**TAKE YOUR COINS OFF EXCHANGES** - page 2.

carlisle1

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Quote from: patroncito on February 07, 2020, 02:49:27 PM

Hi Everyone,

We need to start telling everyone across the crypto community to take their whole balance of crypto from the exchanges to their OWN WALLET .

i think only traders has some crypto in their exchanges and withdrawing everytime they done for specific trades.

Quote from: patroncito on February 07, 2020, 02:49:27 PM

That is the ONLY way to stop manipulation. Furthermore, it will create a huge shortage of coins on every single exchange and end up in a gigantic bull run

don't you think that manipulators can counter this?they can take their coins also and sell soon so how come that the Bullrun?

Quote from: patroncito on February 07, 2020, 02:49:27 PM

REMEMBER. Not your keys. Not your Bitcoins

yeah Not our Keys is not our Wallet ,only Noob will remain currency in exchange.

maydna

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Quote from: Seth2009 on March 11, 2020, 06:23:07 PM

Thank you for reminding us sir especially those that are new in this market... Make all your funds safe and sound thru other cold and hardware wallets and avoid keeping your funds in exchanges.. Nowadays, a lot of exchanges now are turning scams or suddenly shutdown... Even the top exchanges now is not safe from hackers.. So better safe than sorry...

Yes, that is for preventing that we can use. It is better to move the coin into another wallet that we can control by ourselves, so we don't have to worry about the scamming that can happen anytime. We can send back the coin into the exchanges when we want to sell the coins, and of course, before we send, we need to make sure that everything is fine so we don't have too long to wait for the confirming.

And we don't need to tell other people that we already move the coins into another wallet because that can attract them to curious and they will want to know, and that can lead us to get scam by someone that we don't know.

Assface16678

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Quote from: reallester on February 09, 2020, 04:51:49 PM

Yes I totally agree with you on that. People really need to be educated on the need to storing or managing their bitcoin or crypto generally from their own private wallet rather than exchange. We have had issues of hacks and thefts on these exchanges. Hence this potends a great threat to investors or traders who leave their funds on the exchanges. Truly, Not your keys, not your bitcoin
It is our sole responsibility to protect and safeguard our funds from scams and hacks.

That was true because some of the people are holding their money to the exchange and we cannot stop them. because some of them are always making an exchange because they want to keep updated on the market but today some of the exchange is having a bankruptcy and they immediately closing and some of their users does not get their funds still one of the safeties ways to save your money is always making the transfer into your funds is into your wallet because we are avoiding having some issues like that also, thanks to aware me and other users too because some of us are hobbies to store our funds to the exchange and that was not quite good.

Seth2009

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Thank you for reminding us sir especially those that are new in this market... Make all your funds safe and sound thru other cold and hardware wallets and avoid keeping your funds in exchanges.. Nowadays, a lot of exchanges now are turning scams or suddenly shutdown... Even the top exchanges now is not safe from hackers.. So better safe than sorry...

reallester

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Yes I totally agree with you on that. People really need to be educated on the need to storing or managing their bitcoin or crypto generally from their own private wallet rather than exchange. We have had issues of hacks and thefts on these exchanges. Hence this potends a great threat to investors or traders who leave their funds on the exchanges. Truly, Not your keys, not your bitcoin
It is our sole responsibility to protect and safeguard our funds from scams and hacks.

malevolent

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Quote from: redsun114 on February 09, 2020, 12:25:01 PM

And also I don’t think that those that stores their coins on exchanges are newbies, because most of the newbies that starts making use of Bitcoin starts with their private wallets, but as time goes on and they get to hear about exchanges like Binance and Bittrex, that’s when they start to hop on them.

Tons of newbies simply buy bitcoins on Coinbase or on a similar site and don't even bother withdrawing to their own non-custodial wallet. Newbies are the ones who are most likely to not have received the warning about not storing their coins on an exchange.

redsun114

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Quite a good advice and it’s no longer something new because I know for sure that this has repeated over a hundred times in this forum. And also I don’t think that those that stores their coins on exchanges are newbies, because most of the newbies that starts making use of Bitcoin starts with their private wallets, but as time goes on and they get to hear about exchanges like Binance and Bittrex, that’s when they start to hop on them.

All the above, I don’t think there’s any amount of persuasion you will give that will make people to remove their coins from exchanges, it’s their choice.

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Quote from: patroncito on February 07, 2020, 02:49:27 PM

Hi Everyone,

We need to start telling everyone across the crypto community to take their whole balance of crypto from the exchanges to their OWN WALLET .

That is the ONLY way to stop manipulation. Furthermore, it will create a huge shortage of coins on every single exchange and end up in a gigantic bull run

REMEMBER. Not your keys. Not your Bitcoins

Moving your coins out of exchange will not create shortage of coins neither it will be a reason of any bull run but it will make your money secure and you need not to worry if the exchange is hacked or scammed. We have seen almost every exchange being hacked once and our funds are not secure. Some big exchange like binance provide you a bit more security by having a special fund in case of hack, but none of the exchange is 100% secure.

cryptoaddictchie

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So how about us who dont have a custodial wallet? I did have some wallets that have my own keys but the problem it is used only for ethereum and tokens. It's also under third party app. I know there is still some risk but my coins are resting in peace on Binance Exchange, I am well confident that even though this exchange has been breached or hacked again. They would compensate users for this. This is the best idea actually to do but not applicable for everybody.

fratoshi

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Some think that decentralized exchanges are safe.
Never forget what happen to Cryptobridge users.

