Take your bitcoin out of binance | Bitcointalksearch.org

tabas

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Quote from: Patrol69 on January 14, 2023, 11:43:39 AM

However, I consider Binance Exchange Wallet to be the most secure full wallet. But if this news is true then surely we should transfer our funds from exchange wallet. Because none of us want our accumulated wealth to be taken by someone else or our wealth to be lost from us.

What's a full wallet? If you consider binance wallet as the "most" secure wallet of them all, is that the definition of your "most" by having no private keys at all?
Yeah, as an enterprise, an exchange, they're secured with their wallets for their customers/users. But, you as a customer, you're unsure if your funds are secured on them in a manner that you don't even hold it. Yes, you see the numbers displaying on your account but, are we sure that they actually got it or it has already been invested somewhere just like the other exchanges did to their customers fund?

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Quote from: Patrol69 on January 14, 2023, 11:43:39 AM

However, I consider Binance Exchange Wallet to be the most secure full wallet.

What do you mean by a full wallet, is it running a full node or client, then that should be BTC core wallet and has nothing to do with Binance or any centralized service. The most secure type of wallet is one that is open source and gives the user self custody of the funds and keys in the wallet. Binance Exchange wallet is a custodial wallet, so when your money is there, Binance can gamble with it as they like, and if they are unsuccessful in their gambling, the coins you thought was yours is gone, that's surely not secure.

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If the news is true then there is reason for traders to be upset, as a large number of people believe that Binance is behind an exchange crash, but given their volume is still over thirty billion I don't think so that this fud will hit Binance much cause the Cryptocurrencies marker is greenish now and for that Binance bnb is also grow up. And if there was any chance of good impact then I think BNB would have gone down earlier.
However, for those who want to make a large investment with a little more funds, it is recommended to avoid centralized exchangers.

Patrol69

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Many times it is seen that many exchanges get hacked. Or sometimes the access to the exchange is taken by someone else. Then we can't recover our collected money in any way However, I consider Binance Exchange Wallet to be the most secure full wallet. But if this news is true then surely we should transfer our funds from exchange wallet. Because none of us want our accumulated wealth to be taken by someone else or our wealth to be lost from us.

Woodie

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Take your bitcoin out of binance

Thanks for the timely advice , but I want to believe that most people that hold funds on an exchange do this for the sole purpose of trading and taking coins off the exchange isn't an option atm but anybody else using the exchange as a wallet then without hesitation you need to withdraw your coins to a wallet you have total control of... as you know the anthem around here, "not your private key, not your coins"

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Quote from: ethereumhunter on December 20, 2022, 06:00:48 AM

If you are worried about the news, you can move your funds out of Binance and find another safe place. But not for those who don't believe the news because they don't see it as any danger to them. We can only suggest to people but we can't force them to move their funds. But I hope nothing bad happens to Binance and everything will be fine. In the meantime, we can refocus on collecting bitcoins while the price is still below.

I hope nothing happens to binance too and I believe nothing will happen but it's better safe than sorry. I don't know why people don't learn. People always have the "it won't happen to me" attitude till it happens.
If anything happens to binance the whole industry will feel it and will be worst than the FTX saga.

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Quote from: YOSHIE on December 22, 2022, 12:29:42 PM

Quote from: Alpha Marine on December 14, 2022, 04:34:09 AM

Please take you money off exchanges, not just binance.

If everyone in this world withdraws all the money in the exchange, then what is the crypto exchange for, isn't the exchange made for trading such as Futures, Margin and so on, to be honest I've seen the news about the Binance $1.9 billion being pulled, but I'm currently still trading and all is well.

I think we can withdraw all our money on the exchange, that's for those who invest long term, exactly as said by @mk4/Ledger/Trezor the right choice.

However, for me trading Binance is currently an option, maybe I will withdraw some of my profits to be stored in Ledger/Trezor, because the current situation is the best choice.

