It is in vain to repeat "not your keys not your coins" over and over when the average investor in Bitcoin or some altcoin has no idea what a private key is and that a centralized exchange is not a crypto bank. In addition, we should not forget how easy it is to buy the affection of all those naive investors who have some kind of role model in people like Bankman, CZ or Musk - and while they add billions to their private accounts, 95% of those who try to trade with cryptocurrencies are left with nothing.
Nothing has changed in the way this game works, and nothing will not change in the future - some new CEX will appear with some new token and everything will start from the beginning.
Topic: Recent event: Stay away from centralized exchanges (FTX, Binance, etc), use DEX - page 2. (Read 284 times)
November 09, 2022, 04:51:52 AM
November 09, 2022, 04:44:13 AM
Don't use centralized exchange anymore, learn to use decentralized exchange e.g. BISQ.
Probably an exaggeration to say 99% but 90% is a clear possibility people that who make a high volume on Binance or FTX will have no use for BISQ. Those are traders that are doing a hundred trades a day, scalping every few dollars in a price change, a thing that's impossible over BISQ, for them, it's like asking a forex trader to move over and use an airport booth currency exchange.
It's simple in theory to ask everyone to move to dex but for some DEX are simply not offering what they want.
What's funny is that this event was a repeat of history — sort of like MtGox v2; whereas FTX, an exchange that people trusted a lot(just like people had heavy trust on MtGox back then), ended up having insolvency problems(presumably, things still aren't 100% clear) in the end.
Way too many differences
- FTX had not that huge market share
- FTX hasn't been hacked and didn't get assets stolen
- Mt Gox wasn't attacked and stabbed in the back by Bitstamp
November 09, 2022, 04:29:40 AM
Recent event should make us aware to leave centralized exchange and move to decentralized exchange, FTX...
So I guess that you managed to miss all 3 topics of o_e_l_e_o called Recent events should make you withdraw all your coins to your own wallet (part1, part2, part3)?
That's sad. I mean, the warnings are there since forever and this year, through these topics (since February!!) the information is clear, more present and .. scary.
I don't think that the topic is unnecessary, maybe this one will be seen by those who missed the others. But really, how many wakeup calls are necessary?
I've read, sadly, also about people trusting - pretty much blindly - that they'll get refunded. That's a clear mistake. I urge everybody give it a good thinking and do better.
November 09, 2022, 04:12:30 AM
What's funny is that this event was a repeat of history — sort of like MtGox v2; whereas FTX, an exchange that people trusted a lot(just like people had heavy trust on MtGox back then), ended up having insolvency problems(presumably, things still aren't 100% clear) in the end.
November 09, 2022, 01:08:10 AM
Recent event should make us aware to leave centralized exchange and move to decentralized exchange, FTX aka the top 2 popular centralized exchange right now are halts all crypto withdrawals [1] this is also another reason why you must not leave your coins inside the exchange, you must hold in your non custodial wallet or hardware wallet, remember "not your keys, not your coins".
There's a complaint from a user who can't withdraw his money on FTX [2]
There's also a news if Binance want to acquire FTX [3] even though Binance is the top 1 centralized exchange, don't forget Binance has an accusation where they block user withdrawal [4] and force anyone to submit KYC [5]
Don't use centralized exchange anymore, learn to use decentralized exchange e.g. BISQ.
[1] https://www.coindesk.com/business/2022/11/08/ftx-exchange-halts-all-crypto-withdrawals/
[2] https://bitcointalksearch.org/topic/ftx-scam-unable-to-withdraw-5420041
[3] https://bitcointalksearch.org/topic/--5419710
[4] https://bitcointalksearch.org/topic/scam-binance-block-users-withdrawals-you-could-be-the-next-victim-5371666
[5] https://bitcointalksearch.org/topic/binance-asking-for-kyc-again-5418772
There's a complaint from a user who can't withdraw his money on FTX [2]
There's also a news if Binance want to acquire FTX [3] even though Binance is the top 1 centralized exchange, don't forget Binance has an accusation where they block user withdrawal [4] and force anyone to submit KYC [5]
Don't use centralized exchange anymore, learn to use decentralized exchange e.g. BISQ.
[1] https://www.coindesk.com/business/2022/11/08/ftx-exchange-halts-all-crypto-withdrawals/
[2] https://bitcointalksearch.org/topic/ftx-scam-unable-to-withdraw-5420041
[3] https://bitcointalksearch.org/topic/--5419710
[4] https://bitcointalksearch.org/topic/scam-binance-block-users-withdrawals-you-could-be-the-next-victim-5371666
[5] https://bitcointalksearch.org/topic/binance-asking-for-kyc-again-5418772
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