We're Seeing the Downfall of Crypto Exchanges
In this clip from the Weekly AMA, we talk about the catastrophes crypto platforms have created.
With the downfall of crypto platforms like Coinbase, Voyager, and Celsius its important to always remember Not your keys, not your crypto. If these events, have taught us one thing it should be to never trust a centralized system to hold your assets safely.
These platforms have put a bad name on the crypto industry because people have lost everything just because they were not educated enough on the true protocols of securing crypto.
On the positive side, we can learn a lot from the mistakes and downfalls of other platforms to provide even better security protocols for our own.
We talk about this and more in this clip from the Weekly AMA!
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good stuff
https://twitter.com/Kublai84638557/status/1557710627438747649
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Great Video!
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That is why I love hive because it is decentralize and can't be attacked by any government because is not owned by anybody. We should not trust any exchange with our assets
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CEX are to be used to get in and out of crypto, leaving funds on CEXs is definitely not a good crypto practice.
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This is one of the reasons i keep encouraging my friends about Leofinance. At least it is always for the future security of assets than most platforms.
Besides LeoDex.io I can't think of another exchange I've used for a very long time.
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Sure, it's always best to learn from the mistakes and experiences of others, and use it to plan ahead to avoid repeating such mistakes or unpleasant experiences.
Great breakdown of the CEXs all contributing to smearing the name of the general cryptocurrency space. From day 1, I distrusted Coinbase, and their reputation preceded them. I heard so much negative feedback over their UI, their back-end failures, and it seemed like they were at the forefront of listing VC-pumped shitcoins so that insiders could cash out and dump on the unsuspecting public, while Coinbase collected trading fees off the top, on both the VC insiders selling AND the retail buyers.
Celsius, I saw through from the first moment I read up on them. Anyone guaranteeing 30-40% APY involves incredible risk. The fact that the CEO publicly claimed that there was very little risk, and could not answer Peter Schiff's question about where all the yield comes from, should have been really telling to anyone paying attention. Mashinsky was a shark, and people lost billions because of his recklessness.
Voyager, I had more trouble seeing through. I was an early OG user of Voyager's mobile app, and I had high hopes for what was advertised to be a Cryptocurrency KYC brokerage that enabled access to the 12 highest-volume exchanges, to obtain and hold certain digital assets. I never kept much in the way of funds in the Voyager app, I always took issue with their business model of not allowing withdrawals for most assets.
It definitely was a redflag, being able to buy and stake DOT for 12% was a high incentive for many, and DOT certainly pumped because of Voyager's high interest rate that they were paying out (from lending out those DOT holdings). It's still unclear to me who actually owns anything within the Voyager Digital ecosystem. The wallet, itself, was custodial, so you had to withdraw from it to your own cold storage in order to actually take possession of the asset you purchased.
It seems like Voyager was just another huge scam of a platform, that lied to investors, misled them about where their revenue was coming from, and how they could afford to offer such incredibly high interest rates (vs Binance, for example).
Suffice it to say, the last CEXs I ever used were CoinEx and KuCoin. Safe to say I don't intend on using either any more, I've soured on any CEX that claims to provide whatever it is I'm looking for. I'd much rather obtain a cryptocurrency through a DEX or Swap than anything else, even if the risk is higher and slippage is (probably) higher, I view it as a better alternative overall.
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