Topic: Keep your money off exchange, in this crisis moments hold Bitcoin for safety (Read 452 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.
December 16, 2022, 06:11:58 PM
Cryptocurrency is a gamble to most people and no matter the number of warnings people will still risk their money with third-party investment platforms such as exchanges because they want quick ways to get things done without minding what the outcome of their action will be and how secure those third party centralized exchange are.
December 16, 2022, 05:58:25 PM
After the collapse of the FTX exchange, many flaws were exposed. It turned out that they kept customer funds in unencrypted text, which could easily lead to a hack. We can only guess how many more flaws centralized exchanges have until we learn about hacks or bankruptcy again and again. Recently, people have begun to be more attentive to the storage of their funds, trusting only themselves. And it is naive to think that people are so stupid as not to draw conclusions as to whom to entrust their money.
Today, I read the opinion of Changpeng Zhao: "99% of cryptocurrency users will not be able to store assets on their own." But I strongly disagree with his very presumptuous position. I really hope that the rule about how to store your keys is spreading with great speed.
I realized that until when people stop entrusting centralized exchanges? Could we wait for more like FTX scandals? If this is the the case, people will surely keep losing their coins in the end. But i believe, people have their own choices and they have to make it right, and by avoiding these centralized exchanges and shift to non-custodial wallets, the level of security will have more guarantees and that people will no longer fear anymore from hackers. Today, I read the opinion of Changpeng Zhao: "99% of cryptocurrency users will not be able to store assets on their own." But I strongly disagree with his very presumptuous position. I really hope that the rule about how to store your keys is spreading with great speed.
December 16, 2022, 10:40:58 AM
Keeping your money away from exchanges should be one of your top priorities. Most people think this advice is pointless, but it's actually one of the best that can be given. Avoid centralized exchanges in particular; they're notorious for their drama. Instead, download a wallet, protect your seed phrase, and stay away from links. security is one of the key things you have knowledge about not just buying and without zero knowledge about what you going into.
December 15, 2022, 08:24:28 PM
Why buy Bitcoin only when you can move other coins too to their specific wallets? I mean, your way of spreading the message about keeping your funds safu from exchanges by holding them in your wallet was fine, but why convert everything into BTC when there are various non-custodial wallets where various coins are available to be stored? It's not the first time we have seen an exchange hack, we have been witnessing all this shit since Mt Gox was hacked and other major names shut down their businesses due to either hacks or runaway with people's money. It seems the governments are getting what they needed since the beginning - the reason to stop crypto from growing.
It depends on people's choice, I can decide to convert my coin to bitcoin and only hold bitcoin, I can decide to convert 70% to bitcoin while the remaining 30% to altcoins that I think would be good to yield high profit in bull time. What I know is that you may have some altcoins which can be a wrong decision and a regret later, but some altcoins are good. Bitcoin is not volatile like altcoins, but all-time-high makes me to prefer bitcoin, many altcoins do not attain all-time-high and many are shit coins. 
December 15, 2022, 06:37:31 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.
Friendly reminder not your key, not your coins!
By looking at the current condition of crypto, especially regarding the various problems and negative issues related to centralized exchanges, we really have to be more vigilant and make the best decisions. Storing assets in personal wallets especially offline is the best thing and probably safe for now. store on an exchange, even though Binance class must be extra vigilant and not safe. Moreover, they are currently getting more attention. We have learned a very valuable lesson from failed FTX.Friendly reminder not your key, not your coins!
and I totally agree Bitcoin is the safest asset to hold in times like this and beyond.
December 15, 2022, 06:13:19 PM
Can we let somethings be?
Almost everyone in this forum knows about "Not your keys Not your coins" slogan. We all know the dangers of leaving our coins on exchanges. Ftx is not the first exchange to go bankrupt. We have witnessed bankruptcy, we have witnessed hack and outright winding up and running with people's money and yet we cannot avoid the exchanges totally.
The exchange has become a huge part of us in as much as we are interacting with fiat on daily bases. It must remain and no matter how bad they treat us we must find the reliable one at that moment.
Let us stop the FUD. If anything happens to another big exchange we all will suffer it in one way or the other.
Almost everyone in this forum knows about "Not your keys Not your coins" slogan. We all know the dangers of leaving our coins on exchanges. Ftx is not the first exchange to go bankrupt. We have witnessed bankruptcy, we have witnessed hack and outright winding up and running with people's money and yet we cannot avoid the exchanges totally.
The exchange has become a huge part of us in as much as we are interacting with fiat on daily bases. It must remain and no matter how bad they treat us we must find the reliable one at that moment.
