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#1 - This is gonna be a long ass post.
#2 - I apologize in advance if I mention anything that's no longer accurate since it's been a while and I'm not sure if there has been new developments for crypto transactions.
#3 - I am by no means a crypto or finance expert; I simply wanted to share my insights on digital currencies based on my own fair share of experience with them.
Greetings my fellow Symbianizers! Returning member here, so ayun nanga, gusto ko lang magshare ng experience ko with Cryptocurrencies. Having worked for a BPO company where I handled email support for Coinbase for 2 years. I can say for a fact that the level of knowledge that you have to research and understand for you to even grasp the most basic sense of the crypto trading concept is absolutely complex. I assume that if your reading this then alam mona ang general stuff like how to Blockchain works, Coins vs Tokens etc.
So before 2020, before COVID, before lockdown, ECQ, GCQ and all the shit that we all went through, nahire ako sa isang well known BPO company kung saan naprofile naman ako to handle a CSR role for Uber. Sa mga nakaabot sa Uber way back before sila binuy-out ng Grab (Not sure if thats exactly what happened but I think it was the case), familiar naman siguro kayo dun, para silang online taxi service, pero the support staff that we were in for them was mainly handling customer service for Uber UK, US etc. Ilang months palang ako sa job na yun then around March 2020, ito nanga, COVID happened ito na lockdown na. Fortunately for me, yung BPO company na napasukan ko was kind enough to take care of their employees kaya hindi naman kami kasali dun sa mga nagpopost sa socmed na sa sahig lang sila ng office pinapatulog kasi their companies weren't offering a WFH option kaya no work no pay sila and since suspended nadin ang transpo nung time nayun and yung iba malalayo pa and byahe like QC to Bulacan or QC to Caloocan, wala silang choice kundi dun nalang matulog sa office nila, it was such a shit show.
Unfortunately, ito namang si Uber since global nanga yung pandemic, hindi nadin sila makapag operate sa UK, US and other countries so they laid off 3,700 employees, about 14% of their workforce including yung mga outsourced support staff nila which was us. I think there are still articles about this in the web. Pero sabi ko nga hindi naman kami pinabayaan, we were immediately reprofiled for other accounts that were offering a WFH setup, I think dalawa or tatlo lang yata yung available at the time so sabi ko nalang sa TL ko kung alin nalang dun yung pinaka malaki yung compensation, and guess what account I was transferred to. Yes, that's when I started to handle email support for Coinbase. Back then, I was already familiar how stock trading worked, and knew some financial terms (which was how I passed the screening I guess) but I had very little knowledge about Cryptocurrencies. So ayun, transition na, nagdeliver na samin ng equipment and training starts.
Around this time, ang price ng ETH was naglalaro lang from ₱6k to ₱10k per coin, and BTC was at ₱300k. Take note of these prices kasi mind you, yung isang cutoff na sahod ko at the time was enough to buy 1 ETH kada sahod. So training happened, I passed, I worked the role gaining more and more knowledge about digital currencies and crypto exchanges. Unfortunately, it didn't cross my mind na mag invest or magtrade kasi with so much shit happening in different places, yung focus ko noon was prioritizing continues financial support sa pamilya ko. Fast forward to 2021, grabe na yung rate ng spike sa prices ng ibat ibang coins, and by November of 2021 yung ₱10k per coin ng ETH in March 2020 naging ₱230k na as of November 2021! In just a span of a year and 8 months nag increase na yung ETH price by 2200%. Yung BTC naman from ₱300k naging ₱3million na! a 900% increase. Isipin nyo nga, kung bumili lang sana ko ng 1 ETH kada sahod ko nung asa ₱6k to ₱10k per coin then dinump ko nung nag ₱230k na, di sana milyonaro nako ngayon.
