If not for Bitcoin

[Kara3]

When I saw the benefits of having Bitcoin, I take it as a financial suicide not having Bitcoin.

Who would have ever known that from the start of 2021, that;

_3AC(crypto biggest VC) would subsequently collapse.

_ Blockfi, Celsius and voyagar would go under.

_FTX would implode, and SBF being exposed as one of the world biggest fraudster in financial history.

_ Luna would go to 0.


Upon all this event that has took place,  the crypto industry would have completely collapse if not for the confidence and trust investors have in Bitcoin.
It has kept the crypto industry running, just look at Bitcoin today, it's still standing strong above 27k.
If not for Bitcoin, we would have all went home sad.
Cheers to all the bitcoineers

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[Plaguedeath]

The only thing I agree is Luna because this is an another coin, which completely has no relation with Bitcoin.

While 3AC, Blockfi, Celsius, Voyager, and FTX were a centralized sites e.g. exchange, lending, hedge fund that people use to hold their Bitcoins, so even you're trust Bitcoin, you will lose your coins if you hold it in a centralized sites.

[Poker Player]

The other thread is not bad and has earned you some merits but I would recommend you not to open too many threads just expressing what you think or people may get tired of it.

That said, you are probably right that if it were not for Bitcoin the cryptocurrency industry would have gone much further downhill and possibly collapsed, although it is very difficult to make any claims about what would have happened if what has, in fact, happened had not happened. It enters the realm of pure mental philosophy or speculation.

[o_e_l_e_o]

Who would have ever known that from the start of 2021

Plenty of us.

There are plenty of us who have been preaching "Not your keys, not your coins" since the dawn of centralized exchanges, and there are plenty of us who don't throw their money away on random shitcoins with no purpose other than to make their creators rich.

Here's a post I made in January of 2021 warning about the risks of BlockFi: https://bitcointalk.org/index.php?topic=5308457.msg56070076#msg56070076
And here's a post I made in February of 2021 warning about both BlockFi and Celsius: https://bitcointalk.org/index.php?topic=5315224.msg56289293#msg56289293

Upon all this event that has took place,  the crypto industry would have completely collapse if not for the confidence and trust investors have in Bitcoin.

I don't care if the "crypto industry" collapses. 99% of altcoins are outright scams. Centralized exchanges and lending platforms only care about their own profits, and will happily scam their customers, gamble their funds, run fractional reserve, and so on. ICOs, then DeFi, then NFTs, then Ordinals - all short lived pump and dump nonsense designed only to rip off average users and take their money.

Bitcoin worked long before any of this nonsense, and bitcoin will continue to work long after all these stupid fads and scammy centralized exchanges have collapsed.

[KiaKia]

Yeah, who would have thought these companies will collapse? But I always have different ways of looking at these companies, maybe FTX have other intent of calling for bankruptcy if CZ hadn't spoiled the show for him?

All in the name of 'we went bankrupt, people can still use that as an advantage, anyway enough of the James bond sixth sense, I believe that these events must happen for crypto to collapse very hard, it's like a monopoly, this is just my own mind saying things, it doesn't mean they are facts.

Such events will always keep happening in the future, that's why decentralization is very scarce in this space, it's a big sign that everything centralized is highly manipulated, trust not any CEX with your Bitcoin, no company, banks, or government entities can keep your Bitcoin safe than your non-custodial wallet.

[Kara3]

The other thread is not bad and has earned you some merits but I would recommend you not to open too many threads just expressing what you think or people may get tired of it.

Noted sir, thank you

[dzungmobile]

The other thread is not bad and has earned you some merits but I would recommend you not to open too many threads just expressing what you think or people may get tired of it.

They will never feel tired of it.  

That said, you are probably right that if it were not for Bitcoin the cryptocurrency industry would have gone much further downhill and possibly collapsed, although it is very difficult to make any claims about what would have happened if what has, in fact, happened had not happened. It enters the realm of pure mental philosophy or speculation.

History has been made and Bitcoin has set up solid foundation for evolution of blockchain industry, even it is not a first cryptocurrency ^[1]. We can assume, if Bitcoin had not succeed, there would have been another cryptocurrency achieving the success of Bitcoin.

Reality is Bitcoin already did it and so far, since 2009, there is no other cryptocurrency can surpass Bitcoin.

About decentralization, only Monero can have it but still can not compete and take over a King position of Bitcoin.

[1] Bitcoin prehistory

[SamReomo]

That's really true, it's only because of Bitcoin the crypto-currency market is still surviving. The so-called Luna's collapse and depegging of it's so-called LunaUSD discouraged so many investors and a few started claiming that crypto-market is scam and can not be trusted, but because of Bitcoin we are still having the market kicking in last quarter of 2023. The investors who invested in FTX or Luna lost a lot of money due to that unresearched investment. If they had invested in Bitcoin then they wouldn't lose anything at all.

