The reply is very rude but again, he just spoke what they do best, you know very well that they are centralized exchanges like banks, they have their policy and terms you accepted in the course of registration, no one should feel bitter for his response.
I used centralized exchanges when there is a need for normal p2p it's and strictly fiat to crypto and as soon as I get credited, my balance remains zero. Don't dare exchange to keep your assets, it's dangerous. Always remember not your keys not your authorization to spend the way you may want.
Topic: Kraken CEO give a heads up to carefully use CEX (Read 411 times)
I would also wonder what did people really expected? I mean trader or not, if you are dealing with a company that is registered in the USA and they are following all the laws they have to so that they wouldn't be closed or punished or sued, then what did you really expected?
Are there any people out there who thinks that government will come knocking on Krakens door, tell them to give over the crypto of some people, you think Kraken would have gone "no, we are decentralized!!" and not share it? Obviously they would, this is not a news, he didn't say something we didn't already know. Some people are acting like "how could they!!!" but this was the case the moment their exchange was up.
At least he do make out some warning but only applicable or relevant into those newbies who dont know on how this market works but for those who do have experience then this is a casual stuffAre there any people out there who thinks that government will come knocking on Krakens door, tell them to give over the crypto of some people, you think Kraken would have gone "no, we are decentralized!!" and not share it? Obviously they would, this is not a news, he didn't say something we didn't already know. Some people are acting like "how could they!!!" but this was the case the moment their exchange was up.
that we do already know about yet this had been always part of the risk when you are dealing with centralized and licensed platforms which it is understandable that they are under on certain laws
and if those laws would tend to make out some stirring then no surprise that they would really be having these kind of lock ups or change of requirements.
I would also wonder what did people really expected? I mean trader or not, if you are dealing with a company that is registered in the USA and they are following all the laws they have to so that they wouldn't be closed or punished or sued, then what did you really expected?
Are there any people out there who thinks that government will come knocking on Krakens door, tell them to give over the crypto of some people, you think Kraken would have gone "no, we are decentralized!!" and not share it? Obviously they would, this is not a news, he didn't say something we didn't already know. Some people are acting like "how could they!!!" but this was the case the moment their exchange was up.
Are there any people out there who thinks that government will come knocking on Krakens door, tell them to give over the crypto of some people, you think Kraken would have gone "no, we are decentralized!!" and not share it? Obviously they would, this is not a news, he didn't say something we didn't already know. Some people are acting like "how could they!!!" but this was the case the moment their exchange was up.
Trading is a different situation, if you are about to trade and all then of course it makes sense, nobody would argue against that. However, let's not forget all those people how use exchanges as a wallet. I personally do that and know it is wrong and yet I still do that.
Binance is literally my wallet, no idea why I am doing that but I should probably stop doing it for sure. At the end of the day, life is not that easy and not all of us could afford a hardware wallet, and having it on our PC means one bad virus and it is all gone. Sometimes we may fail to find a proper way to defend it, but it is out there and we need to look and search for it for sure.
Binance is literally my wallet, no idea why I am doing that but I should probably stop doing it for sure. At the end of the day, life is not that easy and not all of us could afford a hardware wallet, and having it on our PC means one bad virus and it is all gone. Sometimes we may fail to find a proper way to defend it, but it is out there and we need to look and search for it for sure.
Which is why we do not apply the people who are trading to this advice of keeping your coins off exchanges. Obviously Kraken boss and everyone else with a sense of Bitcoin and crypto will always say, don't use an exchange to keep your coins. There are no exceptions (trading is not an exception as you're using it as capital not keeping it as savings or holdings).
You're the perfect example, why use Binance as wallet? There's literally no advantage:
- fees are higher
- you can't use it rightaway
No need hardware wallet if you can't afford. Download Electrum or any other free open-source wallet. Bad virus won't necessarily make your wallet gone if you store your private keys or seed safely (offline).
of COURSE if you're trading then you should be having your funds on the platform! But I think we're talking about very different things here. I mean of COURSE if you're trading, your funds are on exchange. If you're escrowing or gambling, your funds are with escrow or with casino. That's the risk you take when using your BTC for a service.
