3#
Everyone is talking about Web 3.0 and decentralization. There are many platforms that claim to be Web 3.0, but their actions show how centralized they are and they just use buzzwords to draw attention. We will see more innovation and development in this space that will ensure decentralization and freedom. They will not block or ban any account based on location, race, or identity.
OpenSea displays its true color and reveals how decentralized they are to ensure freedom.
2#
During the pandemic, many people started working online to make a living. Artists can create NFTs and sell them via online marketplaces like OpenSea. Right now people are struggling due to the macroeconomic situation. Many people lose their jobs. Since companies stop hiring new employees, it becomes more difficult to find a new job.
People who make money creating and selling NFTs, OpenSea discrimination makes it difficult for them to move forward. By delisting accounts, OpeanSea introduces itself as CloseSea where it takes permission to swim.
They give a nice level to validate their action. When they disable accounts, they indicate that it is due to an activity that goes against their terms of service. It is easy to point out something else to hide the intention. Web 2.0 platforms usually take this kind of action.
1#
OpenSea is one of the largest web 3.0 marketplaces for NFTs and crypto collectibles. Web 3.0 marketplace OpenSea acts like Web 2.0 and blocks Cuban artist and collector accounts. You may not expect that they will do something like that.
OpenSea is supposed to be open to everyone, but they are taking different actions in compliance with the US sanctions law. It goes against the ethos of the Web 3.0 platform. A Web 3.0 platform ensures freedom and decentralization.
It is not the first time OpenSea did something like that, they blocked and delisted Iranian artist accounts from their platform before. If any platform blocks, or delists based on location, race or, identity, it is clear that they are not giving equal opportunity to everyone.
3#
Have control over your crypto. Many people got involved in crypto during the bull market. And the most common story is, they lose everything. They buy crypto and leave it in a centralized exchange like FTX or deposit it in lending platforms like BlockFi and Celsius to get interest.
They got interest in lending platforms but ended up losing their crypto with interest. If you think about how much control you have over your crypto, you will think twice before transferring your crypto to any centralized platform.
Before investing in any crypto, pay more attention to decentralization. It becomes a buzzword and everyone says decentralization when they are highly centralized. You will find the best example of decentralization in Bitcoin. Don't just jump into any crypto or platform because they say it's decentralized.
DeFi is going to be big, but are they really decentralized? We will definitely see more innovation and development in the crypto industry.
2#
People talk about diamond hands and don't sell crypto. Most crypto you see in the crypto market will disappear. Do you think you can take the high risk of holding that crypto? You can do way better selling those cryptos. Losing money is not fun and there is no other way to sugarcoat it.
You have already felt how important it was to take a profit. You will feel it more in 2023. When you see you can buy crypto at a very low price, you wish you would take more profit in a bull market.
Don't listen to others to make a financial decision in crypto. People whom you think are experts also make mistakes and lose money. No one lives in the future, so they cannot tell exactly what is going to happen and when that is going to happen. Don't change your decision thinking about what other people think of your move.
1#
I cannot believe 2022 is going to say goodbye. Everything moves so fast. It is a wild journey in crypto, especially this year. We saw a bull run in crypto in 2021. The whole crypto market goes down this year.
In a bull market, you may not think all this would happen this year but it did. There is no shortage of bad news like the LUNA crash, FTX collapse, Binance FUD, and DeFi hacks. So what did you learn in crypto this year?
Be serious and take profit aggressively in a bull market. If you plan to hold crypto for a really long time, you keep holding your position. I think it is better to take a profit aggressively in a bull market. Even if your goal is to just accumulate crypto over a period of time, you should take a profit. It will help to accumulate more crypto faster.
#3
Centralized crypto exchanges become victims of exploitation and hacks. Hackers target crypto exchanges and steal crypto from their wallets. That's common and we have seen it. It can be a big risk factor when you do anything in centralized crypto exchanges.
If the crypto exchanges do not get hacked and experience any connection issues with their cloud provider, can you still lose money in centralized crypto exchanges? Yes, you can. As soon as you deposit your crypto in any centralized crypto exchange, the crypto exchange is in control of your crypto. They can do anything with your crypto.
When you find out about their fraud, mismanagement, and all shady activity, maybe it becomes too late. Customers already lose their crypto and the exchange files for bankruptcy. The crypto exchange says one thing and does other things. They violate their own terms and conditions and take customers' money to do whatever they want.