I had realized this way too late, pero it is what it is nga naman talaga. Same goes dun sa mga sinwerte sa DOGE coin, diba nagtweet lang si Elon Musk bigla ng tumaas ang price and instant milyonaryo nadin yung mga nag unload ng DOGE nung time nayun. These were just some of the instances na kung iisipin mo, napaka daling yumaman sa crypto, for us dito sa Pilipinas, it's as simple as download kalang ng CoinsPH sa playstore, lagyan mo ng pera, buy ka ng crypto, hintayin mo tumaas yung price then sell mona. Ofcourse, may mga nuances padin naman. I think that one of the main things that you have to fully understand if you want to get into crypto trading how supply and demand works. So ganto, I think we all know naman na merong ibat ibang crypto exchange ie. Coinbase, Binance, CoinsPH etc. even though magkakaiba sila ng platform, lahat ng digital currencies all circulate in the same Blockchain, obviously the main one being Bitcoin's Blockchain, the ERC-20 network being Etherium's Blockchain, and from what I also understand, meron ding mga chain na exclusive lang sa exchange, like BEP-20 which is owned by Binance, para sa inhouse coin nila na BNB.
By the way, it's important that you do your own research para mas macomprehend mo ng maigi kung anong chain nagooperate ang coin na gusto mo, because there are issues with this. One of the main concerns, na nakukuha namin noong nagwowork pako for Coinbase was merong mga nagsesend ng ERC20 tokens nila from Binance to Coinbase through the BEP-20 network, the problem was, COINBASE DID NOT SUPPORT THE BEP-20 NETWORK. So kung nagsend ka ng let's $1000 worth of SHIB from Binance to Coinbase through BEP-20, wala na lost nasya forever, because there was no way na marecover yun ng Coinbase since hindi nila supported yung chain and we weren't sure kung marerecover din sya ng Binanace kasi we've heard from customers na nagreach out nadin daw sila kay Binance and wala nadin daw sila magagawa on their side since nasend out na yung coins.
Atleast thats what it was back then, diko lang alam kung may mga naging developments na for cross-chain sends pero its true na in the millions ang nawawala sa crypto holders just from issues like that. I'm not really familiar with Binance at the time pero my assumption was, siguro pag nagsesend sila ng crypto from Binance to Coinbase tinitignan nila kung magkano yung network fee then syempre ang pipiliin nila yung mas maliit na network fee which I guess was BEP-20 kasi malaki talaga ang network fee ng ERC-20, kaya yung iba nga ang ginagawa nila kino-convert muna nila sa ibang coin yung isesend nila na very little lang yung network fee like XRP, saka nila isesend tapos icoconvert nalang nila ulit.
Anyway, in regards to supply and demand. So like I said, the majority of coins circulating are in their own chains, kahit nga yung tinatawag nilang "Cold Storage" yung ilalagay mo daw sa USB or sa external drive yung crypto mo, thats a common misconception, kasi pag nag-cold storage ka ng assets mo, ang nagegenerate lang sa USB or drive is a private key which is what you really need to access yung coins mo na nasa blockchain padin naman, kaya whatever exchange pa yan matrade, sa chain padin nila yan iikot so ang tendency is, pag maraming nag buy then it indicates that the demand is increasing which also increases the price, pag marami naman nagsell that then increases the supply kaya magdedecrease naman ang price para marami nanaman ulit magbuy, so up and down lang sya. Obviously, there are some coins that just gets overly unloaded tapos wala na ulit nagbbuy kaya nastuck nalang sa piso or even in the decimals nalang. Shout-out sa mga nag Axie Infinity jan, anong balita sa SLP? lol
So this was I guess what happened kaya nagpeak lahat ng crypto back in October to December 2021. Since naka lockdown nga tayo non, at maraming nagstop magwork, syempre nag trending globally ang kung anong nalang pinaka mapagkaka perahan therefore crypto was overly hyped kaya andaming nagbuy ng nagbuy which increased the prices more and more, pero going back to what I said na may mga nuances din, there were a couple of events na mga nangyare in the years that came after na nagcause ng panic sa mga tao about crypto which led most of them to just dump their assets which also led the prices to crash. I'm not gonna get into too much details about these events pero I could atleast remember what the timeline was. So from what I recall, the first event that happened was the Terra Luna/WLUNA controversy, then after that, just as NFTs were becoming a little popular, may mga taong nag-gawa ng ibat ibang scams using NFTs, I think even Logan Paul did one. Another one was yung nagkakaubusan na ng mga GPU everywhere kasi may mga nag sscalp ng GPUs to use them for mining, which ofcourse caused the governments to notice kasi issue din yung over usage ng kuryente. Then I think the most recent one was the FTX controversy and the motherfucker Sam Bankman-Fried.
