are crypto owners naturally paranoid? - page 3.

Quidat

hero member

Activity: 2688

Merit: 540

DGbet.fun - Crypto Sportsbook

Quote from: Reatim on November 17, 2021, 04:53:40 AM

Quote from: wilkine on November 17, 2021, 03:59:33 AM

I don't think keep your coin on an exchange is safe. On the contrary, it's quite insecure. What if the exchange suddenly close and take away all your assets?
Besides, the spirit of crypto is peer to peer, why you still hang on to you third-party inbetween.

Only few and noob do that way of keeping their coin , or those very small Holder/trader that cares nothing to lose because of their small amount.
but if you are having at least thousand dollars and above I am sure you will make sure to keep them safer than in exchange.
so this will depend on how much and how long we are holding the coins.

there are traders i Know that keep their funds in exchange for at least day or week , but after their trading jobs , will withdraw the coins and transfer to their respective wallets .

You cant say so because people would always mind off about their coins no matter how small or big it is but i cant really deny that there would be some sort of confidence into some people because they do know that it is just a small amount but to know that security is really important because you wouldnt know if it would be putted up some big amounts in near future which means that the wallet you've
been keeping must be safe and its keys hasnt been exposed to anybody which it should be the main priority.

Wipeout2097

sr. member

Activity: 840

Merit: 255

SportsIcon - Connect With Your Sports Heroes

It is obsrved may be crypto proprietors got to be a small more neurotic than normal fiat cash investors. Banks have had longer to refine their online administrations and optimize their security against numerous sorts of attacks.Another side the fundamental keeping money framework makes it much less demanding to track who really closes up with the cash and individuals by and large do not permit their individual accounts to be manhandled as portion of extortion. Be that as it may trades are more up to date to the scene however ought to have managing an account review security,So government and bankrs think it can encouragee dark showcase but they dont think that on the off chance that they legalize it the modern time will took put in monetary history.

Reatim

sr. member

Activity: 2828

Merit: 357

Eloncoin.org - Mars, here we come!

Quote from: wilkine on November 17, 2021, 03:59:33 AM

I don't think keep your coin on an exchange is safe. On the contrary, it's quite insecure. What if the exchange suddenly close and take away all your assets?
Besides, the spirit of crypto is peer to peer, why you still hang on to you third-party inbetween.

Only few and noob do that way of keeping their coin , or those very small Holder/trader that cares nothing to lose because of their small amount.
but if you are having at least thousand dollars and above I am sure you will make sure to keep them safer than in exchange.
so this will depend on how much and how long we are holding the coins.

there are traders i Know that keep their funds in exchange for at least day or week , but after their trading jobs , will withdraw the coins and transfer to their respective wallets .

wilkine

jr. member

Activity: 52

Merit: 2

I don't think keep your coin on an exchange is safe. On the contrary, it's quite insecure. What if the exchange suddenly close and take away all your assets?
Besides, the spirit of crypto is peer to peer, why you still hang on to you third-party inbetween.

AakZaki

legendary

Activity: 2338

Merit: 1084

zknodes.org

Safe or not depends on the user. Nothing is safe as long as the wallet user ignores the warnings about the security of the wallet and the private key it holds.

Large exchanges or personal wallets both have their advantages and disadvantages. Those who are paranoid only think about the details about the dangers that lurk and forget how to deal with these dangers. Crypto users are not paranoid, it depends on each person, even some people who are already paranoid are very easy to fall into the trap of scammers.

btc78

full member

Activity: 2520

Merit: 214

Eloncoin.org - Mars, here we come!

Quote from: rizqoAD on November 16, 2021, 09:12:45 PM

Crypto owners who store them on well-known exchanges will certainly feel paranoid, afraid of losing the assets stored on the exchange.

if they are afraid then why store in exchange when you have lots of option where to keep safe your coins? that is literally irrelevant in this subject.

Quote

In some cases there are indeed some exchanges that are hacked and some even lose their assets without collateral so this is a lesson for all of us that storing cryptocurrency assets on exchanges is not safe, so we need to have wallets such as external wallets and other secure nano ledgers.

