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Topic: People are giving too much importance to exchanges - page 4. (Read 1282 times)

full member
Activity: 1302
Merit: 129
Vaccinized.. immunity level is full.
6 months ago, my savings went down because of the FTX debacle. I've never used FTX, I've never been a customer of this company, but my savings are in BTC, and because of that failure, BTC's value went down, and so went my savings.
Today, bis repetita. I've never used Binance. I've never been a customer of this company, but because the SEC sues Binance, BTC is down, and so are my savings, so I have a message to all bitcoiners out there.
Exchanges and BTC are 2 different things. One exchange going down doesn't mean BTC must follow.
Binance will disappear? I don't give a damn.
In these days exchange is having traffic because of the calamity that happened recently on the transaction fee. Even in the forum we discovered that most of the campaign participants sent their exchange wallet address to managers to change the bitcoin wallet addresses. So with that many people are still using their exchange addresses for trading and other transaction activities.
Yes I will also agree with that keeping funds I'm exchange is at the owners' risk. Now that Binance is under a law suit and we don't know what will happen, so it is better the operators of the said exchange should not keep funds there for a long period.

It is generally considered risky to keep funds on an exchange for an extended period of time. Another layer of uncertainty has been added to the situation by the SEC's recent lawsuit against Binance. Taking appropriate steps to protect your funds is recommended for exchange operators and users alike.

When trading or engaging in transaction activities on an exchange, it's important to stay up-to-date on the latest legal developments, security practices, and regulatory compliance of the exchange. Using a hardware wallet for long-term storage can help you diversify your holdings while maintaining control over your funds.
hero member
Activity: 1148
Merit: 518
In these days exchange is having traffic because of the calamity that happened recently on the transaction fee. Even in the forum we discovered that most of the campaign participants sent their exchange wallet address to managers to change the bitcoin wallet addresses. So with that many people are still using their exchange addresses for trading and other transaction activities.
Yes I will also agree with that keeping funds I'm exchange is at the owners' risk. Now that Binance is under a law suit and we don't know what will happen, so it is better the operators of the said exchange should not keep funds there for a long period.
Areas that propagate problems receive a great deal of attention from the public; everyone wants to know what problems are hitting the market. Crypto exchanges are struggling to deal with fraudulent operations that harm the general public. Fraudsters target the top exchanges to be able to decrease their functional requirements; some fight back, while others give up and crash to the dump. I don't think it's an efficient time to hold our currencies on exchanges at the moment because it's riskier than storing fiat money in banks. Binance is now suffering significant problems, but all will be resolved in due course.
legendary
Activity: 1022
Merit: 1341
6 months ago, my savings went down because of the FTX debacle. I've never used FTX, I've never been a customer of this company, but my savings are in BTC, and because of that failure, BTC's value went down, and so went my savings.

Today, bis repetita. I've never used Binance. I've never been a customer of this company, but because the SEC sues Binance, BTC is down, and so are my savings, so I have a message to all bitcoiners out there.

Exchanges and BTC are 2 different things. One exchange going down doesn't mean BTC must follow.
Binance will disappear? I don't give a damn.
In these days exchange is having traffic because of the calamity that happened recently on the transaction fee. Even in the forum we discovered that most of the campaign participants sent their exchange wallet address to managers to change the bitcoin wallet addresses. So with that many people are still using their exchange addresses for trading and other transaction activities.
Yes I will also agree with that keeping funds I'm exchange is at the owners' risk. Now that Binance is under a law suit and we don't know what will happen, so it is better the operators of the said exchange should not keep funds there for a long period.
legendary
Activity: 3220
Merit: 1363
www.Crypto.Games: Multiple coins, multiple games
They don't know the importance of a open source wallet compare to binance wallet, I just recently found out that some people are into Bitcoin investment for a long time now, and they don't even understand that Bitcoin was never created to be put in care of any centralized companies.