Theo222

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I also think that we should be the one that should take care of our own money,
We should be responsible for what ever we do with our money and besides what's the use of our own wallet if we wouldn't use it?
We don't know what could happen in every exchange just imagine the best exchange binance got hacked then it could also happen to the other sites as well, Luckily Binance cover everything by their SAFU.

Anonylz

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This is about taking precautions about our funds and be careful, having our funds in our personal wallet is much safer than having them on exchange, but sure those who engage in trading can not always have their funds in and out of the exchange,
Sincs am not a trader, my funds are always in my personal wallet all the time except i feel the need to have them,
Future uncertainties is the main reason why it's not safe to hold funds in exchange, too many hacks have been going on in exchanges lately that gives cause for concern.

fiulpro

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Yes I completely understand where it's coming from but you know sometimes the money in the exchanges comes in handy , you know when you have to buy something or are out of cash and you can just encash some there right at the moment .
Not whole amount should be in the exchanges but you know maybe 1-5% of your total holdings can give you a great backup .
Ofc exchanges manipulate the market and also they are not at all safe , so ofc one shouldn't keep their whole crypto money on the exchanges it's not worth it.

UserU

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Quote from: JollyGood on February 08, 2020, 08:00:32 AM

Crypto should only really sit on exchanges when you want to trade, that is it. In other circumstances they should be on your own wallet but as mentioned in my previous post it might be almost impossible for an average user to download hundreds of GB upon GB of several almost obscure blockchains on a desktop or laptop when holding almost useless crypto. In those cases an alternative is always searched for and a multi-coin holding wallet is usually what is used, if not an exchange.

That's the caveat. Some wallets require you to download their blockchain and sync them, wasting precious time and space.

adaseb

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Depending on how well you are up in your security for most people I think its safer for them to just keep their crypto in a reputable exchange like Coinbase or Gemini. Many people use OS like Windows 10 and they browse shady websites and download questionable software and keep their BTC in their wallet without a password even.

In those situations they are better off just keeping it on the exchange. The exchange has great security and as long as you use a unique password and use 2FA then it would be very difficult to get your crypto stolen. Sure not your keys not your coin but many newbies have no idea what cold storage or what a hardware wallet it, so they are better off just trusting the exchange with their crypto.

meanwords

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Not going to happen for everyone. Trading will always be a thing even in the cryptocurrency world and exchanges is the only thing that will help gate that way. Even if the risk is there, traders have no choice since it's the fastest and the most profitable. Although it's the best advise for a holder like me, it's still not applicable to day-to-day traders, and there's a lot of them in fact.

bryant.coleman

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Everyone knows this and most of us don't keep our coins in the exchanges. I learnt my lesson in a hard way, after I lost coins that I had stored in Mt Gox in 2014. But it is not always practical. For example, sometimes exchange wallets are the only viable option available for storing some of the altcoins. It is not practical to install desktop wallets all the time, and as a result we are forced to store at least a part of our coins in exchange wallets. Even recently I had lost my coins in exchange wallets, when exchanges such as Wex.nz and Cryptopia closed down.

Sadlife

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Unfortunately i can't withdraw my funds on the exchange that i used because there's a withdrawal limit. So my crypto is just there stuck.
It's really rarely to see that such trading exchanges has withdrawal limits.

I agree with the OP, this is one of the examples that if you deposit your money to exchanges then your money is monetized by them and possibly restricting you access of it.

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Quote from: patroncito on February 07, 2020, 02:49:27 PM

Hi Everyone,

We need to start telling everyone across the crypto community to take their whole balance of crypto from the exchanges to their OWN WALLET .

That is the ONLY way to stop manipulation. Furthermore, it will create a huge shortage of coins on every single exchange and end up in a gigantic bull run

REMEMBER. Not your keys. Not your Bitcoins

Even all the small investors will decide to do what you like to happen, we are still very far from the holdings of big whales so your plan is very useless especially if the total holdings of small investors will not at least reach about 4-10% of the total holdings of the big whales.

If you are afraid about manipulation then you will not last long in crypto world because right now manipulation of big whales are part of how the market works. If you want to profit in crypto world, you should know how to ride the flow of the market so you don't need to worry about something like withdrawing all your funds in the exchange and letting others to do the same just to stop the manipulation of the market.

Kupid002

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Quote from: kawetsriyanto on February 08, 2020, 06:43:35 PM

I think experienced people should keep their coins on private wallets, not on exchanges. They may put some coins on exchanges but only for trading, so it is not a significant amount. This advice is likely more directed to beginners. As it is beginners, I assume they have not assets as many as the experienced investors/traders have. So, I doubt a bit about the effectiveness of this idea to affect bullrun.

yes after hacking and closing many exchange you should already know how to secure your money. Use only exchange if you want to trade your balance to other currency or fiat then after the trade move it to secure wallet that you own.
Always avoid storinh your money in exchange even in reputable exchange no one know what will happen to your money once exchange hacked.

Topic: **TAKE YOUR COINS OFF EXCHANGES** - page 2. (Read 800 times)

Topic: TAKE YOUR COINS OFF EXCHANGES - page 2. (Read 800 times)