I can not agree with CZ completely. I have no problem keeping my funds in any centralized exchanges only if they can guarantee the safety of my funds. Which they are not capable of doing.
Rather I will keep my funds in my private wallet. And people are most concerned about money nowadays. So I don't think they will lose the only thing which is most important to them.
Not if they have only one backup. I keep multiple backups for situations like this.
Topic: 99% of People Will Lose Crypto in Self Custody - page 4. (Read 944 times)
I think, what CZ is doing is countering to the "not your key not your coin" slogan circulating among small and big investors, because it will indeed be detrimental to centralized exchange Binance, from a business point of view the less people use the exchange, the less profit that will be obtained from transaction fees on the platform, of course a businessman will not allow that.
The argument he presented was deliberately made to scare investors regarding security in their own hands so that investors would think twice about leaving the platform.
But from another point of view, I think what he's doing will be in vain, because I think what was conveyed in the space he created reminds investors to back up personal wallet passwords properly and securely.
The argument he presented was deliberately made to scare investors regarding security in their own hands so that investors would think twice about leaving the platform.
But from another point of view, I think what he's doing will be in vain, because I think what was conveyed in the space he created reminds investors to back up personal wallet passwords properly and securely.
I wonder if CZ's statement was just to scare investors who moved their assets to non-custodial wallets or if it really happened to most investors. However, investors who intend to move their assets to non-custodial wallets should learn how to protect their wallets from being targeted by hackers.
And if, after this, many people lose their assets because their wallets were hacked, it means that what CZ said is right and makes those investors huge losses.
I don't think like that maybe CZ is speaking as it is because some investors really don't know how to store assets in non-custodial and with private keys, the most important thing is where to store private keys is something to pay attention to and don't let us forget or even gone.And if, after this, many people lose their assets because their wallets were hacked, it means that what CZ said is right and makes those investors huge losses.
As others have said as long as the non-custodial wallet is not connected to unknown sites as long as we don't do that it will still be safe no one can hack it.
This is partly due to being affected by FUD so many are withdrawing their money from the exchange to non-custodial even if investors can use it.
While he has a slight point, I'm really not a fan of the 99% number, knowing how frequently attacked centralized exchanges are.
I think the only case where I'll justify leaving funds on a centralized exchange, is when the holder is a totally technologically-illiterate senior citizen.
so im not shocked that the number is above 50% of people that cant self-custody effectively. but i think 99% refers to the number of people that may lose 'some*' value of their hoard. where as the ability to self custody is more like 30% as oppose to 1%I think the only case where I'll justify leaving funds on a centralized exchange, is when the holder is a totally technologically-illiterate senior citizen.
*some value: nearly everyone has lost a few fiat pennies down into the void of their sofa cushion or the pavements of their town
..
it requires education to learn how to secure crypto properly. and from reading the thousands of users posts on this forum(supposed technically aware) of people. i always bang my head at the multitude of people that just cannot even be bothered to learn and research, and just want answers spoon fed to them or just go with whatever lame thing their friends have told them
I know it's not easy but at the end of the day the only great way to make money is to just put it on bitcoin and hold it for a decade, while sounds easy it is somehow hard for some people to follow up and do that unfortunately.
I also somewhat agree with what he said, the newbies will be the ones who are very likely to lose their assets when stored on non-custodial wallets because they do not know how to secure them and lack knowledge about it. But I would choose to keep it in my personal wallet rather than hand it over to CZ or any third party. I trust no one but myself.
CZ has some point in stating it and is somewhat real for some people who are new to the crypto world and have no knowledge about holding and keeping their crypto. But what I see in his statement is he wanted us to keep our crypto in their platform and feel that we are secured, that is a kind of trick.
CZ might have said the right thing regardless of what was hidden in it. I think someone is still at risk of losing their assets even if they have full custody, and in most cases lose it starts with the user himself.But I stick to this " not your keys, not your coins". We are entitled to keep our coins in our controlled wallet/s, not just in these centralized exchanges. I understand the risk but I see a huge risk in using their wallet as storage. We are not sure if they will give back our money if they get scammed, or if the worse is to freeze our account.
