Binance CEO saying don't keep coins on exchanges - page 5.

samuraijin

sr. member

Activity: 1834

Merit: 261

20BET - Premium Casino & Sportsbook

Quote from: Samyalson on January 16, 2019, 03:23:23 PM

https://cryptomenow.com/controversial-tweet-draws-fire-ceo-of-binance/

After some recent high profile hacks happening, Changpeng Zhao shares tips on keeping safe, mostly coming from a place of holding personal responsibility. But some say this is nonsense.

That's a very good proposal, but we also have to think again, if we don't save BTC on the market how we can trade there, if the BTC we have is transferred to a personal wallet.

It is possible that if we only add half the BTC to the trade, chances are we don't really lose so much BTC, if when we get profit from the profits we get from trading, maybe it's very good if I see like that ...

coin-investor

hero member

Activity: 3024

Merit: 614

Leading Crypto Sports Betting & Casino Platform

Quote from: Samyalson on January 16, 2019, 03:23:23 PM

https://cryptomenow.com/controversial-tweet-draws-fire-ceo-of-binance/

After some recent high profile hacks happening, Changpeng Zhao shares tips on keeping safe, mostly coming from a place of holding personal responsibility. But some say this is nonsense.

Its common sense doesn't need a CEO to tell you that it is not safe to keep your funds in exchanges because it is not really safe and history have proved that, so don't be an asshole that you need to experienced it before you heed the advice that exchange is not a good place to store your coins.

mlsbd

member

Activity: 516

Merit: 10

Over 10 million worth of coins current balance in this address https://etherscan.io/address/0x9007a0421145b06a0345d55a8c0f0327f62a2224
account name is Cryptopia_Hack3 and every hours token out from hacker account to unknown wallet

eaLiTy

hero member

Activity: 2814

Merit: 911

Have Fun )@@( Stay Safe

Quote from: Samyalson on January 16, 2019, 03:23:23 PM

After some recent high profile hacks happening, Changpeng Zhao shares tips on keeping safe, mostly coming from a place of holding personal responsibility. But some say this is nonsense.

The people who lost their coins in the past due to the incompatibility of exchanges to keep the coins safe and the people who lost the coins will tell you that that is not a nonsense thought process, but the fun fact is that the tweet is the opposite and he is asking people to store the coins in exchange, but i advice against it, you will be lucky enough if you get a small portion of the coins you lost and it is a common knowledge that it is not at all safe to keep your coins in any exchange even if they claim to have a better security, the safest option is to hold the coins where you have control over the private key, the rest is a big gamble.

eternalgloom

legendary

Activity: 1792

Merit: 1283

No-one going through the trouble of actually posting a screenshot here?
Here you go, otherwise people will just keep repeating the wrong info from the thread title...

OP, next time maybe review your post and use a better source for articles Roll Eyes

Alisa014

newbie

Activity: 19

Merit: 0

did you see that Binance has unexpectedly blocked residents of certain countries from using its services: https://coinedtimes.com/binance-your-coins-now-belong-to-us/

laredo7mm

hero member

Activity: 1498

Merit: 537

This is what must be done. save does not have to be a lot on the market to avoid the same things as cryptopia is hacking and the money the users are taken away

South Park

hero member

Activity: 2884

Merit: 794

I am terrible at Fantasy Football!!!

Quote from: Indrawan77 on January 16, 2019, 09:24:10 PM

Its a terrible idea to keep your coin on exchanges even the most reputable exchange can runaway with your money, just keep some of the coin that you need for trading, dont make exchanges as your wallet the security of the exchanges is not too good, all of us had witnessed a lot of hackers hacked the exchanges this is one of the good reason to never store your coin on exchanges

After the significant number of hacks we had over the years I would have guessed it should be obvious that storing your coins in an exchange is a bad idea, to begin with you are giving up control of your coins which is bad enough since cryptocurrencies are all about taking control of your money and if that was not bad enough exchanges are big targets, so you can be sure there is a hacker trying to find a vulnerability and that is not the kind of environment in which you want your coins to be stored.

mlsbd

member

Activity: 516

Merit: 10

No, Binance CEO @CZ_Binance suggesting store your asset in the secure exchange https://twitter.com/cz_binance/status/1085115366508883968
Yes, i think every exchange is not secure to keep our coins. But i keep all coins in the wallet.

izanagi narukami

legendary

Activity: 2030

Merit: 1028

Sometimes people too lazy for moving it from the exchange. When something bad happen on the exchange, it's already too late.

