Topic: 99% of People Will Lose Crypto in Self Custody - page 2. (Read 1026 times)

I think he still is, yes. According to the official source, the bitcoin withdrawal fee is 0.0002 BTC. But just two lines below that, we see an entry for 'BTC(SegWit)' whose withdrawal fee is 0.0005 BTC.

Begs the question, what is 'Bitcoin' and what is 'BTC(SegWit)'. Do legacy addresses belong to 'Bitcoin' and nested/native segwit belongs to the second type? Or does he just consider native segwit as 'BTC(SegWit)' and nested goes into the general 'Bitcoin' category? Who knows I am not sure my Binance account is still active to log in to check. Anyways, I am not going to do that now and from this device.

The second question I would have after looking at their withdrawal data is why would segwit transaction cost more than legacy withdrawals?

...also one of my wallets are being kept by my Wife so at least she will be the one that has full responsible towards that said amount.

Recently, when people are withdrawing their money to personalized wallets, CZ says that  out of these people 99% of them will lose money, as only 1% of the people are capable of handling the non-custodial wallets.

Does he still charge 0.5 mbtc for withdrawals?

CZ has realized and sees that a lot of bitcoin and altcoins are leaving his exchange, so he wants to stop that trend in any way possible. Scaring people with information like that is just one method. What he is really trying to say is, please don't withdraw all your coins from Binance. Leave something here.   

Recently, when people are withdrawing their money to personalized wallets, CZ says that  out of these people 99% of them will lose money, as only 1% of the people are capable of handling the non-custodial wallets.

Of course CZ saying that 99% of people don't know how to handle the wallets is exaggerating, and it's easy to guess why since he runs the biggest exchange in the world. But besides that he's right, I'm pretty sure that probably at least half of the people who buy cryptos aren't able to properly handle a personal wallet.

Recently, when people are withdrawing their money to personalized wallets, CZ says that  out of these people 99% of them will lose money, as only 1% of the people are capable of handling the non-custodial wallets.

‘99% of People' Will Lose Crypto Storing in Self-Custody: Binance CEO Changpeng Zhao

He may be right because most people do not understand the risk, if they are not careful they could lose all their crypto.  Some may lose their private keys and others may connect their wallet at scam sites and they will be deprived of their funds.

Education and understanding of non-custodial wallets is necessary.  A lot of people have move funds out of binance recently, lets see if they know how to safeguard their bitcoin/ altcoins in these wallets.

I think everyone who have a decent chunk of money in bitcoin stored in a self custody wallet won't be negligent to lose access to their funds. Maybe some small investors who have few hundreds of dollars in bitcoin won't be so careful like the big investors, so there is indeed a risk they are going to lose their crypto by not storing the secret words and wallet device properly, but they don't correspond to 99% of investors anyway.

CZ tries to spread to crypto community it's dangerous to use cold wallets, while in fact, it's more dangerous to use his services. He is trying to invert the situation on this case.

I agree that the number he gave is a bit exaggerated, but there is nothing to blame because he is the CEO of a centralized exchange, and he is just doing what he needs to do, if we sit in the position that we will do the same thing.

It can be said that risk exists everywhere, storing funds on a centralized exchange, we do not have full access to our assets. But if we leave them in a non-custodial wallet, if not stored carefully it also leads to loss.

Recently, when people are withdrawing their money to personalized wallets, CZ says that  out of these people 99% of them will lose money, as only 1% of the people are capable of handling the non-custodial wallets.

‘99% of People' Will Lose Crypto Storing in Self-Custody: Binance CEO Changpeng Zhao

He may be right because most people do not understand the risk, if they are not careful they could lose all their crypto.  Some may lose their private keys and others may connect their wallet at scam sites and they will be deprived of their funds.

Education and understanding of non-custodial wallets is necessary.  A lot of people have move funds out of binance recently, lets see if they know how to safeguard their bitcoin/ altcoins in these wallets.

CZ is just fighting for his business, I know he just want everyone to leave their coin on exchange, which is very risky, I think it's a bad idea to leave coin on exchange, you leaving coin on exchange then you are not in control of your money and incase anything happen to the exchange then your money is at risk.
I don't know maybe you are referring to my comment as nonsense? if you read my comment you will notice am not encouraging anyone to leave their coin on exchange, CZ is right that people that are transferring their coin to a non custodial wallet are going to lose their coin but CZ saying 99% will lose their coin is wrong, he is just exaggerating, I can't say the percentage that will lose, but definitely people are going to lose money.

If you can read my comment again I said everyone should know about wallet security before transferring coin to non custodial wallet. Some newbies don't even know what private key is, they believe they will just create a wallet and that's all. I always encourage people not to keep their coins on exchange but we should learn about wallet security first before sending coin to non custodial wallet.
You can just quote me in anywhere I said people should send their coins back to binance, I think you should always read and understand a post first before making comments, i said CZ is right because if we have to be honest, lot's of people have lost their coin before because they lose access to their wallet private key and am sure people will still lose that was why I said we should all learn about wallet security. If you are already holding your coin on a non custodial wallet, the only thing you should do is to copy and secure your private key in a safe place(where their is no internet connection), and avoid connecting your wallet to websites.

I don't know why I'm finding it difficult to believe. Like how will someone set up a wallet and ignore to save private keys? Perhaps they have no intention of sticking to that wallet and probably will not put huge coins I think. Especially bounty cheaters who indulge in multiple accounts might be a victim but any serious crypto enthusiast will not set up a wallet and not store the keys afterward.

No need to agree with what he said, he said this in his position as CEO of Binance not as a crypto-enthusiast. His statement was the same as a doctor saying that traditional medicine was ineffective - they would discredit traditional medicine because if they agreed to traditional medicine, they would lose customers - and it seemed that CZ was that person. I'm not one to oppose centralized exchange platforms like Binance, I use them too, but for only a small portion of my assets, I feel safer using a non custodial wallet than having to hand over all my assets to someone I don't know.

That doesn't make sense at all, how can he say that 99% of people will lose their crypto to non-custodial wallets, that's just too much. He is simply concerned that more people will become aware of the security of their assets and prefer to secure their assets in their own non-custodial wallets and that Binance will lose out on their potential customers. And is holding assets on Binance safer than non-custodial wallets? nothing guarantees that.

You can even lose money using Binance. Now what, should we stop using it too? I will just continue to use what I like, and the Hitbtc wallet suits me completely.

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Recently, when people are withdrawing their money to personalized wallets, CZ says that  out of these people 99% of them will lose money, as only 1% of the people are capable of handling the non-custodial wallets.