1#
To protect your crypto, you have to be aware of different phishing attempts that intend to steal your crypto. Circle, the company behind issuing USD Coin (USDC) stablecoin, warns USDC users about ongoing phishing attempts. Scammers try to lure USDC users into transferring their USDC tokens to malicious addresses.
Phishing campaign attempts are not new to crypto. People who become victims of this USDC phishing attempt will lose their stablecoin USDC. In a bear market, people usually hold more stablecoins so that they can buy and accumulate crypto over a period of time.
People have already lost a lot with the LUNA crash and FTX collapse. Now if people have to go through different phishing attempts, scams, and frauds, it will become difficult to survive in a bear market. Scammers will always find new ways to do their things and steal people's money.
4#
In case things move in another direction, BNB as well as BUSD will be affected more. Many people use BNB Smart Chain, but it is clear how centralized BSC is. They have the power to shut it down quickly and it happened when there was a hacking incident.
What decentralized exchange can offer, you will not get that from any centralized crypto exchange. We will see more innovation and development in DeFi. DeFi is not hype, it is going to be a big thing in crypto.
#3
Alameda Research's balance sheet was leaked and they held a large portion of FTT tokens as assets in their balance sheet. FTT was created by FTX. Crypto exchange FTX and Alameda Research are owned by the same person Sam Bankman-Fried or SBF. People realized how risky it was and they rushed to withdraw crypto from FTX.
FTT token price crashed and nothing stops FTX and Alameda Research from the terrible collapse. Now if you think about Binance SAFU, how safe do you feel about the Binance fund that is supposed to protect customers' crypto? BNB is like FTT created by Binance although there is BNB Smart Chain and BUSD is associated with Binance as well.
2#
SAFU was formed in 2018 to protect customers' crypto in case anything happens, customers can get their crypto. Having fund for customers' protection is a definitely good thing. It will increase confidence. People may feel comfortable using crypto exchanges.
Founder of Terra LUNA Do Kwon bought BTC that was supported to act as a protection to peg UST. There was a talk back then about LUNA and UST, and LUNA was one of the top 10 cryptos. But when it started collapsing, nothing worked to prevent its falls. A lot of people lost their money in LUNA and UST.
1#
If you buy and sell cryptocurrency in the top crypto exchanges, you feel that it's safe and secure. After FTX collapse, people see how safe and secure a centralized crypto exchange is. No doubt FTX was very popular and it was the top 2nd crypto exchange. What do you think about the top crypto exchange Binance?
Binance has SAFU funds, so customers may feel safe with their crypto over there. How safe is Binance SAFU anyway? According to on-chain analyst Willy Woo, most crypto in the Binance SAFU insurance fund is BNB. It is almost 44% of the total holdings. SAFU holds 32% BUSD stablecoins and 24% BTC.
3#
You plan for the long term. You only want to accumulate crypto. If you intend to accumulate crypto, I think it is better to take some profit in a bull market. Cash acts as the king in a downtrend market. You can invest your profit in a bear market to accumulate more crypto. It will help you to achieve your goals faster.
A bear market cannot ruin your financial plan if you plan ahead. If you depend on crypto to make a living, you have to take advantage of the bull market and book your profit. You can put aside money that will support you and make plans about how you are going to use the rest of your profit to make investments.
We all make mistakes, learn and get better. Accumulating crypto is as important as taking a profit. There is no way you can underestimate one of them. Make your plan and execute it when the time comes.
2#
There are huge ups and downs in the crypto market. Many cryptos will turn into dust in a bear market. Seeing some crypto turn into dust makes you feel terrible. The truth is, many altcoins will follow in the footstep of LUNA and FTX. There are frauds, scams, and regulatory crackdowns. It will create FUD faster than you think so far.
In a bull market, selling some altcoins and exiting from your position is the best thing that you can do. If you don't take taking profit seriously, you end up losing not only gain but also the capital that you invested there.
1#
Every time you look at your crypto portfolio, you feel great and that puts a smile on your face. Now when you look at your portfolio, you feel the opposite. Crypto prices can go down, but maybe you did not expect the price would drop that low. Do you take taking profit seriously?
Most of the time, we talk about buying and accumulating crypto. This is indeed a good time to accumulate crypto. Taking a profit is very important and there is no way you can overlook that. Now you wish you would sell your crypto and take some profit.
That time has gone. It would be ridiculous to sell your cryptocurrency at this point. You might have a lot of plans in a bull market and this bear market just ruins everything. Bad news in crypto comes one after another and it shakes the crypto market.
4# It is too much power. Basically, whatever you do, you need to spend money or it is associated with financial transactions. If you cannot make any transactions, it would feel like you live in a different world. No one can censor Bitcoin transactions. You can decide what to do with Bitcoin.
People always strive and struggle to get freedom. Will the central authority implement CBDC successfully? Will people accept Central Bank Digital Currency? There are a lot of questions and we will get those answers in the future.
3#
If cryptocurrency is a bubble, why is the central authority afraid of crypto? Their reactions and initiatives show how strong and secure cryptocurrency is and it will empower people that cannot be taken away from any central authority.
What does it feels like when you have money but you are not in control of it? Every single transaction can be easily monitored once CBDC launches. They can decide how much you can save, where to spend your money, or make your money disappear like magic.
2#
The Reserve Bank of India is going to launch its retail CBDC pilot program in December 2022. People will store the e-rupee in a wallet and use it like cash. We will see more news of launching CBDC in the coming days.
There is a concern about whether people have to be online to make CBDC transactions or they can make CBDC transactions offline. The Japanese central bank will also test the offline functionality of the digital yen.
#1
Launching CBDC is not regulators' dream anymore. They are working to make nightmares into reality. The Bank of Japan works on it and sets its plan to do the experiments. They will launch Central Bank Digital Currency (CBDC) pilot program in 2023.
It will be Japan's national digital currency, the digital yen. In order to launch the digital yen, the Bank of Japan has made a collaboration with three megabanks and regional banks. They will go through different experiments before issuing CBDC officially. If everything goes according to their plan and it works, they will officially launch the digital yen in 2026.
The Japanese central bank takes time to do experiments and based on the results, they will make the ultimate decision on whether to launch CBDC or not. Many countries' central banks are working hard to launch CBDC. China is ahead of the curve in this case. The Federal Reserve Bank of New York’s Innovation Center launches CBDC pilot programs.
3#
FTX asked for help from Binance as a last resort, Binance wanted to look into it first. After looking into FTX's terrible financial situation, Binance denied getting involved in FTX. Now, what is going to happen with Genesis?
Looks like FTX would not go down alone, it will take other crypto platforms down with it. Again, that is the CEX to blame. The crypto market might crash further and we have already seen its effect. Crypto will move forward at its own speed. Centralized platforms might offer different things, but they will find a hard time surviving in the crypto space over time. People will focus more on decentralization.
2#
As per Genesis, they don't have any plans for filing bankruptcy. They are working to resolve the current situation without going through any bankruptcy filing. If they get $1 billion in capital from investors, there is a chance they can deal with the ongoing situation.
Shocking information was revealed about FTX and how they mismanaged everything in FTX. People think big institutions protect customers crypto in a better way and they are more efficient about this. FTX stored private keys for customers' crypto assets in a shared email account. It is hard to believe. Is that their safe way to store private keys?
It was reported that there was a talk with the largest crypto exchange Binance to step in and help Genesis, but later Binance turned down the offer to make the investment in Crypto lender Genesis. When Binance steps back from getting involved in any crypto platform, that can spread more negative vibes in crypto.
1#
Crypto lender Genesis is having financial difficulty and trying to raise $1 Billion in capital from potential investors. They approached different investors for that, but unfortunately, they could not raise the capital that they need.
Genesis grew quickly and becomes popular in crypto. Now the situation is changing. After the collapse of FTX, Genesis is going through a hard time. It is revealed that it lost $175 million in FTX. They will not get much from the FTX and Alameda Research any time soon.
What we know about Genesis so far, maybe this is nothing compared to what we are going to know in the future. Is Genesis the next FTX? It is clear that they are facing big problems and trying to resolve that. The way FTX used to say that everything is fine, no worries, is Genesis going in the same direction?