The thing is, there are different ways you can lose your money in centralized crypto exchanges when you don't do anything wrong except trust the exchange.
2#
So is there any way you can lose your crypto on crypto exchange? You are trading in a crypto exchange when something happens and everything pauses. You cannot do anything for a specific time. You have positions in trading that you should take a profit or exist, but since you cannot do anything, you may lose your fund.
Crypto exchange OKX has been going through connection issues with its cloud provider Alibaba Cloud. As a result, traders cannot trade and the exchange pauses its transactions. There are some glitches that show $0 balance in the account.
OKX says funds are safe, but traders may lose money in trading at that time. It's not the traders' fault, they are suffering the consequences. You don't do anything wrong and the crypto exchange is not hacked, still, you can lose money in trading because of this kind of problem.
1#
Most people use centralized crypto exchanges more or less. It is convenient and easy to use to do trading, investing, withdrawing crypto in fiat currency, and depositing fiat currency to buy cryptocurrency. How safe do you feel when you use centralized crypto exchanges?
You secure your email address and password. You are careful about the safety and security of your crypto. You don't click malicious links that may cause you to get access to your password, email address, or cryptocurrency exchange credentials.
You set up two factors authentication in exchange and feel safe because if anything happens, you will get a notification instantly. You maintain everything on your side so that you don't lose your crypto.
3#
Most people in crypto have more or less exposure to the centralized crypto exchange Binance. There is FUD about Binance these days, and many people withdraw crypto from the exchange. Who knows which exchange is going to be the next FTX? It is better to be careful and stay on the safe side than sorry.
Hacking and exploiting decentralized protocol is not new. We saw exploiting the vulnerability and hacking decentralized protocols like Ronin, and Ankr, and stealing millions of crypto. People who lose their money on crypto once will think twice before investing in crypto again.
People will learn from experience and there will be more development and innovation in decentralized finance. It does not feel good seeing what's happening right now. But it will change.
2#
Raydium’s native token RAY crashes. RAY's price is around $0.156 at the time of writing this line. After the collapse of FTX, Solona was hit hard since it is highly tied to Sam Bankman-Fried who was arrested recently for his fraud and crime. We are in a bear market and it looks like the crypto market will get hit one by one.
Seeing what happens to centralized exchanges, people start using decentralized exchanges more. Exploiting vulnerability and hacking DeFi like this will not send a good signal. People trusted FTX and lost their crypto.
1#
Crypto winter gets tougher and there is no shortage of hacks, FUD, frauds, rug pull, and bad news. Solona-based decentralized exchange Raydium was attacked and hackers stole more than $2 Million worth of cryptocurrencies. It seems that the hacker managed to get the protocol owner’s private keys and drain liquidity.
Bad news comes up one after another. You feel Fear, Uncertainty, and Doubt (FUD) in the market. You think it will settle down and things will get back to normal. But Raydium, one of the biggest decentralized finance protocols on Solona has been exploited. They are investigating more about how this happened.
4#
If you see any rumors about a crypto exchange, it is better to transfer your fund from that exchange as soon as you can. You cannot ignore that putting a level of FUD. The thing is, anything can happen when you keep cryptocurrency in crypto exchanges. Maybe you are trading cryptocurrency, so you have some crypto in exchanges.
You should be always careful because you don't hold private keys while having crypto in any centralized crypto exchange or crypto platform. People who did not have crypto in FTX or withdraw quickly before the collapse of FTX are safe. Every time that reminds you in crypto is, not your keys, not your crypto.
3#
FTX created that image with money and connections. Investor Kevin O’Leary showed his confidence that how much you can trust FTX, but many people did not know that Kevin O’Leary was paid $15 million in total for doing what he was doing. So you cannot expect anything negative about FTX from promoters.
So how much did crypto influencers and news media sites receive from FTX? That's a huge amount. Well, you cannot overlook the donation that SBF makes to the political party. FTX was good at creating a good image in crypto. You cannot believe everything you hear in crypto. It is true that you are dealing with high risk when you get involved in crypto.
2#
DCA is a good strategy that you can follow to make an investment. You select an asset and keep buying over a period of time. You don't pay attention to the price, you think about the long-term potential and usually hold your asset for the long term. Dollar Cost Averaging (DCA) is not some sort of magic that will save you from losing money in crypto.
