from hacking.
Maybe a crash like that could tell the general public that no system is truly safe from hacking, so they must always be careful in protecting their assets and keeping them away from the prying eyes of hackers by storing them in their personal wallets.

[icalical]

I never really got affected by the FTX and Mt. Gox scam, so I couldn't relate. One of the case that I can personally relate is the Bitconnect scam. If there is anyone who haven't know about this case, this is a good read from the past https://www.bdo.ca/insights/cryptocurrency-execs-charged-for-2-4-billion-ponzi-scheme. I know a lot of relatives, friends, and acquaintance who lost their money on this scam, lost their life-saving, their education money, and even some of them buried in debt, this scam was massive in my country. And this case is one of the main reason why some/many people viewed crypto in a really bad way.

[CryptopreneurBrainboss]

What if you could delete an occurrence from happening in the cryoto-world, both past and current events making it that they don't happen or didn't happened. What would it be?

Without hesitation, I will delete the ICO craziness of the bull market in 2017, that's was the beginning of all the scams that we're now experiencing in the industry. Without the success of ICO then that anybody can set in his basement and launch an attractive site that'll raise millions of dollars in matter of days, we won't have been having all this other problems that we have been facing in the industry. It was after the ICO boom of 2017 that alot of scammers started coming into the industry disguise with their different altcoins scamming investors easily without getting any repercussions (punishment) just because the industry is an unregistered one. It was after the ICO era that scammers began to push the narrative of a trend and build all sorts of scam projects surrounding that trend like Defi and now AI projects just to scam gullible investors of their money. Delete the ICO boom and many projects existing today won't have existed and we might have had a safer space.

As for me it is the FTX crash saga which led to many persons losing their funds that could have yield some profits by now. It was one of the saddest period for many in the crypto world.

FTX collapsing was something that was inevitable because the exchange shady behavior was getting too obvious like their involvement in the pumping of Solana to the top without having an actual working product with a blockchain that isn't stable yet it got the support of top influencers and FTX was a big investors in the project. The founder Sam Bankman-Fried was a well known arbitrage trader so it wasn't a surprise he was messing with his customers funds. Most newly launched projects don't survive their first bear market especially projects that were launched after a bear market. The FTX crash didn't do much to the market as after the crash of the exchange, this isn't even the worse bear market that Bitcoin has experienced. The worst Bitcoin crash was the 2018 bear market and that was immediately after the ICO boom.

[Asiska02]

As  for me it is the FTX crash saga which led to many persons losing their funds that could have yield some profits by now. It was one of the saddest period for many in the crypto world.

How about you, what would it be?

Since I joined the bitcoin world, I have not experienced or had about a scam that is well talked about like the FTX crash, it was really a very hard time for all those that had funds with them. It made the hopes of some people who were doubting what bitcoin will become in the future to not believe in it anymore. As to those who are bitcoin enthusiasts, it was just another event in bitcoin history that they’ve seen had happened and believed many will still likely happen in the future.

Whatever the reason maybe for the crash, it was never worth it and hopefully such never happens again. I would say this is my first experience to see how worst events like this cause setback to the market even though I was not a victim of it or know anyone that’s a victim of it.

[Finestream]

The FTX saga was probably the most heartbreaking that leaves a big lesson to all crypto investors. That trusting a centralized exchange may only lead to a sudden downfall of your investment.

However, for me, I think I just hope these centralized exchanges have never appeared in the crypto market. If we will stick to bitcoin, knowing it’s still completely decentralized, it deserves a decentralized exchange so that incidents like FTX collapse will never be possible. If we just focus on decentralized exchanges, at least KYC will not be present and the fact will always be realized that our keys, our coins, since we still hold the full access of our crypto account.

[nakamura12]

We always wanted something that we don't want to happen but if we ever did able to remove or prevent then that's good to know but unfortunately, no one can to remove such event so I don't have an answer which  I should remove at all. Anyway, things like that happening in crypto space is also what makes people learn from it even though it's very negative especially to those who are affected directly from it. After all, it may not be the best way to learn but at least we learn about it and we will have a chance to prevent it from happening in the future.

[lionheart78]

The FTX saga was probably the most heartbreaking that leaves a big lesson to all crypto investors. That trusting a centralized exchange may only lead to a sudden downfall of your investment.

However, for me, I think I just hope these centralized exchanges have never appeared in the crypto market. If we will stick to bitcoin, knowing it’s still completely decentralized, it deserves a decentralized exchange so that incidents like FTX collapse will never be possible. If we just focus on decentralized exchanges, at least KYC will not be present and the fact will always be realized that our keys, our coins, since we still hold the full access of our crypto account.

If centralized exchanges never appeared in crypto then we might find ourselves rolled back in terms of cryptocurrency milestone.  We cannot deny the fact that centralized services plays a very huge part in crypto adoption.  Bitcoin wouldn't be in its current popularity if the centralized services never participated in Bitcoin adoption.  Bitcoin popularity won't also attain the current heights and the government will continue to see Bitcoin as a tool for illegal trades.

Bitcoin network stays decentralized the problem lies with the people who use exchanges as their bank which is not supposed to be since centralized exchanges are used for exchanging cryptocurrency and not as a bank.

Aside from that, if people plan to scam other people, no matter what platform they are introducing, they will end up scamming people because it is their intention in the first place.

[Obari]

Hitting it straight, I wouldn't have wished them inventing paxful app because whenever I remember how I lost my money because of my carelessness, I really feel so bad and since I can't blame the exchange for this mistake, then I just wish they never founded paxful in the first place. There have been some several attacks that have left the cryptocurrency industry in a great shock but it always comes back stronger.
I just wish there are ways Bitcoin can become absolutely decentralized because at some point, I do feel it isn't with the presence of centralized exchanges as well as p2p