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When you think it is the end of bad news, new news comes up to shake everything once again. Binance announced that Solana network-based USDC and USDT deposits are suspended. So you cannot deposit USDC and USDT if you have that on Solana.
The effect of FTX collapse is way more than you think. Maybe it will bring the BTC price all-time low. FTX CEO Sam Bankman-Fried was an early investor in Solana. FTX invested in many projects in the Solana blockchain.
Since there are close ties with FTX and Alameda Research, with the ongoing crisis, Solana is affected negatively. SOL price dropped a lot and it is trading around $13.63.
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Things get easier day by day. People can use crypto easily and do different things. We will see more innovation and development in the crypto industry. In spite of what's happening in the crypto sphere right now, everything is moving forward.
You are responsible for what action you take in crypto. Here I am sharing information. This is not a recommendation to use or not to use any specific wallet. I don't use Trust wallet till now. I don't like to use applications that can be used only on a mobile.
I prefer if you can use the app on your computer or laptop. Since Trust wallet has its browser extension, you can use it easily on a web browser. Before deciding to use any wallet, you should spend some time doing research about that. Then make the decision.
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Your crypto is safe and secure as long as you hold the keys. When you use any dapps, you need to be careful which permission you give. Of course, keep your seed phrase somewhere safe so that hackers cannot get it.
Trust wallet extension supports NFT, multi-wallet, non-EVM blockchain integrations, and fiat on-ramp providers. You can also get hardware wallet support. According to the crypto exchange Binance, it is integrated with Binance Pay. It also works with Coinbase Pay.
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You might have heard about the Trust wallet. You can down this wallet on your phone. It supports both android and apple. You could not use it on your laptop before. But now Trust wallet launches a browser extension.
It supports Google Chrome and Opera browsers. You can add the Trust wallet browser extension to your browser, create an account, and you are good to go. If you already have a Trust wallet, you can export it and use it on your browser.
Crypto exchanges are not banks. They are supposed to act like brokers. But when crypto exchange acts like banks and brings fractional reserve banking to crypto exchanges, it ends up pretty bad. It triggers the bank run when the customers see they cannot get the fund if they don't withdraw right now, they will rush to withdraw everything from the crypto exchange.
Many countries are working on launching Central Bank Digital Currency, CBDC. This is not a myth, it's reality. China tested Digital Yuan and working on how to move forward from that point.
Nigeria also tested the digital version of its currency and launched the eNaira. Many other countries are experimenting to launch digital versions of their fiat currency that gives them complete control.
CBDC will centralize the power to the central authority. They can decide how you can spend money, how much you can save, or if you don't spend your money for a specific period of time, it will disappear.
When everything will be on the same ledger, they can see exactly what you are doing. They can reverse the transaction and take money away from any account. Maybe you think this is good, right? They can stop criminals and terror financing. They can stop fraud and the Ponzi scheme.
The Federal Reserve launched Central Bank Digital Currency pilot program with major banks. It is a 12-week pilot program. The Federal Reserve Bank of New York’s Innovation Center or NYIC has been researching CBDC and how it can be launched. Now NY Fed is testing this.
They will use distributed ledger technology. It is a private blockchain. General people cannot view what's going on. Of course, they will have absolute control and they can do anything with programmable money.
This is the worst time when FTX crashed along with other crypto platforms. But that's a good time for the regulators to step in and do their things. Some people are crying hard for regulations. It is as if regulators can save the day. They will say how good CBDC is and it is needed for the protection and safety of investors.
It is better to use DEX instead of CEX. If you buy crypto from a centralized exchange, you need to transfer that to your wallet where you hold the key. Otherwise, no matter whether you leave your crypto on the lending platforms like BlockFi or a crypto exchange like FTX, you may lose your crypto at any time.
You can find crypto that has the potential not only to survive in a bear market but also thrive in the next bull market. But when you take entry into a bear market, that's important. You may buy thinking that's the bottom, but the price keeps falling.
Don't invest everything to buy at a time. You can divide your capital into small portions and make investments based on your strategy. You need to follow your own path and learn by taking action.
Even though you make a lot of money in a bull market, you might end up in a terrible situation in a bear market unless you sell and exit from the market. A bear market is a time to buy and accumulate crypto to grow your crypto portfolio. If you don't have funds to invest, you cannot take advantage of this situation.
Most of the time, we use the crypto exchange to buy and sell crypto. No matter how safe and secure the crypto exchange feels, you may not have any idea what could happen in a bear market. A good example is FTX. It is surprising and shocking to see what just happened and many people are unable to withdraw their crypto.