Of course, your decision must be right. Having custody of our own assets by keeping them in a non-custodial wallet will be our own responsibility to secure them. There are still risks, but there is always a way to take the right safety precautions. 
And only a fool could lose the private key in their wallet containing their own funds
lol *raises hand*
its easier than you think
99% is a bit of an exaggeration, but he was right when he said that someone would lose money by storing assets in a non-custodial wallet. As we have also seen, many threads asking about how to recover the private keys when they create the wallet and not store them afterward. It can be said that many people when participating in the market, are only interested in how to make a profit but ignore how to protect their assets until the incident occurs, they panic.
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. 
I don't believe I will follow through with the CZ plan, even though wallets have their own risks that are typically dependent on the user in the event of losing your private key or connecting your wallets to scam sites, which is why you must conduct your own research before beginning the fundamentals. In my opinion, leaving your money in an exchange carries a higher risk than using a wallet, hackers frequently launch attacks on exchanges, and the events surrounding FTX should serve as a cautionary tale. Knowledge is power this is to avoid losing your funds.
CZ says it is because it's a strategy for him to keep users on a centralized exchange (Binance) so he can say and some people will definitely believe staying at the word 99% is illogical considering it only scares users who don't know non-custodial wallets .Obviously it is more risky to keep assets on the exchange this has happened many times how can the exchange collapse for example FTX and some other exchanges can this be guaranteed for CZ? of course not right?
So stay on your own responsibility, for private keys that are stored safely, as long as you don't connect your wallet with any site, our assets will remain safe.
Don't be fooled by the influence of CZ, which incidentally is a big person in crypto.
I am of the school of thought that before self custody there 9s a need for education and preparedness, CZ made a valid point because a substantial number of Bitcoin holder does not know how to protect their wallet and keep their private seed phrase safe.
But even at that, the chances of losing your coin in self-custody are quite minimal, and most self-custody wallets have basic tutorials on how to secure your wallets.
But even at that, the chances of losing your coin in self-custody are quite minimal, and most self-custody wallets have basic tutorials on how to secure your wallets.
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.
‘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.
99% is a bit of an exaggeration, but he was right when he said that someone would lose money by storing assets in a non-custodial wallet. As we have also seen, many threads asking about how to recover the private keys when they create the wallet and not store them afterward. It can be said that many people when participating in the market, are only interested in how to make a profit but ignore how to protect their assets until the incident occurs, they panic.
The best way is to be fully equipped with the knowledge to protect your assets before thinking about making money. Everything is risky, but I prefer to take care of my own assets than let someone else keep them for me.
While he has a slight point, I'm really not a fan of the 99% number, knowing how frequently attacked centralized exchanges are.
I think the only case where I'll justify leaving funds on a centralized exchange, is when the holder is a totally technologically-illiterate senior citizen. On the other hand, if the holder is capable of using a smartphone, chances are — he/she is capable of using a Ledger hardware wallet.
But yea, you shouldn't lose your funds in self-custody if you aren't utterly careless.
I think the only case where I'll justify leaving funds on a centralized exchange, is when the holder is a totally technologically-illiterate senior citizen. On the other hand, if the holder is capable of using a smartphone, chances are — he/she is capable of using a Ledger hardware wallet.
But yea, you shouldn't lose your funds in self-custody if you aren't utterly careless.
It's actually pretty easy to lose a bitcoin wallet even if you're diligent. All it takes is forgetting your password or failing to discover a corrupted backup, and boom - your coins are gone. There isn't a bullet-proof solution that's going to work 100% of the time. Technology needs to take into account that no one is going to be a perfect custodian--ever. You may get lucky and your mistake won't be a costly one, but user error is basically inevitable.
What he said also makes sense, if users are not careful or do not know how to take care of their non-custod wallets, they are very vulnerable to attacks. But I also wouldn't agree if we put all our assets on centralized exchanges after what happened to FTX. CZ also cannot guarantee that binance will be absolutely safe.
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.
He's gravely misquoted on this one. Although the numbers are speculative, and of course dull in estimation, it is sharp in essence. There's truth to the statement that most people will end up losing their wallets at some point in time, self-custody wallets that is, and if you're not a wary person it could be you. In my opinion he's not selling the idea that everyone should put their money into centralized exchanges like binance, but to be at least wary, and impose contingency plans for when you really lose your wallet. I've been in the crypto industry for a while and I've seen and witnessed people around me lose their self-custody wallets, or have those hacked because they neglected important information on a public space. Lesson is that be more smart, create safety backup plans. protect yourself. I've seen some people place their cold wallets on a safety deposit box, or anything secure for that matter, that could work. ‘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 don't believe I will follow through with the CZ plan, even though wallets have their own risks that are typically dependent on the user in the event of losing your private key or connecting your wallets to scam sites, which is why you must conduct your own research before beginning the fundamentals. In my opinion, leaving your money in an exchange carries a higher risk than using a wallet, hackers frequently launch attacks on exchanges, and the events surrounding FTX should serve as a cautionary tale. Knowledge is power this is to avoid losing your funds.
While he has a slight point, I'm really not a fan of the 99% number, knowing how frequently attacked centralized exchanges are.
I think the only case where I'll justify leaving funds on a centralized exchange, is when the holder is a totally technologically-illiterate senior citizen.
I think the only case where I'll justify leaving funds on a centralized exchange, is when the holder is a totally technologically-illiterate senior citizen.
so im not shocked that the number is above 50% of people that cant self-custody effectively. but i think 99% refers to the number of people that may lose 'some*' value of their hoard. where as the ability to self custody is more like 30% as oppose to 1%
*some value: nearly everyone has lost a few fiat pennies down into the void of their sofa cushion or the pavements of their town
..
it requires education to learn how to secure crypto properly. and from reading the thousands of users posts on this forum(supposed technically aware) of people. i always bang my head at the multitude of people that just cannot even be bothered to learn and research, and just want answers spoon fed to them or just go with whatever lame thing their friends have told them
For all those who still think that CZ is a positive person and that their funds are safe in his company, think twice after this statement. Reading between the lines, he called 99% of his users incompetent fools, and he also supports the idea of some kind of crypto bank, which when it comes to Bitcoin is beyond all reason.
If you still haven't changed your habits, maybe today is the day to show that little communist bastard that he's wrong - withdraw all your funds to non-custodial wallets.
If you still haven't changed your habits, maybe today is the day to show that little communist bastard that he's wrong - withdraw all your funds to non-custodial wallets.
I wonder if CZ's statement was just to scare investors who moved their assets to non-custodial wallets or if it really happened to most investors. However, investors who intend to move their assets to non-custodial wallets should learn how to protect their wallets from being targeted by hackers.
And if, after this, many people lose their assets because their wallets were hacked, it means that what CZ said is right and makes those investors huge losses.
And if, after this, many people lose their assets because their wallets were hacked, it means that what CZ said is right and makes those investors huge losses.
First of all, we must not forget that we are talking about people who are +18, with rights and responsibilities, everyone at that age and in these times of access to information should know what they are doing.
And in reference to CZ's comment, I think he should give users who remain on his exchange 99% of his earnings and he can keep the 1% that will surely give him a good life because it is a good slice of money, by the way, that its 1% be BNB and to the resident users of its exchange, BTC.
And in reference to CZ's comment, I think he should give users who remain on his exchange 99% of his earnings and he can keep the 1% that will surely give him a good life because it is a good slice of money, by the way, that its 1% be BNB and to the resident users of its exchange, BTC.
He's logically correct, but his figures are exaggerated that's for sure. While not very many people know how to keep their wallets secure, centralized exchanges/custodial wallets are also being attacked for most of the time. This is why it's also important for people looking to invest in cryptocurrencies to learn to handle their own coins as much as they can before they send that $ into their exchange accounts. It feels even better to handle your own coins in your own wallet, with the certainty that no one will ever get those from you except for a hacker due to your own carelessness.
Jump to: