Topic: Self custody will always win (Read 446 times)

Quote from: minairia3 on June 08, 2023, 10:00:30 AM

As a matter of fact, decentralized exchanges should be as good as centralized exchanges, and many people will start using them. One of my friends told me that he thinks that centralized exchanges are better for trading, so he will never abandon a Dex to deal with it.

No one is saying that decentralized exchanges are bad, we have to admit that they still cannot compare to the utilities and variety of services centralized exchanges provide. We enter the market not only to invest and hold, but there are many other ways for us to make profits, and most of those services and methods are provided by CEXs. For trading alone, DEXs cannot offer many trading pairs, and high transaction fees are a big obstacle for traders. While CEXs are providing these features very well, it is very difficult to discontinue or remove CEXs.

Exactly! Investors and holders will not be holding their coins into CEXs if there is no need for them to retain their coins in that particular platform as I don't think that people especially big hodlers don't know the risks of holding various coins in CEXs. We should understand that there are always an advantages and disadvantages about CEXs and DEXs, moreover, people have their own reasons why they prefer DEXs over CEXs or vice versa.

I have a question, if DEX is really as good as many people are saying, why do most people still use CEX, even big whales, if they want to sell their bitcoins, they also move bitcoins to the CEXs and no DEX use? I'm not saying DEXs are bad, but Cex is clearly dominating and I think there's a reason for everything. Even investors are using CExs, it's confusing.

You should not be confused mate. You using any of the exchange depends on your comfort and satisfaction derive from the exchange. You should know that CEX and DEX have different features although some would say DEX is ok to go with but also remember that there are some good at CEX.
DEX as I know mostly is for fast swapping of Crypto assets without much wasting of time. Using Dex, your assets and funds are still under your custody and there are no third party to take charge of it but a self custodial wallet access to transact compared to CEX where you would need to transfer your assets to their custody and do your transaction being monitored and charged high for withdrawal fee two ways. CEX platform could allow you trade and monitor trends and charts as the trading goes on
In all, self custodial wallet is absolutely the best form of Crypto storage. There are no third parties here but only you is the sole custodian of your assets which makes it more safe and secured.
Remember; " not your keys,not your coin"

bayu7adi

hero member

Activity: 1470

Merit: 555

dont be greedy

Taking responsibility for ourselves is a valid statement. Even the government will never be responsible for our lives and deaths, so risking a large portion of our wealth with others is still a wrong decision to this day.

To secure our own assets, it is important to know some ways to protect them from hacking. There are numerous cases of personal computers being hacked. If someone suspects their computer has security issues, a hardware wallet can be the solution.

Tony116

legendary

Activity: 2338

Merit: 1023

DGbet.fun - Crypto Sportsbook

Quote from: Maslate on June 08, 2023, 09:52:18 AM

As a matter of fact, decentralized exchanges should be as good as centralized exchanges, and many people will start using them. One of my friends told me that he thinks that centralized exchanges are better for trading, so he will never abandon a Dex to deal with it.

No one is saying that decentralized exchanges are bad, we have to admit that they still cannot compare to the utilities and variety of services centralized exchanges provide. We enter the market not only to invest and hold, but there are many other ways for us to make profits, and most of those services and methods are provided by CEXs. For trading alone, DEXs cannot offer many trading pairs, and high transaction fees are a big obstacle for traders. While CEXs are providing these features very well, it is very difficult to discontinue or remove CEXs.

Exactly! Investors and holders will not be holding their coins into CEXs if there is no need for them to retain their coins in that particular platform as I don't think that people especially big hodlers don't know the risks of holding various coins in CEXs. We should understand that there are always an advantages and disadvantages about CEXs and DEXs, moreover, people have their own reasons why they prefer DEXs over CEXs or vice versa.

I have a question, if DEX is really as good as many people are saying, why do most people still use CEX, even big whales, if they want to sell their bitcoins, they also move bitcoins to the CEXs and no DEX use? I'm not saying DEXs are bad, but Cex is clearly dominating and I think there's a reason for everything. Even investors are using CExs, it's confusing.

I think it's part of the routine, I mean, we used banks, stock traders, forex...All have used centralized exchanges for the past hundred years, and people are used to depending on those exchanges. While the concept of decentralization has only been of interest since the birth of bitcoin, and it is only 14 years old and cannot be compared with hundreds of years of centralized platforms and services. Moreover, as I also mentioned above, the decentralized exchange still has many shortcomings and cannot provide as many services and full features as CEX, so many people still prefer to use CEX.

mvdheuvel1983

sr. member

Activity: 1022

Merit: 368

With self custody, the only thing you are afraid of is losing your keys to a scammer and nothing else. You are relaxed knowing that even if 10 crypto exchanges should declare bankruptcy today your bitcoins is safe. Because you have both your keys and your coins untouched. So self- custody wins. Even if you decide to use any exchange, Keep only amounts that you can afford to lose there.

Cookdata

hero member

Activity: 1106

Merit: 912

Not Your Keys, Not Your Bitcoin

Quote from: DeathAngel on June 08, 2023, 11:32:10 AM

He can one day decide to go greedy, Bitcoin was created to be under no man's control or power, we should start using Bitcoin the right way.

I pity users that support and like CZ tweets anytime that nigga makes a tweet but I understand that it is not their fault, most of them had a poor orientation of crypto. If you profile most of them, they either get to know Bitcoin through a friend that is not well educated about Bitcoin or know Bitcoin through Binance since the Binance trading platform dominates everywhere, they don't have a basic orientation about privacy and security, they don't know when and how to used custodian wallet and decentralized exchanges and the worse of this is that when you try to engage them about their flaws, they will come for your head, they are too deep to be corrected but maybe with time, some of them will learn it the hard way or the soft way.

tjtonmoy

sr. member

Activity: 1008

Merit: 366

I have no interest in CZ. I will only use Binance exchange when it's necessary. When I am done with it, I will always keep my assets in a private wallet. As mentioned in OP, it is true that as humans, we are bound to do emotional things. From the beginning of the time, we all loved to do forbidden things. This is human nature. CZ could also feel the same and do the unthinkable.

As always, it is the best option to keep your assets in a private wallet. CEX are just shit, but because we are helpless in certain situations without it, we will use it for that. But what I do is, I always withdraw my funds once I have completed my business in there. Mostly I use it to convert crypto to fiat in emergency situations. I don't trade much. If I do trade, I will withdraw them to my personal wallet afterward. People are using decentralized exchanges nowadays. They are good too, but I am a bit concern about their security. So I try to do my business with centralized one and when the job is done, I will exit from there. It is a necessary evil, so we should treat it as such.

Odusko

hero member

Activity: 1008

Merit: 520

Leading Crypto Sports Betting & Casino Platform

The first rule is, to keep custody of your coins because not your keys, not your coins, this is the only language we understand in this industry, and that will help some of us a lot in making the best choices for where to hold our coins and to keep our coins out of the exchange wallet because the exchange is a third party agent that either the government can seize and control at any time.
I saw in a tweet that CZ is denying being sued and the thing is all about regulatory compliance.

Jating

hero member

Activity: 2842

Merit: 772

Self custody is always the way, it always has been. People like to trade with a small % of their stash though. Also if you have limit sell orders you have to leave your coins on an exchange. There is no other option there unfortunately. Obviously you mitigate risk but all of us at some point have some exposure to the potential of getting scammed by leaving money on exchanges.

Yeah, that's always been the case for us, specially those who have been in the market for so long, who has the experienced already on why self-custody is the best because putting thousands of dollars in exchanges are not the best options. We have seen and hear bad stories, the most notable is the Mt. Gox hacks.

Although maybe some of us have coins is some exchange because after all we are active traders. But I do believed that wise traders and speculators are not putting huge money in their account. Just a small % to continue with their daily trade and at least make some money out of it. And if they have profits already, then withdraw it right away.

Rruchi man

legendary

Activity: 1456

Merit: 1108

Top-tier crypto casino and sportsbook

Quote from: minairia3 on June 08, 2023, 10:00:30 AM

While I continue with my reading, I notice few people hailing CZ that he is cool and that they will always trust him no matter what, some are asking if they should remove their funds from the exchange.

As you can see, too many people still entrust their Bitcoin with a guy like CZ, don't get me wrong, I am also a fan of CZ, but I will never entrust my Bitcoin or even my money in the hands on any CEX, sorry CZ if you are reading this.

Like I always say for us to be careful with trusting people and services just because of the title they answer and the position they hold, trusting that binance because of its position in the exchange industry can be a big mistake. Practice self custody, although it also has it's dangers.

Self custody can be as dangerous as entrusting your bitcoins in the hands of an exchange. It is not advisable to keep your bitcoins in an exchange and also not advisable to rush into practicing self custody without any knowledge as a newbie to cryptocurrency.

Understand how to keep your bitcoins safe with self custody before practicing it.

DeathAngel

legendary

Activity: 3304

Merit: 1617

#1 VIP Crypto Casino

Self custody is always the way, it always has been. People like to trade with a small % of their stash though. Also if you have limit sell orders you have to leave your coins on an exchange. There is no other option there unfortunately. Obviously you mitigate risk but all of us at some point have some exposure to the potential of getting scammed by leaving money on exchanges.

Z-tight

hero member

Activity: 994

Merit: 1089

I have a question, if DEX is really as good as many people are saying, why do most people still use CEX, even big whales, if they want to sell their bitcoins, they also move bitcoins to the CEXs and no DEX use? I'm not saying DEXs are bad, but Cex is clearly dominating and I think there's a reason for everything. Even investors are using CExs, it's confusing.

Centralized exchanges have more trading volume because it is what most people are introduced to when they start their crypto journey, there are many people who use crypto but don't know that there are true p2p exchanges, they were only introduced to centralized exchanges, so whenever they discover decentralized exchanges, they find it to be complicated and choose centralized exchanges for 'convenience'.

Good p2p exchanges like bisq offer more privacy and security, if you don't want to give your personal info to data farms, use an exchange like bisq; but if you use an exchange like Binance, you have no privacy and Binance controls your money, so the best thing you can do is to move your funds into your self custody wallet after trading, leaving it in their platform increases the risk you are exposed to.

minairia3

sr. member

Activity: 1498

Merit: 326

Vave.com - Crypto Casino

Quote from: Maslate on June 08, 2023, 09:52:18 AM

Quote from: Awaklara on June 08, 2023, 09:44:19 AM

As a matter of fact, decentralized exchanges should be as good as centralized exchanges, and many people will start using them. One of my friends told me that he thinks that centralized exchanges are better for trading, so he will never abandon a Dex to deal with it.

No one is saying that decentralized exchanges are bad, we have to admit that they still cannot compare to the utilities and variety of services centralized exchanges provide. We enter the market not only to invest and hold, but there are many other ways for us to make profits, and most of those services and methods are provided by CEXs. For trading alone, DEXs cannot offer many trading pairs, and high transaction fees are a big obstacle for traders. While CEXs are providing these features very well, it is very difficult to discontinue or remove CEXs.

Exactly! Investors and holders will not be holding their coins into CEXs if there is no need for them to retain their coins in that particular platform as I don't think that people especially big hodlers don't know the risks of holding various coins in CEXs. We should understand that there are always an advantages and disadvantages about CEXs and DEXs, moreover, people have their own reasons why they prefer DEXs over CEXs or vice versa.

