Why We Cannot Afford Another Crypto Saga

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A lot of people I know are hoping they can change their lives forever when the next bull run comes. Some of them had already seen two bull markets, full of mistakes, lessons and experiences, but having equipped themselves with the right experience, they're hoping to make this one count, but then, a major spanner in the wheel.

The LUNA and FTX saga, with the not so positive vibes externally who knows what's next, maybe Solana? I think the crypto space is going through turbulent times, and at the moment and a lot of people are making hasty decision and panicky moves in other to reduce the losses they might potentially incur. I think, this potentially unsettles the bear market, which could be a period where people are hodling and accumulating.

It dents The Confidence To BUIDL

For the bear market to transcend to the bull market, the space has got to be in its right sense, new money has to come in and there has to be the right mentality too. It's the first time that People in the space are panicking over dying projects and this is more disadvantageous because it's in the bear market.

The reason why it's so is that, normally, people are always skeptical of crypto during the bear market, but this skepticism is mainly by outsiders, people who are insiders, know the drill, "buy more while it dips further" which inevitably works.

Government Scrutiny, Bags More Leverage

How so?

Recently, we all know there's been external scrutiny from the most government about Crypto, heavily regulation plans are going on in most countries and I think it's become even more rampant because crypto is becoming inevitable, (a stubborn fly that refuses to die) and the news of these regulations creates media outcry which is slowing down adoption in general, now having the capitulation of Crypto projects inwardly is like Crypto having to fight two wars on different fronts.

I think these two challenges might delay the next bull run as potential investors might be looking for safety rather than returns at the moment. My point is that we need clear waters for people to see the opportunities that crypto presents, I think the drama is really not good at all.

Logic Over Sentiments & Ego

Regulatory Agencies, might not double down

I think we can potentially weather the storm of SEC and other regulatory agencies, but having projects dying here and there as a result of people who don't know their onion is just too crazy. DO KWON, was one egotistic dude and his baseless oversight left a huge dent. I don't know if this is a learning phase that might eventually set everything straight in the future.

But one thing I know is that to be guaranteed a future, we also have to take a look at the present, or else there might be no technology or money to transcend. Going forward, I think some of the most influential crypto projects needs to do better. The FTX case raises further concerns about the "not your key, not your coin" statement.

CEX are becoming Our Achilles Heel

I think before now, people vehemently trust centralized exchanges, even when they know they'd relinquished true ownership immediately they dump their coins there, but this isn't the same anymore as the events of the last week, which might create a need or curiosity towards DEX.

I think this is a time of awareness and cleansing, will we rise from the ashes like a phoenix? I don't know, somehow it feels like another major event might hit, or this might just be from the fear of the sad events throughout this year alone. It's been a crazy year Indeed, and there are no expectations for anything anymore this year.

Bankrupt Or Recuperating?

But generally, I feel the dust needs to settle, a lot of people went through loss due to LUNA and FTX. I think these people form a substantial amount of people heavily vested in crypto. This might inevitably affect some new cash inflow, it's saddening this is happening now as it might delay the market from booming.

I think we need a stinct of stability for like six months. No new saga, no project crash, and all that, just slow recovery and positive vibes once again. I am counting on the next bull market because I think it'll be crucial, a lot of people are doing so too, but it just generally feels like we'd have to wait a while longer.

Small steps, Big Awareness

These are crazy storms in front of us that we have to weather, we need that trust again and have people believe in the future of what crypto is building. However, the main aim is to prevent and big issue, because this next one might be checkmate, hoping we don't get to this. Hive isn't doing badly, we're gradually getting there and I'm glad most of us are choosing to see this period as a time to accumulate and buy cheaper hive.




Interested in some more of my works?


How To Be "THE" Content Creator You Always Desire
The Consequences Of Being Overly Assumptive About Money
A 1.6 Million Naira Use-case For iPhone 14
Free Money: What Will You Do With $216k Worth Of Crypto In Your Wallet? (2)
The 4 Ways Of Developing A Relevant Niche As A Content Creator
Tech & Gadget Sophistication; Picture & Aesthetics

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41 comments
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I saw post about BlockFi as well in some financial issue that is preventing the withdrawal of funds if am not mistaken. It has been a terrible year with losses from investing in these crypto entities.
I hope this is it for this year, we are a long way from recovery, and another crash is going to put us in a further worse condition.

