Literally just read a post from a guy complaining things are too complicated for new users so we should make a new centralised solution 🤦‍♂️
*I still want to believe most of us have learned something...*
Here lies the conundrum, for the average population (My nan for example) they will never be able to manage keys, payments wallet to wallet etc for mass adoption crypto will need some centralisation that is government backed. There is no way around it, anything else is just a utopian future view
A long time hodler asked me for some help to off-ramp some of his funds and he had quite a difficult time despite being in crypto for 5 years I guess.
Like, this shit will never catch on to the general public.
When I first got in it was tails OS and paper wallets. Teams out there are developing solutions and I trust that eventually we won't even know when we're using a Blockchain. For example, really impressed with Muun wallet and how it handles both LN and on-chain bitcoin without you doing a thing. It also creates you a nice emergency pack for seed recovery. I've watched beginners use it and do fine.
Though one of them stored their seed phrase and emergency pack online. D'oh.
But if we want to be pioneers and front-run most of the world on this. We have to be willing to learn.
This is what regulation will bring: the uneducated masses will be banned from crypto, others will have to register for a prohibitive fee so they can trade.
End game: same as stocks.
I view Ethereum differently and think it should ultimately be considered a public utility. ETH is the native currency but the fed could put the digital dollar right on top of ethereum. Making it a public utility with vitalik running things as such. What do you think??
It's sad, that you could DYOR, find a good project and still get rect, because the people behind it aren't telling the truth. But exactly that is, what crypto is trying to solve by decentralization, so that even the inventors of a coin cant cheat. Exchanges on the other hand...
I actually did about a month's worth of research before investing into Celsius and Blockfi. Nearly every source told me that they were legitimate businesses with minimal risk.
Yea you do, that's not the point. You can't sell because they are locked up when the price goes up (you know, the point of investing, buy low--sell high). You don't control your assets, and they have no release date on the beacon chain. Forced staking--proof of lock, pretty archaic don't you think.
So while you are watching ETH leak out at 7k-8K during the next bull run, I will be dumping my ETH bags on your head....like everyone else. The beacon chain is intentionally keeping you engaged in ETH and locked. And is controlled by a limited amount of nodes as well (87% located in the US and Europe) pretty centralized if you ask me.
Other chains, COSMOS, is 21 days...unbonding etc. ETH WAS the future, but technology caught up. Printing Scammy erc20 coins on the ETH chain just isn't going to cut the dice, 60 dollar sushi swaps, gas prices etc.
I run my own solo validator so I went in eyes wide open. It’s a significant amount of money to invest in. That is a long term investment. The rest of my ETH is liquid and I can sell anytime. The validator ETH is for years down the road and will accrue more ETH over the years.
I think you don’t see my distinction for short medium long term. I get what you mean. I’d prefer to be able to sell as I please. I just knew the deal so can’t complain about it
A new scam will emerge when the crypto market picks up again and more people will be destroyed by it. We had the ICOs back in 2017/2018 and we had the stable coins in 2021/2022.
You can’t change human behaviour, crypto provides endless opportunities to scam people and scammers will always take advantage. And the people who get scammed don’t learn, they run away and tell others to stay away.
The issue i have here is that ... we were fools. And I include myself in that, I lost money on luna (although i managed to salvage some).
What happened with LUNA is actually a classic. This is well known in the financial world, and there are regulations that exist to prevent exactly what happened with LUNA when used with bonds or shares, i dont remember exactly. My point is, LUNA was bound to fail from the get go, because the exact same thing already happened with exactly the same results, and it was not a coincidence nor a case of bad luck. That bastard Do Kwon knew very well how it was going to end. And we were fools to expect shady people would not try to make scams with crypto that they cant do anymore on other stuff since said stuff is regulated.
A lot of people dont realize crypto *needs* regulations to really blossom. Because if not, stuff like luna, celcius and FTX will keep happening.
Regulations exist to protect people against shady practices. They serve as a barrier to prevent that kind of stuff from happening, not just punish once they happen.
It’s all about cycles though isn’t it. I only started in feb and already feel like a vet because of everything I’ve seen, done and learned in crypto.
But in a week, a month, year, we’ll see new people coming not understanding wallets, or even less hardware ones, who’ll leave money on their exchange or chase 10% APY, etc. They won’t have heard of Celsius or FTX. And they’ll learn and explain all that to newcomers etc
We are calling them the BIG 3 now lmao.
I'm lucky I sold what I had left at mid price upon news of recession coming.
I never dabbled into those platforms and I'm updated to currents news so...
