Topic: Keep your money off exchange, in this crisis moments hold Bitcoin for safety (Read 457 times)
December 22, 2022, 05:13:56 PM
Good news is that FTX CEO SBM has been ferried to the United state to face criminal charges against him, at least this will serve as a relief to investors whose money have been swallowed by this criminal who takes advantage of the trust investors have in the FTX exchange.
December 21, 2022, 12:30:16 AM
I'm not sure what the fud of exchanges and centralized coins is all about yet no single decentralized exchange is being recommended, all we hear is pull pull out!
After FTX collapse some people panicked for good reasons and started pulling out of centralized exchanges and recommended this to others also. But also at the same time a big FUD campaign began on the internet trying to create more panic and cause more volatility in the market (we already saw this in bitcoin price over the past weeks) so that they could make profit from day trading.The risks are the same as always. CEX is not recommended for storage under any circumstance, you can use it for trading if you have no other options but as long as you are aware that you can lose ALL your funds in a blinking of an eye.
Lemme tell you the truth and lets be sincere to ourselves concerning our mindsets on centralized altcoin and exchanges, despite anything we can't do without any of these let say you want to buy bitcoin you must first converts your fiat to usdt, then trade usdt to bitcoin before proceeding with your investment or alternatively you must trade your bitcoin to usdt before you could trade from usdt to your local currency (fiat), all these works together so have it in mind no matter how you are trying to avoid them you must still need it certainly rather we should be very more careful while leaving our funds inside those exchanges.
Using a centralized shitcoin in your trades for a brief period of time is not the same as bag holding that shitcoin thinking it is the same as fiat. December 20, 2022, 01:34:31 PM
Recent events in the cryptocurrency market have forced a lot of cryptocurrency investors and traders to start moving their funds off-exchange most especially centralized exchanges.
There has been a lot of bank runoff with cryptocurrency and a lot of banks are under fed investigation on possible use of customers money to invest in cryptocurrency through centralized exchanges, and with the recent bankruptcy war and money laundering investigation against major exchanges.
It has become imperative to avoid exchanges.and the coins, convert all asset into Bitcoin, and transfer them to your own wallet with your wallet recovery phrase saved. Go on break till after Bitcoin halves in 2024 and if you must invest buy more bitcoin.
Friendly reminder not your key, not your coins!
There has been a lot of bank runoff with cryptocurrency and a lot of banks are under fed investigation on possible use of customers money to invest in cryptocurrency through centralized exchanges, and with the recent bankruptcy war and money laundering investigation against major exchanges.
It has become imperative to avoid exchanges.and the coins, convert all asset into Bitcoin, and transfer them to your own wallet with your wallet recovery phrase saved. Go on break till after Bitcoin halves in 2024 and if you must invest buy more bitcoin.
Friendly reminder not your key, not your coins!
I am actually guilty of this practice- I mostly store my coins inside an exchange rather than getting my person hardware wallet. The reason on why I do this practice is due to the convenience of placing it on our local exchange in the country (which is heavily regulated and requires the submission KYC documents to completely use it) where I have the freedom to convert BTC to our local currency.
Not to mention, we can also use the same local exchange in paying our monthly bills of electricity, etc. Though this may be the case, I think it is imperative that everyone should keep their BTCs in a hardware wallet due to the recent events of scams and hacks.
December 20, 2022, 12:39:34 PM
Storing your crypto in an exchange is not advisable to do so especially if the exchange is a centralized one where your crypto assets can be frozen by the exchange and there's nothing you can do about it unless they did not froze your crypto assets anymore. You can't access to the wallet information such as seed phrase or a private key. The best solution for that is to use open source wallet where you can store your Bitcoin, Altcoins and many more. You can invest in crypto using different ways like investing your crypto on a platform like a casino where I tried investing in their bankroll, keeping crypto in your wallet or hodl and more.
December 20, 2022, 12:16:10 PM
~snip~
You should always avoid using anything centralized unless you don't have any other options. It could be a centralized exchange where you give up custody of your funds or it could be a centralized altcoin that may dump down to zero like the stable coins.If you want to be safe then you should both take control of your private keys using a hardware wallet like Trezor and avoid using centralized stable coins that run the same risk as centralized exchanges.
