Take note crypto exchanges are bankrupt doesn't only because of bear market alone, but there's many cases where centralized exchanges suffered hack for multiple times as you can read it here Hacked Exchanges since 2011
Anyone must not leave their coins on centralized exchanges regardless any reason because it's really riskier to lose all of your coins rather than spend some satoshi to send your coins from wallet to exchanges.
Topic: Give me a minute of your time - page 2. (Read 333 times)
I have some USDT that I plan to use to buy coins probably when BTC is down to 10k which I believed would happened in September but it never did so I moved the USDT out of the exchange back into my wallet.
While its definitely good idea to move USDT out of exchange and into your own non-custodial (I hope) wallet, your money is still not completely safe. I don't know if you area ware of the fact that USDT can be frozen by their issuer inside your own wallet and there would be nothing that you could do about it.Chances of that happening anytime soon are not great, but they exist and as you said in your post that no exchange is too big to fail, the very same goes for stablecoins so I would advise you not to hold them for too long.
Your advice would be wiser if you would advise people to stay away from investing heavily in stablecoins.
Investing in stablecoins will have a negative impact if a big problem occurs in the market, just as happened to Luna, as the collapse of the Bitcoin price led to a lot of chaos in this market.
The same goes for centralized platforms that actually own your money.
Investing in stablecoins will have a negative impact if a big problem occurs in the market, just as happened to Luna, as the collapse of the Bitcoin price led to a lot of chaos in this market.
The same goes for centralized platforms that actually own your money.
With the way companies are going bankrupt ~
Forget about how big a crypto exchange have grown, do not leave your coins on exchange~
A good advice but irrelevant reason. Companies aren't going bankrupt for no reason these days. They go bankrupt because of the economic situation in those countries, for example in Germany they go bankrupt because of the high energy costs and the shortage of it.Forget about how big a crypto exchange have grown, do not leave your coins on exchange~
Exchanges, specially the big ones, are not going to go bankrupt that easily. They mostly go bust when they get hacked.
Quote
I have some USDT that I plan to use to buy coins probably when BTC is down to 10k which I believed would happened in September but it never did so I moved the USDT out of the exchange back into my wallet.
Do not relent, do not trust any exchange, trust only your private keys, remember, not your keys, not your coins.
A much better advice is to not trust anything centralized which includes USDT which is one of the most centralized altcoins that can go bust at any time.Do not relent, do not trust any exchange, trust only your private keys, remember, not your keys, not your coins.
P.S. There is no reason for bitcoin go any lower than this.
Bitcoin may never go below $14000, buying at $18000 is still good too. But that is not an advice, but just my opinion about bitcoin price and how buying at low price now would be profitable during all-time-high.
Yes. Exchanges can be hacked, better not to leave your money on exchange, it is best left on noncustodial wallet. Not your keys not your coins.
Yes. Exchanges can be hacked, better not to leave your money on exchange, it is best left on noncustodial wallet. Not your keys not your coins.
No one can accurately tell what will happen next in the market but if it be bear market then it might come with so much shakings and won't be surprising if many exchange go bankrupt because most of them are operating on loans. The advice over time has been not your keys, not your coin been our own bank. Even in bull market leaving one's portfolio in a centralise exchange keeps one at high risk because hackers will definitely be on the increase so as to steal from exchanges working with more sophisticated tools.
Any coin that isn't meant for trading or immediate swap is best kept off exchanges and for trading, reputable exchange is always the most preferred. Because the initial idea of the whole crypto ecosystem was to make individuals their own bank so leaving your coin on exchanges is like forfeiting the whole idea of decentralisation.
Any coin that isn't meant for trading or immediate swap is best kept off exchanges and for trading, reputable exchange is always the most preferred. Because the initial idea of the whole crypto ecosystem was to make individuals their own bank so leaving your coin on exchanges is like forfeiting the whole idea of decentralisation.
With the way companies are going bankrupt this days I think I should warn my fellow Bitcointalk friends, give me a minute of your time.
Forget about how big a crypto exchange have grown, do not leave your coins on exchange, we can never tell which exchange will go down unexpectedly in this bear market.
I have some USDT that I plan to use to buy coins probably when BTC is down to 10k which I believed would happened in September but it never did so I moved the USDT out of the exchange back into my wallet.
Do not relent, do not trust any exchange, trust only your private keys, remember, not your keys, not your coins.
Forget about how big a crypto exchange have grown, do not leave your coins on exchange, we can never tell which exchange will go down unexpectedly in this bear market.
I have some USDT that I plan to use to buy coins probably when BTC is down to 10k which I believed would happened in September but it never did so I moved the USDT out of the exchange back into my wallet.
Do not relent, do not trust any exchange, trust only your private keys, remember, not your keys, not your coins.
Jump to: