Trust yourself when holding and not the government or exchanges. - page 3.

OcTradism

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Quote from: Zoomic on October 26, 2024, 06:39:09 PM

Bitcoin investment is very risky, not only because of volatility, but because every holder of bitcoins is a potential target for scammers. Bitcoiners should be vigilant, use ONLY reputable exchanges if they have to and safeguard their private information, including wallets very well to avoid losing everything.

People who are online can be targets of hackers whom even don't these people are Bitcoin investors. So the vital principle to be safe, starts with how you do online, is it safely and carefully in security or careless and unsafely, it will decide that your devices and accounts will be compromised or be safe.

With investment in Bitcoin, people need to keep their investment privately and avoid to announce it publicly on media and in real life talks with friends, relatives. Because they will put themselves at risk and their Bitcoin fund at risk of hacks, physical attacks and more.

Bitcoin security guides.
Bitcoin privacy guides.

SickDayIn

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"adds hacker image for spooky effect"

Self custody is everything. Hackers sending coins to the government or exchanges probably only happens when they haven't washed their jiajcked coins properly

Miles2006

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Firstly, I don’t trust the government talk more of holding bitcoin involving a third party. There’s more to securing our asset compared to an exchange or the government holding our bitcoin. One needs to be careful when dealing with bitcoin generally due to high rate of scammers not just crypto scam.

Quote from: Zoomic on October 26, 2024, 06:39:09 PM

I do not think self custody guarantees 100% safety of bitcoins. Even if a person chooses self custody

No doubt self custody is not garantee 100% but it’s still better you keep your holdings personal and safe, smart people still fall victim even if it’s rare I guess no one wants to be a victim that’s the reason we still have to make every possible best compared to third party.

Zoomic

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Quote from: Z-tight on October 26, 2024, 03:46:22 PM

Anything online is prone to hacking, it does not matter who is holding it there, exchanges and institutions get hacked, and even if they do not get hacked, they can lose your money either through misappropriation like ftx or when they are chasing more gains in fractional reserve. The only way to store your BTC should be in your self custody and no other option should even be considered.

I do not think self custody guarantees 100% safety of bitcoins. Even if a person chooses self custody, bitcoins can still be lost either through some errors from the holder of the bitcoins where he might forget his seed phrase or send some bitcoins to the wrong address. What about cases where his wallet is stollen or damaged? It becomes even worse when the person doesn't know how to use a hardware wallet or paper wallet. Whether one stores his bitcoins with exchanges or chooses self custody of his bitcoins, anything can still happen.

Bitcoin investment is very risky, not only because of volatility, but because every holder of bitcoins is a potential target for scammers. Bitcoiners should be vigilant, use ONLY reputable exchanges if they have to and safeguard their private information, including wallets very well to avoid losing everything.

Saint-loup

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Quote from: MeGold666 on October 26, 2024, 04:40:58 AM

Everything connected to the Internet can be hacked, even your hardware wallet through some new found bug in the firmware.

People are still brainwashed by a system where banks act as guardians, treating everyone as if they are incapable of managing their own finances.

Unfortunately, many adults have the financial literacy of a ten-year-old, a result of carefully designed government programs that exclude economic education from primary school curricula.

If you want to be your own bank, you need a certain level of knowledge. You can’t just jump on the bandwagon and expect to succeed; without proper understanding, you’ll end up getting burned.

That's contradictory then, if only people with a certain level of knowledge can be their own bank without getting burned, what should do other people if they can't use banks and exchanges? I'm not sure the average Joe is able to be more safe and protected than most exchanges to be honest. In addition serious and reputed exchanges always try to reimburse their customers when they get hacked, if the theft is not too important though.

RockBell

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Quote from: Findingnemo on October 26, 2024, 12:02:07 PM

People have been trusting a third-party, so-called bank for their entire lives, so it doesn't seem like a big deal when they apply the same principle to crypto. Obviously, they will come around once they learn the lesson that whatever we say may not be convincing enough to those who are stubborn with the attitude that it's my money and I can do whatever I want.

People are always have the habit of trusting anything that the government is backing and anything that the government is saying, they believe is true and the banks actually play a very important role, and I can say that their is a lot of things when it comes to the bank, they are still relevant and since they are more of a stable currency they should continue with their currency and people that want to do bitcoin should continue with bitcoin, truly if you look at people everyone have the right to decide what they want to do with their money so that is why they don't need to be forced.

Quote

I used to do the same when I was a beginner. I kept money in the coinbase wallet/exchange and I can't able to access some of the funds due to some codes not getting to my mail and that's gone forever which is what made me to realize convenient should not be the priority for securing our assets.

When it comes to exchanges and keep you money this is a decision you have to avoid like a plague so as not to make the same mistake they made with FTX and a lot of people regretted why they kept their money in an exchange, if your asset is in your custody then it is better to keep it in a wallet and not in an exchange because not your keys not your coin.

Mia Chloe

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Many discussions have constantly been raised concerning hodling and the truth is everyone has different criterias and reasons why they Hodl. The Idea is either you are targeting period of time to sell off or you are actually targeting a particular higher price . However I've come to notice that everyone literally uses price a particular price tag, and that's because even if their target time is reached they will still likely continue hodling until they get a favourable price.

Well I think people that HODL based on government based news or exchanges that moved some coins, are actually acting based on FOMO because most of the time they are actually scared price will fall drastically because of such news.

Z-tight

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Anything online is prone to hacking, it does not matter who is holding it there, exchanges and institutions get hacked, and even if they do not get hacked, they can lose your money either through misappropriation like ftx or when they are chasing more gains in fractional reserve. The only way to store your BTC should be in your self custody and no other option should even be considered.

Wonder Work

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Quote from: Jawhead999 on October 26, 2024, 11:58:22 AM

And another reason is they can grow their money, holding in non custodial wallet will not make them able to grow their money. People who invest in cryptocurrency are looking for profit over anything, it's fine for them to risk more if they can earn more rather than playing safe.

I think people who are in the cryptocurrency world, if they have money, they will never leave it in a non-custodial wallet. Because you yourself know that they are always thinking about how they can invest their money and profit.

Although I do this myself, if it turns out that I have like $100 in store, it doesn't make sense to put it away and then I invest in a good coin. If I don't find any good coin like that then I invest in BTC.

kryptqnick

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I trust myself with Bitcoin more than I trust any company or the authorities. That's why I appreciate the option of having a non-custodial wallet and keeping the coins there. However, I also feel like I'm a very responsible and very organized individual who rarely forgets or loses anything important. Many people are not like that, and it's completely normal. It makes sense that some trust big organizations and institutions more than they trust themselves. You can contact support if you forget your password, and even if the platform gets hacked, you might get reimbursed. So I believe it's just a matter of personal choice.

Dr.Bitcoin_Strange

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People who are old and experience in Bitcoin, would know that Bitcoin is a decentralized asset that doesn't need to be under the control of the government. The security of one's crypto asset lays on their hand and if they properly manage their asset, they can not lose it.

Ojima-ojo

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I don't Trust anyone as regards to my asset's holdings the reason is that, having control is more than whatever conviance that may come along the line, and for that exchange and other non custodial wallet's and assets are all risk intensive because at once you could lose control of the account since all you are given is just users log in details and all other assets control are in the hand of the third party.

So for the sole aim of control, self custody assets are far more better and secured than any other form of holding, government holdings are the worse off since their incure tax at the end of every month or via each profits mergin.

AVE5

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Banks are hacked bringing bank account holders and the banks bridge of trusts with their funds. Currently in my place, over five commerical banks has faced scammed issues which the banks claims they're unable to return back account holders funds n full. They bargains or refunding holders 40-50 % of their funds being lost while banking with them.
This scamming issue specifically affected the bank itself and not targeted on the account holders. So this has made the bank being responsible for their lost funds.
The governments would always claim that they're worth trusted and have created all needed amenities to safeguard our funds but that's literally selfish to me because all they wanted is thier service charges and laying unnecessary taxes on the people and yet their trust volume is vulnerable to o be comprised by a third party probably scammers hitting them.
So I don't see any need entrusting our bitcoin on the government when they can't even afford to secure their own central currencies under their custodial.

Samlucky O

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Quote from: Japinat on October 26, 2024, 01:53:44 AM

When we talk about government holdings, it usually implies safety since they’ve taken all the necessary steps to secure it. But hackers still managed to breach it, maybe just testing the system’s security before returning it within 24 hours. Makes me wonder why some people think putting their crypto with a third party is safer because of “better security.” But with what’s happened, even the government can be hacked, so why trust them with our Bitcoin?

Government having crypto asset doesn't mean they are free from hackers. lack of security protection is paramount to hack, provided that their security system is not well protected or there seed phrase has been compromised, then they are paramount to hack. If you ask me about this hack I will say the fault is from those that are in possession of the government wallet, because when asscces to a Waller is held by more than one person then there is no privacy. I believe this hack is done by those in charge of that wallet. If it was a real hack they wouldn't have returned %80 within 24 hours.

Nrcewker

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People are dumb and trust third-party apps or wallets to hold their coins. It’s like risking your hard-earned money at the hands of others. No matter how strong the security system, there will be a guy who is more smart and knows how to bypass it. He will simply get inside and take everything from everyone. You will just file a case against the company, and nothing will happen. So it’s better to take the responsibility yourself and hold the coins yourself. If you are holding a large amount, then invest in hardware wallets; else, go for the free open-source wallets to store the coins.