I'm sure we're all talking about keeping as in storing, right?
Trading is a different situation, if you are about to trade and all then of course it makes sense, nobody would argue against that. However, let's not forget all those people how use exchanges as a wallet. I personally do that and know it is wrong and yet I still do that.I'm sure we're all talking about keeping as in storing, right?
Binance is literally my wallet, no idea why I am doing that but I should probably stop doing it for sure. At the end of the day, life is not that easy and not all of us could afford a hardware wallet, and having it on our PC means one bad virus and it is all gone. Sometimes we may fail to find a proper way to defend it, but it is out there and we need to look and search for it for sure.
which means that we are really just not serious on keeping our assets on a safe place.We dont really act out if we dont experience problems with our finances but if the time comes then you would
surely regret that you havent done it earlier or before.
If you can't afford to buy hardware wallet, why not use other free wallets like electrum as it only requires small space in your computer. Because bitcoincore is not practical as it is too heavy for the computer. Though I can understand if some people are using CEX like binance as their wallet, because they are confident about this exchange. Which for me, is also good if you are a regular trader. But if you will not use the exchange for long time, better transfer it to your noncustodial wallet.
of COURSE if you're trading then you should be having your funds on the platform! But I think we're talking about very different things here. I mean of COURSE if you're trading, your funds are on exchange. If you're escrowing or gambling, your funds are with escrow or with casino. That's the risk you take when using your BTC for a service.
I'm sure we're all talking about keeping as in storing, right?
Trading is a different situation, if you are about to trade and all then of course it makes sense, nobody would argue against that. However, let's not forget all those people how use exchanges as a wallet. I personally do that and know it is wrong and yet I still do that.I'm sure we're all talking about keeping as in storing, right?
Binance is literally my wallet, no idea why I am doing that but I should probably stop doing it for sure. At the end of the day, life is not that easy and not all of us could afford a hardware wallet, and having it on our PC means one bad virus and it is all gone. Sometimes we may fail to find a proper way to defend it, but it is out there and we need to look and search for it for sure.
which means that we are really just not serious on keeping our assets on a safe place.We dont really act out if we dont experience problems with our finances but if the time comes then you would
surely regret that you havent done it earlier or before.
of COURSE if you're trading then you should be having your funds on the platform! But I think we're talking about very different things here. I mean of COURSE if you're trading, your funds are on exchange. If you're escrowing or gambling, your funds are with escrow or with casino. That's the risk you take when using your BTC for a service.
I'm sure we're all talking about keeping as in storing, right?
Trading is a different situation, if you are about to trade and all then of course it makes sense, nobody would argue against that. However, let's not forget all those people how use exchanges as a wallet. I personally do that and know it is wrong and yet I still do that.I'm sure we're all talking about keeping as in storing, right?
Binance is literally my wallet, no idea why I am doing that but I should probably stop doing it for sure. At the end of the day, life is not that easy and not all of us could afford a hardware wallet, and having it on our PC means one bad virus and it is all gone. Sometimes we may fail to find a proper way to defend it, but it is out there and we need to look and search for it for sure.
And I totally disagree about not anyone being able to keep coins in their own wallet. It's actually so much easier to keep crypto in your own wallet and have a watchlist to keep an eye on it. No need logging in, 2fa, etc on an exchange to see if it's still there (and worse, even if it's still there you can't take it unless you request a withdraw).
Would really be just common sense but as a trader then its normal that our funds would be put up on a platform for better access and execution of your trading positions and if you do have those funds anytime on yourown non custodial wallet then you would surely be having that time consuming deposits of funds plus would be having that expense in speaking of fees on which this is the main reason on why they much prefer
on parking out their coins into platforms.We are all aware of possible hacks or incidents like this to happen which isnt surprising.