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That's another crazy thing, I hope this one will not escalate into a full grown issue, I just hate how these centralized crypto entitles are creating bad images for crypto.

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Hive isn't doing badly, we're gradually getting there and I'm glad most of us are choosing to see this period as a time to accumulate and buy cheaper hive.

You are right. Better to see these low prices as a discounted Hive, and have a pleasant surprise later, when it goes up again. Of course this is not guaranteed (nothing is guaranteed), but it has a much higher chance than winning the lottery. Probably we just need to wait. Weeks, months, maybe years.

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You're right to say nothing is guaranteed but the truth is that I hate the position that FTX and the rest has put us. By now we should be climbing the 60 cent region on hive if not for all these. But I still think one way or another, people who are buying hive has an increased chance to benefit.

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nteed but the truth is that I hate the position that FTX and the rest has put us. By now we should be climbing the 60 cent region on hive if not for all these. But I still think one way or another, people who are buying hive has an increased chance to benefit.

I think its great terq shit down so i can buy again then ppl will forget and it will rip again

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Nice one chief, I tend to think that this market fluctuations are inevitable and will need to happen so that the worse among us can leave the serious people to stay in the market and in business.

The past bull runs have all been because of new use cases for blockchain. I watched a video where someone explained that NFT books can be sold and royalties can be returned to the owner every time they are resold. That's an amazing use case, but all people care about are their stupid art pieces (not all are stupid but a lot) and they need to leave space for us to see real progress if not we will be in the same spot.

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You're right, the market is overbloated with useless art pieces and that's why I think the NFT industry hasn't scaled too. We need the shitty projects in crypto to really die off for us to begin anew, I think it's the stage of going hard or going home. Hopefully we'll make it.

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We need the shitty projects in crypto to really die off for us to begin anew

Unfortunately, even before one dies a new one will launch - by the very same people who are getting ready to abandon the old one. I saw it happen once, when the thieves were too lazy to start fresh, and spammed their dying project's Discord via their brand new IDs. They just made the mistake of using very distinctive and similar graphs, reward structures, custom bots, etc on the new one.

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ed the shitty projects in crypto to really die off for us to begin anew

They wont the look at the pink sheets the govt doesnt do shit but make things cost more and hide info. DEX all the way for me never using cexs bc they all will prob fail like nexo they do the same shit

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I don't think we can really control it. Right now, it's a bear market and we can see which companies are sustainable. People like FTX who haven't done their due diligence will go down because they weren't being careful. Unfortunately, I don't know how many of these crypto companies have been careful because it seems like a lot of companies have stakes in other crypto companies.

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Well it's dangerous. I think for the second or third biggest exchange in the space, this was sheer carelessness. You're right, the bear market reveals everything, I think I don't dispute we're in the bear market, it's crazy because this crash wasn't natural

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You can't cover up all the mess ups. From what I heard, it looks like it was like a ponzi scheme with SBF having his investment firm just artificially inflate the price of the tokens and irresponsibly use investor funds. We need to flush out the trash so the rest can flourish but I do agree that the whole crypto market is shaky right now.

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Splinterlands a start up game just multiplied to 3 games and a platform to build more so the company was worth like 7 million when i invested lol now my 5K is 700k ish plus i have a big position in both daos.

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Well, we did go from a bull market to a bear market. I joined back when it was a bear market and it worked out quite well because the value of my deck is up from when I first started.

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same here in 2019 my 1000 went to like 50K cashed out re bought later lol

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The FTX case raises further concerns about the "not your key, not your coin" statement.

The loss was bad. How can you go from being a billionaire to nothing? A terrible case. I don't know anything about crypto but what have learnt so far is that there will be lossess and then there will also be rises, I hope this turbulent time passes and we enter into a favourable bull market.

"not your key, not your coin" statement.

What does this mean?

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The recent price of Solana breeds even more fear considering latest events. I think Solana will see great price movements when their Saga phone releases in the first quarter of next year though. I hope it is able to at least hold off collapse long until then.

