You see you just lost 96% of your holdings. You must be dreaming or, maybe you put your money in cryptos that crash hard. No, you are not dreaming, it happened in Lebanon's fiat currency. The financial system we trust and keep our money in the bank shows what is possible if things go wrong.
The central bank puts different restrictions on savings in banks. The situation has changed since 2019. And it gets worse over time. They are having a financial crisis. The bank introduced haircuts on dollar withdrawals. It started with 15% haircuts, now it reaches 85% haircuts.
Some people said Celsius was bad, but BlockFi was good. BlockFi would not block any withdrawal. Well, BlockFi is shocked to see what happened in FTX and Alameda Research. So what's their next move?
BlockFi finalized limiting platform activity, especially pausing client withdrawals since it is allowed under their terms. It proved once again, not your keys, not your crypto. Period.
Do You Have Any Exposure To FTX?
Things happen that you never thought of before. FTX seemed pretty safe and secure. Now people are asking questions like do you have any exposure to FTX? Big boys denied that they don't have any exposure to FTX and their platform is safe and secure.
When you hear crypto exchanges are not safe for holding your crypto, you think that's the biggest exchange, so what could go wrong? In spite of getting assurance from the CEO that everything's "fine". Is that fine?
Or, will you interpret it like when your girlfriend says everything's fine? You have a pretty good idea that things are going in the other direction. It's hard to believe what just happened. FTX CEO Sam Bankman-Fried or SBF is considered the next Warren Buffett. He has a lot of friends in Wall Street and Washington DC.
News spread from CZ and there is a panic in the market. People started withdrawing funds from FTX. It's a bank run, and if you don't run with your fund, you lose. FTX stopped processing the withdrawal request. Everything's fine moved in the opposite direction.
Now I have 100 followers. Thank you so much for your support and feedback! The next goal is to have 200 followers.
Please keep in touch! See you around! 😀
FTX seemed pretty safe and secure. Who would have thought FTX would go out of the picture? That was the number 2 crypto exchange. Anything can happen in crypto. What you trust today might go out of your sight tomorrow.
Stay safe and protect your crypto!
If you are too dependent on a single thing, you might put yourself in a vulnerable position. For example, you work hard to make money and get almost all earnings from one source. In case something happens and it does not work anymore, your income will reduce drastically.
You can follow 80/20 rules. 80% of your time and effort goes to something that works now and 20% to exploring others to make money. You can change and adapt to the situation if something happens because you have already explored other things.
When you work on improving your financial situation, it is not that you work all the time. You should relax and spend some time doing what you love. That is needed to recharge yourself. You can focus more on your work when you get back.
You don't know everything. What do you do when you face a situation you don't know what to do? Are you looking for an answer? If you just avoid the situation and be ignorant about that, you get stuck. Ask questions and talk to the people who can give you answer. 😀
Time is the most valuable asset that you can never get once it's gone. Your time is equal to money. You should work on how you can get the best out of the time you spend. It is better to spend time on something that gives you a better return.
Are you asking for permission to make your move? If you want to improve your finances, you don't need anyone's permission. You need to be proactive and position yourself to succeed. Don't wait for something to happen. Take action and make it happen.
Is there anything that holds you back from improving your financial situation? As soon as you have sufficient money to take care of your family, what would you do? You have some extra money, so you can spend it on something to enjoy your life.
Making a change in your financial situation will not happen quickly. If you do the right things for a long time, your financial situation will improve slowly. Would you prefer to have $10 today or $100 in the future? What makes you excited?
You are saving money, but it does not mean you are depriving yourself. You are working to get bigger rewards in the future. You know what you are doing and what you would get in the long term.
You wish you would have a lot of money! Then you could buy a lot of things. When you buy something, you feel good. Literarily, we need to spend money to live. You need clothes, food, shelter, medication, and other things. You have to earn money first and you can afford to buy what you like.
You see there is a relationship between spending money and happiness. Let's divide our whole life into three parts.
https://leofinance.io/@rezoanulvibes/do-you-find-any-relationship-between-spending-money-and-happiness
You are in crypto and it is not that you always make a profit and do better. You invest in cryptocurrency and work hard to build your crypto portfolio. Due to a single mistake, you can lose everything in crypto.
We all transfer crypto from one wallet to another wallet. Maybe you just buy crypto and are about to transfer it to your wallet from the crypto exchange. If you make any mistake putting the wallet address, you will lose your crypto.
https://leofinance.io/@rezoanulvibes/single-mistake-is-enough-to-lose-your-crypto-forever
UnionBank, one of the largest banks in the Philippines, introduces cryptocurrency trading services where you can trade Bitcoin and Ethereum. This bank also provides cryptocurrency custodial services. What's going on in cryptocurrency and blockchain cannot be ignored.