Lemme tell you the truth and lets be sincere to ourselves concerning our mindsets on centralized altcoin and exchanges, despite anything we can't do without any of these let say you want to buy bitcoin you must first converts your fiat to usdt, then trade usdt to bitcoin before proceeding with your investment or alternatively you must trade your bitcoin to usdt before you could trade from usdt to your local currency (fiat), all these works together so have it in mind no matter how you are trying to avoid them you must still need it certainly rather we should be very more careful while leaving our funds inside those exchanges.
December 20, 2022, 10:40:47 AM
This has is the warning that has been ongoing lately, however, I still keep some of my cryptocurrency in my Binance wallet.
I am aware of the risk, yet I find it quite convenient for me. However, lately I have been very scared, I heard what we know as FUD today but was told Binance being next to crash.
Right now, I am still debating about sending a stable coin onto my Trezor.
You should always avoid using anything centralized unless you don't have any other options. It could be a centralized exchange where you give up custody of your funds or it could be a centralized altcoin that may dump down to zero like the stable coins.I am aware of the risk, yet I find it quite convenient for me. However, lately I have been very scared, I heard what we know as FUD today but was told Binance being next to crash.
Right now, I am still debating about sending a stable coin onto my Trezor.
If you want to be safe then you should both take control of your private keys using a hardware wallet like Trezor and avoid using centralized stable coins that run the same risk as centralized exchanges.
Altcoins are recommended to be held for a short time, I'm not sure what the fud of exchanges and centralized coins is all about yet no single decentralized exchange is being recommended, all we hear is pull pull out! with no good alternatives in place, personally I don't store my savings online, what I have on the exchanges is my bills wallet for easy trade. The risk exists, but there are some centralized exchanges that will last for a long time, if not forever. Telling everyone to get out of centralized stable coins is the same as telling everyone to get out of USDT. We all know what would happen to Bitcoin's price if USDT fell to zero... We might never recover.... We may never recover our losers, we should try to advise without creating fud.
December 20, 2022, 01:23:38 AM
You should always avoid using anything centralized unless you don't have any other options.
We always have options to store cryptocurrency by ourselves with self custody wallets. If it is for storage, we always can use self custody wallets.If it is trading, we have options with centralized exchanges and decentralized exchanges. With decentralized exchanges, we can use self custody wallets always. If we can not trade on decentralized exchanges, we will consider of centralized exchanges as our last option.
If a decentralized exchange belong to a centralized exchange, like Binance DEX from Binance, OKX DEX from OKX, I will not use them. I am fearful that these centralized-exchanged backed decentralized exchanges will have back doors.
December 20, 2022, 12:11:34 AM
This has is the warning that has been ongoing lately, however, I still keep some of my cryptocurrency in my Binance wallet.
I am aware of the risk, yet I find it quite convenient for me. However, lately I have been very scared, I heard what we know as FUD today but was told Binance being next to crash.
Right now, I am still debating about sending a stable coin onto my Trezor.
You should always avoid using anything centralized unless you don't have any other options. It could be a centralized exchange where you give up custody of your funds or it could be a centralized altcoin that may dump down to zero like the stable coins.I am aware of the risk, yet I find it quite convenient for me. However, lately I have been very scared, I heard what we know as FUD today but was told Binance being next to crash.
Right now, I am still debating about sending a stable coin onto my Trezor.
If you want to be safe then you should both take control of your private keys using a hardware wallet like Trezor and avoid using centralized stable coins that run the same risk as centralized exchanges.
December 19, 2022, 05:58:35 PM
This has is the warning that has been ongoing lately, however, I still keep some of my cryptocurrency in my Binance wallet.
I am aware of the risk, yet I find it quite convenient for me. However, lately I have been very scared, I heard what we know as FUD today but was told Binance is next to crash.
Right now, I am still debating about sending a stable coin onto my Trezor.
It is better for you since you are already aware of the risk associated in storing your coins on an exchange and I am sure you will try as much as possible not to hold large amount in coins that you store on Binance.I am aware of the risk, yet I find it quite convenient for me. However, lately I have been very scared, I heard what we know as FUD today but was told Binance is next to crash.
Right now, I am still debating about sending a stable coin onto my Trezor.
There is no doubt the fact that, it is convenient to store your coins on an exchange since you will not border with storing and securing a wallet phrase while using an exchange and all you need is just user name and password to log in unlike self-custody that requires a lot of other activities but it is most secured for long term and large holdings.
December 18, 2022, 11:02:03 AM
This has is the warning that has been ongoing lately, however, I still keep some of my cryptocurrency in my Binance wallet.
I am aware of the risk, yet I find it quite convenient for me. However, lately I have been very scared, I heard what we know as FUD today but was told Binance being next to crash.