As I've said, you can do your own research kasi mejo lengthy din yung kwento ng mga naging issues nayan, but ultimately that's what I think caused the major dumps in crypto which what led to what the prices being what they are today. For some people (me included), siguro it's still not the right time to put 100% faith in digital currencies, kasi nga napaka volatile pa ng market, and in terms of security, obviously nagagamit sya for scams and then there are those issues with cross-chain sends, yung pag nahack yung account mo sa exchange at sinend out na yung crypto mo hindi na yun marerecover ng exchange kasi katwiran nila kasalanan mo and there's so much shit pa na diko na mamention kasi ang haba na masyado nito. lol
I guess, there's nothing wrong naman if you want to get into crypto trading, just make sure to do your own research and make sure na research nga ang gagawin mo hindi yung nanood kalang ng isang video sa youtube, also another thing to take note is napaka convoluted na ng market ng ibat ibang coins, wag kayo basta basta magpapasilaw sa hype ng isang bagong coin kasi sabi ko nga, kung walang major movement ang isang coin sa chain, walang guarantee na tataas nga ang price nyan, always be very careful, always do your own research to the point na naiintindihan mona nga sya ng 100%, one way to know that you fully understand it is if kaya mona sya iexplain ng simple. And always remember,
"Keep a steady stride.."
- Elise Rainier, Insidious
#1 - This is gonna be a long ass post.
#2 - I apologize in advance if I mention anything that's no longer accurate since it's been a while and I'm not sure if there has been new developments for crypto transactions.
#3 - I am by no means a crypto or finance expert; I simply wanted to share my insights on digital currencies based on my own fair share of experience with them.
Greetings my fellow Symbianizers! Returning member here, so ayun nanga, gusto ko lang magshare ng experience ko with Cryptocurrencies. Having worked for a BPO company where I handled email support for Coinbase for 2 years. I can say for a fact that the level of knowledge that you have to research and understand for you to even grasp the most basic sense of the crypto trading concept is absolutely complex. I assume that if your reading this then alam mona ang general stuff like how to Blockchain works, Coins vs Tokens etc.
So before 2020, before COVID, before lockdown, ECQ, GCQ and all the shit that we all went through, nahire ako sa isang well known BPO company kung saan naprofile naman ako to handle a CSR role for Uber. Sa mga nakaabot sa Uber way back before sila binuy-out ng Grab (Not sure if thats exactly what happened but I think it was the case), familiar naman siguro kayo dun, para silang online taxi service, pero the support staff that we were in for them was mainly handling customer service for Uber UK, US etc. Ilang months palang ako sa job na yun then around March 2020, ito nanga, COVID happened ito na lockdown na. Fortunately for me, yung BPO company na napasukan ko was kind enough to take care of their employees kaya hindi naman kami kasali dun sa mga nagpopost sa socmed na sa sahig lang sila ng office pinapatulog kasi their companies weren't offering a WFH option kaya no work no pay sila and since suspended nadin ang transpo nung time nayun and yung iba malalayo pa and byahe like QC to Bulacan or QC to Caloocan, wala silang choice kundi dun nalang matulog sa office nila, it was such a shit show.
