Have you heard about the implosion of FTX crypto exchange?
Even outside the world of crypto, this event has grabbed the attention of the masses and made history in a way that no one will forget.
Though you may be tired of hearing about this story, the whole truth has not fully surfaced, and the aftermath of this may NOT be over yet.
Within this lays key lessons that must be applied immediately. In this time-sensitive video, I team up with TCV analyst Mr. W to extrapolate and share these lessons to protect yourself from future implosions.
I asked Mr. W for a quick rundown. He says, “FTX is a huge exchange in bed with the regulators and run by some sociopaths that were lending out money to their own ‘hedge fund’ to prevent liquidations. Then, they ended up running away with everybody’s money.”
This is not the first Ponzi Scheme in crypto and certainly will not be the last. While the story is theatrical and interesting, we at The Crypto Vigilante focus on what matters.
I share that, “I personally don’t feel affected by it because I follow what we recommend. I practice what we preach, and I never leave crypto in a KYC/AML exchange.”
This is why we emphasize learning and applying maximum operational security. There are outside influences in crypto that are out of our control. We focus on what we individuals can control.
I elaborate, “This is not a problem with crypto. This is a problem of bankers. The banking establishment has crept into crypto and Wall Street comes into crypto because they see it as a playground for them to bring their antics.”
I asked Mr. W, “Why do people leave crypto on an exchange as opposed to practicing self-custody?”
Though some crypto exchanges are influenced by bankers, he shares that many beginners trust that these exchanges share similar regulations as commercial banks. However, we are still early in the wild west of crypto and this could not be further from reality.
He shares, “We were all newbies in crypto at some point. So, we’ve all made mistakes and had to learn the hard way. This is okay. There are some dues to be paid to stay in the space and you’ve got to learn some lessons.”
I encourage you to watch this video now and take action to secure your assets.
After covering how to protect yourself, we dive into some charts and speculate on what may come of this implosion and how it will affect the markets.
Mr. W explains, “A lot of the coins that were the playground of FTX, Alameda, and SBF that pumped up to 500x in the last cycle are getting obliterated. But, most of the Privacy Coins, BTC, and ETH are holding up much better than you would think… It is pretty encouraging honestly.”
He speculates that we are nearing a bottom and that there is potential for more bad news that could push the price down further toward the $12k region.
However, he states, “If we don’t get something major over the next 4 to 6 weeks and just chop around here, then I’ll be ready to buy.”
I rounded off our interview by sharing that, “Anything external to the crypto experience leads you to evil. The more you move OUT of self-custody and the more you move outside of scaling ON the blockchain you are opening doors to the things that can affect the network or affect your personal life.”
Mr. W and I share our sentiment on the value of cryptos like Dero (DERO) that build within ONE protocol on-chain to align the incentives of the users within the network.
I added, “People have fallen for a lie of Bitcoin and crypto being a do-nothing space when it’s an actual place where we can create wealth, a place where we can create a new world, a new internet, a new everything.”
Mr. W agrees and affirms this by stating, “Even if we have a totally on-chain future, we are still going to have bubbles and crashes. This has happened for thousands of years in every asset that you can possibly imagine. You still have humans involved. So, we get too optimistic when things feel and look good and we get too scared when they look and feel bad.”
This is why, at The Crypto Vigilante, we give subscribers additional support with frequent updates on the market and warnings of potential implosions like FTX that can affect their assets.
Lastly, I urge you to never forget, “Bankers and institutional money will keep coming into crypto and their goal is to steal your crypto because they know they can’t kill it.”
Now is the time to tighten up your operational security and get positioned during the final days of this bear market cycle. As crypto continues to rise, we will be by your side.
You can watch the video on Vigilante.tv HERE.
Post originally posted on CryptoVigilante.io