Right now, I am still debating about sending a stable coin onto my Trezor.
I am aware of the risk, yet I find it quite convenient for me. However, lately I have been very scared, I heard what we know as FUD today but was told Binance being next to crash.
Right now, I am still debating about sending a stable coin onto my Trezor.
December 18, 2022, 02:32:53 AM
Recent events in the cryptocurrency market have forced a lot of cryptocurrency investors and traders to start moving their funds off-exchange most especially centralized exchanges.
There has been a lot of bank runoff with cryptocurrency and a lot of banks are under fed investigation on possible use of customers money to invest in cryptocurrency through centralized exchanges, and with the recent bankruptcy war and money laundering investigation against major exchanges.
It has become imperative to avoid exchanges.and the coins, convert all asset into Bitcoin, and transfer them to your own wallet with your wallet recovery phrase saved. Go on break till after Bitcoin halves in 2024 and if you must invest buy more bitcoin.
Centralized Exchange platforms can combine their users' resources and can lose it by any kind of work like gambling. Daniel Saval, a lawyer, thinks such a combination can lead to a verdict that resources are exchanger property, not users. According to him, a user may be even more surprised because in the case of bankruptcy conditions, crypto and funds in their account cannot be considered as their own property. Which is very scary but true.There has been a lot of bank runoff with cryptocurrency and a lot of banks are under fed investigation on possible use of customers money to invest in cryptocurrency through centralized exchanges, and with the recent bankruptcy war and money laundering investigation against major exchanges.
It has become imperative to avoid exchanges.and the coins, convert all asset into Bitcoin, and transfer them to your own wallet with your wallet recovery phrase saved. Go on break till after Bitcoin halves in 2024 and if you must invest buy more bitcoin.
Basically there is no law that controls crypto assets, there is no assurance that investors will be able to recover their funds. If an exchanger freeze someone's account, then no one will have to do anything. Considering all these aspects it is safe to keep one's assets in personal wallet not in exchanger.
December 17, 2022, 06:33:03 PM
Probably, the best solution here is not to put all your coins in an exchange. Those coins who are intended to trade only might be place in a reputable exchange, but those who are good for long term hodling, they should stay in our own hardware wallet. That way, we are lessening the risk having to put our coins in an exchange, as we can’t also avoid them completely unless we don’t have plans to trade them.
Mostly for traders who trade all day should ensure they withdraw their funds at the end of the day to a private wallet.For me even the exchange that seems to be the safest exchange out there, I don't have any trust again on any of the platform either until we have gotten regulatory clearity in crypto.
If you're the type who clicks forgot password on every site after a while, you're not ready for self-custody. It's a good idea, but realistically, not everyone is ready for it or has the basic knowledge on how to protect seed phrase.
December 17, 2022, 06:14:25 PM
Probably, the best solution here is not to put all your coins in an exchange. Those coins who are intended to trade only might be place in a reputable exchange, but those who are good for long term hodling, they should stay in our own hardware wallet. That way, we are lessening the risk having to put our coins in an exchange, as we can’t also avoid them completely unless we don’t have plans to trade them.
Mostly for traders who trade all day should ensure they withdraw their funds at the end of the day to a private wallet.For me even the exchange that seems to be the safest exchange out there, I don't have any trust again on any of the platform either until we have gotten regulatory clearity in crypto.
December 17, 2022, 05:47:23 PM
Well it’s surprising to me that some people still actually leave their Crypto-coin on exchanges regardless of the exchange being decentralized or centralized.
There is nothing surprising about that. If people didn't really have their crypto coins on exchanges, there would be no order books, and there would be no market for them. Exchanges will never be completely safe, and there will never be a solution which is 100% guaranteed. But for the exchanges to work, and for people to be able to trade their coins, you need to have people who are willing to leave their coins on exchanges.
December 17, 2022, 04:52:36 PM
Well it’s surprising to me that some people still actually leave their Crypto-coin on exchanges regardless of the exchange being decentralized or centralized.
There is nothing surprising about that. If people didn't really have their crypto coins on exchanges, there would be no order books, and there would be no market for them. Exchanges will never be completely safe, and there will never be a solution which is 100% guaranteed. But for the exchanges to work, and for people to be able to trade their coins, you need to have people who are willing to leave their coins on exchanges.
December 17, 2022, 03:00:47 PM
Well it’s surprising to me that some people still actually leave their Crypto-coin on exchanges regardless of the exchange being decentralized or centralized.