I can assure you that getting rid of centralized exchanges is impossible, and without them, the market would not be able to thrive. It is true, but many people still stubbornly do not want to believe it is true. In addition to holding, our other activities all need the services that the exchange provides, from trading to P2P trading...I want to reiterate the FTX crash doesn't mean binance will crash, and I bet the OP urged everyone to leave Binance, but he's also quietly using it.

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Quote from: YOSHIE on December 22, 2022, 12:29:42 PM

Quote from: Alpha Marine on December 14, 2022, 04:34:09 AM

Please take you money off exchanges, not just binance.

If everyone in this world withdraws all the money in the exchange, then what is the crypto exchange for, isn't the exchange made for trading such as Futures, Margin and so on, to be honest I've seen the news about the Binance $1.9 billion being pulled, but I'm currently still trading and all is well.

I think we can withdraw all our money on the exchange, that's for those who invest long term, exactly as said by @mk4/Ledger/Trezor the right choice.

However, for me trading Binance is currently an option, maybe I will withdraw some of my profits to be stored in Ledger/Trezor, because the current situation is the best choice.

We all know that the money to be taken out is the profits or deposits being stored for long term. Its quite cool to reserve some funds for trading, which will keep exchanges running, for a longer period. Users storing huge amount of money on exchanges contributes to the close down of exchanges. If they had just a little amount of money under their control they'll be lesser cases of exchange scams, hacks and bankruptcy. How do you expect an exchange holding billions of dollars not to face one dispute at minimum if not more? Hackers often target them due to the coins sitting uncomfortably under the exchanges' control. With this new development of people taking out their funds from Binance, traders won't depend so much on the exchange's security, they'll have little to bother if it gets hacked. Definitely, it'll affect the economy of the binance exchange, but they'll benefit from so many other things like lesser attacks and staying long in the market.

YOSHIE

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Quote from: Alpha Marine on December 14, 2022, 04:34:09 AM

Please take you money off exchanges, not just binance.

If everyone in this world withdraws all the money in the exchange, then what is the crypto exchange for, isn't the exchange made for trading such as Futures, Margin and so on, to be honest I've seen the news about the Binance $1.9 billion being pulled, but I'm currently still trading and all is well.

I think we can withdraw all our money on the exchange, that's for those who invest long term, exactly as said by @mk4/Ledger/Trezor the right choice.

However, for me trading Binance is currently an option, maybe I will withdraw some of my profits to be stored in Ledger/Trezor, because the current situation is the best choice.

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reuters is full of shit. they love to spread FUD and just like most other newspapers, most of it is often made up or very one sided

pixie85

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I'd like to ask why anybody would still hold money on exchanges. After so many hacks and flops there's really no profit in exchange custody. It just takes 10 minutes to get your bitcoin to an exchange if you need to sell it there. Holding large amounts of money with them is laziness that can cost you dearly.
If people are withdrawing billions like OP said it's a great way to check if the exchange is solvent. I hope they withdraw even more and test the limits.

Telling people to get out of binance isn't going to achieve anything because those who know that they should be their own bank are already out and traders aren't going to withdraw because it's their way of making money and they're ready to take the risk.

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Quote from: Alpha Marine on December 18, 2022, 09:07:44 PM

Part of me is happy about Binance been in the "too big to fail" level and part of me is worried. Binance have become such a major player in the crypto space that if anything negative should happen to it, it would affect the whole industry.

If you think that Binance is at the "too big to fail" level (which I certainly don't think is the case for any crypto exchange, including them), why are you worried about them going down?

Quote from: GigaBit on December 19, 2022, 03:40:05 AM

However, recently Binance CEO Changpeng Zhao, the owner of a large crypto exchange, gave a different message in which he does not consider the assets kept in their personal wallets from the exchange to be safe. He thinks many of those keeping crypto in their wallets will lose money for security reasons. He thinks most people won't be able to back up their security keys. Users are at risk of losing their device and backups will not have proper encryption. They might write it down on a piece of paper and someone else will see it and they'll steal those funds.