I know a family friend in the U.S, he held all his XRP, NEO, and some top projects on Coinbase and this has been ongoing since 2019, I tried to tell him the different but he said it's easier for him to pu these assets in care of Coinbase, all he had on him was he trust Coinbase CEO, Brian Armstrong.

It's a big shame to witness how people are into Bitcoin for the money only and they failed to learn anything g about why Bitcoin even existed, anyone that understands why Bitcoin existed they will know what's wrong and what's right.

That's the real problem. Trust. When people start trusting exchanges to secure their crypto assets, they're bringing back the middleman into the system. This is the single point of failure crypto was meant to avoid in the first place. Because of this, governments can do whatever they want with crypto. Exchanges have a lot of power, thanks to people who don't know (or never care about) self-custody. There's nothing we can do about this  especially when the majority is into crypto to make a quick buck.

The clock is ticking for the crypto/Blockchain industry, so time will tell us whenever centralization will prevail or all the other way around. Unless decentralized exchanges grow in liquidity/trading volume and market dominance, the crypto industry won't be going anywhere soon. Who knows if CEXs ultimately destroy crypto's true value proposition? Just my opinion Smiley
full member
Activity: 336
Merit: 140
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Without a doubt you are correct. Some people do not worry about keeping their money and coins on exchanges either because they are ignorant of the risks or because they are aware of the risks but choose to take them nonetheless. And while it may appear that a centralised exchange like Binance is completely safe this is not the case at all. Professional or expert traders are fully aware of these hazards and they also know how to invest their money wisely and safely especially when trading. There have been instances of exchanges going bankrupt in the past and when FTX exchange went bankrupt it took a substantial chunk of money from several major investors. You may have recently heard of the Atomic Wallet hack in which many customers cash were transferred to unsecured wallets and no one knew where their funds ended up. We must thus take all necessary precautions to keep our money or coins as secure as possible.
The rhetoric of keeping coins on exchanges despite the risks seems unwise to me. Exchanges have long been the Achilles' heel of the crypto world. Centralization is a vulnerability, and these platforms, like Binance or FTX, are nothing more than juicy targets for hackers.

This isnt fear-mongering but an assertion based on historical evidence. Recollect the catastrophic Mt. Gox incident or the Bitfinex hack. When the dust settled, it was the innocent investors, not the 'whales', who suffered the most.

I cannot endorse such a nonchalant attitude towards security. Yes, dealing with private keys and hardware wallets can be cumbersome, but that's the price one must be willing to pay for true financial sovereignty. Its high time we stopped treating exchanges as banks and took full control of our digital assets.
Given historical occurrences like Mt. Gox and Bitfinex I can see your concerns about the security dangers involved with storing Bitcoin on exchanges. We must prioritise the security of our digital assets and be aware of the weaknesses of centralised platforms. While dealing with hardware wallets and private keys may seem tedious, they provide actual financial independence and autonomy. Keeping our private keys secure reduces the possibility of being a target of exchange attacks on a big scale. However it is crucial to take into account each person risk tolerance and situation because some people may prefer the simplicity and liquidity that exchanges provide for chances in trading or investing. By finding a balance between convenience and security and learning how to secure cryptocurrencies we may have the power to manage our digital assets and adhere to the decentralisation and financial sovereignty tenets.
hero member
Activity: 1316
Merit: 561
Leading Crypto Sports Betting & Casino Platform
`
Without a doubt you are correct. Some people do not worry about keeping their money and coins on exchanges either because they are ignorant of the risks or because they are aware of the risks but choose to take them nonetheless. And while it may appear that a centralised exchange like Binance is completely safe this is not the case at all. Professional or expert traders are fully aware of these hazards and they also know how to invest their money wisely and safely especially when trading. There have been instances of exchanges going bankrupt in the past and when FTX exchange went bankrupt it took a substantial chunk of money from several major investors. You may have recently heard of the Atomic Wallet hack in which many customers cash were transferred to unsecured wallets and no one knew where their funds ended up. We must thus take all necessary precautions to keep our money or coins as secure as possible.
The rhetoric of keeping coins on exchanges despite the risks seems unwise to me. Exchanges have long been the Achilles' heel of the crypto world. Centralization is a vulnerability, and these platforms, like Binance or FTX, are nothing more than juicy targets for hackers.

