Reading Bigeng｜It ​​is the blessing of "ghost"! FTX Thunderstorm Incident Review・

I wrote down the review and review of this FTX thunderstorm incident piecemeal, using the method of "saying what comes to mind", which makes the reading less coherent. Please bear with me!

Did not continue digging ❌

As one of the editors of the " Chain Xisheng Coin Circle Daily ", inthe second on-chain data analysis of the daily report on 2022/10/27, I read a Coindesk report about the crypto market in the past 15 months. Largest single day short liquidation. Among them, the liquidation limit of FTX exchange exceeds US$519 million, which is much higher than the US$71 million of the second-place OKX exchange. The gap between the two is 7.3 times. Is it possible that the people who play contracts on FTX exchange have poor skills? Or is there something hidden beneath the surface of "The water is deep"?

Crypto exchange FTX recorded over $519 million in short liquidations, the most among its counterparts, followed by OKX at $71 million and Binance at $46 million. Some on Crypto Twitter remarked the move was unusual.

I didn’t take it to heart after reading it at the time. In hindsight, I just want to be wary of myself. We must cultivate more sensitivity, analysis and judgment skills for news, and know how to extend it to further DYOR and dig more.

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The reaction is half a beat ❌

When it comes to investing, we should be careful about FOMO (Fear of Missing Out); as for divestment, reacting with FOMO when hearing some disturbances is not necessarily a bad thing. It is better to earn less than lose the principal.

Before the thunderstorm, there were two people around me who thought FTX was "weird" and expressed in a small group that they wanted to withdraw funds, but I didn't take their actions seriously at the time. Later, FTX really prohibited users from withdrawing money. Only then did they realize that they tried to withdraw money for the first time on the morning of November 10, 2022. It turned out to be smooth?

It turns out that when I wrote the article " Ghost Wallet Phantom " in September, based on the expanded article content (second edition), I directly registered a "FTX" account through the built-in guidance in the Phantom Wallet App. This "FTX" defaults to FTX US instead of FTX Pro . After that, I recharged this account regularly and mindlessly, and gradually forgot about my "FTX" nationality. It turned out that I was an "American" rather than an "international".

In short, it can only be said that it was the blessing of "ghost" and I was lucky enough to escape. I don’t have enough conscious risk awareness. Strictly speaking, I have to be classified as one of the victims of the FTX lightning incident.

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Don’t put “time” in the same basket⭕️

This is the only place where I've done a relatively good job.

I still remember the UST/LUNA crash in May. I was also a small victim, and the position I was affected by was the LUNA/OSMO liquidity pool of Osmosis, a decentralized exchange (DEX). After the incident, they had to wait 14 days to untie them. If nothing could be done to slow down the situation , they simply released them.

The review at that time was written in the article " I diversified my assets but put "time" in the same basket . After that, I became particularly sensitive to the matter of "tying up" funds (the concept of fixed deposit). Later, I had the opportunity to come into contact with the financial products of the two platforms AAX and Steaker. Regardless of their safety, as soon as I saw the word "tied", the lessons of the previous Terra crisis flashed in my mind. I want to spread my "time" Risk, it’s better to pass those high interest rate opportunities first!

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At present, I still have some funds "tied up", which are directly staked on the public chain using a hot wallet. The main focus is on $ATOM and $OSMO... Of course, there are also LikeCoins!

I also took out the cold wallet that lost power earlier to recharge it, exchanged some Bitcoins, and just put it in to store it, recognizing my identity and being a down-to-earth HODLer.

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