You already Knew that those are possible to happen then prevent from doing such stupidity .

Quote

But as a trader, of course, storing cryptocurrency on the exchange is much more practical and easier when you want to trade. I think we should split it, i.e. half we keep on the exchange and the other half we keep in Ledger nano wallets.

WRONG , we can put our coins in exchange in time where we wanna trade and take it out after, are you really a trader? because you seems to not know what is the real score.

Oasisman

hero member

Activity: 2716

Merit: 552

Quote from: krusepig on November 12, 2021, 07:20:34 AM

It seems to me that it would be safer (and more convenient) to keep your crypto on an exchange (coinbase, blockfi etc) than cold wallet. Wouldn't the odds be greater that you mess up your cold storage than a large exchange being hacked or whatever (even if they are hacked, that wouldn't necessarily mean you would lose any coins, whereas if you are hacked that's a different story). I ordered a ledger nano X but it seems that the exchanges are still the way to go based on probabilities. What are your thoughts?

Well, I somehow got your point. Small amount of cryptos or even 1btc amount of Crypto might be convenient If it sits to a trusted exchange or any other trusted local custodial wallets, so you can move your asset swiftly and is always available for trading.
But, everything is different when someone is holding like 100 or more Btc. Do you think It's safer to store this huge amount in any of the exchange? Hackers would notice this and they'll try to attack you in the most unnoticeable way.
Or the Exchange will put limits on your withdrawal, block or prohibit transactions for a while and sometimes website maintenance may cause inconvenience.

Therefore, coldwallet is still the most secure and convenient way in accessing your asset.

rizqoAD

member

Activity: 137

Merit: 13

Crypto owners who store them on well-known exchanges will certainly feel paranoid, afraid of losing the assets stored on the exchange. In some cases there are indeed some exchanges that are hacked and some even lose their assets without collateral so this is a lesson for all of us that storing cryptocurrency assets on exchanges is not safe, so we need to have wallets such as external wallets and other secure nano ledgers. But as a trader, of course, storing cryptocurrency on the exchange is much more practical and easier when you want to trade. I think we should split it, i.e. half we keep on the exchange and the other half we keep in Ledger nano wallets.

Kelvinid

sr. member

Activity: 2828

Merit: 344

win lambo...

Quote from: isaac_clarke22 on November 16, 2021, 03:25:24 PM

Quote from: DarkDays on November 16, 2021, 11:48:06 AM

~

Either way in exchanges, you already had the risk of losing your fund anyway. I personally never had any cold storage, and I am just having a separate machine that is for my own desktop wallet. It won't be used for any browsing purposes that would risk of getting hacked or getting infected by spy/malware. Kind of an alternative, if one also does not want to spend too much in a hardware wallet.

That is rather our choice to buy an expensive hardware wallet if that is really a need for us. I'm still using an online wallet and custodial wallet in our country but so far, I have no issues about losing control of my account, maybe that was because I don't entertain emails coming from the unknown person especially when sending links. I've been careful in keeping my computer not to use by others and I don't allow them to touch/borrow this.

It is either what kind of wallet we use, that certainly it depends on how we handle them. But not to put them on the exchanges as the chances of getting hacked is bigger than keeping on our controlled storage.

carlfebz2

hero member

Activity: 2926

Merit: 722

DGbet.fun - Crypto Sportsbook

Quote from: worldofcoins on November 16, 2021, 04:42:38 PM

Quote from: krusepig on November 12, 2021, 07:20:34 AM

It seems to me that it would be safer (and more convenient) to keep your crypto on an exchange (coinbase, blockfi etc) than cold wallet. Wouldn't the odds be greater that you mess up your cold storage than a large exchange being hacked or whatever (even if they are hacked, that wouldn't necessarily mean you would lose any coins, whereas if you are hacked that's a different story). I ordered a ledger nano X but it seems that the exchanges are still the way to go based on probabilities. What are your thoughts?