3#
People get into crypto to cut the middleman and have freedom and control over crypto. You don’t need to trust anyone; code is the law. Centralized entities have been playing their game well in crypto so far until this bear market hits them hard and shows their real pictures.
Now we see many centralized entities are in trouble since they are connected directly or indirectly. The collapse of FTX shakes their financial stability. They find it hard to keep the balance and convince other people that they are safe and secure.
2#
FTX CEO Sam Bankman-Fried tweeted that they don’t invest customers' funds and FTX is safe. But what Sam Bankman-Fried or SBF said was nothing but a lie. They used their customers' cryptos and transferred them to Alameda Research to get involved in highly risky activities.
FTX US was safe and secure since it was a separate entity, according to SBF. But he had to file for bankruptcy and FTX US was there. Can you imagine a company that does not have an accountant? FTX was a legendary company that did not have an accountant. Unbelievable! How could it be possible?
Again, you have to trust them since SBF was a popular figure and genius, probably he did all accounting jobs and recorded everything in his memory. The interesting thing is, we will probably never know how much shady things were done and deleted just like all those tweets that were deleted on Twitter.
1#
Don't trust, verify is a popular slogan that becomes more popular recently. You cannot trust blindly, otherwise, you have to pay the price at some point. People trusted FTX and ended up losing their cryptos and funds. Now everyone wants to see the proof of reserves so that it can be checked and verified.
It is surprising that Grayscale refuses to show proof of reverses. They use the custody service provided by Coinbase to hold cryptocurrencies. Coinbase does its on-chain validation and makes sure that everything is okay and secured.
You just have to trust them. Grayscale is not going to provide on-chain wallet information and show their proof of reserves due to security concerns. You need to trust Grayscale the way you trust FTX and hope they have the reserves that they are supposed to hold.
3#
There will be no more than 21 million bitcoin in circulation and that makes a huge difference. Everyone is looking for building assets in a way that does not depreciate over time. El Salvador makes smart moves and you can imagine how it would impact their financial situation in the future.
They have the US dollar as well as Bitcoin as legal tender. They can take advantage of this time to accumulate more BTC and it is exciting to see them doing it. In spite of having a lot of bad news in crypto, there is some good news. And buying one Bitcoin every day is the news that shows people are bullish on crypto.
No matter what happens, crypto will find a way to move forward and overcome any obstacle that's on the way.
2#
In spite of getting a lot of criticism, especially from the International Monetary Fund (IMF), El Salvador does not stop its adoption of Bitcoin. This sets a good example and many countries will follow this sooner or later.
The government and central bank can print fiat currency out of thin air and it will always decrease its value. The people who save money with fiat currency will pay the ultimate price. It not only creates the gap between rich and poor but also broadens the gap and creates inequality in society.
1#
El Salvador, the world's first nation to recognize Bitcoin as legal tender, creates positive vibes in crypto with its moves. After announcing Bitcoin as an official and legal tender in September 2021, they started buying Bitcoin at different times.
Recently El Salvador's president Nayib Bukele tweeted about buying one Bitcoin every day. According to Buy Bitcoin Worldwide, El Salvador holds 2,381 bitcoin at an average buying price of $43,357. Since they started accumulating BTC in the bull run, it shows losses in the balance sheet.
But El Salvador does not plan to sell Bitcoin, instead decides to keep buying and accumulating BTC now at a low price. No one knows how long the crypto market remains in this bear market. Buying BTC at this time offsets some of its losses and brings the average buying price low.
3#
Most employees quit and what's going on with the rest of the remaining employees' minds? Unfortunately, even though you don't want to work in a company, you cannot quit the job right away, you have to take care of your family and you have obligations.
You will definitely look for a job and as soon as you get a new job, you will quit your job. Is Elon Musk thinking to run Twitter alone without any employees? When someone is surrounded by yes man, he can make terrible decisions and get validation from yes man army. Most of the time, it becomes too late before realizing what went wrong.