I have a question, if DEX is really as good as many people are saying, why do most people still use CEX, even big whales, if they want to sell their bitcoins, they also move bitcoins to the CEXs and no DEX use? I'm not saying DEXs are bad, but Cex is clearly dominating and I think there's a reason for everything. Even investors are using CExs, it's confusing.

CryptSafe

sr. member

Activity: 728

Merit: 421

He can one day decide to go greedy, Bitcoin was created to be under no man's control or power, we should start using Bitcoin the right way.

I think the incident that happened to FTX has taught us an important lesson. the few who still keep their Bitcoins on exchanges are most likely those who trade. and so do novice investors who think an exchange like Binance is a haven for their Bitcoins.
long term investors will hold their assets in personal wallets. and I think traders should also start following it to withdraw their money once the trade is over. leaving it on the exchange becomes risky, and the trader does not need to take any greater risk.
we still have to be careful, Binance can also experience events that occur on FTX.

Most traders I believe still leave their funds in exchanges all in the name of comfort and avoiding stress in moving funds to and fro. I have had that experience too but not this time anymore. I can not in my right senses make such a mistake anymore as it is very risky to even dare such.
As a long term investor, one should be enlightened as to know the reasons behind such action as it is for their own good. Some investors are just newbies as you have said and they are mostly ignorant at times and have no clues how the system works for crypto owners hence their actions of leaving crypto on exchanges and not their custodial wallet.

Maslate

hero member

Activity: 2954

Merit: 672

Message @Hhampuz if you are looking for a CM!

As a matter of fact, decentralized exchanges should be as good as centralized exchanges, and many people will start using them. One of my friends told me that he thinks that centralized exchanges are better for trading, so he will never abandon a Dex to deal with it.

No one is saying that decentralized exchanges are bad, we have to admit that they still cannot compare to the utilities and variety of services centralized exchanges provide. We enter the market not only to invest and hold, but there are many other ways for us to make profits, and most of those services and methods are provided by CEXs. For trading alone, DEXs cannot offer many trading pairs, and high transaction fees are a big obstacle for traders. While CEXs are providing these features very well, it is very difficult to discontinue or remove CEXs.

Exactly! Investors and holders will not be holding their coins into CEXs if there is no need for them to retain their coins in that particular platform as I don't think that people especially big hodlers don't know the risks of holding various coins in CEXs. We should understand that there are always an advantages and disadvantages about CEXs and DEXs, moreover, people have their own reasons why they prefer DEXs over CEXs or vice versa.

bayudndy

full member

Activity: 824

Merit: 104

PredX - AI-Powered Prediction Market

While CZ has played an important role in the crypto industry and built a successful trading portal, it must be recognized that exchanges, including Binance, are profit-driven businesses. As with any centralized exchange, there can be concerns about transparency, regulatory compliance, and the potential for manipulation such as wash trading. So in terms of self-management, this is actually considered a safer way to manage cryptocurrencies, as it gives you complete control over your assets. While convincing all cryptocurrency holders to adopt self-management can be challenging, educating and raising awareness about the benefits and risks of different custody options can help you make informed decisions.

Awaklara

hero member

Activity: 1246

Merit: 699

He can one day decide to go greedy, Bitcoin was created to be under no man's control or power, we should start using Bitcoin the right way.

I think the incident that happened to FTX has taught us an important lesson. the few who still keep their Bitcoins on exchanges are most likely those who trade. and so do novice investors who think an exchange like Binance is a haven for their Bitcoins.
long term investors will hold their assets in personal wallets. and I think traders should also start following it to withdraw their money once the trade is over. leaving it on the exchange becomes risky, and the trader does not need to take any greater risk.
we still have to be careful, Binance can also experience events that occur on FTX.

Tony116

legendary

Activity: 2338

Merit: 1023

DGbet.fun - Crypto Sportsbook

As a matter of fact, decentralized exchanges should be as good as centralized exchanges, and many people will start using them. One of my friends told me that he thinks that centralized exchanges are better for trading, so he will never abandon a Dex to deal with it.

No one is saying that decentralized exchanges are bad, we have to admit that they still cannot compare to the utilities and variety of services centralized exchanges provide. We enter the market not only to invest and hold, but there are many other ways for us to make profits, and most of those services and methods are provided by CEXs. For trading alone, DEXs cannot offer many trading pairs, and high transaction fees are a big obstacle for traders. While CEXs are providing these features very well, it is very difficult to discontinue or remove CEXs.

CryptSafe

sr. member

Activity: 728

Merit: 421

Quote from: SatoPrincess on June 05, 2023, 02:38:53 PM

So I was reading a new surprising news about CZ getting SUED again, this time around it's about US securities rules, I can't say it's FUD or not, but CZ replied on his Twitter account that he never he such invitation yet, how did this get to the public first? Anyways..

While I continue with my reading, I notice few people hailing CZ that he is cool and that they will always trust him no matter what, some are asking if they should remove their funds from the exchange.

As you can see, too many people still entrust their Bitcoin with a guy like CZ, don't get me wrong, I am also a fan of CZ, but I will never entrust my Bitcoin or even my money in the hands on any CEX, sorry CZ if you are reading this.

Humans will always be humans, we get emotional when we feel like, we hate and love when we want, this is how we are created, CZ doesn't care about money that much, he is very contented with what he has, I am saying this as per his interview some months ago but still, CZ is human.

He can one day decide to go greedy, Bitcoin was created to be under no man's control or power, we should start using Bitcoin the right way.