Let us stop the FUD. If anything happens to another big exchange we all will suffer it in one way or the other.
December 15, 2022, 06:06:24 PM
Why buy Bitcoin only when you can move other coins too to their specific wallets? I mean, your way of spreading the message about keeping your funds safu from exchanges by holding them in your wallet was fine, but why convert everything into BTC when there are various non-custodial wallets where various coins are available to be stored? It's not the first time we have seen an exchange hack, we have been witnessing all this shit since Mt Gox was hacked and other major names shut down their businesses due to either hacks or runaway with people's money. It seems the governments are getting what they needed since the beginning - the reason to stop crypto from growing.
December 15, 2022, 05:56:22 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!
It is not only today that investors have keep reminded to stay away from centralized exchanges, even before we often hear that already but kept being neglected too. Now, along with FTX scandal, I think we should be aware now to get rid of centralized exchanges as they can eventually make our account turn into zero value. No matter how reputable those exchanges are, as long as they are in controlled by the government that is not aligned with crypto, still we should avoid all those exchanges in all forms. 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!
December 15, 2022, 11:33:32 AM
After the collapse of the FTX exchange, many flaws were exposed. It turned out that they kept customer funds in unencrypted text, which could easily lead to a hack. We can only guess how many more flaws centralized exchanges have until we learn about hacks or bankruptcy again and again. Recently, people have begun to be more attentive to the storage of their funds, trusting only themselves. And it is naive to think that people are so stupid as not to draw conclusions as to whom to entrust their money.
Today, I read the opinion of Changpeng Zhao: "99% of cryptocurrency users will not be able to store assets on their own." But I strongly disagree with his very presumptuous position. I really hope that the rule about how to store your keys is spreading with great speed.
If people are not able to store their crypto assets on their own (according to CZ), then who can do it for them? Sam-Bankman with FTX exchange or CZ with Binance? It is beneficial for him to spread such an opinion in order to attract new users to his platform. If people stick to the "not your key, not your coins" rule, then there will be no need for centralized exchanges. This means that CZ will never recognize this rule, otherwise he will lose customers who bring him money. Today, I read the opinion of Changpeng Zhao: "99% of cryptocurrency users will not be able to store assets on their own." But I strongly disagree with his very presumptuous position. I really hope that the rule about how to store your keys is spreading with great speed.
December 15, 2022, 05:05:55 AM
After the collapse of the FTX exchange, many flaws were exposed. It turned out that they kept customer funds in unencrypted text, which could easily lead to a hack. We can only guess how many more flaws centralized exchanges have until we learn about hacks or bankruptcy again and again. Recently, people have begun to be more attentive to the storage of their funds, trusting only themselves. And it is naive to think that people are so stupid as not to draw conclusions as to whom to entrust their money.
Today, I read the opinion of Changpeng Zhao: "99% of cryptocurrency users will not be able to store assets on their own." But I strongly disagree with his very presumptuous position. I really hope that the rule about how to store your keys is spreading with great speed.
Today, I read the opinion of Changpeng Zhao: "99% of cryptocurrency users will not be able to store assets on their own." But I strongly disagree with his very presumptuous position. I really hope that the rule about how to store your keys is spreading with great speed.
December 15, 2022, 04:05:10 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.
Even without the FTX disaster, you and they should also know a safe place to store assets and obviously it's not an exchange. But the FTX disaster has made users' awareness of having custody of their assets better. This is growing in importance, and forum and some other centralized exchange platforms have also warned about this as far as people experiencing the impact of FTX.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.
In fact you don't have to stay away from centralized exchanges forever. You can still fairly trust the exchange and use its services, but you just need to have custody of your assets in your own wallet. Don't trust your fund to exchanges forever, and instead use exchanges as a service that help you convert your assets to whatever you want without leaving them forever.
December 15, 2022, 03:36:14 AM
what happens if Binance gets down today.I mean since they are like kind of a mother to trust wallet since CZ runs it, Binance goes bankrupt and trust wallet's follows ?
It shouldn't matter what happens to Binance or Trust Wallet if you possess your own keys. It was the same with FTX. If you didn't keep your coins on their accounts, you weren't affected by the exchanges' downfall one bit. The price and value of your portfolio took a hit but your coins remain yours, which can't be said for those poor bastards that got their funds frozen/hacked/confiscated by FTX following the bankruptcy procedure. If Binance goes down, you can still use the Trust Wallet because it's non-custodial. If Trust Wallet goes down, you take your seed and you recover your coins in a different wallet. Then you sweep everything from Trust Wallet into a different client and set up a new wallet with a seed that has never been in touch with Trust Wallet.
