Many of you are wondering if your funds on exchanges are safe (SAFU anyone?). Here are some tips for you, and how I manage my own funds.
Time for a short thread
Exchanges act like banks with the ability to buy and sell tokens and coins. The simplest example you could think of is you can go to your local bank, and exchanging USD for your local currency. Now, what happens if the bank is on hold? (Vacation or completely shut down?)
You end up waiting until the issue is resolved. Banks have reserves in order to cover their client's funds. Insurance funds that exchanges operate are more or less the same.
But you wouldn't trust the fund to be able to cover everyone now, would you?
Welcoming cold storage. What is cold storage? Cold storage is a hardware (there's also the paper version) wallet that you own and is inaccessible by exchanges.
No one can access it but you, think of it as your physical wallet that you hold cash in. Ledger is one example of cold storage,TrustWalletApp is considered a hot wallet (they operate online).The way it goes is that you transfer the amount of your portfolio there that you do not want to trade.
What's the best way to maximize your fund's security?
Well, for starters, no one should go "all in" on a trade. You always need to keep liquidity on the side and avoid heavy losses if a trade goes south. You also want to avoid any shenanigan that might happen to your favorite exchange, and you caught in the middle.
Do some research online, purchase a hardware wallet, I personally use ledger Nano X, I've heard of other good alternatives. It's a matter of choice.
While I do not recall the names, a quick google search should do the trick.
First thing you need to do after you get it is transferring the amount you're absolutely not okay to lose (mine hovers around 80% of my entire portfolio, hence I trade with 20% of my funds only).
You own the keys, no one can take them from you.
The better question is, how do you consistently manage your funds? Well, if you had a successful trade, then you would transfer a part of your profits to the wallet. I usually transfer 50% of the total profit on a weekly basis and increase my trading account with the rest
So let's say your entire fund is 5000$. You would transfer 4000$ to your wallet, and trade with 1000$.If you made 500$ on a trade with the 1000$, you would then transfer 250$ and trade now with 1250$.
Easier and safer than most think.No one is responsible for your own funds but you. Trusting exchanges isn't the smart move, otherwise, why are you on board with this entire decentralized finance train? Might as well stick to your local bank.
Dear BitMax.io Users, The platform has experienced significant AWS service failure last several hours. We have been working closely with AWS team to restore those services as soon as possible. The current ETA is 48 hours. Please stay tuned for the further announcement on the exact time when the services will be resumed. During this period, please make note that users' account balances will NOT be impacted and the assets are SAFE. Sorry for any inconvenience. BitMax.io Team Nov 7, 2020 https://t.me/BitMaxioEnglishOfficial/522139
Afterward : I am glad I made this thread some days before this happens, Bitmax got a good reputation in hacking and would probably get back after a while but still if you have open orders or have some coins in there you can not sell it or transfer it, till it gets open, that is why I always say : Do not use exchanges as a safe to store your money. |
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Here is the spreadsheet of accepted participants. Please check your BTC address on the spreadsheet if it is correct. Update your signature and avatar if not yet done.
4x Hero/Legendary and 3x Sr. Member spot open.
I wanna thank you for the chance to let me be among the campaign team, I have changed my signature and avatar now and I would try my best to keep you satisfied. |
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Bitcointalk profile link: luckyflop
Current amount of posts (including this one): 1504+1
How much merit have you earned in the last 120 days: 12
SegWit BTC Address for Payouts: 3P42D9i9HmnSdCPi7JUEdXM8QpNzqasZcF
Accepted, welcome to the Campaign! We are once again CFNP, thank you for the applications  Dear Hhampuz , Thank you for letting me in the campaign, I am leaving this campaign now as I have been accepted in another one, I hope to receive payment for the last week, It was very nice to work with you again and I wish you success in your path. |
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I thank you for all your information, very informative and easy to understand. Honestly, I still often mismanage finances, sometimes it is not structured .. maybe it needs to be emphasized again that there are still many people who are still confused about how to process funds, and how to share the profits. for that I ask permission to copy your discussion, and I will copy it and then share it with my closest friends, family and neighbors. by including the source on your behalf.
I hope that all of us are always good at managing our finances, in order to continue with a better life.
Of course , you can share it with anyone you like to , I give you the permission to do that , Hope someday no one loses fund due to the hack or any exchange scam , Those are simple but necessary steps I think everyone should know before trading, Keeping the value of capital safe is more important than making a profit. |
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Bitcointalk profile link: luckyflop profile link: https://bitcointalk.org/index.php?action=profile;u=393201rank: Hero Current amount of posts (including this one): 1524+1 How much merit have you earned in the last 120 days: 12 SegWit BTC Address for Payouts: 3P42D9i9HmnSdCPi7JUEdXM8QpNzqasZcF
Would change my signature and avatar once I got accepted, Thank you. |
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The game industry is huge, some people compare it with the film industry, Yeah I have heard ATARI has mad a token too, of course, game industries would rather have their own tokens so they don't need to pay the fee for PayPal gateway or any other third party, the same thing that Sand has done before, you can buy stuff in some games by Sand tokens, even land, now Binance is supporting them too, the last IEO of Binance proves that , Seems like blockchain is finding its own path to the new industries, and it all started with industries based on the computer.
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Finally, after ages we hear about ETH 2, should be a good sign for Defi tokens, and ETH tokens, Finally moving to POS from POW is a great sign even for the environment and wasting less energy, but I don't think that was the only reason for ETH to pump, Bitcoin's move also helped and news about Joe Biden as a possible winner helped that too because I have heard he is more fan of green energy and cryptocurrencies, shortly it would have a pullback but in my opinion bull run for Ethereum's tokens has just begun and we would hear more about new projects on ETH blockchain soon.
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I was lucky that my withdrawal went thru even if I removed the google auth on the same day. Because it will take 7 days if you restore your google auth. And you can't do anything with your funds if I did push thru the restoration. I did the SMS and email verification only. So I don't know now if I will restore my google auth.
I am so happy that you could have your problem solved and this thread might help you a bit and I hope it gives sight to everyone that storing funds in hot wallets like exchange's wallets could be risky, even with SAFU, it could take some days or weeks to have your fund back , I had some money in kucoin when it got hacked and kucoin suspended withdrawals for 10 days , after it started opening withdrawals for some tokens like ORN the problem was that ORN got pumped in kucoin but the price was the same in other exchanges, it meant I had to lose 5% of my money due to price differences, and I didn't do that , I waited for stable coins withdrawal opening which it didn't happen until 3 weeks after, yeah even with SAFU you can have your fund stuck for some weeks or month , so better think again when you wanted to store your funds in a CEX next time. |
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The only part I disagree with is keeping any funds on an exchange. If you are going to trade put crypto on exchange, trade then pull off 100% until ypu are ready to trade again. Might be a pain in the ass but if you always keep 20% of your stack on an exchange for trading it ultimately will will always get "hacked". 100% of your crypto should be kept in a place where you and only you own the keys
Yeah I understand, with all those hacking happened to Kucoin and rumors coming from Huobi, I think that is a wiser Idea to keep the money in a cold wallet and transfer them whenever we want to trade or just simply use DEXes like UNISWAP, but still, some of this yield farmings like Easyfi , APY finance, needs money locking in the website, they say no pain no gain and I say no risk no profit, the profit in the crypto market comes with risk and we need to find out each time if risk/reward would worth it or not in each trading, in each decision. |
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You are lucky that you are making profit from trading not everyone here can, and this is the reason why people prefer to HODL than to trade, they know the risk of storing their coins to long on exchanges for trading purposes, it's good if you can retain only your profit in exchanges but it's very tempting to store your coins in exchange if you know how to trade or very active in trading, this is one of the risk of traders.
I am not a day trader, and yes I agree with you about it is not easy to make a profit in trading, best traders have a lot of money to be the bests and not everyone can tolerate that much loss, Actually, I am not a fan of holding and I always would rather keep the extra money that I am not working with , in the form of stable coins, I am not very interested to get affected by fluctuations of each coin, not even bitcoin, I always would change some of my profit each month to gold, so I know that I would not touch it and keep my profit out of access because even If the internet goes down I can still sell gold but maybe not bitcoin! |
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Thanks for the info, since centralized exchanges has the biggest volumes and liquidity they've become the best platform for every traders, actually I will be more interested if you can share information about your trading strategy? How can one make as little as 20$ per day from day trading? I do trading too but only when there is a big opportunity for example when Bitcoin dumps, I would buy and wait for recover to sell again, any information will be much appreciated thanks
I can share with you my trading strategy but I'm pretty sure it'd not be very useful for you or for everybody else, as I believe trading very much depends on everybody's personality and every one would fit in some different strategy, somebody works with Fibonacci, somebody would rather work with UNIRanko instead of candlesticks, You need to see what is your way and what suits you the best , if some way works for someone, doesn't necessarily mean it'd work for you too, and the only way you can make a profit in downtrends is to do margin trading which is not my favorite and I don't do that. |
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Many of you are wondering if your funds on exchanges are safe (SAFU anyone?). Here are some tips for you, and how I manage my own funds.