It’s should not require the case of the FTX for anyone to know it’s a red flag to do so. Well as a Bitcoin enthusiast i would definitely save in bitcoin but if you are in crypto-currency to avoid the inflation affecting your countries currency then you can try saving in stablecoin.
It’s should not require the case of the FTX for anyone to know it’s a red flag to do so. Well as a Bitcoin enthusiast i would definitely save in bitcoin but if you are in crypto-currency to avoid the inflation affecting your countries currency then you can try saving in stablecoin.
December 17, 2022, 01:21:43 PM
This is sound advice, and many professionals have given it in this forum before, but it's worth repeating because there are so many cases of exchange hacks every day.
Let us all take exchange as a place to buy our coins and then move them to our personal wallets; there is no point in keeping your wealth exposed to everyone; exchange can choose to give your privacy to the government and you will have no one to blame; this is why we always advise Newbies to avoid keeping their coins in exchange.
Let us all take exchange as a place to buy our coins and then move them to our personal wallets; there is no point in keeping your wealth exposed to everyone; exchange can choose to give your privacy to the government and you will have no one to blame; this is why we always advise Newbies to avoid keeping their coins in exchange.
December 17, 2022, 12:23:44 PM
Actually we don't have to be panic when FTX crashing with user can't withdrawing their assets, still have trusted exchange market and keep safety for saving our assets without afraid bad moment will happen to all exchange market. More safety when saving Bitcoin or altcoin assets in cold wallet because can controlling by our self.
Bad ecosystem with cryptocurrency later if many people keep holding their fund in cold wallet and how about transaction or purchasing Bitcoin and altcoin without trust with exchange wallet? I sure many people still believing with centralized exchanges when investing their bitcoin fund with lower fees, but when buying or selling cryptocurrency trough dapp exchange have higher fees than centralized exchanges.
Bad ecosystem with cryptocurrency later if many people keep holding their fund in cold wallet and how about transaction or purchasing Bitcoin and altcoin without trust with exchange wallet? I sure many people still believing with centralized exchanges when investing their bitcoin fund with lower fees, but when buying or selling cryptocurrency trough dapp exchange have higher fees than centralized exchanges.
December 17, 2022, 06:34:07 AM
Warnings about this have been far more frequent I've gotten so far and certainly multiple threads with the same content and purpose seems more than enough to inform newbies about the risk of safety of their funds on centralized exchanges. I don't know why we need more threads about the same warning when other threads are still active, after all when you just want to say "not your keys, not your bitcoin" then I don't think we need to have different thread.
There is no best way to secure your funds if you do not have sole custody of them. Have a wallet that allows you full control over your assets like a non-custodial wallet or better with a hardware wallet. I believe on a regular basis these warnings will continue to be said by different users, but it doesn't need to be multiple threads without something more interesting to hear.
There is no best way to secure your funds if you do not have sole custody of them. Have a wallet that allows you full control over your assets like a non-custodial wallet or better with a hardware wallet. I believe on a regular basis these warnings will continue to be said by different users, but it doesn't need to be multiple threads without something more interesting to hear.
December 17, 2022, 03:18:45 AM
To avoid future stories, it is best to transfer your coins from centralized exchanges to decentralized exchange where you have your own personal wallets, where you can access your wallet alone and have complete control over every coin you own. Let observe what happen to FTX recently where many people lost their savings that they had been accumulating for a long time. No matter what kind of service centralized exchanges are try to offer, we should full rely on them. it will be wise to have little faith in because some case like trading. Therefore, having control over your money by keeping your wallet is the greatest approach to avoid taking too much danger when using cryptocurrencies.
I wouldn't advise someone to go on break on buying altcoins than to stop and put an end to what can risk loosing everything, and as for bitcoin, you can invest now and buy the dip not necessarily have to wait till halving or bullrun before you can buy.
I don't think having some altcoin is a bad idea but just know much about the altcoins you are planning to hodl.having alternative for whatever assets you have is best way.but my only advise for you to accumulate more Bitcoin than altcoin to be in a saver side.
I wouldn't advise someone to go on break on buying altcoins than to stop and put an end to what can risk loosing everything, and as for bitcoin, you can invest now and buy the dip not necessarily have to wait till halving or bullrun before you can buy.
I don't think having some altcoin is a bad idea but just know much about the altcoins you are planning to hodl.having alternative for whatever assets you have is best way.but my only advise for you to accumulate more Bitcoin than altcoin to be in a saver side.
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