Unfortunately, ito namang si Uber since global nanga yung pandemic, hindi nadin sila makapag operate sa UK, US and other countries so they laid off 3,700 employees, about 14% of their workforce including yung mga outsourced support staff nila which was us. I think there are still articles about this in the web. Pero sabi ko nga hindi naman kami pinabayaan, we were immediately reprofiled for other accounts that were offering a WFH setup, I think dalawa or tatlo lang yata yung available at the time so sabi ko nalang sa TL ko kung alin nalang dun yung pinaka malaki yung compensation, and guess what account I was transferred to. Yes, that's when I started to handle email support for Coinbase. Back then, I was already familiar how stock trading worked, and knew some financial terms (which was how I passed the screening I guess) but I had very little knowledge about Cryptocurrencies. So ayun, transition na, nagdeliver na samin ng equipment and training starts.
Around this time, ang price ng ETH was naglalaro lang from ₱6k to ₱10k per coin, and BTC was at ₱300k. Take note of these prices kasi mind you, yung isang cutoff na sahod ko at the time was enough to buy 1 ETH kada sahod. So training happened, I passed, I worked the role gaining more and more knowledge about digital currencies and crypto exchanges. Unfortunately, it didn't cross my mind na mag invest or magtrade kasi with so much shit happening in different places, yung focus ko noon was prioritizing continues financial support sa pamilya ko. Fast forward to 2021, grabe na yung rate ng spike sa prices ng ibat ibang coins, and by November of 2021 yung ₱10k per coin ng ETH in March 2020 naging ₱230k na as of November 2021! In just a span of a year and 8 months nag increase na yung ETH price by 2200%. Yung BTC naman from ₱300k naging ₱3million na! a 900% increase. Isipin nyo nga, kung bumili lang sana ko ng 1 ETH kada sahod ko nung asa ₱6k to ₱10k per coin then dinump ko nung nag ₱230k na, di sana milyonaro nako ngayon.
I had realized this way too late, pero it is what it is nga naman talaga. Same goes dun sa mga sinwerte sa DOGE coin, diba nagtweet lang si Elon Musk bigla ng tumaas ang price and instant milyonaryo nadin yung mga nag unload ng DOGE nung time nayun. These were just some of the instances na kung iisipin mo, napaka daling yumaman sa crypto, for us dito sa Pilipinas, it's as simple as download kalang ng CoinsPH sa playstore, lagyan mo ng pera, buy ka ng crypto, hintayin mo tumaas yung price then sell mona. Ofcourse, may mga nuances padin naman. I think that one of the main things that you have to fully understand if you want to get into crypto trading how supply and demand works. So ganto, I think we all know naman na merong ibat ibang crypto exchange ie. Coinbase, Binance, CoinsPH etc. even though magkakaiba sila ng platform, lahat ng digital currencies all circulate in the same Blockchain, obviously the main one being Bitcoin's Blockchain, the ERC-20 network being Etherium's Blockchain, and from what I also understand, meron ding mga chain na exclusive lang sa exchange, like BEP-20 which is owned by Binance, para sa inhouse coin nila na BNB.
By the way, it's important that you do your own research para mas macomprehend mo ng maigi kung anong chain nagooperate ang coin na gusto mo, because there are issues with this. One of the main concerns, na nakukuha namin noong nagwowork pako for Coinbase was merong mga nagsesend ng ERC20 tokens nila from Binance to Coinbase through the BEP-20 network, the problem was, COINBASE DID NOT SUPPORT THE BEP-20 NETWORK. So kung nagsend ka ng let's $1000 worth of SHIB from Binance to Coinbase through BEP-20, wala na lost nasya forever, because there was no way na marecover yun ng Coinbase since hindi nila supported yung chain and we weren't sure kung marerecover din sya ng Binanace kasi we've heard from customers na nagreach out nadin daw sila kay Binance and wala nadin daw sila magagawa on their side since nasend out na yung coins.
