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Topic: Don't be fool to keep on exchange, look my name - page 2. (Read 579 times)

hero member
Activity: 2926
Merit: 636
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I think people learned a lot from what happened in the past to those exchanges that went bankrupt and were not able to get their assets. This is really rampant this year, so people should be more cautious on this, and people are now moving to the wallet where they have the keys. There are also a lot of suggestions to not easily lose it, like putting it into metal and not on paper, but basically the important thing is that you own the key and you can only access it, not like having an email, username, password.

As the year goes by, people especially the investors will get wiser each time because we cannot avoid such times that there will be some investors that will be sampled for the sake of many. Like what happened these past few years, it will be a warning to us and for all those who are planning to make their move towards cryptocurrency, it may be redundant to hear these words but we need to hear it or read it from time to time so that we can be cautious and will be reminded about the do's and don'ts.
That's what I saw, they're getting smarter over time due to some failures they've made in the past and totally the saying is right, experience is the great teacher. If we heard someone had lost their money as they put their money on the exchanges thinking that that was their storage wallet, I could say they are new in the crypto space and they need such a moment in order to see what they did which is absolutely wrong. And from time to time, scammers will be getting tired of finding ways to scam people and in the hope that they will be totally ripped off in the crypto space.
sr. member
Activity: 1274
Merit: 293
Much as like to believe you, most of my crypto is staked so I don't really have any choice but to use exchanges to store my crypto, it's not like they're going to steal everything and most of them are too obsessed with reputation that they're frantic and paranoid of their security and taking care of my coins, maybe this would be a big deal if I have aroun a 1000 bitcoins but no, I only have a fraction so it don't matter to me if they steal my meager stash.
hero member
Activity: 2352
Merit: 594
I think people learned a lot from what happened in the past to those exchanges that went bankrupt and were not able to get their assets. This is really rampant this year, so people should be more cautious on this, and people are now moving to the wallet where they have the keys. There are also a lot of suggestions to not easily lose it, like putting it into metal and not on paper, but basically the important thing is that you own the key and you can only access it, not like having an email, username, password.

As the year goes by, people especially the investors will get wiser each time because we cannot avoid such times that there will be some investors that will be sampled for the sake of many. Like what happened these past few years, it will be a warning to us and for all those who are planning to make their move towards cryptocurrency, it may be redundant to hear these words but we need to hear it or read it from time to time so that we can be cautious and will be reminded about the do's and don'ts.

That is really the case in which there are really people that got scammed, and even worse, they lose it all, and then we will realize that it is not good to invest or put money into it. I mean, before, there were really people saying that if you don't own your keys, you don't own your assets, but we really don't care about it as we see that those exchanges are really legit, and we don't think of that they went bankrupt or what, but again, we learn lessons in hard times, so that happened, and investors now know of it.
hero member
Activity: 2912
Merit: 556
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You can say that again. Personally, I don't save my password, key phrases any on line, no matter the temptation. It is usually very tempting to save those important information online just for easy access, but it is way too dangerous to even give in to that temptation.
It is safer to write on a book and keep out of reach than save on line.
Storing personal things online does not guarantee that they will be safe because many bad incidents have happened to the server where they are stored, causing a lot of important customer data to be hacked. This raises particular concerns for the owners of these data because they submit their personal data to the online storage area, and the online storage area should be responsible for ensuring that the place is always safe even though it is not possible. And I agree to always write in a book and keep it away from curious people. Indeed, the old ways sometimes always work better than the new ways Grin
member
Activity: 966
Merit: 14
Tontogether | Save Smart & Win Big
You can say that again. Personally, I don't save my password, key phrases any on line, no matter the temptation. It is usually very tempting to save those important information online just for easy access, but it is way too dangerous to even give in to that temptation.
It is safer to write on a book and keep out of reach than save on line.
legendary
Activity: 3458
Merit: 1960
Leading Crypto Sports Betting & Casino Platform
I have learnt that lesson when one of the forum member stored their keys in the cloud a few years ago and someone hacked their account and found his/her keys. Now I see Ledger created a "online" storage feature for the "Seed" or "Private keys" and I see storm clouds gathering for a shit storm!