December 15, 2022, 01:36:43 AM
I mean since they are like kind of a mother to trust wallet since CZ runs it, Binance goes bankrupt and trust wallet's follows ?
It will not happen. no one else will have control over your assets. even though Binance crashed and the Trust Wallet you used stopped working.
as long as you hold the key to open your wallet, there are alternative wallets that you can use to open it. like using safepal or using Electrum.
unless the asset you're holding is TWT, a token from a Trust Wallet. it will have an impact on the value of your assets which may be destroyed when Binance crashes.
December 15, 2022, 01:36:18 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.
Friendly reminder not your key, not your coins!
If the main concern is being afraid that the exchange will lock out your bitcoin or altcoin in their exchange , first thing to do is transfer it , to your wallet which you have full control, or if you really are afraid to lose value of your holdings the safest thing to do is convert it to usdt or stable coin, on your wallet and hold it when you feel that its safe convert it back to your token, that is just my opinion, and its way safer but if you want to gamble then just transfer it to your own wallet. 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!
December 15, 2022, 01:32:55 AM
The centralised exchanges have the full access of your coins as they have custody of your keys which means funds are theirs not yours and they can fool you anytime so if we still trust them with safety of our coins we are at risk of losing that moment only.Now we have open warning from theymos as well as important announcement to guide newbies and those who think these exchange are safe heaven and can't be hacked that not your keys not your coins.But it depends on how we take this statement seriously or not because once lost you will not get your funds back so have your funds in your custody.
legendary
Activity: 2156
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Marketing Campaign Manager |Telegram ID- @LT_Mouse
December 15, 2022, 01:13:42 AM
Trust wallet is closed source and that is the problem. Don't let their account on GitHub fool you, they do not publish the source code for their wallet. That means you do not know what the wallet is actually doing. If Binance decides to scam its users some day and run away (insolvency or whatever) they could have introduced a backdoor in their wallet to have access to users' keys and steal their coins any time they want.
This is the problem with using closed source software for as a cryptocurrency wallet.
I see, I wasn't sure as they made some confusion. They have been misleading their users? I have no little idea about these matters. I was reading another thread on the same issue. This is very possible that they may create a backdoor since claim it as a hack This is the problem with using closed source software for as a cryptocurrency wallet.
Well, I'm not a user of either of these multi-coin wallets anymore for a long time since I got my hardware wallet.
December 15, 2022, 12:49:52 AM
I mean since they are like kind of a mother to trust wallet since CZ runs it, Binance goes bankrupt and trust wallet's follows ?
First of all, it's a wallet. What it has to have a downfall? It's a product/service we use without paying anything (I think some data is collected). If Binance goes bankrupt, people may stop using the Trust wallet but that doesn't change the fact that "Only you have control over the funds". The wallet can be closed source (afaik, it's open source), but since it's non-custodial, you have nothing to worry about unless a hacker gets control of your phone and steal your assets. However, it's always best to not use a hot wallet. A hardware wallet is the best, you have to spend little money to be your own bank.This is the problem with using closed source software for as a cryptocurrency wallet.
legendary
Activity: 2156
Merit: 2100
Marketing Campaign Manager |Telegram ID- @LT_Mouse
December 14, 2022, 11:50:19 PM
I mean since they are like kind of a mother to trust wallet since CZ runs it, Binance goes bankrupt and trust wallet's follows ?
First of all, it's a wallet. What it has to have a downfall? It's a product/service we use without paying anything (I think some data is collected). If Binance goes bankrupt, people may stop using the Trust wallet but that doesn't change the fact that "Only you have control over the funds". The wallet can be closed source (afaik, it's open source), but since it's non-custodial, you have nothing to worry about unless a hacker gets control of your phone and steal your assets. However, it's always best to not use a hot wallet. A hardware wallet is the best, you have to spend little money to be your own bank. 
December 14, 2022, 11:20:08 PM
It's Trusted because it's an open-source wallet.
Trust Wallet is not an open-source wallet. It used to be many years ago, but it isn't anymore. It's non custodial but not open-source and verifiable. I knew it has something to do with Non custodial wallet but wasn't sure enough to get him corrected,what happens if Binance gets down today.
I mean since they are like kind of a mother to trust wallet since CZ runs it, Binance goes bankrupt and trust wallet's follows ?