This isnt fear-mongering but an assertion based on historical evidence. Recollect the catastrophic Mt. Gox incident or the Bitfinex hack. When the dust settled, it was the innocent investors, not the 'whales', who suffered the most.

I cannot endorse such a nonchalant attitude towards security. Yes, dealing with private keys and hardware wallets can be cumbersome, but that's the price one must be willing to pay for true financial sovereignty. Its high time we stopped treating exchanges as banks and took full control of our digital assets.
full member
Activity: 1134
Merit: 140
many, many people store their assets on exchanges, even many on this forum do so. If you remember how exchanges scammed and got hacked, there were so many sufferers and lost funds!

If we'll look at how many bitcoins of clients Binance stores on its wallets, it will be a significant amount. So any problems with Binance will definitely impact the entire crypto market. This is a situation when the quantity is turned into quality.

Not to be worried a lot we should remember that 1BTC is always 1BTC. All temporary problems with centralized projects will pass and what we have will stay with us.
That's true, a lot of people I've seen complaining about their exchange accounts getting compromised and their assets being stolen because they have been keeping all their assets in their exchange account which is a big mistake, someone should only keep a specific amount of money in exchange, the money that they use as their trading capital if they are making trades regularly.

If someone doesn't make trades on a daily or a regular basis, they should simply keep their assets in a non-custodial wallet where they will be the only ones to have access to them and no one can access them unless they leak their seed phrase or private keys.
full member
Activity: 336
Merit: 140
Snip...

There are very few people that keep their coin on exchange for trading, most of the newbie keep their coins on exchange for holding and some old users also do this. We have many people staking their coins on exchanges which is why exchange have so many coins in their wallets. For traders, using exchange to store their trading capital, they already know that they're risking their coins.

But for individuals thinking exchange are the best place to hold their coins, they're the individual this post is focused on because they would regret choosing exchange over personal wallets when the exchange disappears with their coins or collapse due to hacks.
You are 100% correct, buddy. Saving or storing coins in exchanges is acceptable particularly in highly regarded and safe exchanges like Binance and Coinbase. I maintain my money in exchanges for a number of reasons.

  • I have to engage in active trading across various coin pairs.
  • On occasion I must purchase a coin quickly and send it from my savings wallet to the exchange which could take some time.
  • Recently, there have been problems with withdrawal fees especially with Bitcoin.

I believe that comparable problems are experienced by other traders which is why they retain their money on exchanges and reserve their savings accounts for long term investments. Additionally, I transferred all of my cash from the exchange owing to the recent FUD (Fear, Uncertainty, and Doubt) surrounding Coinbase and Binance.


There are actually some pros when it comes on using up an exchange on which it would really be just that normal that you should really seeing this to be beneficial or something that would really be comfortable
instead on making up some active withdrawal and deposit specially if you are a trader on which pulling it off on exchangers from time to time would really be that spending up for some fees but if you are some sort of whale then it would really be problem if you are really just that paranoid with safety on which i could say that it is really that a must thing to be done in the place. Some could really be able to deal up with the hassle
but there are some who couldnt and this is why despite of the risks they would simply just park their coins and even if they are wary about the risks, they dont really just care at all. This is why you should really be
that mindful about the risks on storing up your coins on exchangers. There's no such thing about 100% safe when we do deposit our coins into those centralized exchange. We dont possess those wallet
keys on which on the time that there's something happened then thats a huge trouble or problem into our coins.
Without a doubt you are correct. Some people do not worry about keeping their money and coins on exchanges either because they are ignorant of the risks or because they are aware of the risks but choose to take them nonetheless. And while it may appear that a centralised exchange like Binance is completely safe this is not the case at all. Professional or expert traders are fully aware of these hazards and they also know how to invest their money wisely and safely especially when trading. There have been instances of exchanges going bankrupt in the past and when FTX exchange went bankrupt it took a substantial chunk of money from several major investors. You may have recently heard of the Atomic Wallet hack in which many customers cash were transferred to unsecured wallets and no one knew where their funds ended up. We must thus take all necessary precautions to keep our money or coins as secure as possible.
full member
Activity: 150
Merit: 100
This are the small value of market sentiment and you have used your savings when you want if u like and your bitcoin you have a mine other choice and market is not stranded that all are know and like happen some times and this are not surprise in that and have should be a long investment scheme and every bear market and have a bull market due to wait for long time is will be continue .
legendary
Activity: 3122
Merit: 1140
I understand why some people are preferred to keep their Bitcoins in an exchange wallet and that is for trading, not for holding. But these people know what will happen when an exchange got scammed or whatever, yet they still do it despite the risk because of their trust. It could be a manipulating power that most exchanges injected into the mind of the holders. We know it was wrong but can't change their stances as well as it was their choice. They will change their minds when experiencing losses of their funds from exchanges.