But remember that crypto mostly being operated by internet so eventhough if you somewhere safe just make sure that your wallet have updated security and never loss it's PK

betty11

copper member

Activity: 448

Merit: 3

Storing funds on exchange is very risky save what one can afford to loose or be patient with. Even the most trusted exchange can temporarily go down and come up when things might have been fixed, But how much patient can one have to endure during the trying times? Own the private key to your wallet housing your funds.

winstonchurchillwar

jr. member

Activity: 154

Merit: 1

Logically, if you trade then of course you will store bitcoins only on the exchange, if you hold it is best to use a cold wallet. I think in any case you need to try your best to ensure the safety of their coins.

fudster

sr. member

Activity: 1190

Merit: 255

Quote from: Red-Apple on January 17, 2019, 06:28:23 AM

Quote from: Samyalson on January 16, 2019, 03:23:23 PM

...But some say this is nonsense.

it is unclear what you mean by this. who says what is nonsense? keeping coins on exchanges or the fact that the owner of an exchange warned people about it?

in either case people should already know this and not trust then with their money in first place. not wait until a hack happens to start panicking.

He must mean the website link of OP. The articles on the site is written by a 2nd grader.
But yes its true, its not recommended to put your coins in an exchange for a very long time. What made users store their coins on Binance though is that they knew they'd receive airdrops from holding tokens like EOS.

maianh09

full member

Activity: 672

Merit: 100

Quote from: Samyalson on January 16, 2019, 03:23:23 PM

https://cryptomenow.com/controversial-tweet-draws-fire-ceo-of-binance/

After some recent high profile hacks happening, Changpeng Zhao shares tips on keeping safe, mostly coming from a place of holding personal responsibility. But some say this is nonsense.

This is good advice when most brokers have to block a lot of hacker attacks every day. Also, user coin storage on devices such as tezos or Nano S ladger also helps to limit many risks. But also, the fact that you store on other platforms will support the exchanges to earn the fee from the withdrawal. This can be called one of the trading strategies.

santiPOGI

full member

Activity: 1004

Merit: 111

Never keep your tokens on exchange if you will not trade it or will do day trade.
ONce an exchange experience a problem your token will also be at risk.
Look what is happening now at cryptopia, many users are now hanging and at risk.

Muzika

sr. member

Activity: 980

Merit: 261

Quote from: Samyalson on January 16, 2019, 03:23:23 PM

https://cryptomenow.com/controversial-tweet-draws-fire-ceo-of-binance/

After some recent high profile hacks happening, Changpeng Zhao shares tips on keeping safe, mostly coming from a place of holding personal responsibility. But some say this is nonsense.

I have a personal experience about holding coins on exchange, I have a coin in coinhub for almost a year of holdings and suddenly they delisted the coin that I am holding, so it is really not advisable to do it because exchange has the power on your coins.

levyashin

sr. member

Activity: 980

Merit: 276

$CYBERCASH METAVERSE

No, he says keep on exchanges but only the biggest ones, like binance

Still, so far binance did everything to protect its customers so maybe he is right.

MrPeriklis

newbie

Activity: 59

Merit: 0

Clearly lol, why on earth would you keep your money in a location where all the hackers are targetting

kalstarzz

full member

Activity: 770

Merit: 100

it is true that we must be careful, and do not save our assets on the exchange. I did that since the first time I was cryptocurrency, I only used the exchange as a trading tool.

BigBrother

member

Activity: 439

Merit: 10

I think that everyone understands this. And those who say that this is nonsense usually then they themselves get into an awkward situation. Even the top exchanges can be hacked. It is better not to tempt fate, but immediately take care of the security of your funds and keep them in your wallet, not on exchanges.

Topic: Binance CEO saying don't keep coins on exchanges - page 5. (Read 1023 times)