I'd say if you're planning to keep the bitcoins for the long term then store them into cold storage private key rather than coinbase.

In past coinbase blocked me from accessing my account because i used my coinbase wallet to deposit into a gambling website so you can't be certain what might happen.

Using custodial wallet does have particular terms and conditions which basing on your situation then its just your fault on why you do get blocked which means that you had violated sites rules which its normal that they would be making such action.This is the things you should mind on when you do make
use of these centralized platforms.

Its been suggested and recommended for how many times that nothing beats out non custodial wallets specially when you are storing up large
amounts of coins.

Hardware wallet is they key or some wallets which you do own the privatekeys or able to access it.

worldofcoins

sr. member

Activity: 1820

Merit: 418

Telegram: @worldofcoinss

Quote from: krusepig on November 12, 2021, 07:20:34 AM

It seems to me that it would be safer (and more convenient) to keep your crypto on an exchange (coinbase, blockfi etc) than cold wallet. Wouldn't the odds be greater that you mess up your cold storage than a large exchange being hacked or whatever (even if they are hacked, that wouldn't necessarily mean you would lose any coins, whereas if you are hacked that's a different story). I ordered a ledger nano X but it seems that the exchanges are still the way to go based on probabilities. What are your thoughts?

I'd say if you're planning to keep the bitcoins for the long term then store them into cold storage private key rather than coinbase.

In past coinbase blocked me from accessing my account because i used my coinbase wallet to deposit into a gambling website so you can't be certain what might happen.

FanEagle

legendary

Activity: 2884

Merit: 1117

Quote from: krusepig on November 12, 2021, 07:20:34 AM

It seems to me that it would be safer (and more convenient) to keep your crypto on an exchange (coinbase, blockfi etc) than cold wallet. Wouldn't the odds be greater that you mess up your cold storage than a large exchange being hacked or whatever (even if they are hacked, that wouldn't necessarily mean you would lose any coins, whereas if you are hacked that's a different story). I ordered a ledger nano X but it seems that the exchanges are still the way to go based on probabilities. What are your thoughts?

Why a lot of people are avoiding exchanges is because they are hot wallets, and hot wallets are online wallets which are mainly the target for hackers. You would hardly see anyone going after a cold storage, So, what they usually go for is exchanges and that’s why people are afraid of storing their coins on an exchange.

If the exchange is not working on their security, they might end up getting hacked and if a lot of money is stolen from that exchange,it may affect them and they wouldn’t be able to pay back the investors or users of their exchange. As for cold storage, just like the one you bought (Ledger Nano X), for your wallet to be hacked, it would have to be a mistake that is coming from you. That’s why you shouldn’t be giving out information about yourself online or anywhere at all. Sensitive information about you should be kept secret. With that said, for anyone to be able to have access to your cold storage they must have in one way or the other had access to your private keys.

isaac_clarke22

sr. member

Activity: 1610

Merit: 264

Quote from: DarkDays on November 16, 2021, 11:48:06 AM

~

Either way in exchanges, you already had the risk of losing your fund anyway. I personally never had any cold storage, and I am just having a separate machine that is for my own desktop wallet. It won't be used for any browsing purposes that would risk of getting hacked or getting infected by spy/malware. Kind of an alternative, if one also does not want to spend too much in a hardware wallet.

Ultegra134

hero member

Activity: 1750

Merit: 904

I'm not too paranoid about my cryptocurrency holdings, however, I don't have that much to justify a hardware wallet or whatever. I used to use an online wallet, but now I've moved to an offline wallet, stored on my PC. It's always better to be on the safe side, especially for those who might hold more than 0.10 BTC, for instance.

However, I used to have a decent amount of money on an exchange, which I had completely forgotten about, and nothing happened to them. However, that doesn't necessarily mean that funds are 100% safe. There's no guarantee on that. I'd rather be responsible for the loss of my coins rather than having to chase someone because they got hacked or just solely stole my money.

