Crypto Bros in the house?!?
🗣️ DISCUSSION 💬
To all the crypto guys that lurk among us. For those of us who are crypto-finance retards, what should we be investing in? WTF is the difference between Bitcoin and all the other shit?!? Help us out! I want to get in on this scam
True Story:
In 2014 I setup mining rigs to mine Dogecoin when it first came out. In under four months I mined over five million Dogecoin. It was a worthless shitcoin for many years. I held it until 2020 in a cold wallet, then decided to trade in and out of bitcoin on Bluetrade and another trading platform known as Cryptopia. Guess what happened, like many other CEX's they were both hacked and shutdown. I lost more than half of everything. I lost the remaining amount on Loopring's smart wallet hack in June of 2024. (connected to Gamestop)
Best advice I can offer is to buy small quantities every month, hold it in a cold storage wallet and forget about it for 10 years. Bitcoin overall has the best performance of all because it started at pennies in value in 2009/2010. Shitcoins with no utility in my view are not worth toying with. However I do feel like Etherium is a good second choice for the utility reason. Litecoin used to be #2 for many years but as far as market cap valuation it is far lower now.
I personally feel that the market cap values may be completely fake and the theory behind using USDT (Tether) to inflate bitcoin's value may have been occurring for a number of years. If/when it comes out that Tether is backed by funny money get ready to see a real BTC crash.
Why in the fuck did you keep it on an exchange and not your wallet? And you fell for it a second time with Loopring.
You didnt do your research, you didnt follow the basics in keeping your crypto safe. If youre day trading on a platform you need to do more research into what platform youre keeping your crypto on. What is the team, where are they based... basic stuff.
When you put your money into Loopring smart wallet did you do any research on how it worked? Did you ask if the wallet was custodial or non-custodial? Or did you just follow reddit hype?
Bleutrade was hit and miss, up and down. Should have withdrawn and gotten out before they went offline for good. One day they restricted withdrawals only if you ID'd yourself and were in their geographical country preference list as I recall.
Cryptopia was like Mount Gox all over again. Personally I think it was an inside job. I'm not alone, look how many people still use: Coinbase, Binance, Kraken and so many others.
As for Loopring, that was a bigger bullshit deal. I had 2FA setup but it was a backdoor hack on the service that handled their "guardian" setup. I personally believe it also was someone on the inside that knew how everything was setup. Loopring's response has been total crap. They got hacked, didn't report it, then got hacked again when customers lost funds. They've done nothing to make their customers whole. As you should know, Loopring smart wallet is billed as "be your own bank" a decentrailzed, not centralized, wallet. Didn't matter. They were able to pull everything out of my level 2 wallet.
So that is my advice, don't trust any wallet, use cold storage at all times until you want to cash out.
I agree, thats the take i have.
Coinbase and Kraken have FDIC insurance and give a lot of info to the Fed like a bank. I doubt theyll go under until you have a big fallout with the banking sector just because of all the info they have to give but I could always be wrong.
If you get a chance, i recommend looking into Cardano and how its built. Charles Hoskinson can be a pain for a lot of people but I think the people building Cardano are doing something right. They've had no glitches or hacks on the blockchain in 8 years though there have been a few projects that rug pulled. The big con is that progress can seem slow from the timeline of announcement to completion of a big change.
Loopring hack?
Personally I think it was an inside job involving Daniel Wang.
https://www.halborn.com/blog/post/explained-the-loopring-hack-june-2024
https://medium.com/loopring-protocol/postmortem-incident-report-and-path-forward-aa64f7e5f7d1
Just an addendum to a post above, don't transfer your data into a cold wallet until you acquire 0.01 Bitcoin, currently about $1000. Learn about UTXO management as you acquire sats. No rush.