I will also plead with people not to trust 3rd party services with their keys, not even if it is a regulated Exchange. Use the service to trade (buy and sell) but do not keep it on there for long periods.  Tongue
sr. member
Activity: 770
Merit: 284
Not your key, not your BTC

If you save it in the cloud, exchange, or any service online, you don't own your key. It's the same as giving your neck to the executioner. Better to give your wealth to social institutions, war victims, and people who are undernourished than give your wealth to rich people who own the cloud and exchange.

      -   There are other communities here on this forum that trust top exchanges like binance more than other platforms. In short,
each individual's choice in this industry depends on each other's beliefs. But still, of course, we still need to be careful so that we don't end up in a situation that we don't want to happen to us.

Maybe it's different that we know how to be careful and know what to do with these things when it comes to the platform we enter to place our assets that will be taken here in cryptocurrency.
hero member
Activity: 1162
Merit: 752
Rollbit - Crypto Futures
~snip~
Hardware wallets if we can't maintain and use them properly will have bad consequences too.
When we use a hardware wallet, then we also have to be willing to spend money to buy a seed phrase storage device to avoid fires and other incidents.
Hardware wallets are generally considered safe for storing bitcoin securely but let's just exclude Ledger company because of the recent concerns that have been raised regarding Ledger's firmware update. It has been alleged that this update sent private keys/seed phrases to third-party entities which make the user in a risk that his wallet could be leaked.
IMO, regarding the Ledger firmware update, I think we need to wait for further information from the dev and further check the response that appears, such as the clarification that was conveyed by Charles Guillemet as Ledger chief technology officer.

Generally, using a hardware wallet is really safe only if you know exactly how to use it because I have noticed where some people mistakenly treat a hardware wallet as a hot wallet by storing their seed phrase in an insecure manner, such as saving it in a .txt file on their computer. This practice compromises the security offered by the hardware wallet itself.
Hardware wallets from the experience of many users do provide good security, but with the wrong use they can go wrong and this is what I want to say.
The seed phrase, the private key must be properly stored and it is an important record.
member
Activity: 120
Merit: 44
Stay Humble and Stack Sats
On the other hand, why would I give my coins to war victims? People who are undernourished? Why should I give my coins to them? I mean this doesn't make any sense at all. I know that giving isn't bad, but you're analogy is out of this world TBH. Anyway, I know what you're trying to say to us OP, and you're correct. Anyway, I'm not affected at all because all of my coins are in a wallet where I have my private keys with it. Well, I just hope that there will be one or two users out here who will learn something on what you said to them because this simple quote can save you big time.
Its better than give your money to owner exchange
sr. member
Activity: 784
Merit: 366
Underestimate- nothing
Not your key, not your BTC

If you save it in the cloud, exchange, or any service online, you don't own your key. It's the same as giving your neck to the executioner. Better to give your wealth to social institutions, war victims, and people who are undernourished than give your wealth to rich people who own the cloud and exchange.

I love the fact that you remember us of not your keys not your coin, most new folks might be finding it difficult to understand what that means so nice one op,  that is why exchanges are not be trusted so we all should avoid keeping our money in exchanges before what happened to FTX repeates it self, better you have the keys to lock than allow another folks keep the key for you, so its  actually a good advice coming from op, wallet is more secured to store your funds.
legendary
Activity: 2422
Merit: 1036
Chancellor on brink of second bailout for banks
Not your key, not your BTC

If you save it in the cloud, exchange, or any service online, you don't own your key. It's the same as giving your neck to the executioner. Better to give your wealth to social institutions, war victims, and people who are undernourished than give your wealth to rich people who own the cloud and exchange.
The comparison doesn't make any sense though we can understand what you're trying to say to us.

I know that putting your coins in an exchange, and storing it there isn't advisable, but still there are some who are doing it because they have their own reasons why they're doing it, and I'm pretty sure that they know what they're doing. Those newbies who don't know the risks of putting their coins in an exchange are the ones who are at risk here, but I've also stored some of my coins in Binance way back a few years ago, and the reason why I did it is because I want my coins to earn instead of just sitting there, and doing nothing.

