Crypto is just a big hoax

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Abstract

big no in crypto exchange, and it’s hard to imagine a highly worshipped person doing this in the industry.I live in Hong Kong, and luckily, FTX doesn’t allow ordinary people to open an account here. Only accredited investors with 8 million HKD in their bank accounts are allowed to open an account in FTX, a discriminatory requirement for the Hong Kong people yet saves many people here. That said, I am one of the harbingers of using FTX in Hong Kong that I have their account prior to this requirement. This turns out to be a mere curse. I could have my funds struck there if I haven’t moved out my money (luckily I did for safety reasons).The rest of the customers in FTX is not that fortunate. If you haven’t transferred your crypto out from the exchange, it is more than certain that your fund is gone. GONE. FTX become a trading testnet now. There is now a discrepancy between the futures in FTX and the actual spot price in every other exchange. Desperate people are just longing every future in FTX, knowing that their capital is lost regardless.I am lucky to say that I get out of this fiasco by moving funds, but the FTX saga really hit me in the sense that nothing is safe in crypto. It’s like your religion suddenly collapses and they are in fact Heresy, big Heresy. To see something of that financial size collapse that easily within this small span of time is ridiculous. It turns out that Sam is the real villain, the one man who uses customer funds to gamble.I do not have a great feelin

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g about CEX’s tokens like BNB, FTT as evidenced by my prior article. However, I have never foreseen that FTT could fall in this way. Bro, you are legit running an 8-figure revenue per day business, having a close connection with DC regulators, you still fucked up in big ways.This FTX incident truly teaches me that caution triumphs. It is thanks to my caution rather than my conviction that I save my little bag in FTX. Learning this painful lesson, I ain’t reading influencers’ take on crypto anymore. You have influencers of Benson Sun(FTX) claiming FTX is safe and he is increasing his bag in FTT. For people who trust Benson’s advice, your money is GONE.Every other crypto influencer is more of the same, including me. In Medium, articles like “the best 5 crypto in 2023” are burgeoning. People love clicking on these articles, who doesn’t want to know how to get rich by reading for 2 mins? Just by checking on the crypto symbol, we will make banks! But rest assured, in retrospect, these articles suggested nothing but bullshit. Many articles shilled SOL, let’s anticipate the price of it in light of the recent doings….That said, I am still retarded enough to have conviction over Ethereum. I still think it’s gonna change the game. I also believe in blockchain, a nascent technology that just so happened to be manipulated by villains.Rage, anguish, please share your emotion in the comments.New to trading? Try crypto trading bots or copy trading</article></body>

Crypto is just a big hoax

We don’t know shit, that’s the lesson crypto has taught me this year. Numerous articles in Medium have the flashy titles, “Ethereum is gonna moon”, “Best crypto investment in 2022”. Bro, we don’t know shit. All these catchy titles end up being a total joke and for readers who are reading it, congrats, you are legit reading many pieces of shit.

My firm conviction in the crypto industry tarnishes many times this year. I would share some of the convictions that I have:

1. Ethereum is going to be BIG.

2. FTT though I am not bullish about it, it’s not going to hell. (what a spectacle)

3. FTX is the best exchange in the world. (what a joke)

4. Luna ain’t going to fall.

I still believe Ethereum is going to be big, but the rest of my assumptions go terribly wrong. I thought for a long time that Sam is the man, the man who practices effective altruism and will do good for society. He is the man who will bridge the regulators and the crypto world. He is the man who help the crypto community to weather the storm brought by the chaos of UST and Celsius’ downfall.

But I was wrong. All the applause Sam is getting turns out to be a fucking shitshow. He practices effective altruism by donating his customer’s money, sending it to the Democratic Party, and saving his bag in Alameda Research. What a joke. No wonder why people want to see him rot in jail, moving customers’ funds is a big no in crypto exchange, and it’s hard to imagine a highly worshipped person doing this in the industry.

I live in Hong Kong, and luckily, FTX doesn’t allow ordinary people to open an account here. Only accredited investors with 8 million HKD in their bank accounts are allowed to open an account in FTX, a discriminatory requirement for the Hong Kong people yet saves many people here. That said, I am one of the harbingers of using FTX in Hong Kong that I have their account prior to this requirement. This turns out to be a mere curse. I could have my funds struck there if I haven’t moved out my money (luckily I did for safety reasons).

The rest of the customers in FTX is not that fortunate. If you haven’t transferred your crypto out from the exchange, it is more than certain that your fund is gone. GONE. FTX become a trading testnet now. There is now a discrepancy between the futures in FTX and the actual spot price in every other exchange. Desperate people are just longing every future in FTX, knowing that their capital is lost regardless.

I am lucky to say that I get out of this fiasco by moving funds, but the FTX saga really hit me in the sense that nothing is safe in crypto. It’s like your religion suddenly collapses and they are in fact Heresy, big Heresy. To see something of that financial size collapse that easily within this small span of time is ridiculous. It turns out that Sam is the real villain, the one man who uses customer funds to gamble.

I do not have a great feeling about CEX’s tokens like BNB, FTT as evidenced by my prior article. However, I have never foreseen that FTT could fall in this way. Bro, you are legit running an 8-figure revenue per day business, having a close connection with DC regulators, you still fucked up in big ways.

This FTX incident truly teaches me that caution triumphs. It is thanks to my caution rather than my conviction that I save my little bag in FTX. Learning this painful lesson, I ain’t reading influencers’ take on crypto anymore. You have influencers of Benson Sun(FTX) claiming FTX is safe and he is increasing his bag in FTT. For people who trust Benson’s advice, your money is GONE.

Every other crypto influencer is more of the same, including me. In Medium, articles like “the best 5 crypto in 2023” are burgeoning. People love clicking on these articles, who doesn’t want to know how to get rich by reading for 2 mins? Just by checking on the crypto symbol, we will make banks! But rest assured, in retrospect, these articles suggested nothing but bullshit. Many articles shilled SOL, let’s anticipate the price of it in light of the recent doings….

That said, I am still retarded enough to have conviction over Ethereum. I still think it’s gonna change the game. I also believe in blockchain, a nascent technology that just so happened to be manipulated by villains.

Rage, anguish, please share your emotion in the comments.

New to trading? Try crypto trading bots or copy trading