There are very few people that keep their coin on exchange for trading, most of the newbie keep their coins on exchange for holding and some old users also do this. We have many people staking their coins on exchanges which is why exchange have so many coins in their wallets. For traders, using exchange to store their trading capital, they already know that they're risking their coins.

But for individuals thinking exchange are the best place to hold their coins, they're the individual this post is focused on because they would regret choosing exchange over personal wallets when the exchange disappears with their coins or collapse due to hacks.
You are 100% correct, buddy. Saving or storing coins in exchanges is acceptable particularly in highly regarded and safe exchanges like Binance and Coinbase. I maintain my money in exchanges for a number of reasons.

  • I have to engage in active trading across various coin pairs.
  • On occasion I must purchase a coin quickly and send it from my savings wallet to the exchange which could take some time.
  • Recently, there have been problems with withdrawal fees especially with Bitcoin.

I believe that comparable problems are experienced by other traders which is why they retain their money on exchanges and reserve their savings accounts for long term investments. Additionally, I transferred all of my cash from the exchange owing to the recent FUD (Fear, Uncertainty, and Doubt) surrounding Coinbase and Binance.


There are actually some pros when it comes on using up an exchange on which it would really be just that normal that you should really seeing this to be beneficial or something that would really be comfortable
instead on making up some active withdrawal and deposit specially if you are a trader on which pulling it off on exchangers from time to time would really be that spending up for some fees but if you are some sort of whale then it would really be problem if you are really just that paranoid with safety on which i could say that it is really that a must thing to be done in the place. Some could really be able to deal up with the hassle
but there are some who couldnt and this is why despite of the risks they would simply just park their coins and even if they are wary about the risks, they dont really just care at all. This is why you should really be
that mindful about the risks on storing up your coins on exchangers. There's no such thing about 100% safe when we do deposit our coins into those centralized exchange. We dont possess those wallet
keys on which on the time that there's something happened then thats a huge trouble or problem into our coins.
sr. member
Activity: 1218
Merit: 279
You're a forum legend, which means you've been through a lot of ups and downs with bitcoin. It's hard to understand why until now, you still blame exchanges or anyone every time bitcoin drops in price. News, whether positive or negative, is part of the market, and it will always affect the market. Wise people will take advantage of it to make a profit or accumulate more bitcoins, no one complains and blames like you.
We should not tender our blames and complaints to exchanges, they have no business with the pump and dump of bitcoin, the earlier we start rooting out our the challenges we face in the market, the more time we create to solved our problems. No relenting efforts, we need to ensure there's always plan B inother to backup our primary objective. Bitcoin dumps are caused by seasonal operations of the market. We are currently in the bear season, a time to accumulate more pieces of bitcoin, and withdrawing our profits when the bull season finally comes.  
legendary
Activity: 3010
Merit: 1280
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There are very few people that keep their coin on exchange for trading, most of the newbie keep their coins on exchange for holding and some old users also do this. We have many people staking their coins on exchanges which is why exchange have so many coins in their wallets. For traders, using exchange to store their trading capital, they already know that they're risking their coins.