On the other hand, why would I give my coins to war victims? People who are undernourished? Why should I give my coins to them? I mean this doesn't make any sense at all. I know that giving isn't bad, but you're analogy is out of this world TBH. Anyway, I know what you're trying to say to us OP, and you're correct. Anyway, I'm not affected at all because all of my coins are in a wallet where I have my private keys with it. Well, I just hope that there will be one or two users out here who will learn something on what you said to them because this simple quote can save you big time.
hero member
Activity: 2912
Merit: 674
I think people learned a lot from what happened in the past to those exchanges that went bankrupt and were not able to get their assets. This is really rampant this year, so people should be more cautious on this, and people are now moving to the wallet where they have the keys. There are also a lot of suggestions to not easily lose it, like putting it into metal and not on paper, but basically the important thing is that you own the key and you can only access it, not like having an email, username, password.

As the year goes by, people especially the investors will get wiser each time because we cannot avoid such times that there will be some investors that will be sampled for the sake of many. Like what happened these past few years, it will be a warning to us and for all those who are planning to make their move towards cryptocurrency, it may be redundant to hear these words but we need to hear it or read it from time to time so that we can be cautious and will be reminded about the do's and don'ts.
sr. member
Activity: 1596
Merit: 264
Not your key, not your BTC

If you save it in the cloud, exchange, or any service online, you don't own your key. It's the same as giving your neck to the executioner. Better to give your wealth to social institutions, war victims, and people who are undernourished than give your wealth to rich people who own the cloud and exchange.
Mine might not be crypto-related, but this is also to say to people using an e-wallet even if it does not hold crypto. Recently here in my country, there has been incidents of people getting locked into their e-wallet and having some unauthorized bank transfers/transactions. If anyone is curious or residing here in the Philippines, I am pretty sure ya'll know what GCash is.

You'll never know the inconvenience of not being able to access your wallet unless you encounter it as well. I did not really need the money, but I was like paranoid on how would my money be cashed out or how would I put my money to safety. Good thing in crypto, I almost never use an web wallet unless I tend to use their services such as paying bills or buying me a prepaid credits.

Centralized exchanges like Binance, Coinbase or Crypto.com can fail at any time, if you have your funds on them they will go down the drain with your money and the chances of getting your money back is very slim.
Most of us gotta be honest that it is quite a bit tedious sometimes to move your funds to a decentralized wallet. The waiting time or process to do it. Sometimes I even kind of thinking of writing a script to move my funds automatically to my preferred wallet depending on if I way buying or selling crypto coins.
Well I don't use Binance for now, so I guess I am far away from worries......for now.
hero member
Activity: 616
Merit: 749
Not your key, not your BTC

If you save it in the cloud, exchange, or any service online, you don't own your key. It's the same as giving your neck to the executioner. Better to give your wealth to social institutions, war victims, and people who are undernourished than give your wealth to rich people who own the cloud and exchange.

Centralized wallets and exchanges that you don't have your private keys are not good options to safe your coins. We have so many wallets that are decentralized that you can download on your laptop or other devices that you use that'll give you complete control over your coins and they're the best options to be used. Storing your private key online is also wrong as hackers can get access to them.

There's not one centralized service that can't be breached, all are vulnerable and that's why we are advice not to make use of them for storing of our coins. As well built as google is, they have security breaches somethings and data are been lost to hackers too.
hero member
Activity: 2240
Merit: 579
Leading Crypto Sports Betting & Casino Platform
But people are too lazy, aren't they? Wouldn't they want the option that is most easiest for them? Sadly there are lots of people that think "managing" their own bitcoin is more complicated then managing their fiat currency. They find the concept of keys and backups something hard to understand. So they end up using centralized services that makes things "easier for them". Unfortunately, they don't realize that exchanges and wallets are more vulnerable to hacks and there is always a chance the wallet/exchange might disappear one day. Since they don't have access to their own keys, they can never recover their coins. No matter how much a service claims they are "best", they aren't. Better to hold your own keys if you want to be the real owner of your coins.

