This feels like it's going to throw fuel in the fire if the forum agrees to do it now. It also might put more investor funds at risk by spreading fud - bad exchanges could still have enough funds to make withdrawals possible if they don't have all client funds now by making them back from fees (like bitfinex did).
Doing something like this might only benefit one party (binance - the largest exchange based on volume). It's not clear but completely logical they've done the above (used user funds to do risky things and made it back more than enough in fees and investments to make them able to think they have enough money to cover all their clients' funds and accounts.
I'd agree in education on using dexes, avoiding cexes and practicing due diligence to ensure you hold custody of your funds and keep them.
Topic: [PETITION] Create a "Get your funds out of exchanges" in Important Announcements - page 3. (Read 835 times)
November 13, 2022, 01:38:01 PM
November 13, 2022, 01:21:18 PM
Title: Withdraw your bitcoins from online accounts now!
Quote
Reminder: do not keep your money in online accounts
When you log into a site and it says that you have a balance of "1 BTC" or "1 USD", this does not actually mean that you have that money. Rather, it means that the company showing you this balance owes you that money. In other words, you've given a loan to the exchange. Maybe the exchange will pay you back, but history is littered with defunct exchanges which were widely trusted at the time but ended up not paying back their depositors.
To the greatest extent possible, you should always avoid keeping BTC (or anything else) in online accounts. This is especially important right now because a very large exchange went bankrupt recently, and this may cause a contagion effect which will take down other sites which accept deposits.
Ideally, you should keep your BTC in a wallet where only you control the private keys. Here are some good options:
Be vigilant - make sure you download the legit wallets and not counterfeit copies of them.
Also, note that many DeFi systems are either fundamentally centralized despite using DeFi tokens/contracts and are therefore about as risky as online wallets, or they are potentially vulnerable to the FTX contagion due to the way that they're designed. Avoid depositing crypto in any service that promises you a monthly or yearly yield, because those services are inherently unstable and are vulnerable to collapse, such as Celsius.
When you log into a site and it says that you have a balance of "1 BTC" or "1 USD", this does not actually mean that you have that money. Rather, it means that the company showing you this balance owes you that money. In other words, you've given a loan to the exchange. Maybe the exchange will pay you back, but history is littered with defunct exchanges which were widely trusted at the time but ended up not paying back their depositors.
To the greatest extent possible, you should always avoid keeping BTC (or anything else) in online accounts. This is especially important right now because a very large exchange went bankrupt recently, and this may cause a contagion effect which will take down other sites which accept deposits.
Ideally, you should keep your BTC in a wallet where only you control the private keys. Here are some good options:
- For desktops, use Electrum. It also has an Android version.
- For iOS, you can use Bluewallet.
- If you also need to store altcoins, Trust Wallet is a good option.
- If you have a large amount of any coin, store them in a hardware wallet. Reputable hardware wallet vendors include Trezor and Ledger. Do not store large amounts of crypto on an exchange.
Be vigilant - make sure you download the legit wallets and not counterfeit copies of them.
Also, note that many DeFi systems are either fundamentally centralized despite using DeFi tokens/contracts and are therefore about as risky as online wallets, or they are potentially vulnerable to the FTX contagion due to the way that they're designed. Avoid depositing crypto in any service that promises you a monthly or yearly yield, because those services are inherently unstable and are vulnerable to collapse, such as Celsius.
November 13, 2022, 01:19:00 PM
Following my post on this thread:
I believe Not Your Keys Not Your Coins is even more important right now than something like, say, my own activist campaign considering that a lot of people are going to lose money if they do not see this information very clearly.
I see two options:
1: Put it in the News banner. I don't think you can put custom text in the blue bar, and a factoid is inappropriate for something as important as this.
2: Make a thread in Important Announcements board. Not about FTX but about not your keys, not your coins, and reference Celsius and FTX as recent examples. The last announcement was made in 2018 related to Electrum vulnerabilities, when a lot of people were at risk of losing their money too. So I think it's wholly appropriate.
2 is more advantageous, as you can lobby any global moderator or VIP to post it there without bothering theymos.
I have come to the conclusion that a number of people find it very important to warn people about the dangers of leaving your coins on exchanges and yield platforms, considering that they are falling like flies all year and are perfectly capable of continuing to fall like this well into next year as well.
It is in every bitcoiner and crypto user's best interest to protect other users' funds so that they don't fall into a 3rd-party centralized black hole.
Unfortunately, there is no prominent thread in Important Announcements that addresses this. Actually, almost nobody goes to that board anyway so they will only look at the topic title most likely, so it will need to be to-the-point. Only then will it stand a chance in being noticed.
o_e_l_e_o's excellent thread on the subject can be linked for additional reading if desired.
The exact title and contents of the topic will need to be discussed by the community so that a consensus is reached, but I intend to have a global mod or VIP member post it on our behalf.
This is a valid point of concern because when exchanges are sinking they take down their investors funds with them. Having said that, will theymos allow for the banner display to happen?
I cannot see him adding a not your keys not your coins banner (especially for free) as a warning no matter how much momentum the campaign gathers. Even paid banner advertising was discontinued therefore if financial gain or placement of free public announcement for benefit of the community will not sway his opinion, then what will?
Is something like this what you mean?
I cannot see him adding a not your keys not your coins banner (especially for free) as a warning no matter how much momentum the campaign gathers. Even paid banner advertising was discontinued therefore if financial gain or placement of free public announcement for benefit of the community will not sway his opinion, then what will?
Is something like this what you mean?
I believe Not Your Keys Not Your Coins is even more important right now than something like, say, my own activist campaign considering that a lot of people are going to lose money if they do not see this information very clearly.
I see two options:
1: Put it in the News banner. I don't think you can put custom text in the blue bar, and a factoid is inappropriate for something as important as this.
2: Make a thread in Important Announcements board. Not about FTX but about not your keys, not your coins, and reference Celsius and FTX as recent examples. The last announcement was made in 2018 related to Electrum vulnerabilities, when a lot of people were at risk of losing their money too. So I think it's wholly appropriate.
2 is more advantageous, as you can lobby any global moderator or VIP to post it there without bothering theymos.
I have come to the conclusion that a number of people find it very important to warn people about the dangers of leaving your coins on exchanges and yield platforms, considering that they are falling like flies all year and are perfectly capable of continuing to fall like this well into next year as well.
It is in every bitcoiner and crypto user's best interest to protect other users' funds so that they don't fall into a 3rd-party centralized black hole.
Unfortunately, there is no prominent thread in Important Announcements that addresses this. Actually, almost nobody goes to that board anyway so they will only look at the topic title most likely, so it will need to be to-the-point. Only then will it stand a chance in being noticed.
o_e_l_e_o's excellent thread on the subject can be linked for additional reading if desired.
The exact title and contents of the topic will need to be discussed by the community so that a consensus is reached, but I intend to have a global mod or VIP member post it on our behalf.
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