EL MOHA

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Quote from: jcojci on October 26, 2024, 10:51:41 AM

I think that is because the fee of transaction that makes people thinks that if they putting their crypto with a third party will be safe and they don't have to bother sending their crypto. Not to mention about the transaction fee that can increase following the busy of the network.

Besides that, if their crypto is on the exchanges, they can directly sell their coin in any high price they want. They don't have to wait until the transaction finish which can be longer if the network is crowd. They should realize that there are no 100% safe in the internet even if third party can guarantee that all data in their site is safe.

For people that sell off are not long term investors, if we actually are taking about those that should take off their funds off exchanges I think the advice or rather warning is usually directed to those long term holders with huge amount of funds. For short term holders or even day traders no problem since it will cost them extra charges in fees.

The transaction fees I think it is only when you intend to move your funds to exchange and sell that you meant but sending between two wallet addresses the transaction fee of using a wallet is always cheaper than sending from exchanges, as you have the ability to actually set your fees yourself if you use the right wallet.

Quote from: Jawhead999 on October 26, 2024, 11:58:22 AM

And another reason is they can grow their money, holding in non custodial wallet will not make them able to grow their money.

People who invest in cryptocurrency are looking for profit over anything, it's fine for them to risk more if they can earn more rather than playing safe. It's very rare to see someone hold their coins in their wallet, if you have real life friends who invest in cryptocurrency, you can check where they hold their coins.

Staking is something I don’t actually think a large holder will even consider except all this altcoin lunchpools by exchange to get newly listed coins for free but for the APR the risk is definitely not worth. One thing is many of these holders of coins on exchanges simply do it just because they don’t want to be their own security and also they think that when hacked this exchanges could offer return over their personal wallet been hacked to me it is simply still a gullible thinking

yudi09

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Quote from: Japinat on October 26, 2024, 01:53:44 AM

Trust yourself when holding and not the government or exchanges.

Oh I really believe in myself when holding it not in them. In my confidence, I also think that anything can be done by hackers if they target our assets. To strengthen the confidence that was earlier, take steps in storing assets to keep them safe, such as not storing assets on devices that are online all the time, avoiding public information. Even if assets can be hacked after taking these storage steps, I will not be disappointed.

Findingnemo

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Bitcoin = Financial freedom

People have been trusting a third-party, so-called bank for their entire lives, so it doesn't seem like a big deal when they apply the same principle to crypto. Obviously, they will come around once they learn the lesson that whatever we say may not be convincing enough to those who are stubborn with the attitude that it's my money and I can do whatever I want.

I used to do the same when I was a beginner. I kept money in the coinbase wallet/exchange and I can't able to access some of the funds due to some codes not getting to my mail and that's gone forever which is what made me to realize convenient should not be the priority for securing our assets.

Jawhead999

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Quote from: jcojci on October 26, 2024, 10:51:41 AM

I think that is because the fee of transaction that makes people thinks that if they putting their crypto with a third party will be safe and they don't have to bother sending their crypto. Not to mention about the transaction fee that can increase following the busy of the network.

Besides that, if their crypto is on the exchanges, they can directly sell their coin in any high price they want. They don't have to wait until the transaction finish which can be longer if the network is crowd. They should realize that there are no 100% safe in the internet even if third party can guarantee that all data in their site is safe.

And another reason is they can grow their money, holding in non custodial wallet will not make them able to grow their money.

People who invest in cryptocurrency are looking for profit over anything, it's fine for them to risk more if they can earn more rather than playing safe. It's very rare to see someone hold their coins in their wallet, if you have real life friends who invest in cryptocurrency, you can check where they hold their coins.

hd49728

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Not your keys, not your coins!

Quote from: Japinat on October 26, 2024, 01:53:44 AM

When we talk about government holdings, it usually implies safety since they’ve taken all the necessary steps to secure it. But hackers still managed to breach it, maybe just testing the system’s security before returning it within 24 hours. Makes me wonder why some people think putting their crypto with a third party is safer because of “better security.” But with what’s happened, even the government can be hacked, so why trust them with our Bitcoin?

The story-
Hacker returns stolen funds to US government in less than 24 hours

Hackers can return fund, can be arrested or succeed with stolen fund and if you have your money on a hacked exchange, you only can pray that God will save you.

But always prepare for worst that you will lose that fund forever, because many hacked exchanges turn to dead. Exchange graveyard.

Putting your fund to hands of others to secure it is wrong and risky practice, then if their platforms are hacked, you will have very little hope that they will have enough business budget to compensate your loss. Most of times, small exchanges will disappear, die and even a Tier 1 exchange FTX bankrupted, many centralized exchanges can die after a big hack.

Topic: Trust yourself when holding and not the government or exchanges. - page 3. (Read 580 times)