Well of COURSE if you're trading then you should be having your funds on the platform! But I think we're talking about very different things here. I mean of COURSE if you're trading, your funds are on exchange. If you're escrowing or gambling, your funds are with escrow or with casino. That's the risk you take when using your BTC for a service.
I'm sure we're all talking about keeping as in storing, right?
This is good habit to have but tbh I never used it. I don't have much money but I keep it on binance. I know isn't smartes way but I didn't have any problem.
It isn't really a smart move. Exchanges should be used as an exchange and not a place to store your crypto. Even the exchange is binance and other reputable exchanges, that's not enough reason why you should keep it there.
You're at risk because you hold no funds upon doing that.
Always remember the famous quote line:
Quote
Not your keys, not your coins.
This is good habit to have but tbh I never used it. I don't have much money but I keep it on binance. I know isn't smartes way but I didn't have any problem.
It's still regardless. To be honest, it's not something that anyone could do but it's a great practice to do. Even if you don't have a lot of money invested in crypto, you wouldn't want it to go to waste, right? Like no matter what you could do it's still a good practice to have it stored in a safe location and you won't regret it either way. Yeah, and it's too late when it becomes a problem. It's like leaving your wallet out on the streets. As long as no one takes it, it's not a problem. By the time someone does, it's not possible to fix it.
And I totally disagree about not anyone being able to keep coins in their own wallet. It's actually so much easier to keep crypto in your own wallet and have a watchlist to keep an eye on it. No need logging in, 2fa, etc on an exchange to see if it's still there (and worse, even if it's still there you can't take it unless you request a withdraw).
own non custodial wallet then you would surely be having that time consuming deposits of funds plus would be having that expense in speaking of fees on which this is the main reason on why they much prefer
on parking out their coins into platforms.We are all aware of possible hacks or incidents like this to happen which isnt surprising.
This is good habit to have but tbh I never used it. I don't have much money but I keep it on binance. I know isn't smartes way but I didn't have any problem.
It's still regardless. To be honest, it's not something that anyone could do but it's a great practice to do. Even if you don't have a lot of money invested in crypto, you wouldn't want it to go to waste, right? Like no matter what you could do it's still a good practice to have it stored in a safe location and you won't regret it either way. Yeah, and it's too late when it becomes a problem. It's like leaving your wallet out on the streets. As long as no one takes it, it's not a problem. By the time someone does, it's not possible to fix it.
And I totally disagree about not anyone being able to keep coins in their own wallet. It's actually so much easier to keep crypto in your own wallet and have a watchlist to keep an eye on it. No need logging in, 2fa, etc on an exchange to see if it's still there (and worse, even if it's still there you can't take it unless you request a withdraw).
~snip
This is good habit to have but tbh I never used it. I don't have much money but I keep it on binance. I know isn't smartes way but I didn't have any problem. I think if you are someone who is in it for the long run, then it’s better to hold on to your coins with your hardware wallet or something. Because you can never have control with your coins if it is in a centralized exchange, I think it’s not just CEX But also just centralized exchanges in general.
You wouldn’t have to worry too much if you are not doing anything wrong it’s just that it is a good practice to hold onto your coins for yourself.
This is good habit to have but tbh I never used it. I don't have much money but I keep it on binance. I know isn't smartes way but I didn't have any problem. You wouldn’t have to worry too much if you are not doing anything wrong it’s just that it is a good practice to hold onto your coins for yourself.
Not your keys Not your coins.
I really think every APP and wallet should start with that. Let people know that yes you can keep your BTC anyplace they want. But, if it's not local to them then it's not theirs.
I just bought some BTC to trade, and I left it on the exchange. I know the risks. How many people do not?
-Dave
got "freeze" is quite a serious threat to those who store their crypto assets on CEX...I really think every APP and wallet should start with that. Let people know that yes you can keep your BTC anyplace they want. But, if it's not local to them then it's not theirs.