Generally, in case of loss of funds, it's extremely difficult to track down what happened to them. I'd also like to point out how many phising and scam websites are out there, I almost lost my coins from Metamask on a phising attempt, luckily, I managed to move everything before the scammers did.

Evgenklm

member

Activity: 896

Merit: 17

I don't think so, it's better to keep it on a cold wallet than on the cex exchange, let's say it's calmer for me, especially now the exchanges require kyc, at any time they can say that your money is blocked or something else, so it's better to let it lie on a wallet where there is access 24/7.

DarkDays

legendary

Activity: 2030

Merit: 1189

Quote from: krusepig on November 12, 2021, 07:20:34 AM

It seems to me that it would be safer (and more convenient) to keep your crypto on an exchange (coinbase, blockfi etc) than cold wallet. Wouldn't the odds be greater that you mess up your cold storage than a large exchange being hacked or whatever (even if they are hacked, that wouldn't necessarily mean you would lose any coins, whereas if you are hacked that's a different story). I ordered a ledger nano X but it seems that the exchanges are still the way to go based on probabilities. What are your thoughts?

Exchanges = risk of hacks, it is out of our control.
Cold storage = risk of losing funds, it it in your control.

The way I see it, cold storage is the better alternative if you can trust yourself enough to safe-keep your own key phrase much like the safe-keeping of your log in details to your exchange. It is no brainer - really

giammangiato

legendary

Activity: 1862

Merit: 1327

It is not about being paranoid, but security is never too much when it comes to money, hackers aim for money, so if you hold huge sums on platforms like coinbase etc ... the risk is very high, always evaluate well first. to make risky exchanges with your cryptocurrencies, only if they are small amounts worth the risk don't you think?

syntac

full member

Activity: 338

Merit: 100

I don't agree that if you want to store bitcoin you have to use binance or blockfi, because binance and blockfi can be hacked and we can lose bitcoins. It's much better to store bitcoins in a cold wallet because only you can access them.

maydna

hero member

Activity: 2912

Merit: 556

Enterapp Pre-Sale Live - bit.ly/3UrMCWI

Quote from: deadmousehat on November 15, 2021, 11:10:55 PM

I am more paranoid when crypto is kept on exchanges. the risk of storing crypto on an exchange is higher than in a cold wallet. don't trust the exchange too much, they can freely steal your crypto and also risk being attacked by hackers.

That is because we can't fully control our coins and make us worry if the exchanges are getting into trouble in the future. But if the exchange has a good reputation, we can stay calm, but still, it is better to save the coin in our private wallet, so we don't need to worry about anything. You can convert your coins into other coins in the private wallet, so nothing to worry about. Or you can save it in the cold wallet and only send it into exchange if you want to trade and increase your funds.

LogitechMouse

legendary

Activity: 2576

Merit: 1043

Need A Campaign Manager? | Contact Little_Mouse

Quote from: krusepig on November 12, 2021, 07:20:34 AM

It seems to me that it would be safer (and more convenient) to keep your crypto on an exchange (coinbase, blockfi etc) than cold wallet. Wouldn't the odds be greater that you mess up your cold storage than a large exchange being hacked or whatever (even if they are hacked, that wouldn't necessarily mean you would lose any coins, whereas if you are hacked that's a different story). I ordered a ledger nano X but it seems that the exchanges are still the way to go based on probabilities. What are your thoughts?

Many will disagree with what you said and I'm one of them.
I respect your opinion though regarding which is better in terms of storing your crypto coins.

At first place, why would you hold a huge amount of coins if you don't know how to handle it yourself? It isn't a requirement but it would be better (at least for me) if you know how to use a hardware wallet before buying huge amount of coins. There are series of hacking happened already in different exchanges so storing your holdings there especially if its a huge amount is a no-no for me unless you are ready just incase anything goes wrong. For me, storing in a hardware wallet is better. Its better for me if you have your own control of your wallet. Well, we have our own opinions and experiences regarding storing our coins. If storing in exchanges would be better for you then so be it

.

Topic: are crypto owners naturally paranoid? - page 3. (Read 986 times)