The crash of other Cryptocurrencies, Mt Gox, FTX, FTX. Us, Binance if possible, would never be the crash of Bitcoin, wonder why people fail to understand that part of it.
December 14, 2022, 10:26:00 PM
Important Announcements has Reminder: do not keep your money in online accounts
In time when a Tier 1, top 3 exchange like FTX collapsed within a week and many centralized lending companies filed for bankruptcy, do not keep your cryptocurrency in online accounts is a risk management.
These companies can collapse or survive and move forward well but we don't know about their future at the moment. Take care of our cryptocurrency is a safest thing to do.
Cryptocurrency Security Checklist
Bitcoin and cryptocurrency wallets: The definitive guide
In time when a Tier 1, top 3 exchange like FTX collapsed within a week and many centralized lending companies filed for bankruptcy, do not keep your cryptocurrency in online accounts is a risk management.
These companies can collapse or survive and move forward well but we don't know about their future at the moment. Take care of our cryptocurrency is a safest thing to do.
Cryptocurrency Security Checklist
Bitcoin and cryptocurrency wallets: The definitive guide
December 14, 2022, 06:17:46 PM
Well, people will learn when they have an experience if they have heard the news that the FUDs will spread.
From the start, we should avoid centralized exchange or adopting projects that are regulated in our government --because it is genuinely irrelevant that the decentralized currency was accepted on a centralized platform possibly they have control over our money.
This is the use of bitcoin, the financial freedom that no one controls your money. However, you can use those exchanges but in exchanging fiat, that is it.
From the start, we should avoid centralized exchange or adopting projects that are regulated in our government --because it is genuinely irrelevant that the decentralized currency was accepted on a centralized platform possibly they have control over our money.
This is the use of bitcoin, the financial freedom that no one controls your money. However, you can use those exchanges but in exchanging fiat, that is it.
December 14, 2022, 04:15:45 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!
As much as we want to hold our bitcoin safely and free from all hackers and scammers, then it’s a must that we should start avoiding centralized exchanges because they can’t be reliable in the long run. The previous events should have been our best reminders that centralized exchanges are still prone to hacking and scamming no matter how reputable they seem. That is why saving our funds with our own wallet is the best way not to fall for future scamming events within 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!
December 14, 2022, 04:07:15 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!
This should be done even before when there’s still no FTX drama and the likes. Because no matter, centralized exchanges will never be good for long term deposits, instead we have to move our funds into our own private trusted wallet. That way, our funds will never be compromised once centralized exchanges will break out and will be involved into another scandalous event that will steal everything we have. The fact that it’s not your keys, not your coins, so we should start trusting our own bank by having our own hardware wallet that is free from any online interventions. 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!
December 14, 2022, 04:24:05 AM
The exchange is not a safe place even though you have verified with KYC including the documents etc.,
It's even a less safe place if you have undergone KYC verification. Not only does the verification not help one bit in securing your coins, but the exchange now holds your identity documents as well. This is valuable data that could be hacked, sold, or leaked online. Just now my friend panicked when he saw about the Binance news but he has realized and moved all bitcoin assets into a private wallet which he holds the key himself.
So the only reason your friend moved his coins to a personal wallet is because of the negative news he read about Binance? How hard is it to create a non-custodial wallet and be the sole owner of ones crypto? If the news about Binance was positive or if positive news gets released tomorrow, will your friend move his crypto back into Binance's custody or the custody of some other CEX? It's Trusted because it's an open-source wallet.
Trust Wallet is not an open-source wallet. It used to be many years ago, but it isn't anymore. It's non custodial but not open-source and verifiable. 
December 14, 2022, 03:56:21 AM
...
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.
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.
bitcoin will repeat its history, right now we are in a bearish phase and it has happened many times before halving. at the end of 2023 - 2024 - the next halving will occur, at that time the price of bitcoin will go up and even be expected to touch new ATH. so now this is a golden opportunity to buy and further increase the amount of investment in bitcoin.
Friendly reminder not your key, not your coins!
FTX gave me bad memories, the Bitcoin that I kept there, until now is still stuck in my FTX account, and the account still can't be accessed. I will never store bitcoins in CEX again, even if I use an exchange, it's only for short trading and exchanging my crypto assets to my country's currency (local CEX), #not your key not your bitcoin.
December 14, 2022, 01:50:11 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.
Trust wallet is owned binance, if I use binance and there is crisis in binance, I decide to send my coins to my trust wallet still owned by binance, allow me ask please if it can it be trusted?Import your trust wallet recovery seed into another wallet, your assets will still be present, that's what it feels like to use a trusted crypto wallet like Trust wallet, even if Binance crumbled right now all funds on Trust wallet are safuu.