[Kruw]

Who would have ever known that from the start of 2021

Plenty of us.

There are plenty of us who have been preaching "Not your keys, not your coins" since the dawn of centralized exchanges, and there are plenty of us who don't throw their money away on random shitcoins with no purpose other than to make their creators rich.

Here's a post I made in January of 2021 warning about the risks of BlockFi: https://bitcointalk.org/index.php?topic=5308457.msg56070076#msg56070076
And here's a post I made in February of 2021 warning about both BlockFi and Celsius: https://bitcointalk.org/index.php?topic=5315224.msg56289293#msg56289293

Upon all this event that has took place,  the crypto industry would have completely collapse if not for the confidence and trust investors have in Bitcoin.

I don't care if the "crypto industry" collapses. 99% of altcoins are outright scams. Centralized exchanges and lending platforms only care about their own profits, and will happily scam their customers, gamble their funds, run fractional reserve, and so on. ICOs, then DeFi, then NFTs, then Ordinals - all short lived pump and dump nonsense designed only to rip off average users and take their money.

Bitcoin worked long before any of this nonsense, and bitcoin will continue to work long after all these stupid fads and scammy centralized exchanges have collapsed.

If you preach "Not your keys, not your coins", why are you advertising a custodian in your signature?

[Plaguedeath]

If you preach "Not your keys, not your coins", why are you advertising a custodian in your signature?

Because the only way to achieve a maximum privacy is through centralized mixer, using Coinjoin or convert to other privacy coins are still leaving a trace. Of course this need a trust from the user before use the service. But they have a decent reputation and wouldn't easily to disappear.

[abel1337]

Having a little bit of bitcoin wouldn't hurt you and I believe it would bring people joy whenever they profited on it, as long as they know what they are doing. Always consider the benefits along side with the downside of it. I somewhat sort waiting for something big when still we are on the bull market, something big that can be a sign for me or a trigger for the bull market. After one big flop or scandal in crypto during the bull market will eventually snowball until we realized that we are on the bear market. It obviously happened real quick last bull market.

As long as you are smart or know why you have bitcoin will eventually make you happy.

[avikz]

Centralised business collapsing has no relationship with the cryptocurrency. It is just one of their products on which they have built their business upon. They could not run it because of their own faults and collapsed eventually. That's a very frequent incident in business world.

I believe criptocurrency investors are mature enough to understand the difference between cryptocurrency and the business built around it. Cryptocurrency will stay as it is and we are just seeing a market which is just around 15 years old.

[n00ber]

If not for Bitcoin, we would have all went home sad.

If bitcoin hadn't been created there would be no cryptocurrency industry, so it's no surprise that without bitcoin everything would completely collapse. I think anyone involved in this market knows this even if they are an investor in those damn altcoins. The importance of bitcoin is undeniable and it will always be so even as the market gets bigger and bigger, bitcoin will always be the mainstay, the great father of the entire cryptocurrency industry.

[Faisal2202]

Upon all this event that has took place,  the crypto industry would have completely collapse if not for the confidence and trust investors have in Bitcoin.
It has kept the crypto industry running, just look at Bitcoin today, it's still standing strong above 27k.
If not for Bitcoin, we would have all went home sad.
Cheers to all the bitcoineers

You are right, but the thing is, you are starting from the child roots, which means you said if there was no BTC then due to the above scams and bankruptcies we would be gone. I would say those bankruptcies came into being due to the creation of BTC. BTC gives birth to all these coins and tokens. The first Alts and forks of BTC were made with the help of BTC technology. If we see from an angle then BTC created these projects.

Well, coming back to the discussion, I totally agree with you that, even if there is a child and parent relation but these children came with different characteristics which led them to an end and caused many investors a huge loss.

We should also not solely depend on BTC and should diversify our funds. Just open-minded advice. Of course, bitcoineers might not agree with me but believe me, diversification is good.

[Cookdata]

When I saw the benefits of having Bitcoin, I take it as a financial suicide not having Bitcoin.

What do you mean by financial suicide? Not having bitcoin is not the end of the road to greater financial life but having it early will have speed that for you. Who know] what would have happened if you had the opportunity to get some early, perhaps you will have sold all of them for something else, just saying.

Who would have ever known that from the start of 2021, that;

_3AC(crypto biggest VC) would subsequently collapse.

_ Blockfi, Celsius and voyagar would go under.

_FTX would implode, and SBF being exposed as one of the world biggest fraudster in financial history.

_ Luna would go to 0.