If CZ should come on air to say he has not yet received any invite from them do you not think that there is something going on? Do you not think that all these are just strategy to control the market so the whales could buy more from the panic sellers. Do not forget that bitcoin halving is around the corner and anything can be done so as to achieve the aim of bringing the market down for them to buy more from those who would be in a hurry to sell as a result of the FUD created.

Entrusting funds to a third party is a personal decision. I believe everyone has his or her own choice on how it suits them. It has always been said that third parties are not safe to entrust funds to which means that doing such would likely make you lose your assets and fund and i believe it is widely known about the "not your keys, not your coin" phrase so why then would anyone complain if the reverse is the case after knowing that it is not safe to entrust your funds with exchanges compared to what has happened with other big exchange as well.

Z390

sr. member

Activity: 812

Merit: 315

Vave.com - Crypto Casino

While I understand what many people are trying to say, I don't blame those who are using centralized exchanges over dex because they know that bigger exchanges have better volumes and liquidity.

It's a good idea not to trust exchanges, they are operated by people like us, and they can be tempted by money too. That's why storing your coins in your wallet is the best way to keep them safe.

As a matter of fact, decentralized exchanges should be as good as centralized exchanges, and many people will start using them. One of my friends told me that he thinks that centralized exchanges are better for trading, so he will never abandon a Dex to deal with it.

khiholangkang

hero member

Activity: 2184

Merit: 599

It’s funny how people think, sometimes I wonder if these people actually understand the bitcoin concept because they desperately want to trust a face and a name with their money. Self custody seems to be a problem for new bitcoiners especially since they have little experience in the crypto space, the collapse of FTX has taught them nothing. They only want to make profits and do not pay much attention to the dangers of hodling one’s coins in an exchange.

I read more for new users, they think more about his assets so that it is easy to liquidate, and rarely new investors keep their bitcoin in the exchange centralized for long -term investment options, they do it for short -term investment options and monitor the movement of assets using their assets using The cellphone wherever is, is not far from the behavior of new investors.
People who already have experience, especially those who have the intention of long-term investment and have experience at the time of the FTX incident, will prefer the storage/wallet that is managed by yourself, or find the only custody of the bitcoin.

michellee

hero member

Activity: 2604

Merit: 816

🐺Spinarium.com🐺 - iGaming casino

Self custody wallet will be a safe storage area if we can protect it from people who want to take it. We don't need to keep all our coins in an exchange, let alone a centralized exchange because many centralized exchanges are experiencing problems.

By keeping the coins in self custody, we don't have to worry about bad things because we have full control over them and only know where to keep the wallet. In addition, we also determine where to sell to avoid those bad things.

But hopefully, Binance can continue to operate and will not be affected by the current problems. Hopefully, the problems faced by Binance can be resolved soon so we don't have to worry.

retreat

sr. member

Activity: 1106

Merit: 391

Quote from: Kakmakr on June 08, 2023, 12:30:40 AM

So I was reading a new surprising news about CZ getting SUED again, this time around it's about US securities rules, I can't say it's FUD or not, but CZ replied on his Twitter account that he never he such invitation yet, how did this get to the public first? Anyways..

While I continue with my reading, I notice few people hailing CZ that he is cool and that they will always trust him no matter what, some are asking if they should remove their funds from the exchange.

As you can see, too many people still entrust their Bitcoin with a guy like CZ, don't get me wrong, I am also a fan of CZ, but I will never entrust my Bitcoin or even my money in the hands on any CEX, sorry CZ if you are reading this.

Humans will always be humans, we get emotional when we feel like, we hate and love when we want, this is how we are created, CZ doesn't care about money that much, he is very contented with what he has, I am saying this as per his interview some months ago but still, CZ is human.

He can one day decide to go greedy, Bitcoin was created to be under no man's control or power, we should start using Bitcoin the right way.

Self custody wallet will forever be the most secure place to be able to store and manage crypto assets, period. I'm a Binance user myself, but trading only. I will not fully entrust my assets to CEX, because I learned from the FTX case how this large platform was destroyed overnight and caused many people to suffer losses and until now their assets have not been recovered. I don't want this to happen to me, and that's why I hold 75% of my assets in a self custody wallet and plan to hold them until a certain time.

Supianto

newbie

Activity: 85

Merit: 0

Binance (CZ) are the victim of their own success. If you were the governments and if you wanted to hurt Bitcoin and Crypto currencies, who would you target? The answer come in advice that my father gave me, many years ago.... "If you go into a 3 man fight.... take down the biggest guy first.. that makes a huge statement"

The government can only fight the enemy that it can see.... and Binance is the largest target for them to take down. They want to send a strong message out to the smaller operators that they can take down the largest exchange.. so the rest will not have a chance.

I hope Binance gets all the support possible from the community, because if they fail.... the domino affect will be put in motion, for the rest to fall too. Angry

I hope Binance will fall since most likely they don't have all BTC that they keep for their customers. Yeah, other exchanges will fall, and a lot of shitcoins will die. But Bitcoin will never die.

Minor Miner

legendary

Activity: 2478

Merit: 1020

Be A Digital Miner

Quote from: Kakmakr on June 08, 2023, 12:30:40 AM

Binance (CZ) are the victim of their own success. If you were the governments and if you wanted to hurt Bitcoin and Crypto currencies, who would you target? The answer come in advice that my father gave me, many years ago.... "If you go into a 3 man fight.... take down the biggest guy first.. that makes a huge statement"

The government can only fight the enemy that it can see.... and Binance is the largest target for them to take down. They want to send a strong message out to the smaller operators that they can take down the largest exchange.. so the rest will not have a chance.

I hope Binance gets all the support possible from the community, because if they fail.... the domino affect will be put in motion, for the rest to fall too. Angry

This is exactly what the SEC wants, if they win the war with Binance and Coinbase, it will be extremely bad for all of us, not just the loss of exchanges. Many are taking advantage of this news to emphasize the importance of a non-custodial wallet, or the term, not your keys, not your money...That's true, but it's not the time for us to celebrate and resist exchanges. This is the crypto industry's battle with the government, we should support Binance, and Coinbase will win. Otherwise, the government will control us all.

Kakmakr

legendary

Activity: 3542

Merit: 1965

Leading Crypto Sports Betting & Casino Platform

Binance (CZ) are the victim of their own success. If you were the governments and if you wanted to hurt Bitcoin and Crypto currencies, who would you target? The answer come in advice that my father gave me, many years ago.... "If you go into a 3 man fight.... take down the biggest guy first.. that makes a huge statement"

The government can only fight the enemy that it can see.... and Binance is the largest target for them to take down. They want to send a strong message out to the smaller operators that they can take down the largest exchange.. so the rest will not have a chance.

I hope Binance gets all the support possible from the community, because if they fail.... the domino affect will be put in motion, for the rest to fall too. Angry

kro55

sr. member

Activity: 1610

Merit: 301

*STOP NOWHERE*

Quote from: wxa7115 on June 05, 2023, 11:37:47 PM

Quote from: serjent05 on June 05, 2023, 04:49:30 PM

snip

I don't have any issue with using centralized exchanges as long as people do not use them to stash their cryptocurrency funds. Once we use the exchange outside of its purpose, it is where the problem starts.

This is something that many people are ignoring. Currently, my bitcoins are in trezor wallet, but I still have to use exchanges for different needs.
I wonder, if we eliminated exchanges completely, would it be easy for us to enter the market, and would it be easy to convert from fiat to bitcoin and vice versa? Because fiat is still the world's main currency, we still use it daily.
Instead of hating and saying it's bad, we should point out its advantages and disadvantages and, importantly, use it for the right purposes. It is used for exchange and trade, not for storing bitcoins. The users themselves are using the exchanges in the wrong way.

That is the thing, buying bitcoin with your fiat at an exchange and then getting your coins out of it is a process which at most just takes a few minutes, so it would be incredibly unlucky that the exchange just happened to collapse right at the moment when you wanted to withdraw your coins on that scenario.

But people are using exchanges as banks and they are storing their funds for the long term there, a huge mistake, because if users keep using exchanges like banks then the more exchanges will resemble them.

Everything has risks, P2P transactions also have certain risks, it is not absolutely safe. Therefore, it is not necessary to place the blame entirely on the CEXs.

Storing bitcoins on the CEX exchange is the users' fault because they did not fully equip themselves with knowledge before investing in bitcoin.
We can't blame exchanges entirely because we are using them the wrong way. No one forces us to store our funds in banks or centralized exchanges.
To be fair, CEX is still a part of the market and has contributed to the market's growth so far. So, instead of just blaming others when we lose money, arm yourself with knowledge and use it for the right purpose.

livingfree

hero member

Activity: 2884

Merit: 579

Hire Bitcointalk Camp. Manager @ r7promotions.com

Quote from: Minhxx on June 06, 2023, 05:43:22 PM

That's just the news for them to discharge, collect goods. This process has been repeated for the past 10 years. If anyone participates in this market for a long time, they will be consistent with their assets

You've got a point, they draw attention to make the market back a bit at the price that they want to purchase so they collect more. It's true that many have been doing this, using the media, using lawsuits and anything that can move the market so that there will be some pulling to the possible desired price before they buy bulk.

But then, with these incidents the more important factor is to protect ourselves and while this is a hot issue these days there will be a time that it will be forgotten and then these strategies will be repetitively done again by some other big shots.

So if something goes wrong and decide to do whatever we're thinking and you're not prepared for it, the problem is in you because you entrusted your funds on these exchanges.

GideonGono

hero member

Activity: 2086

Merit: 501

★Bitvest.io★ Play Plinko or Invest!

Not your key, not your coin.

We should always remember that phrase when it comes to crypto.
Anything could happen to those centralized or any exchange or online wallet so we should hold our own crypto to our own wallet that we have control of.

Minhxx

jr. member

Activity: 412

Merit: 3

That's just the news for them to discharge, collect goods. This process has been repeated for the past 10 years. If anyone participates in this market for a long time, they will be consistent with their assets

YUriy1991

sr. member

Activity: 882

Merit: 215

#SWGT CERTIK Audited

For the current situation the concept of self-custody works, by providing a degree of autonomy and reducing dependence on third-party intermediaries, thereby reducing the potential risks associated with centralized exchanges. I agree and it should be strived for by each individual like the OP Says and It also underscores the inherently human nature of individuals and the potential risks associated with entrusting one's digital assets to an exchange that is in trouble or is shutting down for example.

Outhue

sr. member

Activity: 686

Merit: 403

Quote from: dimonstration on June 05, 2023, 12:09:41 PM

I don’t get the point on Idolizing someone like CZ that has a Centralized Exchange business on crypto. Everything that he is doing is for his own business sake. There’s a lot of wash trading and shady business that revolves to CZ. SEC will not sue them if they don’t have a basis on all of their allegations.

CZ invention of his signature 4 sign is a prepation on what’s coming because he knew that Binance is already being target and investigated. He is just using his follower as shield and probably he can fight the SEC all day long because of his huge capital when crypto market will remain calm for his exit liquidity.

Self custody is really the best but it’s just very hard to preach this to all crypto holders because of their undying trust to CZ.

Self custody is really the best solution to all this nonsense trust on any centralized exchanges, CZ should know better because he understands how import self custody is, he even said that crypto space needs more decentralized exchanges in the future, I am guessing he saw all this coming, what I won't agree with @dimonstration is you saying that CZ is using his followers as a shield, this is a big wrong accusation, I have never seen CX taking any steps that even look close to using his trusted followers as shield, this is a big lie.

The reason why people trusted this guy so much is because of his selfless behavior, he doesn't give a damn about who is leading and what exchange is performing better than the others, he look like the only one that want crypto to stay and last longer, instead of packing huge amount of money and run away to an Island for the rest of his days.

irhact

hero member

Activity: 616

Merit: 749

So I was reading a new surprising news about CZ getting SUED again, this time around it's about US securities rules, I can't say it's FUD or not, but CZ replied on his Twitter account that he never he such invitation yet, how did this get to the public first? Anyways..

One day we'll log into the forum and be welcomed by the news that Binance exchange has been shutdown by the SEC. They keep coming at the exchange but they have found a way to survived those accusations but that won't happen forever because no organization is 100% free of crime. It mightn't be the exchange itself that'll be found guilty but the workers could be violating a rule and when caught it will be used against the exchange.

I heard there's accusations of wash trading in the recent accusations. I think most centralized exchange are guilty of this but they always find a way of not getting caught. Sam Bankman-Fried was a more loveable character, gave out his money as charity yet he wasn't innocent.

worle1bm

full member

Activity: 1834

Merit: 166

From your title it sounds like there's some competition between self custody and centralised exchanges but that's not the case because they are completely different.You have you funds with you and on the opposite side you gave your funds to some third party for holding so can we compare the safety of two? These CEX are running solely for their own profits which is why it's always better to avoid them and keep your funds in your own custody.

big kid

member

Activity: 333

Merit: 13

The government trying to take down the biggest Centralised exchange in the Crypto environment is good for ya all right? Awesome.
If Binance goes down, it will ruin any chance of Crypto being the big thing.

Exchanges earn money when they stay online and serve people, I don't know why people fail to understand that.
The make millions from Futures, trade fees, referrals, listing shitcoins etc.

Why would they run away and ruin their chances of earning more money?

Well, it might be awesome in the long term. Bitcoin won't die anyway, it doesn't need exchanges. But we can get even bigger sale than we had earlier this year. I can't say that's a bad thing. Also, tyhe market will be purged from many shitcoins, and that's a good thing too.

CryptoGamblingSites

copper member

Activity: 532

Merit: 26

The government trying to take down the biggest Centralised exchange in the Crypto environment is good for ya all right? Awesome.

Nobody said that

If Binance goes down, it will ruin any chance of Crypto being the big thing.

Sounds like a benefit tbh (BUY BITCOIN)

Exchanges earn money when they stay online and serve people, I don't know why people fail to understand that.
The make millions from Futures, trade fees, referrals, listing shitcoins etc.

And the average person should care, why? Trading doesn't provide real value, that affects the average person in any real way...

Person to Person Bitcoin transactions would still be possible if the 400 exchanges that everyone uses currently, globally, go under

ImThour

copper member

Activity: 1470

Merit: 1609

Bitcoin Bottom was at $15.4k

The government trying to take down the biggest Centralised exchange in the Crypto environment is good for ya all right? Awesome.
If Binance goes down, it will ruin any chance of Crypto being the big thing.

Exchanges earn money when they stay online and serve people, I don't know why people fail to understand that.
The make millions from Futures, trade fees, referrals, listing shitcoins etc.

Why would they run away and ruin their chances of earning more money?

wxa7115

hero member

Activity: 2814

Merit: 734

Bitcoin is GOD

Quote from: serjent05 on June 05, 2023, 04:49:30 PM

snip

I don't have any issue with using centralized exchanges as long as people do not use them to stash their cryptocurrency funds. Once we use the exchange outside of its purpose, it is where the problem starts.

This is something that many people are ignoring. Currently, my bitcoins are in trezor wallet, but I still have to use exchanges for different needs.
I wonder, if we eliminated exchanges completely, would it be easy for us to enter the market, and would it be easy to convert from fiat to bitcoin and vice versa? Because fiat is still the world's main currency, we still use it daily.
Instead of hating and saying it's bad, we should point out its advantages and disadvantages and, importantly, use it for the right purposes. It is used for exchange and trade, not for storing bitcoins. The users themselves are using the exchanges in the wrong way.

That is the thing, buying bitcoin with your fiat at an exchange and then getting your coins out of it is a process which at most just takes a few minutes, so it would be incredibly unlucky that the exchange just happened to collapse right at the moment when you wanted to withdraw your coins on that scenario.

But people are using exchanges as banks and they are storing their funds for the long term there, a huge mistake, because if users keep using exchanges like banks then the more exchanges will resemble them.

Poker Player

legendary

Activity: 1372

Merit: 2017

Yes, self-custody is much better than leaving your holdings in an exchange but there are nuances, and as you accumulate more, you will have to take additional security precautions.

This is something that many people are ignoring. Currently, my bitcoins are in trezor wallet, but I still have to use exchanges for different needs.
I wonder, if we eliminated exchanges completely, would it be easy for us to enter the market, and would it be easy to convert from fiat to bitcoin and vice versa? Because fiat is still the world's main currency, we still use it daily.

If you don't have much, having your holdings in a HW is fine, but if you have all your net worth in Bitcoin and it's something like 50 Bitcoins, better to have them in several HW, with multi-signature systems and maybe it's not bad if you have a small percentage in some exchange, especially if you need to exchange to fiat in the near future.