Outhue trust wallet or other online wallet can not be 100% secured, so the best you should do is to get and offline wallet e.g cold hardware wallet that way you control everything that goes on around your wallet and how it interacts with the blockchain network.
The ops may be right, but we should also know that, we can't do away with exchange in totality but we can only minimize our risk.
December 14, 2022, 12:55:07 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.
Trust wallet is owned binance, if I use binance and there is crisis in binance, I decide to send my coins to my trust wallet still owned by binance, allow me ask please if it can it be trusted?Import your trust wallet recovery seed into another wallet, your assets will still be present, that's what it feels like to use a trusted crypto wallet like Trust wallet, even if Binance crumbled right now all funds on Trust wallet are safuu.
December 13, 2022, 05:44:02 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.
Trust wallet is owned binance, if I use binance and there is crisis in binance, I decide to send my coins to my trust wallet still owned by binance, allow me ask please if it can it be trusted?But the problem is, fees are based on third-party providers, and also no desktop version which is if you are using a mobile phone it could be prone to hacking. So, it's not totally safe but this depends on how you will use this platform. If you'll ask me, a hardware wallet is more secure than this Trust wallet.
But remember that all non-custodial wallet doesn't have the option to recover wallets via customer support. You're the one who is responsible for your wallet, once it will be lost, it will not recover.
December 13, 2022, 05:24:36 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.
Trust wallet is owned binance, if I use binance and there is crisis in binance, I decide to send my coins to my trust wallet still owned by binance, allow me ask please if it can it be trusted? 
December 13, 2022, 03:18:42 PM
exchanges have the keys in their custody so that they can have priority control over your wallet than you the bearer.
Custodial exchanges / crypto services don't have priority control over your coins, they have full control over them. Actually, they aren't even your coins if you keep them on a custodial wallet and to ove them you need permission from the exchange / real owner.Exchanges must be used only for trades not for storing and, in this uncertain times, better avoid them at all costs.
BTW, ~$1b have been withdrawn from binance in the last 24 hours! source
December 13, 2022, 03:07:24 PM
It was always imperative to keep your funds off centralized exchanges and under self custody. Bitcoin was designed to operate without the need for third parties or trusted networks, all you needed to do was verify;
• Verify the signature of the wallet you intend to use,
• Verify the codes of platforms you use,
• Nodes then, would verify transactions made, before pushing them on for confirmations.
If one is going to be their own bank, then you have to take responsibility for the actions you take.
• Verify the signature of the wallet you intend to use,
• Verify the codes of platforms you use,
• Nodes then, would verify transactions made, before pushing them on for confirmations.
If one is going to be their own bank, then you have to take responsibility for the actions you take.
December 13, 2022, 02:55:49 PM
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
We must not forget that our coins aren't stored on the wallet, hut we have them stored on the blockchain, but the type of wallet used determines us having access to the unblocking keys to our bitcoins on blockchain or not, some of these exchanges have the keys in their custody so that they can have priority control over your wallet than you the bearer.
Go on break till after Bitcoin halves in 2024 and if you must invest buy more bitcoin.
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.
December 13, 2022, 01:45:58 PM
The exchange is not a safe place even though you have verified with KYC including the documents etc., I think the safest place is indeed our own wallet under our own control.
Previously about the FTX exchange that crashed and in the end went bankrupt all customer funds could not be withdrawn, all could learn from this experience even long before there were also cases of similar things but somehow some of them still believe in centralized exchanges it is clear this is like a bank that can freeze anyone's funds at any time.
Binance has been heavily on FUD even though that wouldn't be a downfall, but we should be wary of the whole exchange let alone keeping assets there reminding it helps them a little bit to get out of the exchange.
Just now my friend panicked when he saw about the Binance news but he has realized and moved all bitcoin assets into a private wallet which he holds the key himself.
Previously about the FTX exchange that crashed and in the end went bankrupt all customer funds could not be withdrawn, all could learn from this experience even long before there were also cases of similar things but somehow some of them still believe in centralized exchanges it is clear this is like a bank that can freeze anyone's funds at any time.
Binance has been heavily on FUD even though that wouldn't be a downfall, but we should be wary of the whole exchange let alone keeping assets there reminding it helps them a little bit to get out of the exchange.
Just now my friend panicked when he saw about the Binance news but he has realized and moved all bitcoin assets into a private wallet which he holds the key himself.
December 13, 2022, 01:29:14 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!
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