If you decided to do DCA in LUNA and kept buying while LUNA's price was crashing, you can realize how much money you would lose. DCA is definitely a good strategy, but what asset you choose to buy is one of the most important things. If you don't pay attention to this, you may get rekt at any time.
Have you ever thought FTX would end up like this? FTX appeared to be the strong and most trusted crypto exchange. . Crypto influencers, news media, and investors talk about FTX and you think FTX must be good.
1#
Knowing what you are doing is one of the most important things when you take any financial decision. What you don't understand, it is better not to put your money there, no matter how lucrative that looks. In this bear market, we saw a dramatic collapse of FTX and LUNA, and they went out of the picture.
So what do you learn from FTX and LUNA collapse?
LUNA was one of the top ten cryptos back then. Many people invested their hard-earned money in LUNA and UST. But it ended up pretty bad. When you see any cryptocurrency in one of the top positions, it does not mean investing in that crypto is safe. A lot of cryptocurrencies that you saw in the top line disappear from their position over time.
3#
The way every country is working to launch CBDC and some already did, it is just a matter of time, we may see CBDC everywhere. Have you ever realized what is the best time in your life? You usually look back and recognize a moment as the best time of your life. You might not realize that at that time.
In spite of what's going on in crypto, I think this is the best time to make your move and accumulate crypto. You get the opportunity to build your wealth outside of the existing financial system. Cryptocurrency gives you freedom and control. That's a blessing.
What I shared here is my opinion, not financial advice. So I will not be liable for your financial decision. Explore, do your research, and analyze. Then you should make your decision. Whatever you do, you are responsible for your action.
2#
The government puts restrictions on ATM withdrawals so that it helps to boost CBDC adoption. Many Nigerians are more than happy to use cryptocurrency. Only 0.5% of Nigerians use the eNaira and you can feel who is not happy about that. So now the government might see more adoption of eNaira.
The Central Bank of Nigeria (CBN) launched Central Bank Digital Currency with the slogan of Same Naira, more possibilities. The thing is, CBDC is not the same, it is about more control and centralization. The government can decide how much you can save, how much you can spend, where you can spend, or do some magical stuff by pressing some buttons.
1#
Is there anyone who is a big fan of CBDC? Guess what? The government will take different steps to make you use CBDC. You will not have many alternatives or, you have to pay more using paper fiat currency.
This is not a story that might happen in the future. It's happening in front of our eyes. The Central Bank of Nigeria (CBN) takes an initiative to put an ATM withdrawal limit which is going to be effective on January 9, 2023.
You will be allowed to withdraw $45 cash from the ATM per day and $225 cash per week. What if you need to withdraw more? To withdraw more cash, you have to pay a 5% fee for individuals and a 10% fee for businesses. Otherwise, you need to use CBDC, the eNaira.
3#
Miners can sell their crypto to only non-residents or use a foreign infrastructure to sell crypto to foreigners. Because of sanctions, the path to sell crypto outside is restricted as well. You cannot avoid reality and keep your eyes close.
It is clear that the government will come up with more regulations and you have to go through those regulations. You often hear that they are doing everything for the protection and safety of investors. It is as if investors are not adults, they cannot make their own decisions.
You can also see in other countries where the government talks about blockchain technology and how it can benefit the nation, and on the other side, they don't want their citizens to use cryptocurrency. The central bank warns people about crypto or any sort of digital currency. So in their opinion, blockchain is good but cryptocurrency is bad.
2#
Due to the war between Russia and Ukraine, and having sanctions, Russia is going through a hard time settling international transactions. Blockchain can provide a solution and make things easier. People get a message that Russia is recognizing the possibility of blockchain and cryptocurrency.
Recently Russia's Sber Bank has made its move to adopt blockchain. It has integrated Ethereum and Metamask wallets into its system. As a result, developers can work and move smart contacts and projects between Sber’s blockchain and open blockchain networks.
Everything shows a positive sign, but as you know there is a love-hate relationship when it comes to crypto. Miners in Russia can obtain crypto by mining, but the Russian central bank doesn't want miners to sell their crypto to the residents of Russia.
1#
Sometimes you feel that Russia is embracing crypto and sometimes it seems they still hold their position against crypto. People will be confused about what they can or cannot do with cryptocurrency. It seems the Russian central bank supports crypto seeing its huge potential, but it does not allow miners to sell their crypto to the residents of Russia.