Quote from: serjent05 on June 05, 2023, 04:49:30 PM

Instead of hating and saying it's bad, we should point out its advantages and disadvantages and, importantly, use it for the right purposes. It is used for exchange and trade, not for storing bitcoins. The users themselves are using the exchanges in the wrong way.

That's right. As bad as centralized exchanges are, they provide liquidity and are largely to blame for the 5-digit price today. Without them the price would be much lower.

kro55

sr. member

Activity: 1610

Merit: 301

*STOP NOWHERE*

snip

I don't have any issue with using centralized exchanges as long as people do not use them to stash their cryptocurrency funds. Once we use the exchange outside of its purpose, it is where the problem starts.

This is something that many people are ignoring. Currently, my bitcoins are in trezor wallet, but I still have to use exchanges for different needs.
I wonder, if we eliminated exchanges completely, would it be easy for us to enter the market, and would it be easy to convert from fiat to bitcoin and vice versa? Because fiat is still the world's main currency, we still use it daily.
Instead of hating and saying it's bad, we should point out its advantages and disadvantages and, importantly, use it for the right purposes. It is used for exchange and trade, not for storing bitcoins. The users themselves are using the exchanges in the wrong way.

SquirrelJulietGarden

hero member

Activity: 1442

Merit: 775

Quote from: serjent05 on June 05, 2023, 04:49:30 PM

He can one day decide to go greedy, Bitcoin was created to be under no man's control or power, we should start using Bitcoin the right way.

He can become greedy or his business can collapse because of bad management one day. Binance and CZ are favorite targets of FUD and legal activities recent months and it will continue in future.

No win here in my opinion. You can not convince all people to use self custody wallets and there are people who want to use custodial wallet, centralized exchanges. The distribution of users between custody and self custody wallets, between centralized exchange and decentralized exchange but there will be no absolute winners.

Reminder: do not keep your money in online accounts
Custodial vs. Non Custodial Wallets - "Not your keys, not your coin" Explained.
Cryptocurrency security checklist
Tips to secure your wallets

dansus021

copper member

Activity: 2156

Merit: 983

Part of AOBT - English Translator to Indonesia

Not your key, not your coin, it's like the Bitcoin mantra on this forum.

Self-custody is always win but Im not against the Centralized Exchange because cex, and bitcoin also can reach this hype, even I still have deposit some of bitcoin to trade on Binance. and somehow the SEC is want to label everything that crypto-related as securities.

people can get greedy sometimes but I do agree with this

CZ will always care about his business since the exchange is one of his businesses, I doubt he will destroy his money-making machine. I do not think CZ will rug pull but I always believe that holding our own is better than others holding our Bitcoin. There should not be an argument about the topic since nothing can beat having full control of our funds

I don't have any issue with using centralized exchanges as long as people do not use them to stash their cryptocurrency funds. Once we use the exchange outside of its purpose, it is where the problem starts.

Binance is number one exchange and it is CZ money making, so maybe he will now protect it at all cost

Potato Chips

hero member

Activity: 2786

Merit: 902

yesssir! 🫡

Jeez, the false sense of security is strong for some of our brothers huh?

Perhaps the more they used binance without much problems, the more they felt comfortable? I do think some fellas out there feel detached with exchange horror stories, they probably don't think much as long as it ain't them. It doesn't help that binance's "funds are safu" slogan creates hype. You'll be surprised at how many overestimate its function.

dothebeats

legendary

Activity: 3542

Merit: 1352

Cashback 15%

I don't get what it is with idolizing crypto figures and patronizing their business. You can look up to these people but certainly don't let it affect the way you perceive their business. Binance as a CEX seem to be okay on the surface, and it's natural that it will be receiving a lot of notices from different countries and jurisdictions because there are still some regulations that need to be ironed out with the service and the country it is on.

But yeah, the general rule still stands in the crypto industry: not your keys, not your coins. So it's always best to just leave what you need to go around in the exchanges and take what you don't really want to sell or trade. Better be safe than sorry, after all.

Texac

hero member

Activity: 2086

Merit: 513

DGbet.fun - Crypto Sportsbook

Quote from: dimonstration on June 05, 2023, 12:09:41 PM

SEC will not sue them if they don’t have a basis on all of their allegations.

So what do you think when they also say that the entire crypto market is a security and should be regulated under their control? all we know is that through media reports, we don't have any evidence that Binance is laundering money or performing shady activities. i'm not saying they're completely clean, but they should only be charged when we have proof, don't guess. moreover, if they cheated, they wouldn't be where they are today, the top exchange in the market.
if you are supporting the SEC on this, it means you are assisting them to attack us they will do whatever it takes to control the market and regulate each crypto investor and bitcoin. Binance is getting too big and unregulated, and it's not hard to understand government resistance.

Adbitco

hero member

Activity: 1428

Merit: 653

Leading Crypto Sports Betting & Casino Platform

Quote from: dimonstration on June 05, 2023, 12:09:41 PM

Self custody is really the best but it’s just very hard to preach this to all crypto holders because of their undying trust to CZ.

I don't know if they've all forgotten the common language we do use here over time "Not your key not your coin", at least this should have thought them a serious lesson towards leaving ones funds on a Centralized exchange they don't have control over.
I wouldn't mind stopping here as similar topic has been created concerning this seem issues, i know the content are not the same but they all related to same issues that just occured.
you can see it here

tabas

hero member

Activity: 3024

Merit: 745

Top Crypto Casino

That ain't cool, those that think it's cool that he got sued and he's operating in the US as illegal operation. There's no way that these people are in their right minds thinking that it's cool. We want him to be one of the people to shape up the future as he's got the influence but if he's acting like that, there will be problems that we have to deal in the future and he might be the one to start it out.