But for individuals thinking exchange are the best place to hold their coins, they're the individual this post is focused on because they would regret choosing exchange over personal wallets when the exchange disappears with their coins or collapse due to hacks.
You are 100% correct, buddy. Saving or storing coins in exchanges is acceptable particularly in highly regarded and safe exchanges like Binance and Coinbase.

It is acceptable until you find the exchange got hacked and you are unable to recover your fund due to the severity of the exchange losses.  It is still wise to keep our funds away from third-party control.  We never know when the things gets rough so better to have a full control of our funds.

I maintain my money in exchanges for a number of reasons.

  • I have to engage in active trading across various coin pairs.
  • On occasion I must purchase a coin quickly and send it from my savings wallet to the exchange which could take some time.

This is a good reason to keep our funds in exchange since we have our funds on them due to trading.  At least there is a good reason and that is for trading.

  • Recently, there have been problems with withdrawal fees especially with Bitcoin.

We can always convert our funds temporarily to other established cryptocurrency just to make sure that we have full control of our funds, then we can just convert it again when the fee gets lower.
hero member
Activity: 2268
Merit: 789
Negative news creates panick and weak hands tend to easily give in and sell off their crypto assets The FTX debacle created FUD and some investors sold their Bitcoin as a result of fear and it crashed the market. SEC suing of Coinbase and Binance might be responsible for the downward movement of Bitcoin to the 25k price mark and sadly that's how the market works. But for some of us that have been around for some time and have seen this happened over again and again, we can say that it's nothing to lose your sleep over, and keep hodling your bitcoin.

Also just to note, remember the factors that affect the price of BTC in the market.

Generally, the price of cryptocurrencies can be affected by two (2) factors, namely: extrinsic and intrinsic factors. The FTX conflict is what we call an extrinsic factor where people would panic sell their cryptocurrencies, thereby increasing supply and ultimately lowering its price on the market.

These are nothing but normal occurrences that happen in this kind of investment. Since lots of factors decide the price of it, exchanges and other types of problems may affect the price of BTC and other cryptocurrencies in the market.
member
Activity: 840
Merit: 23
6 months ago, my savings went down because of the FTX debacle. I've never used FTX, I've never been a customer of this company, but my savings are in BTC, and because of that failure, BTC's value went down, and so went my savings.

Today, bis repetita. I've never used Binance. I've never been a customer of this company, but because the SEC sues Binance, BTC is down, and so are my savings, so I have a message to all bitcoiners out there.

Exchanges and BTC are 2 different things. One exchange going down doesn't mean BTC must follow.
Binance will disappear? I don't give a damn.
I don't think I understand your point, you just gave instances where the exchange platform went down for some reasons and Bitcoin also went down with it, I know Bitcoin and exchange are 2 different world's but, the growth of 1 is greatly determined by the other......

I'll need clarifications if I'm wrong though.
I'd appreciate if clarification is made
sr. member
Activity: 728
Merit: 388
Vave.com - Crypto Casino
They don't know the importance of a open source wallet compare to binance wallet, I just recently found out that some people are into Bitcoin investment for a long time now, and they don't even understand that Bitcoin was never created to be put in care of any centralized companies.

I know a family friend in the U.S, he held all his XRP, NEO, and some top projects on Coinbase and this has been ongoing since 2019, I tried to tell him the different but he said it's easier for him to pu these assets in care of Coinbase, all he had on him was he trust Coinbase CEO, Brian Armstrong.

It's a big shame to witness how people are into Bitcoin for the money only and they failed to learn anything g about why Bitcoin even existed, anyone that understands why Bitcoin existed they will know what's wrong and what's right.
full member
Activity: 336
Merit: 140
I understand why some people are preferred to keep their Bitcoins in an exchange wallet and that is for trading, not for holding. But these people know what will happen when an exchange got scammed or whatever, yet they still do it despite the risk because of their trust. It could be a manipulating power that most exchanges injected into the mind of the holders. We know it was wrong but can't change their stances as well as it was their choice. They will change their minds when experiencing losses of their funds from exchanges.

