I don't believe you - page 9. | Bitcointalksearch.org

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legendary

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Instead of trusting an exchange use a decentralized one which gives you full control.

Quote from: Solosanz on June 17, 2023, 11:26:51 PM

Because Binance is the biggest and popular, they have been around for 6 years and they have SAFU to protect all users money Tongue

SAFU does not protect your details after a hacker steals them and uses them for dubious purposes.
It also does not protect you when binance decides to withhold your funds.

Quote from: Solosanz on June 17, 2023, 11:26:51 PM

Honestly if people are only use centralized exchange to buy or sell Bitcoin and don't mind about KYC, Binance is a good choice. But people don't want to withdraw their money to their wallet because the fixed fee withdrawal from Binance is big and they don't want to lose any money.

Exchanges want you to keep your assets with them so that they can use it to make money while you bear the risk.

Solosanz

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Quote from: Not your key not your BTC on June 17, 2023, 08:51:10 PM

You don't know the owner, but what makes you sure to deposit bitcoin to exchange?.

what makes you sure that your Bitcoin arrived safely and was not taken away by the owner?

We know the owner, it's CZ, that's Cheesy

Because Binance is the biggest and popular, they have been around for 6 years and they have SAFU to protect all users money Tongue

Honestly if people are only use centralized exchange to buy or sell Bitcoin and don't mind about KYC, Binance is a good choice. But people don't want to withdraw their money to their wallet because the fixed fee withdrawal from Binance is big and they don't want to lose any money.

Darker45

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Those are the right questions. And the answer to both is: nothing. There's nothing that guarantees us that our funds are safe in centralized exchanges. This SAFU thing is a big joke. The truth is that once you let go of your coins, it is not safe anymore. Once you lose control of your coins, you can no longer assume that they're safe.

Indeed, banks and centralized exchanges are no different from each other. They're using their depositors' money for something else. They risk and invest and even give away and spend money they don't own. Supposing each and every depositor decides to withdraw all that they have in their accounts right now, they will all end up short.

Not your key not your BTC

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dON'T tRUST, vERIFY!

You don't know the owner, but what makes you sure to deposit bitcoin to exchange?.

what makes you sure that your Bitcoin arrived safely and was not taken away by the owner?

I always thought that,
same as banks, I don't want to save it for long time, because banks often go bankrupt, and the owner run overseas.

Topic: I don't believe you - page 9. (Read 1252 times)