Quote from: Zaguru12 on June 05, 2023, 01:24:48 PM

He can one day decide to go greedy, Bitcoin was created to be under no man's control or power, we should start using Bitcoin the right way.

We'll never know but we've seen several exchanges collapsed and yes, if he becomes crazy and greedy, we'll never know when it is. That's why those that still has Bitcoin there or any asset that they're letting sit into his exchange because of the earn feature, that's one reason why they're keeping it there.

serjent05

legendary

Activity: 3010

Merit: 1280

Get $2100 deposit bonuses & 60 FS

CZ will always care about his business since the exchange is one of his businesses, I doubt he will destroy his money-making machine. I do not think CZ will rug pull but I always believe that holding our own is better than others holding our Bitcoin. There should not be an argument about the topic since nothing can beat having full control of our funds

I don't have any issue with using centralized exchanges as long as people do not use them to stash their cryptocurrency funds. Once we use the exchange outside of its purpose, it is where the problem starts.

Hyphen(-)

hero member

Activity: 994

Merit: 744

So trusting someone doesn’t mean that the person is save from numerous attack, more so some of these exchanges store some of there keys online which is somehow exposing it to hackers.

Trust is one of the most difficult things to establish, especially when money and privacy are involved.

Because so many people trust CZ and Binance, they leave their money and Bitcoin at the exchange rather than transferring it to wallets, where they have complete control.

I believe that now is the moment to wake up and make centralized exchanges a place to just purchase and trade coins, rather than a place to save and store Bitcoin.

Fivestar4everMVP

legendary

Activity: 2422

Merit: 1083

Leading Crypto Sports Betting & Casino Platform

Quote from: dimonstration on June 05, 2023, 12:09:41 PM

He can one day decide to go greedy, Bitcoin was created to be under no man's control or power, we should start using Bitcoin the right way.

I completely agree with all you have said my friend, but if I may ask, what exactly is the right way to use bitcoin?

We can, without any form of doubt all agree that bitcoin no longer operates the way Satoshi designed it to be, Bitcoin was supposed to be a medium of exchange, payment for goods and services, and all that, bitcoin did maintain its medium of exchange role, but have failed in the area of payment for goods and service, and this is not to say that bitcoin has performed poorly in any way, If I was to state my mind, I would say that bitcoin has performed far above what and how Satoshi designed it, and we all must understand that, there is no greatness without challenges, this is exactly one of those things that makes bitcoin great.

We all here can decide to hold bitcoin on our own and not move them to the exchanges, but how exactly do we convince other holders out there to do the same?

Onset

jr. member

Activity: 56

Merit: 26

I don’t get the point on Idolizing someone like CZ that has a Centralized Exchange business on crypto. Everything that he is doing is for his own business sake. There’s a lot of wash trading and shady business that revolves to CZ. SEC will not sue them if they don’t have a basis on all of their allegations.

I mean there are very few people overall in the world who’d do things for the benefit of others. Binance is obviously a monetary interest to CZ and I don’t think he ever even stated otherwise. He clearly said that his goal was to take crypto to the mainstream before. And I get what you’re trying to say, but let’s also give credits where it’s due. CZ has brought probably hundreds of millions of people to crypto.

Unfortunately, they’re taking big hits now. It’s both good and bad if you ask me. Wasn’t US the reason Binance imposed mandatory KYC on their exchange? If they get out of US, won’t there be benefits too? But obviously, they want to ground CZ and destroy the biggest crypto business in existence as of today. Imagine Binance falls, there’d be thousands of coins dropping to the floor.

What if I told you SEC is suing CZ to destroy his end goal of bringing crypto to the masses? (it’s for now just a thought)

SatoPrincess

hero member

Activity: 966

Merit: 701

Leading Crypto Sports Betting & Casino Platform

It’s funny how people think, sometimes I wonder if these people actually understand the bitcoin concept because they desperately want to trust a face and a name with their money. Self custody seems to be a problem for new bitcoiners especially since they have little experience in the crypto space, the collapse of FTX has taught them nothing. They only want to make profits and do not pay much attention to the dangers of hodling one’s coins in an exchange.

Zaguru12

hero member

Activity: 868

Merit: 952

Humans will always be humans, we get emotional when we feel like, we hate and love when we want, this is how we are created, CZ doesn't care about money that much, he is very contented with what he has, I am saying this as per his interview some months ago but still, CZ is human.
He can one day decide to go greedy, Bitcoin was created to be under no man's control or power, we should start using Bitcoin the right way.

Seriously people don’t still get it, it is not entirely only about having trust for the exchanger owner or someone you entrust keys to. It is sometimes about how this people could be careless compared to how you will safe guard the keys personally. look for exchanges although most of the loss of funds are usually caused by the top official of the exchange, so when a top official gives an interview about how honest he is people believe he wouldn’t run with there funds. But most times this People truly don’t want to run away with the funds, but as an exchange they aren’t the only one working in the company, there others who also have access to this keys and could easily become greedy or they could also let lose and get compromised either through phishing or any hack at all.

So trusting someone doesn’t mean that the person is save from numerous attack, more so some of these exchanges store some of there keys online which is somehow exposing it to hackers.

Flexystar

full member

Activity: 1092

Merit: 227

Eh, thank God I’m not into fan following stuff and never will be. First, when it comes to finance management I would not even trust my mirror self. It is least of my worries whose CZ or whose Elon if I’m having my own funds and probably hard earned money as compared to what those people are making. It’s better to be very normal when we are socialising in this world. Fan following stuff is really old myth now and gone those days where a true follower used to get back as trust or closeness. You don’t find it these days. Better be ourselves and close some circles before they get breached and save something for ourselves. Tongue

Zlantann

legendary

Activity: 1050

Merit: 1100