2#
You are the owner, it does not mean you will treat your employees the way you like. They work for your company, you should work for them. If they get a threat and work in fear of losing their jobs, they cannot give their best effort physically and mentally.
Most Twitter employees chose to take three months’ severance pay and say goodbye. #RIPTwitter hashtag becomes popular on Twitter. If you work for a company, it is not only for the money, there are a lot of things associated with that. You see the company's ups and downs and stick to it to make it better.
You as an employee have contributed to Twitter, otherwise, no owner can pull it off and bring it where Twitter is today. There is no way any company owner can deny that. You are well paid as well as you are treated well. If the company makes you feel like trash, I don't think how long you can work for the company.
1#
Elon Musk has made different changes after acquiring Twitter. People think Twitter would be great and Musk will make it better for everyone. So why are most Twitter employees leaving their jobs? Is it not the better place to work in Twitter?
A decision can change a lot of things. Dogefather Elon Musk wants employees to be extremely hardcore to work, they have to work long hours at high intensity. Every owner of the company likes their employees to work hard and spend more time, but how they treat their employees, that's the most important thing.
If you only demand your employees to work hard longer hours without giving incentives, that's not a good sign. Employees have the right to get incentives for their extra time and effort.
3#
You put your crypto in Gemini to earn and then Gemini gives your crypto to Genesis. Genesis lends those cryptos to others and makes a profit. Finally, a certain portion of that profit returns to you through Genesis and Gemini.
No matter how safe and secure a crypto exchange feels, you cannot say for sure you are not at risk, especially when you get involved in an earn program. Before making any financial decision, don't just look at how much you are earning, pay attention to how much risk you are taking.
When you consider the risk and return, you can come up with a better decision.
2#
It is clear how risky those lending platforms are. If people consider how much risk they are taking putting their crypto in Celsius, BlockFi, and Voyager, they might not lose their crypto. When you hand over your crypto to others, there is a risk of losing that.
You do trading in crypto exchanges. So you usually have crypto in exchanges. The centralized crypto exchanges offer to earn from your crypto. They have different earning programs. Is it safe to keep crypto in the earn program that the crypto exchange offers?
Gemini is a highly regulated and trusted crypto exchange. Their earn program is in trouble. The earn program partner Genesis faces problems due to the effort of FTX collapse. In crypto, everything is related directly or indirectly. When a single entity collapses and goes out of business, it takes down others.
1#
You have crypto in your wallet and doing nothing. So you want to find a way to earn from crypto. There are different earning options that say you will get a lucrative APR. You just deposit your crypto or transfer that to their platform.
It will be locked for a certain period. You do not have to do anything. They will do everything for you and you keep getting interest. You are not doing any crypto trading. It feels risk-free. But it is not what it seems. In this bear market, we see how this kind of earning option blow up, and customers end up losing their crypto.
Lending platforms were popular in 2021. People were talking about it and how you earn crypto in keeping it in lending platforms. Lending platforms do everything and make a profit, then transfer a certain portion to the customers.
4#
You take a look at the investors behind a project. If reputed investors put their money into a project, you usually think that the crypto project has a good chance to make progress and do better.
At the same time, in case a big investor of a project files for bankruptcy and goes out of business, that impacts the crypto project in a negative way. FTX collapse is a good example of that and what's happening in Solana right now.
3#
In a bull market, you cannot predict what is going to happen in a bear market. What happened so far in crypto in this bear market, did you imagine that in 2021? I think a bear market teaches valuable lessons that you may not learn in any way. It will teach you to stay humble and navigate the crypto market in a better way.
People say that follow the money. If some projects are funded with a huge amount of money, they can do better. When you notice cash inflow and outflow, it will give valuable information. But a project that is highly funded by investors does not mean it will be successful and do better in the future.
2#
We know how popular Solana was in the last bull run and how a huge amount of funds flowed into this project. Now the situation has changed completely. Only time will say how everything turns around and how Solana makes its move to face challenges.
Not only the largest crypto exchange Binance suspended Solana-based USDC and USDT deposits but also OKX and Bybit did the same thing. You cannot deposit USDC and USDT in OKX and Bybit from the Solana network. That will create more negative vibes in the crypto sphere.
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