Crypto Exchanges: The architects of a cruel sequence of events in the Crypto space.
It appears that so many investors in the Crypto space have become victims of a cruel sequence of events that simply calls for sympathy. When you hear stories of people that have had it rough in their Crypto journey, you will be gutted on their behalf.
Imagine someone waking up to see that every last quid in their wallet has vanished into thin air. Sometimes, it happens due to a hack. Other times, it happens because some centralized folks decided to pull the rug on investors.
We won't be playing the blame game here. Yeah, it's so true that some people are the architect of their own cruel experiences, but we certainly won't be pointing accusing fingers at anyone.
After all, these things can happen to anyone.
I like to always emphasize that we can never be too careful and that's the fact. That's exactly why we have to always go the extra mile in our attempt to put our Crypto asset in the most secure place.
So, where is the most secure place?
You can make a case for a couple of options, but Crypto Exchanges are certainly not an option.
You know, what I find appalling is that so many people still have tons of money in these exchanges. I just had a look at the P2P page on 'a certain exchange' and the open trades are showing single accounts with loads of USDT, BTC, BUSD and co.
Since that's in the trading segment, you can only imagine the unit of Crypto people are holding in their wallet on such exchanges. It's not even funny anymore. With all the series of mishaps happening, I genuinely think it's bonkers for anyone to still hold a huge volume of their asset in exchanges.
As you already know, the whole FTX incident has placed so many people in a situation where the trajectory of their net worth is experiencing a downtrend. That's the ultimate definition of a crisis.
Let's try and be mindful of where we are holding our Crypto assets, please. Just rule out exchanges for a start.
NB: Not a financial advice 🙂.
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Though we cannot blame those who have been affected by the FTX stuff but I don´t think it is always advisable to keep your assets, not even a little but huge in a centralized exchange when you know things like that cannot be trusted. The best is to find a more secure place because I don´t think I can afford to lose something like that. Fighting for my safety always.
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Exactly. We need to be in charge of our assets and it's left for us to keep them safe in the most possible way. Exchanges are good enough for trading, but using it as a wallet for HODLing Crypto is never a good idea
I only trade on exchanges and get out 😁
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I suppose many learned their lessons well with these incidents. I cannot deny that I'm also keeping some amounts of crypto and stablecoins on some exchanges and I've started to withdraw them to my own wallet.
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Yeah. That's really the case. Some people had to learn the hard way and it's a very sad way to learn, but those that still have their asset in Exchanges at the moment can take this opportunity to pull them out
That's right. It's been said time and again that it is never good to put our assets in CEX. The chance to remove them is now indeed.
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