Ever since I heard the “not you keys, not your crypto statement”, I’ve become very skeptical about leaving my crypto on exchanges. Not that I have a lot of crypto, but I know well to protect even the little I have. I think the problem is that people who are new to crypto don’t get proper education on the difference between a wallet and an exchange, or the different types of wallets for that matter. People that do, will not leave their crypto on exchanges.

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I think people are beginning to take the “not you keys, not your crypto statement” rather seriously. I do not know why this would hit us, this very bear market. You're right to protect the little you have. Even at the moment, people will start looking at binance in a funny and suspicious way because they're a centralized exchanged even with all the track record they've amassed over the years.

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I’ve never been one to trust any exchange when it comes to the security of my assets, but I’ve always had a soft spot for Binance. These recent events have raised my skepticism about even Binance. The truth is no exchange is safe entirely. I remember the night Binance’s system glitched and we saw our assets appreciate to unbelievable prices, only to realize you couldn’t trade them at those prices. That night, I thought to myself, why if appreciating assets wasn’t the case tonight, but a hack or an attempt on it. You choose your poison yourself if you decide to keep your assets on these exchanges.

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You were right, a glitch in the system might be bigger, but the binance team would never say the real reason, so that they wouldn't create FUD, in the future I'd like to see decentralized exchanges flourish to an extent.

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Exactly. A lot of people were millionaires and what nots on paper that night. People thought their dreams were coming true.

I think Binance just called it a glitch and everyone continued their merry lives again. If that were to happen today with all that we’ve seen recently, I bet Binance would be the next big Dog to go down.

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I also think that we have more than enough mishaps and misfortunes this year. If this bear market continues then it would cause people and government to seek desperate measures. Desperate measures that would probably cause more mishaps.

!1UP

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You're right, desperate measures might cause more mishap, which we currently don't need at the moment. This year has been absolutely crazy for Crypto, and honestly, I cannot wait for a fresh start by next year.

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I think this is a time of awareness and cleansing, will we rise from the ashes like a phoenix?

That's a great question.

I am actually happy with the cleansing process that is going on. To me, it shows that market forces are at work in the crypto space, a thing that is not allowed in the legacy system. To be permitted to fail a huge traditional company as the size of FTX is considered unforgivable. At the end of the day, all I know is that the darkest hour is always followed by the light of dawn.

!LOLZ

!CTP

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To be permitted to fail a huge traditional company as the size of FTX is considered unforgivable.

This is actually what I think too, it's unthinkable to fail this way considering how FTX has climbed the ladder up and over the years so much that they've amassed billions. I'm hoping we creep out of this shitshow very soon.

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It's good that this thing happened in the crypto space. If FTX is a traditional company, perhaps the civil government would have interfered and would have transferred the financial burden to the taxpayers just to save an insolvent giant company.

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But then, because it's the crypto space, we might see heavy regulations from SEC and the likes pretty soon. I'm sure a lot of people will push this narrative.

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I think they can do that in centralized projects. I am not sure if they can do the same among decentralized projects. If they can't do it in a 65-year-old market like the Eurodollar, it is interesting to see how they will implement that among decentralized blockchain and crypto projects.

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deff leaving the us and NY i cant stand it i need a work around for every law. There sould be no law telling me that i cant they can warn me but cant i dont think so. I invested in my first apartment building as a "accredited" investor at 18 i was no where near accreditded but whoa every deal ive done over 25 up to 100% irr lol what is the danger here. I get it if one died id lose 20-30K i can survive just fine

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i made a bunch sold right at the top and never bought again same with nexo knew the coins were shit but bought at .1 held until 4-5

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Well there are people who sold at the top and never bought back though, I think it can happen like this and no regret, I've done that too.

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They should have by now not many got initial large token awards either i got 25000 sps to start bc of my stock so sold that for about 22K started dcaing at .2 to now

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Personally I'm pretty excited about this opportunity to grow. I'm starting to convert my HBD to Hive again, and because of the dip actually have a chance at 300 plus Hive a month. That was unthinkable six months ago!

Also a favorite Proof Of Stake masternode coin has dipped considerably, giving me another chance at it. Hoping for the best in the future :) Just let me fill my bags first 😂

!PIZZA !ALIVE !LOL

This post has been manually curated by the VYB curation project

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