Fool me once, shame on me. Fool me twenty times…

Bro, if Binance and Coinbase go down you won’t have to worry about your cryptos anymore because their value will be 0$

“There’s an old saying in Tennessee — I know it’s in Texas, probably in Tennessee — that says, fool me once, shame on — shame on you. Fool me — you can’t get fooled again.”

I too sleep well at night knowing my *gambling proceeds* are safe on my Ledger

>How many more warnings do people need to move their coins off exchanges?

Seven

I have my coins on exchange and I have few reasons for that.

1. I actively manage my account (trading and rebalancing)

2. In case of my death my funds would be available to my family. How many of you guys have written your will with clear enough instructions that will let your family access your coins in worst case?

3. I’m waiting for Shanghai upgrade, so I can withdraw my ETH to cold wallet.

Unfortunately people will not learn until they get hurt themselves.

KEEP 👏 YOUR 👏 COINS 👏 OFF 👏 EXCHANGES

People unfortunately think they’re safe until the inevitable happens

In all seriousness, it’s baffling that people still keep large amounts of crypto on exchanges despite all the warnings and horror stories we’ve heard over the years. 🤷🏻‍♂️

TLDR: Self custody is the key

I think OP underestimates the amount of rich people who gamble in crypto without being even remotely familiar with the tech.

People still prefer to keep coins there which is baffling after all the things happening now and previously. Other thing is that the government itself can confiscate or file a block/restrictions on a specific account. This is totally against what crypto is all about. Get your coins Out of exchange or take the consequences of not guarding your own crypto.

Most of my crypto is in my hard wallet but I need to move what I recently had bought into it.

Exchanges are only for buy-sell and deposit-withdraw. If you want to stake some coins, you have a bunch of hot wallets protected by a ledger. But even if they are not protected by a cold wallet, it is still better to have your holdings in your own wallet than on an exchange. But people do not want to take responsibility and trust the big exchanges because they are lazy and irresponsible.

“They are so big that going bankrupt is unthinkable”.

Look at Silvergate…a 40-year-old institution managing over 200 billion. failed! How many times has this happened in the last year alone? And it will happen again and again because of greedy corporations and people’s stupidity. Have custody of your coins, that’s why crypto was created so you don’t get ripped off all the time!

When I was more of a noob, my deterrent was gas fees. My positions weren’t very big.

it’s tragic for me, long term invester in multiple coins, long term investor in shares in companies I want to advance by offering cash liquidity in the form of share buying. I avoid what I would call unethical projects, such as fossil fuels, arms companies etc..

My hope for crypto is that we can get away from the sheer greed and dog eat dog of the present financial system, but the last two years have illustrated , to me anyway, that greed and big money are not only happy wiping out individuals, they actively encourage the little people to pile liquidity in to hype and celebrity driven nonsense.

Crypto, of course, is not about losing cash, but recent times have illustrated how little rich kids are using other people’s cash, be it parents or otherwise, to grow their own piles at the expense of everyone else, it is nepotism loaded with greed and psychopathy.

Day trading and flipping are different, if you want to gamble then that’s fine, I don’t know any gamblers that don’t think they have an edge one way or another, but at the end of the day it’s your choice. Personally I don’t gamble in any form.

So, I am saddened by the world of crypto going down the path of exactly the sort of shenanigans I believe could be avoided.

I’m also now absolutely certain that you can be the best programmer on the planet but also be absolutely stupid in terms of finance and compliance, something I’ve witnessed in academia over the years, some of the smartest people ( in their field ) that I know are often ignorant and dumb when it comes to things outside of their field.

Clearly this is my opinion, and an invite to those that agree or disagree to discuss, in a calm and polite manner. I couldn’t care less about upvotes or down votes, my ego does not demand regular massages. I’m asking people if they have any constructive ideas to stop crypto from being destroyed by a new generation of greedy, sociopathic swindlers?

Finally, and I’ve deliberately saved this point to the end, please don’t bother with facile comments about the piece being too long, this is a complex subject, if you do not have the capacity to hold a train of thought for anything longer than the length of an advert then that is a weakness I suggest you work on in a personal capacity, read books, or essays, or academic studies, none of which are framed as sound bytes or click bait.

I’m going to do what most people do which is to take no action and then blame others when something bad happens. /s

Preech brother, after ftx I decided to sell all my crypto. Now my moneys safe in Silicon Valley Bank.

I don’t think some people will ever learn. Got that “it can’t happen to me” mentality.

It’s called exchange for a reason. If it was for storing it would’ve been called storage.

Self-custody is where its at. Why trust others when you can trust yourself

TL;DR: Not your keys, not your coins

I think each cycle new investors arrive on the market so yeah they have to learn it the hard way.

hold now, award me later

We all know that people love to heed warnings and never make the same mistake twice. I mean, how many times have we seen someone touch a hot stove and say “Oh well, I’ll just do it again tomorrow!” 🤣

Greed makes blind

I keep mine in places where I can stake, I know the risk but want the rewards

Look, some people will always use exchanges because they like the convenience for storing and sometimes staking.

Self custody asks you to do transactions between wallets, to store your seed safely, to make sure that your laptop isn’t infected by some kind of malware etc. The biggest risk with a CEX is for it to collapse or for your account to be hacked. Some people prefer the second option.

I’m an advocate of self custody but we have to accept that some people aren’t. They’re hopefully aware from the risks and it’s their choice in the end

But I can earn 6% per year if I lend out my BTC to someone I don’t know who uses it to trade with leverage.

Surely that is worth it?

I agree on the one hand on the personal level, however I think market wide a large proportion of the user base will give up crypto rather than self-custody, especially cold wallet.

Not your keys, not your money but I think that we are going to see so many other people losing their money.

I know enough about myself to know that I should absolutely not be trusted to keep my seed phrase and not lose it. My coins are absolutely safer on Coinbase than in a cold wallet — I have a 100% chance of losing access to my crypto if I put it in a cold wallet, but it’s less certain that my funds will be stolen from the exchange.

You can’t get fooled again

Keep the coins off the exchanges! Maybe less return but at least you l ow you have control over them

TBH, I feel better when I do not see that -20% indicator on my CEX account. That is one of the reasons I move my investment to another wallet.

Cold storage is always a good option.

Let people do whatever they want. If they refuse to do the most basic of research or are just too lazy then it’s their loss.

wow…

I hope this isn’t an unpopular opinion, but like it or not, we need exchanges to grow the space and bring in new money.

New investors look to exchanges. We all did! I’m w/you on the dangers.

But we need a solution off-chain people feel comfortable with. They aren’t going to create Metamask accounts & buy a Ledger Nano X on day one.

I hope Coinbase gets this back in order fast!

You can’t transfer futures contracts to wallets

I don’t get this one sided view in things.
Just yesterday there were multiple topics on people losing their money using their own wallets. Some over $250,000
It’s probably not for everyone and leaving it on cex can/could be the right thing to do for some people.

If we’re talking warning signs…..

Ppl just begging to loss money in crypto

Some cant be transferred 🤔

If people listened to the common sense advice here, this sub would be dead.

Two words: Cold Wallet

But I can earn 6% per year if I lend out my BTC to someone I don’t know who uses it to trade with leverage.

Surely that is worth it?

Fuck off, why do I listen to them?

Fucked up man, I should have to listen this sub. “Self Custody” man.

Keep your money in the mattress. Banks aren’t safe