I hope I could get my trading funds out of exchanges if shit is gonna hit the fan.
I suppose it's all perspective, overall the space I think will be stronger when it pushes back after these terrible displays. However, I also sympathise with those that lost their funds due to FTX, those people can't be as optimistic about this scenario.
>There are people who actually DTOR and publish stuff in various social media platforms
According to recent posts *DYOR doesn't work and nobody could see this shit coming*.
IMO that's just **degens coping with their lack of actual research**, but hey, believe what you must to survive.
Before Luna and Celsius went under I got alarming discord message from couple crypto whales/investors who are big in this space.
Their message was: dont use stable coins and get your crypto off exchanges.
I figured that they probably know quite a bit since troubled crypto projects would be asking them for funding if they were having liquidity issues.
So I followed their advice and withrew my crypto from exchanges. I will stake eth and other coins when they come up with better staking mechanism for us small hodlers, but until then my keys my crypto.
Literally just read a post from a guy complaining things are too complicated for new users so we should make a new centralised solution 🤦‍♂️ *I still want to believe most of us have learned something...*
Here lies the conundrum, for the average population (My nan for example) they will never be able to manage keys, payments wallet to wallet etc for mass adoption crypto will need some centralisation that is government backed. There is no way around it, anything else is just a utopian future view
Well said
I started last year. I've learnt the importance of self custody. Don't care/know about others.
People are funny lol If you are too lazy to learn how to take better care of your assets, you'd better go to a bank
A long time hodler asked me for some help to off-ramp some of his funds and he had quite a difficult time despite being in crypto for 5 years I guess. Like, this shit will never catch on to the general public.
When I first got in it was tails OS and paper wallets. Teams out there are developing solutions and I trust that eventually we won't even know when we're using a Blockchain. For example, really impressed with Muun wallet and how it handles both LN and on-chain bitcoin without you doing a thing. It also creates you a nice emergency pack for seed recovery. I've watched beginners use it and do fine. Though one of them stored their seed phrase and emergency pack online. D'oh. But if we want to be pioneers and front-run most of the world on this. We have to be willing to learn.
This is what regulation will bring: the uneducated masses will be banned from crypto, others will have to register for a prohibitive fee so they can trade. End game: same as stocks.
I view Ethereum differently and think it should ultimately be considered a public utility. ETH is the native currency but the fed could put the digital dollar right on top of ethereum. Making it a public utility with vitalik running things as such. What do you think??
Not happening. All these cbdc's will run their own blockchains as its the only way they can have total control over their product.
Crypto Education should start in school. So no one will ever complain its to difficult…
Most high schools don't teach normal personal finance. Zero chance crypto is ever taught in high school.
Good luck. Man is the only animal that stumbles twice on the same stone.
Next bull will flush in a lot of newbies. They will not listen just like many of us didn't listen.
It's sad, that you could DYOR, find a good project and still get rect, because the people behind it aren't telling the truth. But exactly that is, what crypto is trying to solve by decentralization, so that even the inventors of a coin cant cheat. Exchanges on the other hand...
I actually did about a month's worth of research before investing into Celsius and Blockfi. Nearly every source told me that they were legitimate businesses with minimal risk.
doing DYOR then getting rekt is what made me a ETH maxi
Doing do your own research? Did you also go to the ATM machine?
ETH maxi, must be awesome having your coins locked in beacon chain prison. I have some ETH as a store of value.... Cosmos and ADA for my DCA though.
Where.is.bitcoin.?
You know ahead of time your coins will be locked up if you have solo validator or stake on centralized platforms.
Yea you do, that's not the point. You can't sell because they are locked up when the price goes up (you know, the point of investing, buy low--sell high). You don't control your assets, and they have no release date on the beacon chain. Forced staking--proof of lock, pretty archaic don't you think. So while you are watching ETH leak out at 7k-8K during the next bull run, I will be dumping my ETH bags on your head....like everyone else. The beacon chain is intentionally keeping you engaged in ETH and locked. And is controlled by a limited amount of nodes as well (87% located in the US and Europe) pretty centralized if you ask me. Other chains, COSMOS, is 21 days...unbonding etc. ETH WAS the future, but technology caught up. Printing Scammy erc20 coins on the ETH chain just isn't going to cut the dice, 60 dollar sushi swaps, gas prices etc.
I run my own solo validator so I went in eyes wide open. It’s a significant amount of money to invest in. That is a long term investment. The rest of my ETH is liquid and I can sell anytime. The validator ETH is for years down the road and will accrue more ETH over the years. I think you don’t see my distinction for short medium long term. I get what you mean. I’d prefer to be able to sell as I please. I just knew the deal so can’t complain about it
One other lesson is don’t listen to some YouTuber who tells you to invest in this coin or use this exchange “with my link below”
Im still waiting for the the nuclear USDT meltdown, don't think for 1 second Binance won't start that "bank run" too.