You cannot feel what it is like being in the water unless you get there. In a bull market, it seems very easy to make money on crypto. Just throw some money into crypto, you might get out of there with a profit. Shitcoins that have no reasonable reason to go up and be there in the first place occupy the space.
So what do you consider most in a bear market? Protecting your funds and crypto is the most important thing, especially in a bear market. Everything performs better in an uptrend market. When the market changes its direction, holding crypto that you don't intend to hold for the long term is the quickest way to lose your fund.
You have a debt and you have to pay high interest. It is better to focus on paying off the debt. When you invest, you expect a return, but it is not guaranteed that you will get a positive return.
It is certain that you have to pay your debt with high interest. You have to pay more the longer you take to make the payment. It can be a burden. You position yourself to grab investment opportunities when you focus on paying off your debt.
What if you invest when you don't have an emergency fund?
When you invest in any assets whether it is stocks, real estate, and cryptocurrency, you think long-term. You may not make a quick return on your investment. But you may need money at any moment. In case something happens and you need money to fix that, what would you do?
You have invested all of your money. You have to sell your investments and unfortunately, you may sell your assets at a loss. For example, you invest in cryptocurrency. Now we are in a bear market. You may make a huge loss if you sell your crypto.
You make investments to get a return, but end up making a huge loss. There is another option. To face an emergency situation, you have to borrow money from others or take a loan from the bank which you have to pay with high interest.
You don't want to end up being in this situation to face an emergency situation, do you? So create an emergency fund first before making an investment. You don't have to go through this kind of horrible situation when you maintain your emergency fund.
You have income and you can take care of your family. That's great. You are too excited to invest your money. Do you have an emergency fund? If the answer is no, you should build an emergency fund first. You need to have three to six months' worth of expenses in your emergency fund.
You cannot think of making investments when you don't have income. No matter how good an investment opportunity you have, you may not be able to make your move. That's the harsh reality.
When you struggle financially, your focus is to deal with the situation and make a living. Whether you do a job or business, you need to have a consistent income first before making any investment.
How safe do you feel the centralized exchanges are? Are they playing games all the time? After FTX collapsed, different exchanges try to show that they have the reserve that are supposed to be there. So everything is fine. You can trust them and keep doing transactions on their exchanges.
No one wants to lose their crypto like many people did in FTX recently. Crypto exchanges show that they have funds, but a large amount of crypto transfers back and forth after or before sharing snapshots.
Huobi exchange wallet was found to transfer 10K ETH to Binance and OKX deposit wallets. It happened just after sharing their assets snapshot. Do you think it's nothing and they have the funds that they show?
FTX acted like a savior of BlockFi and other platforms like this, but FTX had to show its true color eventually. Many people get rekt putting their crypto and trust on FTX. They say something and do something else behind the scene. Sometimes when people find out about that, it becomes too late.
Once I made a post on Noise.App and wanted to edit the post. But I could not do that back. Now the edit option is there.
Thank you Noise.App for this feature!
Let's have fun and make some noise! 😀
P.S. I edited this post to change the picture a little bit. It works. Love it!
When you do your research and analysis to hold crypto for the long term, you want to put your money in high-conviction assets. You try to figure out how it will perform in the long term. On the other hand, when you think short term, you see whether you can make a profit by taking entry and exit in a short period of time.
You don't want to hold something for the long term that you intended to hold short term. Maybe that will not survive and make it to the next bull run. The thing is, many crypto projects disappear from the market. They fail to survive and thrive in the long term.
Before taking an entry, ask yourself whether you want to hold that crypto for the short term or the long term. It will help to save your capital, make a profit and do better in crypto.
Seeing the chart, you take an entry and buy crypto. You wanted to hold that for a short term. But the price rises a little bit, then it goes down. You keep holding it and hope the price will go up. When the price falls consistently, you wish the price goes up and you will exist at a buying price.
You don't want to make a loss selling now. What you end up doing is, selling that crypto at a low price and making a huge loss. Or, maybe you just hold it and think the price will go up in the future.
In a bull market, there is a high chance that the price will go up. The price keeps falling in a downtrend market. Do you think the cryptocurrency you buy and become a holder by accident, will it survive in a bear market and thrive in the next bull market?
When you make any financial decision, that can be short-term and long-term. You can have short-term goals as well as long-term goals. There is nothing wrong with that. You may have specific plans to achieve your financial goals.
How you navigate the market, that's important. You see the price goes up and you buy to make a profit. Do you have any plans about how long you are going to hold that asset?
If you are in crypto, it feels like the wild west. Sometimes you can see a clear uptrend or a downtrend. And sometimes it takes time to figure out which direction the market is going. The market can move in sideways.
Again Crypto.com Makes Mistake and Accidentally Sends 320K ETH to Gate.io
There is a concern about the crypto exchange's mismanagement of funds. So every cryptocurrency exchange is trying to show they have the funds that they are supposed to have so that it can regain the confidence of users. There are suspicious transactions on crypto.com's cold wallet.
Noticing a transfer of 320K ETH from the crypto.com cold wallet to the Gate.io wallet raises the question. Crypto.com CEO Kris Marszalek said that they wanted to send the ETH to a new cold store address, but sends it to an external address.
Do you think that is just a mistake or they did do that intentionally? Later Crypto.com CEO Kris Marszalek confirmed that Gaite.io sends the ETH back to crypto.com cold storage wallet. It's not over yet.
Only 285K ETH returned to Crypto.com cold wallet, so what happened to the rest of 35K ETH? It did not return to the same wallet address, instead, it was sent to a different wallet address that is not confirmed by crypto.com.
We know what happened in those lending platforms when the crypto market crashed. They went out of business, filed for bankruptcy, or, wanted some entity to save them from that position. Crypto exchanges can be hacked or they can make losses and go out of business. As a result, you lose your cryptocurrency.
When it comes to crypto, things can change very quickly. You have to take action immediately in case something happens. Sometimes you may not get a chance to react and take action to protect yourself when you don't hold the key. It is indeed, not your keys, not your crypto.
It is up to you to decide how you will hold your crypto. Cryptocurrency can give you control and freedom as long as you hold the keys
When you create an account whether it is on a crypto exchange, lending platform, or any other platform where you have a password, the platform is the one that holds your key.
You are comfortable keeping your money in the bank, right? When you keep your money in the bank, the bank owns the money technically. Your name is there and it shows how much money you have. The bank is in control. Likewise, when you have your cryptocurrency in a crypto exchange or lending platform, that crypto exchange or lending platform is in control.
Do you remember what was going on in your mind when you first heard about bitcoin and blockchain? You wanted to know more about it by getting involved. You were interested in looking into how it works?
People can transfer crypto from one wallet to another wallet. You want to create your crypto wallet. Probably you get to know about Coinbase where you can create an account and keep your crypto.
It is like having a Facebook or Twitter account. We get used to creating and having an account like that. So do you have the key where you hold your crypto? You created an account with a password and email address. And that's what you have.
FTX had a “backdoor” built into its accounting software by SBF, which he used to move billions without triggering alerts to other staff, auditors etc - Reuters
Warning:
FTX has been hacked.
Don't go to visit ftx site or use their app.
It may download Trojans!
Bad players are everywhere and crypto is not exceptional. When the bad players become big in crypto, they have the power to do more harm. Sometimes we learn something the hard way. You may not realize the depth of it if that is easy.
We will forget this and move on. What we learn from this can help to navigate the crypto sphere in a better way. We will be more careful about handling our crypto. Your crypto, you have to ensure its security and safety.
No one will care more about your crypto than yourself. That's the truth.
FTX CEO Sam Bankman-Fried made a tweet about filing FTX, FTX US, and Alameda Research for bankruptcy. What happened just in a couple of days is unbelievable. It is so shocking and people are going through a hard time.
At first, it seemed it was a FUD. There is a good relationship between smoke and file. So something is burning there. Then a bank run happened, and the whole empire collapsed. So FTX CEO filed FTX US for voluntary Chapter 11 proceedings in the US. Wait for a second!
FTX US is a US-based crypto exchange and it is not affected financially by the shitshow. FTX CEO confirmed that it was 100% liquid. Then which shitshow hit this? I cannot imagine how far popular crypto exchange CEO would go lying from the beginning.
Bitcoin is out of the reach of the government. That's safe to save for the long term. People are turning to Bitcoin. If something like that happens in your country, what would you do?
Bitcoin shows how they can use it as a store of value. There will not be more than 21 Million bitcoin on the face of this earth. On the flip side, fiat currency prices will only go down over time. You might not feel it before, but everyone feels it because of hyperinflation.
Some Lebanese locals started mining bitcoin. They earn bitcoin and convert that into USDT to buy goods and services that they need. Businesses accept USDT to sell their products in spite of prohibiting crypto payments in law.
Can they trust their traditional financial system? It gets them rekt. They work hard to build their wealth, but due to the economic crisis, what they have in fiat currency disappears like magic.
People in Lebanon are going through a hard time. According to the United Nations, 78% of people in Lebanon are living below the poverty line. They have money in the bank that has already lost its value. People work hard and save money in the bank, but unfortunately, now they end up with almost nothing.
There are incidents where people withdrew money from the bank at a gunpoint. Can you imagine that? This is what happened over there to get money from the bank. The price of products is skyrocketing. What they earn from a job fails to support them. People look into Bitcoin to store their money.
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