UnionBank made a partnership with a Swiss crypto firm Metaco to explore crypto and come up with their cryptocurrency trading service in January 2022. They have been working on it since then. Many people feel comfortable getting involved in crypto.
https://leofinance.io/@rezoanulvibes/philippines-union-bank-launches-bitcoin-and-ethereum-trading
Nowadays I usually check out Coingecko to see the price. I used to visit Coinmarketcap more before, but not anymore. How about you?
To start any business, you need to spend money at the beginning of starting the business. You need to have an initial capital. You can save money and use that in your business. You can borrow money from your relatives and friends or you can take a loan from the bank.
When you have the capital, you can get started. Do you pay attention to how you spend your money to start your business? It depends on your business and plans how much you will spend at the beginning. But if you spend too much to start a business, sunk costs will be huge.
https://leofinance.io/@rezoanulvibes/be-careful-how-you-spend-your-money-to-start-your-business
It is difficult to trace when criminals use fiat currency. But you can trace where the crypto is going in case criminals use cryptocurrency. It is on the blockchain and anyone can see that. Criminals got caught before because they used crypto.
People get to know more about cryptocurrency day by day. Their perspective on crypto is changing. People will not give you a weird look when they know you are into crypto. Focus on your work and take advantage of this time to accumulate cryptocurrency.
It can change your financial situation completely. When people see how crypto helps you to achieve your financial goals and you contribute to society, they will come to you for advice. Now they want to get into crypto and bring a positive change in their life.
If someone makes up his mind just by reading the headline saying criminals use crypto for illicit activity, you will find it hard to talk about crypto with him. So which currency do criminals use most to commit crimes? Is it cryptocurrency or fiat currency?
The use of fiat currency is way higher than cryptocurrency to do something illegal. So do you blame fiat currency as criminal money? No, you don't. People can use fiat currency to do anything. It does not make fiat currency bad just because criminals use that.
So how come they consider cryptocurrency as criminal money? Due to spreading negative news about crypto, when people know you are into crypto, they think you are doing something bad.
Do you have doubts that cryptocurrency will disappear and become useless in the future? It becomes clear where it is headed to. We did not see people talking about Web 3.0 so much in the past as they do now.
Centralized social media Facebook changed its name to Meta and social media giant Twitter is working on developing its own crypto wallet. Binance founder CZ likes to help Twitter get into Web 3.0 when they are ready. They know very well what is coming next.
We have the advantage that we are early in crypto. When the rest of the world wakes up and everyone rushes into crypto, you would realize how valuable the present moment is.
Do you hear any noise and get distracted? You don't see videos and articles titled to the moon. There is silence if you look around. But people who are into crypto work hard at this time.
I feel this is the time when everyone is busy and working to accumulate crypto. Some people thought crypto is a way to make some quick profit instantly, you may not see them around. But other than that, people who are here in crypto for the long term work hard to take advantage of this situation
Your personal information is very valuable. When you first buy cryptocurrency, maybe you buy it from crypto exchanges. Sometimes it is mandatory to do KYC, so you have to give personal information and ID for verification. So what could go wrong? You think your personal information is safe and secure.
In case the crypto exchanges get hacked or your personal information is leaked, that can be used against you. We need to use crypto exchanges and your personal information might get exposed if something happens.
https://leofinance.io/@rezoanulvibes/how-secure-are-your-personal-information-and-crypto-when-you-transfer
People work hard to make money, take care of their families and save money so that they can have a consistent income when they retire.
They have a consistent income after retirement. The income was enough to do everything they want if you consider the lifestyle and product price at the time of saving money. But we cannot live in the past. You have to be present. The truth is, you will have difficulty doing everything with retirement income.
https://leofinance.io/@rezoanulvibes/do-you-add-crypto-to-your-retirement-plan
Is FTX Going To Launch Its Own Stablecoin?
If you look at the popular crypto exchanges, they have their own stablecoins. For example, Binance has its Binance USD (BUSD) issued by Paxos, and Coinbase has USD Coin (USDC) which launched in collaboration with Circle.
FTX is one of the most popular cryptocurrency exchanges, so will there be any FTX stablecoin in the future?
https://leofinance.io/@rezoanulvibes/is-ftx-going-to-launch-its-own-stablecoin
I signed up Noise.app six days ago. Today I'm active here. I like the vibes of this platform. Love the noise!
Looks like you cannot comment and interact with someone unless he/she follows you back. Exploring and getting to know Noise.app more. Hope to make some noise! 😀
Hi guys!
Just signed up. Need some time to look around!
Hope to see familiar faces. 😀
@rezoanulvibesOnNoiseApp