I just bought some BTC to trade, and I left it on the exchange. I know the risks. How many people do not?
-Dave
but I also can't deny, that I keep some of my assets for trading on CEX, I know the risks too but I still believe Binance and kucoin will be responsible for the assets which I put on their exchange.
The hassle thing about pulling in and putting in funds on CEX is understandable on which this isnt surprising on why people do really take the risk
on storing up their assets on a centralize platform despite of that common problem.Its up to save up some fees plus having the easy access whenever
you do make buying or selling decisions.
I think if you are someone who is in it for the long run, then it’s better to hold on to your coins with your hardware wallet or something. Because you can never have control with your coins if it is in a centralized exchange, I think it’s not just CEX But also just centralized exchanges in general.
You wouldn’t have to worry too much if you are not doing anything wrong it’s just that it is a good practice to hold onto your coins for yourself.
You wouldn’t have to worry too much if you are not doing anything wrong it’s just that it is a good practice to hold onto your coins for yourself.
Not your keys Not your coins.
I really think every APP and wallet should start with that. Let people know that yes you can keep your BTC anyplace they want. But, if it's not local to them then it's not theirs.
I just bought some BTC to trade, and I left it on the exchange. I know the risks. How many people do not?
-Dave
got "freeze" is quite a serious threat to those who store their crypto assets on CEX...I really think every APP and wallet should start with that. Let people know that yes you can keep your BTC anyplace they want. But, if it's not local to them then it's not theirs.
I just bought some BTC to trade, and I left it on the exchange. I know the risks. How many people do not?
-Dave
but I also can't deny, that I keep some of my assets for trading on CEX, I know the risks too but I still believe Binance and kucoin will be responsible for the assets which I put on their exchange.
Well, one reason to avoid custodialexchanges/wallet. I have already been avoiding them for a quite a long time now. I have usually had this feeling that if the government wants to take any action at all, it would be through these custodial wallets and exchanges, since they are being regulated by the government. So, anyone who doesn’t want to get into such troubles is best off avoiding them entirely.
For over a year now I have been making use of p2p, and I would also like to point out that p2p has benefited me more than making use of CEX, as I get to set my own terms and make good profit from selling my assets. Some people tend to avoid p2p because it’s usually difficult at first to understand, but when you try it out a few times, you will get to understand.
For over a year now I have been making use of p2p, and I would also like to point out that p2p has benefited me more than making use of CEX, as I get to set my own terms and make good profit from selling my assets. Some people tend to avoid p2p because it’s usually difficult at first to understand, but when you try it out a few times, you will get to understand.
That's true and he got some balls to admit that even if being the CEO of an centralized exchange but he was talking about freezing particular account if regulatory body claims that the account involved some illegal activities so not everyone have to worry about freezing an account unless they aren't doing anything against the government and ToS of exchanges.
There would be some lock up of funds but it would be temporary and its true that as long the platform would really abide out the law or regulation then they would just simply make out some changesand once they would integrate it then users do need to follow it which means that you wouldnt be having be no choice but to deal with it.Locked up funds would be temporary
unless if we do talk about hacking incident.We havent seen government intervention which do involves locked up funds without any recovery or having access into it.
That's pretty good of them to have that advisory because they know that if they don't do it, they're the ones that's going to get the flak when the freeze finally happens and I think that people should start doing so because it's only a matter of time before CEX are going to be under the thumb of the government to do their bidding.
So I don't know much about the worries that followed.
It's for every exchange and every trader, it's a general talk that all of us should be careful with centralized exchanges. He's not just a CEO but he's also a user like us that knows the risk that it bears when letting our funds sleep into cexes.Even if an exchange showed strong SAFU policy, don't rely on it most of the time as they all have limited funds. Once a big hack happens and they've got no enough fund to cover the loss, everyone's at loss.
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