Russia’s President Vladimir Putin talked about international payments using blockchain technology and how it can remove the barrier. If there is an international payment based on blockchain technology, that will be fair. The currency gateway of international transactions is controlled by a few entities.
4#
Due to some stupid actions by big players, everything can collapse and you can lose your money. The problem is, when it becomes more centralized, the end story is pretty bad.
No matter how good something seems to be in crypto, centralization can destroy the entire empire faster than you can imagine in the wildest nightmare. Let's see how things pay around. Here I'm sharing my opinion, but you can have a different opinion and I respect that.
3#
Goldman Sachs intends to get involved in crypto businesses. It can be good if you think that institutional money will flow in the crypto industry and the crypto market color might turn green from red. But the thing is, those big trustworthy regulated players are not fans of decentralization.
We may see more centralization in crypto projects that itself is very risky. Things like FTX can happen again and it would look pretty bad. You spend so much time working and then find some crypto projects to invest in. It looks good and those projects are backed by so-called trustworthy big players.
2#
According to Matthew McDermott, Goldman’s head of digital assets, if the regulated trustworthy players get involved in crypto, it can improve the current situation in the crypto industry. After the shocking collapse of FTX, it spreads FUD in the crypto industry.
People who made an investment in crypto for the first time cannot take this blow easily and may not be back in crypto any time soon. If you talk about big players with institutional money, they feel comfortable investing in crypto having regulatory protection.
Due to the recent collapse of FTX, many businesses in crypto affects directly and indirectly. At the beginning of the collapse, they try to act as if nothing happens and everything is fine. But later, it appears they are in big trouble and have exposure to FTX in one way or another.
1#
We used to hear negative things about crypto from big guys who hold the bigger pie in the traditional financial system. Since they are in the top position in the existing financial system, many people follow them. Is the multinational investment bank Goldman Sachs going to invest in crypto businesses?
It is hard to believe when you see big guys change their stance. Once they suggest avoiding crypto because it is going to burst soon, later, they suggest investing a small portion of the portfolio in crypto, and finally, they think it seriously to go big in crypto businesses.
3#
No matter what happens, once someone realizes what Bitcoin offers, nothing can stop him from moving forward. El Salvador started buying one Bitcoin every single and this is a great time to buy and accumulate BTC. Not only that, El Salvador creates National Bitcoin Office to support and facilitate all projects related to cryptocurrency.
Time will say who is right. Let the mainstream media laugh because it will not last long. People are suffering and having a hard to making a living due to inflation, macroeconomic factors, and all chaos that the broken financial system brings. The world will change with more innovation and development.
2#
The International Monetary Fund (IMF) is not happy about El Salvador's stance which clearly shows what IMF stands for. Bitcoin gives freedom and lets you free from invisible control. Mainstream media does its best to criticize Bitcoin and El Salvador which embraces Bitcoin.
El Salvador President Nayib Bukele reacts to the mainstream media's criticism and shows its double standard when it comes to Bitcoin. They keep silent when billions of dollars disappear due to corruption. Since it is tied to fiat currency, they are not vocal about it the way they play their role in crypto.
1#
El Salvador President Nayib Bukele is the first president who took initiative to make Bitcoin a legal tender. No country dares to take such a step before. El Salvador is the first nation in the world to embrace Bitcoin as an official and legal tender.
Many people welcome this initiative and this sets a good example that other countries can follow. People start thinking about crypto in a different way and how it can contribute to the growth and development of a country. It did not take long to see the next country embracing Bitcoin.
The Central African Republic becomes the second country that recognized Bitcoin as a legal tender. Critics start doing their job and keep talking about how bad it could be to put trust in Bitcoin. According to their opinion, Bitcoin is nothing but a bubble that is going to burst soon.
3#
Recently crypto exchange Kraken did the same thing by cutting down 30% of its workforce. Not only Kraken, but also Coinbase, Crypto.com, and Huobi decided to do the same thing to face challenging situations in crypto winter.
Now there is a low search volume about crypto on Google. Trading volume in exchanges is low. Crypto exchanges cannot do what they did last year. That's reality, so adapting to the changing situation is a must.
In any business, if the owner fails to make the right decision in time, it becomes very difficult to deal with tough situations. If they can survive this bear market, they will definitely do better in the next bull run.
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