Some are lazy and choose CEX for convenience. But some do not believe in themselves, they think that they protect their assets not well, and there are too many risks when they have to protect their own assets. I have a friend who is in a similar situation, he doesn't believe in his ability to keep his private keys or cold wallet, he thinks he is terrible at managing his assets, and he came to Binance. Although he is well aware of the risks of depositing funds in CEX, he says they are safer than his own. I really don't have any advice for people who are not confident in themselves, like my friend.
sr. member
Activity: 1078
Merit: 342
Sinbad Mixer: Mix Your BTC Quickly
~snip~
Hardware wallets if we can't maintain and use them properly will have bad consequences too.
When we use a hardware wallet, then we also have to be willing to spend money to buy a seed phrase storage device to avoid fires and other incidents.
Hardware wallets are generally considered safe for storing bitcoin securely but let's just exclude Ledger company because of the recent concerns that have been raised regarding Ledger's firmware update. It has been alleged that this update sent private keys/seed phrases to third-party entities which make the user in a risk that his wallet could be leaked.

Generally, using a hardware wallet is really safe only if you know exactly how to use it because I have noticed where some people mistakenly treat a hardware wallet as a hot wallet by storing their seed phrase in an insecure manner, such as saving it in a .txt file on their computer. This practice compromises the security offered by the hardware wallet itself.
hero member
Activity: 2870
Merit: 574
In my opinion, if our assets are donated, of course the money we give will not be able to return to us again, the point is that we will definitely lose.
but if we put our assets on the stock exchange, of course we can say that there will be no loss or loss as long as they are stored on a trusted exchange.

so here's the comparison, if you donate it, it's clear that you will lose, but if you put it on the stock exchange, you won't necessarily lose.

but if investing for the long term in btc
the safest still is that it should be kept in a hardware wallet.
Why do you think if you donate, we will lose?
If you donate your wealth to those in need, social institutions, war victims, and people who are undernourished, you will get something other than wealth, such as health and others.
I don't feel that donating will cost us anything but can give us a way to gain something else.
Indeed, the amount of money we have will decrease, but the decrease in money is due to good deeds that will also have a good impact on us.
And if you place or store your assets on an exchange, you don't know how safe your assets are and it's better for you to keep your assets in a private wallet.
hero member
Activity: 1162
Merit: 752
Rollbit - Crypto Futures
The OP provided a nice reminder message for anyone viewing and reading.
Not your key, not your coin is a familiar reminder message to those involved in the crypto space. Keeping coins other than in a wallet is stupid.
The Exchange is not a place to store, but a place to buy and sell.
Keeping coins on the exchange for a long time is the same as giving money to them.

-snip-

but if investing for the long term in btc
the safest still is that it should be kept in a hardware wallet.
Hardware wallets if we can't maintain and use them properly will have bad consequences too.
When we use a hardware wallet, then we also have to be willing to spend money to buy a seed phrase storage device to avoid fires and other incidents.
sr. member
Activity: 658
Merit: 384
There are still crypto investors that keep their assets on centralized exchanges like Binance, Crypto.com, and Coinbase, this is something that I have witnessed with my eyes, and when you tell them what they are doing wrong they will think something else, they should learn their lessons the hardest ways.

There is nothing you can do to people that are not ready to learn, their arrogance always gets in the way they do things, and that will eventually lead them to their end.

Crypto wallet private keys and recovery seeds need to be protected at all costs, this is the only thing keeping your funds safe from bad actors and if you don't do the needful you are simply risking your funds.

Centralized exchanges like Binance, Coinbase or Crypto.com can fail at any time, if you have your funds on them they will go down the drain with your money and the chances of getting your money back is very slim.
full member
Activity: 280
Merit: 110
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Not your key, not your BTC

If you save it in the cloud, exchange, or any service online, you don't own your key. It's the same as giving your neck to the executioner. Better to give your wealth to social institutions, war victims, and people who are undernourished than give your wealth to rich people who own the cloud and exchange.

I appreciate your suggestion. Placing your key or any password online means that you are giving it away. Also, after many people's Gmail are hacked, the private keys and passwords stored in them are easily obtained by hackers. I think people have to be more careful about this. The best way is to always write down your key and password on a piece of paper.

As far as the exchange is concerned, If you have capital in the exchange, You are only given a password to access your account. it is not under your control. it is better to keep it in your personal wallet and if you do trading as needed, keep only that money in the exchange, and we have to tell people connected to this platform to always keep their assets under their control.
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