Why I am pulling all my coins from Centralized Exchanges

talkbitcoin

legendary

Activity: 1372

Merit: 1032

All I know is that I know nothing.

Quote from: iconoclast on September 09, 2018, 03:26:50 AM

Short positions in Ethereum are at record levels.

shorts are happening a lot more these days because prices of altcoins including ethereum are falling hard and real traders don't hang around doing nothing hoping for pumps to make profit. real traders want to make profit from any opportunity they can get.

in a healthy market shorts and other stuff happen alongside each other. it is not a bad thing at all. and not to mention whether you pull your money out or not, they will continue happening. if anything the dumps will become more severe as more people pull out of the market as the sells aren't going anywhere.

yslyv

hero member

Activity: 1078

Merit: 537

i also agree with you. centralized exchange platforms are very dangerous for all users. not only for the ones that trading at this exchanges but for all ecosystem. because as soon as they have a problem, all market is affected badly.

micle222

sr. member

Activity: 784

Merit: 255

Almost all of the exchanges were centralized because there were many merchants in circulation.
And the Exchange also has strong security from hacking but from the outset it is better to pull your altcoins from Busa and then enter wallet hardware.

aligator2017

sr. member

Activity: 532

Merit: 250

The Exchange for EOS Community

Quote from: iconoclast on September 09, 2018, 03:26:50 AM

…
Now I have no reason to believe that me moving my coins will bring this to pass. But I am going to do it simply because I don't like the idea of other people using my money to work against my interests.

Come on, do you really think that all coins existing on your account balance belongs to you? Only these numbers belongs, all coins are on hot exchange wallets. So short position is not the deal between persons - it is only agreement to buy/sell at a certain price. But coins remain at the same places

Athanasios Motok

full member

Activity: 387

Merit: 100

I don't know why I have from the ancient times money and coins scattered in different places. I don't keep all my coins in one exchange. They I have and on wallets and on exchanges are scattered. I was so taught a long time ago that you don't have to keep everything in one basket.

FrozenPhantom

newbie

Activity: 29

Merit: 0

It’s a considerable measure of tokens have been moving to POS so keeping them in your wallet rather than trades gives you stake remunerates too.

dewildance

full member

Activity: 546

Merit: 100

Yes, it is often risky to have money in the exchange. But we have hundreds of coins or tokens. It is very difficult to follow developments about them. Every day one of them wants SWAP. At least the stock exchanges can provide this. There are thousands of tokens that have turned into nothing in the Ethereum wallet.

camps74

jr. member

Activity: 125

Merit: 1

Great job man! If everyone follows suit and kicks Centralization and KYC to the curb and we force the issue we can actually have free money and some freedom to boot. Glad to see some fellow free thinkers here not fumbling over themselves to fill out kyc forms for airdrops and such. The KYC participators are scum who don't realize what they are doing. Keep up the great work.

adekogbe

member

Activity: 854

Merit: 21

It is really not an advisable practice to leave your coins on any exchange, centralized or Decentralized, because you do not hold the private keys to those exchanges and all your tokens there are T a big risk. And example is the coincheck hack of earlier this year.

Join DeStream ICO: https://destream.io/?referralId=adf52557d7994818a3bf8131262f2179#action=bountyreg

xWolfx

member

Activity: 322

Merit: 20

Donating 10% to charity

I believe you have an interesting opinion.

Taking into account all the data breaches and exchanges losing their coins due to hackers it is definitely not a crazy stance, i also believe that trend will continue for some time still. The motivations are big and the difficulty is not set high enough still.

When people is holding - Having a big amount of coins saved, its definitely a good idea to buy a hardware wallet and store them there. Doing their best to keep them safe.

Make sure to protect your coins not only from Exchanges losing them but also some natural disaster when you have them.

marks1976

sr. member

Activity: 893

Merit: 250

Quote from: Docnaster on September 12, 2018, 02:45:21 PM

I don't think that shorting is really responsible from the drop from $1.4k to <$200, let's be realistic here. The market sentiment is horrible all across the board, even cryptos that don't have margin trading available are dropping like bricks. Sure, shorting probably isn't helping, but when you combine that with ICO sell-offs and general FUD, it's quite obvious why we're seeing this river of red.

Even vitalik has created FUD to the market. Remember a lot of regulators has been pulling a lot of new regulation and SEC has rejected all of the ETF applications and that could be a disaster.
So many reasons to support the fact that the market is so horrible right now. In fact they are not understand about that.

gabrielkings

newbie

Activity: 98

Merit: 0

Truely people don't realize the benefit of decentralized exchange and that's because there is no proper awareness yet. But hopefully soon enough the importance will be well known.

CryptoCoinArbitrage

member

Activity: 485

Merit: 12

$WPP $HyFi https://hyfi-corp.com/

I keep coins on exchanges only I am trading with as of security reasons . This is an interesting view on shorting
and exchanges I was not quite aware, however I do not think that shorting is the cause for ETH price drop as it
is earlier on downtrend and downward spiral just continue.

priscadavids

newbie

Activity: 58

Merit: 0

Wow! This is a great post but however many people still prefer the centralized exchanges because decentralized exchanges is still far from offering great user experience. People still find it difficult to understand decentralized exchanges and decentralized exchanges still have to step up their craft to compete with the centralized.

diamondroyal

jr. member

Activity: 53

Merit: 1

Repme.io

Well said, is better to store ur coin in an offline wallet than exchange

Walero

newbie

Activity: 56

Merit: 0

This is more reason i like bank than the bitcoin exchange. A centralised exchange that got hacked should be able to reimborse those that were affected but instead na grammar they will be blowing here and there.

Wolfwar

member

Activity: 630

Merit: 14

Quote from: tenebriscaelum on September 12, 2018, 04:03:44 PM

This is also to make the prices of cryptos lower to make a bull trap to investors which is quite frustrating and it is not the exchanges fault but the short sellers. Also even though that the price of ETH is going down in decentralized exchanges there are tokens that are getting good uptrend which is quite a good option.

Perhaps you are right, but you do not need to exclude the fact that it's so Motive can be a trap. We all know about the prospects for crypto currency in the future, and almost 90% of all projects created coins on the erc20 platform. Therefore, the drop in the price of the etherium does not mean anything.

tenebriscaelum

member

Activity: 462

Merit: 11

This is also to make the prices of cryptos lower to make a bull trap to investors which is quite frustrating and it is not the exchanges fault but the short sellers. Also even though that the price of ETH is going down in decentralized exchanges there are tokens that are getting good uptrend which is quite a good option.

Rangerman

newbie

Activity: 296

Merit: 0

keeping the coins in the exchanges for a longer period of time is a bad option. Instead it will be better if the coins are kept in wallets which has a good security.

BitCoinGuy10

newbie

Activity: 188

Merit: 0

Keeping the coins in the exchanges for a longer period of time is a bad move. It will be better if you have a good wallet which provides top notch security and keep the coins there instead.

Topic: Why I am pulling all my coins from Centralized Exchanges (Read 266 times)