Funds should be kept in whatever places you prefer, where you are in 100% control of your private keys. It can be hardware wallets, paper wallets, even hot wallets on a dedicated smartphones (for small amounts).
Exchanges are OK if you like to change from one coin to another. As soon as you done this - run away from the exchange. Do not keep your funds there even for one extra hour.
One may reply - what about trading?
Well, trading is mainly driven by one thing, by greed, by one single desire - to have more.
Yes, there is a possibility to have more (by trading).
As with every possibility to profit - here comes risks.
Big profit possibilities brings big, HUGE risks.
There is hardly any other more risky place to keep our cryptos than on centralized exchanges.
Who said this (Andreas?) - there are only two types of exchanges : Those which already been hacked, and those which WILL BE hacked.
Below is a nice short list of 10 famous crypto places: PicoStocks, Mt.Gox, BTC-E, Poloniex, Bitcurex, Cryptsy, BTER, MintPal, Bitstamp, ShapeShift
Guess what three common hings I can say about them?
I had accounts, and been used them one time or another there, in all 10 of them
All 10 been hacked in the past, and lost their client funds
I have never lost even one single satoshi in any of those 10 places
Why?
Because I do not trade, at least not day trading. And I REMOVE my funds immediately once I have my desired exchange completed.
To listen to the audio version of this article click on the play image.
Brought to you by @tts. If you find it useful please consider upvoting this reply.
Exactly !
Problem is not in wallets ( usually), and not in code
Problem is in humans.
Once I transfer to exchange - all I can do is trust in human ( in exchange owners, coders, manger etc etc)
There will be always an insider problem, greed problem etc, and always in the form of human.
There is not even one single human on this planet, who I trust as much as I do in strength of SHA256 hashing. Period.
I feel sorry for these people, cryptopia was a great exchange that had a lot of unique coins and a nice crypto market with unolique offers.
It wasn't just another Binance knockoff with lambo give aways for people who create fake volume.
I leave small amounts of strange coins that don't fit in my hardware wallet on exchanges or if the amount is small and the fee to offload will eat me. However, I don't add it to my portfolio tracker until it is in my wallet because I consider it a write off.
Logged in this platform last week since long time ago, just to check if my delisting coins is still withdrawal-able, it was not, and it doesn't matter anymore.
When people will learn to stay away from exchanges ?
Will they ever ?
It is not always that simple.
You mean people should not use exchanges? Or everyone should maintain hardware wallets ?
Funds should be kept in whatever places you prefer, where you are in 100% control of your private keys. It can be hardware wallets, paper wallets, even hot wallets on a dedicated smartphones (for small amounts).
Exchanges are OK if you like to change from one coin to another. As soon as you done this - run away from the exchange. Do not keep your funds there even for one extra hour.
One may reply - what about trading?
Well, trading is mainly driven by one thing, by greed, by one single desire - to have more.
Yes, there is a possibility to have more (by trading).
As with every possibility to profit - here comes risks.
Big profit possibilities brings big, HUGE risks.
There is hardly any other more risky place to keep our cryptos than on centralized exchanges.
Who said this (Andreas?) - there are only two types of exchanges :
Those which already been hacked, and those which WILL BE hacked.
Below is a nice short list of 10 famous crypto places:
PicoStocks, Mt.Gox, BTC-E, Poloniex, Bitcurex, Cryptsy, BTER, MintPal, Bitstamp, ShapeShift
Guess what three common hings I can say about them?
Why?
Because I do not trade, at least not day trading. And I REMOVE my funds immediately once I have my desired exchange completed.
Seems like a simple rule?
But it works !
To listen to the audio version of this article click on the play image.
Brought to you by @tts. If you find it useful please consider upvoting this reply.
Cryptos were termed as the most secure form of money but they are proving worse than the fiats. Will cryptos replace fiats in such a way?
The problem is it isn't the crypto that is insecure, it is the Exchanges and wallets.
Exactly !
Problem is not in wallets ( usually), and not in code
Problem is in humans.
Once I transfer to exchange - all I can do is trust in human ( in exchange owners, coders, manger etc etc)
There will be always an insider problem, greed problem etc, and always in the form of human.
There is not even one single human on this planet, who I trust as much as I do in strength of SHA256 hashing. Period.
I feel sorry for these people, cryptopia was a great exchange that had a lot of unique coins and a nice crypto market with unolique offers.
It wasn't just another Binance knockoff with lambo give aways for people who create fake volume.
I leave small amounts of strange coins that don't fit in my hardware wallet on exchanges or if the amount is small and the fee to offload will eat me. However, I don't add it to my portfolio tracker until it is in my wallet because I consider it a write off.
ouch
hmmm... ok... so lets see if my 0,05 BTC and my 4000 Doge are still there after the maintenance...
Thanks for the update!
Resteemed
Not a good thing for crypto in general...
Posted using Partiko iOS
Its a good thing I stopped using cryptopia a while ago, but this is a good eye opener to get my crypto secure!!
Time to hard fork and create Cryptopia Classic I guess :/
Cryptocurrency market on January 14th. While the script
Logged in this platform last week since long time ago, just to check if my delisting coins is still withdrawal-able, it was not, and it doesn't matter anymore.