While certain amount of crypto is definitely lost due negligence and not storing seed phrase properly, CZ is grossly exaggerating with his estimate on the amount of people that will lose their funds if kept in self custody, due obvious reasons. Centralized exchanges/platforms are still by far the biggest threat to an average crypto enthusiast and that's the place where majority lose their money.

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Quote from: avikz on December 14, 2022, 05:04:37 AM

Cz is a rock solid business tycoon so I am sure he will take necessary steps to ensure our money is safe.

It doesn't surprise me at all that many naively believe that what you wrote is true, but haven't you learned anything all these years on the forum? There isn't your money there, or anyone's money - it's the money of a little communist who pretends to be the smartest in the world, until he gets caught in the trap of all the wrong things he's been doing for years.

In case things go south, what do you think CZ will do? I would say that he will flee to China or some other country that does not extradite its citizens and no one will be able to do anything to him.

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If you are worried about the news, you can move your funds out of Binance and find another safe place. But not for those who don't believe the news because they don't see it as any danger to them. We can only suggest to people but we can't force them to move their funds. But I hope nothing bad happens to Binance and everything will be fine. In the meantime, we can refocus on collecting bitcoins while the price is still below.

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Quote from: Alpha Marine on December 14, 2022, 04:34:09 AM

$1.9 billion have been reportedly withdrawn from binance in the past 24 hours. This may be just be FUD and nothing is actually going to happen but we all know no matter the times we're in it's never advisable to keep your money in exchanges. I've seen this warning so much you'll think everybody knows this by now.
Please take you money off exchanges, not just binance.

https://www.reuters.com/technology/binance-sees-withdrawals-19-billion-last-24-hours-data-firm-nansen-says-2022-12-13/?utm_source=reddit.com

After the FTX crash a few days ago, a news is spreading that it is not safe to hold assets on any centralized exchange. I personally think so. It is certainly not safe, especially for those who hold large amounts of assets in any exchange platform. Those investors should keep their assets in a safe wallet of their choice.

However, recently Binance CEO Changpeng Zhao, the owner of a large crypto exchange, gave a different message in which he does not consider the assets kept in their personal wallets from the exchange to be safe. He thinks many of those keeping crypto in their wallets will lose money for security reasons. He thinks most people won't be able to back up their security keys. Users are at risk of losing their device and backups will not have proper encryption. They might write it down on a piece of paper and someone else will see it and they'll steal those funds.

He also said that if a person dies, they have no way to give to their next of kin. Although we have a standard operating procedure. I realized that his thought in this regard is true. Everything related to key or phrase or password depends on himself. If there is any deficiency, it is natural to lose his wealth.

https://decrypt.co/117214/99-people-will-lose-crypto-storing-self-custody-binance-ceo-changpeng-zhao

Alpha Marine

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Quote from: robelneo on December 18, 2022, 09:16:30 AM

CZ should take care of business, now that its closest competitor FTX is out of the business Binance is an industry giant and they have proven its role in the industry, every time the market is suffering especially during the pandemic but it's still the right decision not to store your coins to any exchange and that includes Binance, the market is highly volatile and there's uncertainty in the market even if CZ is preaching SAFU we can never be sure, the only thing sure is when you have your coins in your wallet and you secured your private keys.
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Part of me is happy about Binance been in the "too big to fail" level and part of me is worried. Binance have become such a major player in the crypto space that if anything negative should happen to it, it would affect the whole industry. That thought scares me because even if majority of the people take their coins out and leave only what they use for trading, the industry would still be taken backward by at least 10 years if Binance should crash. I really, really hope that day never comes.

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Quote from: avikz on December 14, 2022, 05:04:37 AM

I agree with you! I hope nothing bad will happen to Binance. Cz is a rock solid business tycoon so I am sure he will take necessary steps to ensure our money is safe. But there's no guarantee about US regulatory bodies who are launching probes against Binance.

