Your coins on CEX may be at risk this bear season - page 3.

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legendary

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"Your coins on CEX may be at risk this bear season"
Actually, they are not 'your' coins if they are in a centralized exchange. The exchange holds the keys and the coins as well, you only trust them to let you spend it when you need it and that privilege can be revoked in a bull or bear market.
There is also the risk of privacy loss, with your personal details falling into the hands of hackers or being handed over to government agencies.

Quote from: Charles-Tim on July 15, 2022, 03:01:16 AM

Quote from: Majestic-milf on July 15, 2022, 02:34:20 AM

Your privacy matters a lot always use a segregated wallet and save yourself the stress.

What did you mean as segregated wallet?

I read it as segregated witness wallet. Probably cause that was the only way it made sense to me.
And you are right, best to be specific on using an open source, non-custodian wallet

Charles-Tim

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Even aside this present bear market, even during bull market, any unused coins should be transferred out of exchange to noncustodial wallet, being noncustodial means you have the full control of your coins.

Quote from: Majestic-milf on July 15, 2022, 02:34:20 AM

Take the case of Bithumb, a South Korean crypto currency exchange that lost a million dollars worth of customers crypto in 2017.

That is even better. This thread's OP was last edited on January 02, 2021 but you can see many exchanges that were hacked right from 2011 to that time when it was updated last.

Hacked Exchanges since 2011

Quote from: Majestic-milf on July 15, 2022, 02:34:20 AM

Your privacy matters a lot always use a segregated wallet and save yourself the stress.

What did you mean as segregated wallet? I think to be specific, people should be advised to use a noncustodial wallet. There is also a custodial wallet, which are not also advisable just like exchanges because if talking about privacy and full control, if exchanges are the fire, then custodial wallets are the hot frying pan.

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legendary

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Good initiative but the problem I see is that the average user of this forum knows what you are saying, however there are many people who do not visit this forum who will innocently leave their funds in CEX.

Then comes the crying, when more than one leaves their life savings in an exchange or platform that goes bankrupt:

Quote from: Eternad on July 14, 2022, 10:35:18 AM

There's a lot of people now posting about suicide in there social media in relation with this Celsius collapse as expected. Celsius is licensed company which is the reason why noob investors will risk there life savings in there for a passive profit.

I just saw this article https://cryptobriefing.com/i-am-suicidal-celsius-customers-respond-to-firms-bankruptcy/?utm_source=feed&utm_medium=rss shared on our group in telegram. This is same when Terra UST collapse before.

Majestic-milf

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With the current market situation, where the bear pushes the dip further, chances are most centralized exchanges are being forced to go insolvent or even shut down due to inability to meet up with government taxes. And should this happen, your coins are at risk. Either you lose it all or get compensated in cases of lenient exchanges.
Some Exchanges may not be trusted as most times they are vulnerable to hacker attackers. Take the case of Bithumb, a South Korean crypto currency exchange that lost a million dollars worth of customers crypto in 2017.

Your privacy matters a lot always use a non- custodial wallet and save yourself the stress.

Topic: Your coins on CEX may be at risk this bear season - page 3. (Read 411 times)