RE: 3 lessons to learn for crypto investors from the FTX collapse
Dear @luckyali
One extra lesson I've learned from FTX collapse is that panic "bank-runs" caused by powerful people (like CZ from Binance) are fully legal within crypto world.
If he would cause bank-run on any traditional financial insitutution or any bank ... then he would be in so much trouble already. But crypto world is still a wild-wild west.
Okay so here we are going to learn 4 lessons from this FTX collapse
Where is lesson number 4?
Also you've mentioned "Proper research is important before investing in any project". Truth be told, there is no way any small investor (like myself, like yourself) could do much in that area. What kind of research can we do if we don't have an access to all financial records behind companies we're investing in?
Hope you're having great weekend :)
Cheers, Piotr
Sorry it's not 4 it's 3. Edited
I am talking about research like who are in support team what is the background of them. We can check their social media accounts and know what they have done in past. Other thing is checking their old projects if they have. So i think these things help us to take the better decision. isn't it? But that's still not 100% perfect but atleast better than nothing...
Thank you
Thanks for getting back to me @luckyali
You see, Ive been working for years as a digital marketing guy and I've seen many BS promoted online. If someone has enough resources then such a person will be able to create online persona for himself and his team.
Look at SBF from crashed TFX. He even managed to be interview by reputable worldwide magazines like Forbes. And people believed in him.
Right now if someone would tell you that CZ is a fraudster and that Binance will collapse within a year time - would you believe? I'm sure I couldn't give you one solid answer if we should put our trust in binance. Or even big projects like ADA, Solana, ETH. No matter how much research we will do - all we can learn is "what they want us to learn".
That's my sad impression. It's just very easy to fool investors by building fake image of company and people working in that company. Especially if someone can spent millions on marketing and PR.
Hopefully I am making sense?
Cheers
Yes that's true that is why I said anything can be happen and this research is not 100% works. Obviously there is risk involved in crypto but at the same time it is most beneficial industry too.