It's always a very good practice to withdraw your money from any exchanges and not only Binance. Unless you have the control on your own bitcoin through your own wallet, anything can happen!

CZ should take care of business, now that its closest competitor FTX is out of the business Binance is an industry giant and they have proven its role in the industry, every time the market is suffering especially during the pandemic but it's still the right decision not to store your coins to any exchange and that includes Binance, the market is highly volatile and there's uncertainty in the market even if CZ is preaching SAFU we can never be sure, the only thing sure is when you have your coins in your wallet and you secured your private keys.

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Quote from: Sayeds56 on December 15, 2022, 05:52:18 AM

Quote from: traderethereum on December 15, 2022, 04:03:15 AM

Quote from: Sayeds56 on December 15, 2022, 02:45:45 AM

Holding funds in personnel hard wallets is the most secure method to store crypto currencies and we should only connect it with trading platform when we buy or sell any asset.

That is what we must do to secure our funds from anything that will happen, especially if we keep it from the exchange.
The FTX case has emerged, and it looks like people are rocking Binance, spreading bad news, and wanting to panic people.
But we can hope that Binance will not be hit by any problems and can survive any bad news that hits them.
You must try to calm down and look for other news so that the negative news does not provoke you.

Indeed, we should not pay much attention to the rumors being spread to create negativity about Binance which will die down after some time, because Binance management team is very responsible and follows the rules of the game.
The innovative skills of Binance team, their professionalism and providing quality customer service is the strength of Binance team, which no other exchange can match & it has contributed a lot for the promotion of crypto currencies all over the world and I hope it will continue playing this role.

We have to anticipate rumors spreading or negative news about cryptos or exchanges to avoid getting caught in an unwanted situation.
And if they are still too scared to face the rumors or news, they can move their assets to another non-custodial wallet so there won't be any worries about their assets.
But so far, Binance can still survive negative rumors or news and they are still trying hard not to be affected by it.
And we as Binance users, should also not be affected and already have a plan if that does happen.

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The start of another panic? This can create problems for binance and their users. The most reasonable thing in this situation is to withdraw all your money from this exchange (from others too) - to play it safe.

For some reason, the rule that you don't need to store bitcoin on the exchange is remembered only when problems begin. Everyone (in fact, not everyone, and beginners are not in the know) knows that this should not be done because of the high risks.

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Quote from: coupable on December 15, 2022, 04:18:53 PM

Quote from: The Cryptovator on December 14, 2022, 02:36:53 PM

There is little skepticism surrounding Binance. Funds should not be hold to any exchange, including Binance. However, keep in mind that if Binance fails, the value of your funds will be significantly reduced due to the market crash. Whatever we're holding will be in serious trouble. The market will immediately fall, and as a result, the value of all coins will drop like a stone. I hope nothing bad happens and that this is all rumor. Binance has created a crypto ecosystem, and many things are associated with it. As a result, the collapse of Binance due to law enforcement will not bode well for the crypto industry.

This is the problem with one company monopolizing the most important and largest part of the crypto markets combined. Any doubts about Binance that may be confirmed in one way or another by any official authority, even if only as a matter of raising fears, will lead to a disaster in the entire market. On this basis, I do not imagine that Binance has withdrawn this number as a problem in the system, but rather it is most likely just rumors targeting the platform.
In any case, it is never advisable to leave your money in the hands of centralized platforms, no matter how reliable they seem.

Indeed, Binance is dominating the business of crypto currencies all over the world but it reached to this level through highly skilled management team, innovative work & adopting best marketing strategy , in a very competitive environment. This is the dilemma of free market economy that only fittest survives and monopolization is hard to avoid in such environment. We have seen the same situation in cell phone industry where only two companies are dominating the business worldwide.

Here comes the role of SEC, which is very important to stop any bad business practices going on in anyy exchange, to protect the interest of investors.

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