Atleast thats what it was back then, diko lang alam kung may mga naging developments na for cross-chain sends pero its true na in the millions ang nawawala sa crypto holders just from issues like that. I'm not really familiar with Binance at the time pero my assumption was, siguro pag nagsesend sila ng crypto from Binance to Coinbase tinitignan nila kung magkano yung network fee then syempre ang pipiliin nila yung mas maliit na network fee which I guess was BEP-20 kasi malaki talaga ang network fee ng ERC-20, kaya yung iba nga ang ginagawa nila kino-convert muna nila sa ibang coin yung isesend nila na very little lang yung network fee like XRP, saka nila isesend tapos icoconvert nalang nila ulit.
Anyway, in regards to supply and demand. So like I said, the majority of coins circulating are in their own chains, kahit nga yung tinatawag nilang "Cold Storage" yung ilalagay mo daw sa USB or sa external drive yung crypto mo, thats a common misconception, kasi pag nag-cold storage ka ng assets mo, ang nagegenerate lang sa USB or drive is a private key which is what you really need to access yung coins mo na nasa blockchain padin naman, kaya whatever exchange pa yan matrade, sa chain padin nila yan iikot so ang tendency is, pag maraming nag buy then it indicates that the demand is increasing which also increases the price, pag marami naman nagsell that then increases the supply kaya magdedecrease naman ang price para marami nanaman ulit magbuy, so up and down lang sya. Obviously, there are some coins that just gets overly unloaded tapos wala na ulit nagbbuy kaya nastuck nalang sa piso or even in the decimals nalang. Shout-out sa mga nag Axie Infinity jan, anong balita sa SLP? lol
So this was I guess what happened kaya nagpeak lahat ng crypto back in October to December 2021. Since naka lockdown nga tayo non, at maraming nagstop magwork, syempre nag trending globally ang kung anong nalang pinaka mapagkaka perahan therefore crypto was overly hyped kaya andaming nagbuy ng nagbuy which increased the prices more and more, pero going back to what I said na may mga nuances din, there were a couple of events na mga nangyare in the years that came after na nagcause ng panic sa mga tao about crypto which led most of them to just dump their assets which also led the prices to crash. I'm not gonna get into too much details about these events pero I could atleast remember what the timeline was. So from what I recall, the first event that happened was the Terra Luna/WLUNA controversy, then after that, just as NFTs were becoming a little popular, may mga taong nag-gawa ng ibat ibang scams using NFTs, I think even Logan Paul did one. Another one was yung nagkakaubusan na ng mga GPU everywhere kasi may mga nag sscalp ng GPUs to use them for mining, which ofcourse caused the governments to notice kasi issue din yung over usage ng kuryente. Then I think the most recent one was the FTX controversy and the motherfucker Sam Bankman-Fried.
As I've said, you can do your own research kasi mejo lengthy din yung kwento ng mga naging issues nayan, but ultimately that's what I think caused the major dumps in crypto which what led to what the prices being what they are today. For some people (me included), siguro it's still not the right time to put 100% faith in digital currencies, kasi nga napaka volatile pa ng market, and in terms of security, obviously nagagamit sya for scams and then there are those issues with cross-chain sends, yung pag nahack yung account mo sa exchange at sinend out na yung crypto mo hindi na yun marerecover ng exchange kasi katwiran nila kasalanan mo and there's so much shit pa na diko na mamention kasi ang haba na masyado nito. lol
I guess, there's nothing wrong naman if you want to get into crypto trading, just make sure to do your own research and make sure na research nga ang gagawin mo hindi yung nanood kalang ng isang video sa youtube, also another thing to take note is napaka convoluted na ng market ng ibat ibang coins, wag kayo basta basta magpapasilaw sa hype ng isang bagong coin kasi sabi ko nga, kung walang major movement ang isang coin sa chain, walang guarantee na tataas nga ang price nyan, always be very careful, always do your own research to the point na naiintindihan mona nga sya ng 100%, one way to know that you fully understand it is if kaya mona sya iexplain ng simple. And always remember,
"Keep a steady stride.."
- Elise Rainier, Insidious
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