newbie
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My thoughts:
This is crypto. Only safe place for your coins is a cold wallet that you control the private keys. End of story, no amount of bitching about 'muh customer service' is going to change that fact.
Exchanges are located in countries all over the world, that don't have laws that are parallel to your country's or even give a shit about your country's laws. Keep that in mind.
We live in a world where people are still buying BCC coins, even after all the last weeks news. That blows my mind, even when the wiser folks in the space have been screaming Ponzi for the better part of a year or more.
You wanted unregulated free markets outside of government control, well this is one of the drawbacks of not having your shit FDIC insured etc, you might lose everything to a scam. Get over it. Read the rules before you leave your safe space, there are none.
We live in a world where a teenage girl will send her boyfriend an 'I love you' text message. He doesn't respond immediately because he fell asleep on his buddies couch, so she goes and burns down his house and blows his car up, because he is cheating on her.
Lessons to be learned, control your own keys, if you have them on an exchange and that exchange disappears, you might be shit out of luck.
Here is another piece of imagery:
There is a high stakes poker game in town. Poker isn't illegal, but neither is it legal. Little Johnny has $100 bucks and decides to go check out that game. Little Johnny wins some money but in order for him to get his winnings, he has to leave his coins there. Little Johnny comes to the poker house the next day to play and finds a sign saying, 'Out of order - will be back soon bear with us'. Knowing that the game is not necessarily legal, but he needs his $100 bucks to pay his GoPhone bill, so he calls the cops, saying FRAUD FRAUD FRAUD!!!! Meanwhile in the parking lot as he is calling, three of the high stakes players (10k+) each in the game, pull up and notice the sign and do not freak out, because they play these games all over town and this happens from time to time. Fast forward a few weeks and the game is still shut down. Why? Because Little Johnny called the police over his $100 dollars and now they are making sure everything is legit and possibly asking for laws to be made against such unregulated games. Also, the game has to go find another place, because not only did Little Johnny go call the police, he told the Landlord that the game was a FRAUD, and he also had all his little friends call the landlord and all the law enforcement agencies 10 counties over to say the same things. Meanwhile, a new sign pops up saying, just what the old players knew, the game will be back up, but things are down for now. But instead of the usual day or maybe a week. It will be a month until the game gets running again because Little Johnny went and cried.
Are you Little Johnny, are you the teenage girl that burned down her boyfriends house and blew up his car because he didn't text you back fast enough?
Don't be those people.
Last thing, as far as the wallets go: My coins are there, as are yours.
When you move coins onto an exchange, they go into your wallet. Then into a trading wallet for liquidity.
You may go trade all sorts of shit, DOGE DGB BTC PAC BCH ECA etc........then decide to cash out or withdraw, lets say 400k DOGE to your cold wallet. The exchange didn't move all of those trades to each of those wallets in your balance section.
None of those trades go through in real time to wallets, but in a database. The exchange will reconcile end of day or bi daily depending on their liquidity needs, all up to how that exchange has it set up. That is why wallets don't always match up on blockchains, especially if you are trading a bunch. the fees and transfer times for confirmations to do that would grind all trading to a stand still. If you don't understand some of the vocabulary, or words used, go research what the hell you are sinking your rent money, kids college fund, or GoPhone money in before bitching about things.