The list you mentioned above are centralized teams, nothing spectacular about them.3AC were venture capitals, not sure if they are still but use to buy into altcoins with millions of dollars and pump the hell into this altcoins and when they pump, they gradually sell and remove their money leaving behind the small rabbits that are looking for small money to make a living.

They all chew more than what there mouth could handle and you see all of them, they were related in theft, use customers money, FTX is the leader and they were all involved in that heist that lead to the collapsed of Bitcoin in 2022, they are not related to bitcoin and they have nothing with bitcoin, I don't understand why you mean if not for Bitcoin with these companies.

Upon all this event that has took place,  the crypto industry would have completely collapse if not for the confidence and trust investors have in Bitcoin.
It has kept the crypto industry running, just look at Bitcoin today, it's still standing strong above 27k.
If not for Bitcoin, we would have all went home sad.
Cheers to all the bitcoineers

It's looking strong but we need confidence, after what happened last year. Many trust has been broken from altcoins and they all paints that in crypto and bitcoin not knowing that Bitcoin and crypto are two different things, they chose shortcuts that is very harmful but if you advice them, they will never listen. Many are sidelining waiting for quick pump to make their money back and exit quietly.

[TakeItEasy]

When I saw the benefits of having Bitcoin, I take it as a financial suicide not having Bitcoin.
Upon all this event that has took place,  the crypto industry would have completely collapse if not for the confidence and trust investors have in Bitcoin.
It has kept the crypto industry running, just look at Bitcoin today, it's still standing strong above 27k.
If not for Bitcoin, we would have all went home sad.
Cheers to all the bitcoineers

If the bitcoin was not today, I can confidently say that the cryptocurrency today would not be at that stage. Bitcoin previously was at its top when it was above $50k, but when the time came it went less than $30km, people didn't lose hope and they thought that this would be a better time to buy bitcoin. As they already knew the bitcoin price it will never leave its Hodlers. Also, we all know that bitcoin has a specific structure that no other coin has.
The word you mentioned for suicide didn't suit here as I can say there are many other financial ways through which we can get more opportunities of earning. The thing that matters is we should never lose hope, and we should try again if we fail in something.

[Hyphen(-)]

When I saw the benefits of having Bitcoin, I take it as a financial suicide not having Bitcoin.

Financial suicide? What if you don't have capital to invest in Bitcoin? Should you kill yourself or go the extra length to get money by all means just to invest in Bitcoin? It is good to have Bitcoin, but have money first before thinking about it.

Who would have ever known that from the start of 2021, that;

_3AC(crypto biggest VC) would subsequently collapse.

_ Blockfi, Celsius and voyagar would go under.

_FTX would implode, and SBF being exposed as one of the world biggest fraudster in financial history.

_ Luna would go to 0.


Upon all this event that has took place,  the crypto industry would have completely collapse if not for the confidence and trust investors have in Bitcoin.
It has kept the crypto industry running, just look at Bitcoin today, it's still standing strong above 27k.
If not for Bitcoin, we would have all went home sad.
Cheers to all the bitcoineers

All that you listed is centralized, and if you keep believing in centralization, such betrayals will keep happening due to selfish interests or human error.

Bitcoin stands out because of its decentralized nature. Had it not been decentralized, the crypto world would have collapsed by now, full of scams and untrusted projects that are centralized.

Invest in Bitcoin to avoid any other stories related to hacks and the collapse of any project because Bitcoin is transparent.

[SatoPrincess]

We all wish we can predict the future, we didn’t expect to see FTX becoming a scam and all the events that happened in the year that affected the price of Bitcoin price. The media made sure they did everything they could to make the FTX scam look like a bitcoin scam. But I disagree with the last one, Luna had no effect whatsoever on the price of bitcoin. It’s quite the opposite because altcoins follow the movement of bitcoin, so if bitcoin dips, altcoins dip even more significantly.

[Kruw]

Because the only way to achieve a maximum privacy is through centralized mixer, using Coinjoin or convert to other privacy coins are still leaving a trace. Of course this need a trust from the user before use the service. But they have a decent reputation and wouldn't easily to disappear.

WabiSabi coinjoins do not leave any traces.  Common input ownership and change is eliminated.

[CryptounityCUT]

News events, including occurrences like the FTX bankruptcy, often seem to have a limited impact on the crypto and Bitcoin markets. This is because the market operates on algorithms rather than being solely event-driven. It's fascinating to observe on the Depth of Market (DOM) how prices don't always follow orders but adhere to algorithmic patterns.

Cryptocurrencies are advancing on a next-generation system, an update that has been long overdue since the 1980s. Bitcoin's enduring presence, free from VC involvement or presales, underscores the organic nature of its adoption.

Bitcoin and the underlying system hold tremendous potential for revolutionizing our payment systems, paving the way for future developments.