There are very few people that keep their coin on exchange for trading, most of the newbie keep their coins on exchange for holding and some old users also do this. We have many people staking their coins on exchanges which is why exchange have so many coins in their wallets. For traders, using exchange to store their trading capital, they already know that they're risking their coins.

But for individuals thinking exchange are the best place to hold their coins, they're the individual this post is focused on because they would regret choosing exchange over personal wallets when the exchange disappears with their coins or collapse due to hacks.
You are 100% correct, buddy. Saving or storing coins in exchanges is acceptable particularly in highly regarded and safe exchanges like Binance and Coinbase. I maintain my money in exchanges for a number of reasons.

  • I have to engage in active trading across various coin pairs.
  • On occasion I must purchase a coin quickly and send it from my savings wallet to the exchange which could take some time.
  • Recently, there have been problems with withdrawal fees especially with Bitcoin.

I believe that comparable problems are experienced by other traders which is why they retain their money on exchanges and reserve their savings accounts for long term investments. Additionally, I transferred all of my cash from the exchange owing to the recent FUD (Fear, Uncertainty, and Doubt) surrounding Coinbase and Binance.

legendary
Activity: 1176
Merit: 1005
crunck
You're a forum legend, which means you've been through a lot of ups and downs with bitcoin. It's hard to understand why until now, you still blame exchanges or anyone every time bitcoin drops in price. News, whether positive or negative, is part of the market, and it will always affect the market. Wise people will take advantage of it to make a profit or accumulate more bitcoins, no one complains and blames like you.
member
Activity: 499
Merit: 16
Man, that's rough! It sucks when external events impact your savings like that. Just remember, exchanges and BTC are separate things. Just because one exchange goes down doesn't mean BTC has to follow. So what if Binance is facing issues? I couldn't care less! Keep hodling and don't let these setbacks get you down. Stay positive, my fellow Bitcoiner!
sr. member
Activity: 658
Merit: 441
Negative news creates panick and weak hands tend to easily give in and sell off their crypto assets The FTX debacle created FUD and some investors sold their Bitcoin as a result of fear and it crashed the market. SEC suing of Coinbase and Binance might be responsible for the downward movement of Bitcoin to the 25k price mark and sadly that's how the market works. But for some of us that have been around for some time and have seen this happened over again and again, we can say that it's nothing to lose your sleep over, and keep hodling your bitcoin.
legendary
Activity: 3220
Merit: 1363
www.Crypto.Games: Multiple coins, multiple games
6 months ago, my savings went down because of the FTX debacle. I've never used FTX, I've never been a customer of this company, but my savings are in BTC, and because of that failure, BTC's value went down, and so went my savings.

Today, bis repetita. I've never used Binance. I've never been a customer of this company, but because the SEC sues Binance, BTC is down, and so are my savings, so I have a message to all bitcoiners out there.

Exchanges and BTC are 2 different things. One exchange going down doesn't mean BTC must follow.
Binance will disappear? I don't give a damn.

That's because people consider crypto as an investment. Not as a tool/technology/currency you can use to achieve financial freedom and sovereignity. It's all about making the most money within the shortest time possible. Wall Street got its hands into crypto/Blockchain tech, and totally ruined its true value proposition. This makes crypto no different than ordinary stocks. That's why you see how CEXs can either positively or negatively affect crypto market prices in an instant. Imagine if all CEXs are banned from the face of the Earth. It would be game over for the crypto/Blockchain industry as a whole. There's nothing we can do about this, other than "go on with the flow".

What really matters is that crypto stays decentralized so it could stand the test of time. Governments will continue to battle against crypto, but they won't be able to succeed if decentralization is in the way. If everything goes accordingly as planned, crypto (especially Bitcoin) will be able to live alongside Fiat currencies for generations. Who knows if acting now will make you filthy rich in the future? Just my thoughts Grin
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