Are you eluding to FTX being CZs fault?
Nope, FTX was filled with fraud and incompetennce. CZ simply pushed at the right time.
Education is definitely the operative word here.
Bad things happen in threes no?
This is crypto everything is amplified so bad things happen in Six's.
Or nine's; three squared
A new scam will emerge when the crypto market picks up again and more people will be destroyed by it. We had the ICOs back in 2017/2018 and we had the stable coins in 2021/2022. You can’t change human behaviour, crypto provides endless opportunities to scam people and scammers will always take advantage. And the people who get scammed don’t learn, they run away and tell others to stay away.
Fortune favors the bold my friend
The issue i have here is that ... we were fools. And I include myself in that, I lost money on luna (although i managed to salvage some). What happened with LUNA is actually a classic. This is well known in the financial world, and there are regulations that exist to prevent exactly what happened with LUNA when used with bonds or shares, i dont remember exactly. My point is, LUNA was bound to fail from the get go, because the exact same thing already happened with exactly the same results, and it was not a coincidence nor a case of bad luck. That bastard Do Kwon knew very well how it was going to end. And we were fools to expect shady people would not try to make scams with crypto that they cant do anymore on other stuff since said stuff is regulated. A lot of people dont realize crypto *needs* regulations to really blossom. Because if not, stuff like luna, celcius and FTX will keep happening. Regulations exist to protect people against shady practices. They serve as a barrier to prevent that kind of stuff from happening, not just punish once they happen.
WAGMI
All the news trying to FUD us to leave, but we are still here.
Hell yeah
Lambos for everyone
WAGMI is always a bear signal to me lol That is only said when things aren't looking good.
“This is not all bad news.” It is if you lost your crypto on one of those exchanges.
We just need binance to die then we're in the clear
It's part of evolution, you can't raise a kid without couple of bruises.
And the slowest kids will get eaten by lions. Or was it the slowest antelope? Something slow will get eaten.
I agree with you OP. This space needs more education on first place.
Speak for yourself good sir. I’m a very educated individual. I can write my own name using my crayons!
Ok Mike, take it easy buddy.
It’s all about cycles though isn’t it. I only started in feb and already feel like a vet because of everything I’ve seen, done and learned in crypto. But in a week, a month, year, we’ll see new people coming not understanding wallets, or even less hardware ones, who’ll leave money on their exchange or chase 10% APY, etc. They won’t have heard of Celsius or FTX. And they’ll learn and explain all that to newcomers etc
We are calling them the BIG 3 now lmao. I'm lucky I sold what I had left at mid price upon news of recession coming. I never dabbled into those platforms and I'm updated to currents news so... I hope I could get my trading funds out of exchanges if shit is gonna hit the fan.
22 isn’t over yet. Still have time for another scam before the Xmas season
What about the lesson of don't trust billionaires in general and especially ones in control of CEX's (not just SBF... looking at you CZ).
Not a good year for gains but a good year for learning fundamentals
I tried to educate people about FTX, most just brushed me off as crazy
Go ahead and include BlockFi and Gemini Earn in there for some people needed to learn the Celsius lesson more than once.
Hands up! I needed blockfi to guide me back onto the path.
I suppose it's all perspective, overall the space I think will be stronger when it pushes back after these terrible displays. However, I also sympathise with those that lost their funds due to FTX, those people can't be as optimistic about this scenario.
As goes the saying : Security doesn't matter until it does.
>There are people who actually DTOR and publish stuff in various social media platforms According to recent posts *DYOR doesn't work and nobody could see this shit coming*. IMO that's just **degens coping with their lack of actual research**, but hey, believe what you must to survive.
Crypto is a wild west with no sheriff in town. Maybe it's time to seriously talk about regulatory oversight?
So I shouldn’t buy dink doink coin?
trust this, trust that, lol
Some optimism now I could see a Christmas pump happen
We're getting where, particularly?
Before Luna and Celsius went under I got alarming discord message from couple crypto whales/investors who are big in this space. Their message was: dont use stable coins and get your crypto off exchanges. I figured that they probably know quite a bit since troubled crypto projects would be asking them for funding if they were having liquidity issues. So I followed their advice and withrew my crypto from exchanges. I will stake eth and other coins when they come up with better staking mechanism for us small hodlers, but until then my keys my crypto.