Time for a short thread
Exchanges act like banks with the ability to buy and sell tokens and coins. The simplest example you could think of is you can go to your local bank, and exchanging USD for your local currency. Now, what happens if the bank is on hold? (Vacation or completely shut down?)
You end up waiting until the issue is resolved. Banks have reserves in order to cover their client's funds. Insurance funds that exchanges operate are more or less the same.
But you wouldn't trust the fund to be able to cover everyone now, would you?
Welcoming cold storage. What is cold storage? Cold storage is a hardware (there's also the paper version) wallet that you own and is inaccessible by exchanges.
No one can access it but you, think of it as your physical wallet that you hold cash in. Ledger is one example of cold storage,TrustWalletApp is considered a hot wallet (they operate online).The way it goes is that you transfer the amount of your portfolio there that you do not want to trade.
What's the best way to maximize your fund's security?
Well, for starters, no one should go "all in" on a trade. You always need to keep liquidity on the side and avoid heavy losses if a trade goes south. You also want to avoid any shenanigan that might happen to your favorite exchange, and you caught in the middle.
Do some research online, purchase a hardware wallet, I personally use ledger Nano X, I've heard of other good alternatives. It's a matter of choice.
While I do not recall the names, a quick google search should do the trick.
First thing you need to do after you get it is transferring the amount you're absolutely not okay to lose (mine hovers around 80% of my entire portfolio, hence I trade with 20% of my funds only).
You own the keys, no one can take them from you.
The better question is, how do you consistently manage your funds? Well, if you had a successful trade, then you would transfer a part of your profits to the wallet. I usually transfer 50% of the total profit on a weekly basis and increase my trading account with the rest
So let's say your entire fund is 5000$. You would transfer 4000$ to your wallet, and trade with 1000$.If you made 500$ on a trade with the 1000$, you would then transfer 250$ and trade now with 1250$.
Easier and safer than most think.No one is responsible for your own funds but you. Trusting exchanges isn't the smart move, otherwise, why are you on board with this entire decentralized finance train? Might as well stick to your local bank.
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2017 and 2018 were golden years for airdrop and bounties, it was ICO hype times and every ICO even scam ones like bitconnect got pumped and they had big funding for airdrops and bounties, I don't think airdrop would worth it anymore, the new free money I can suggest you take a look at is yield farming by stable coins, You just need to lock your stable coins for a while and they give you the tokens after vesting time, Easyfi had such a program now APY.finance and OASIS protocol have the same programs, it is like airdrop, free and small money, but who knows may be their token price pumps after they got added to exchanges.
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Axion Network exploited, attacker, drained $0.6M. The attacker got 79B AXN with stake/unstake exploit. Then he moved 79B to Uniswap taking all the liquidity. TornadoCash was used as an anonymizer. Axion was audited by Hacken and Certik. When your smart contract is audited by 2 reputed companies - $17M mcap company (Certik) and Hacken & it still gets hacked, what can you do? Message from AXION Community Admin -
There seems to have been a minting exploit in the contract with regards to staking. We're talking with the dev team and looking into potential solutions. This was not a rug pull as many are claiming, dev fund hasn't moved. We'll address this more over the course of today. We'll likely have to do a rollback and replace liquidity after we address the bug. DO NOT BUY AXN RIGHT NOW
The site has been taken down until we address the problem The dev team is working hard on this. We will find a solution. Axion will be restored. There were nearly $500K stolen which is nothing compared to the dev fund. Though things look crazy right now, it's important to keep calm and not contribute to the fud. We have come very far and will certainly overcome this small hurdle as well. Read here : https://t.me/axionofficial/124953NEW UPDATE: Seems like Certik has no hands on this, this tweet has been published today by Certik:
Our experts investigated the exploit to Axion $AXN, which we audited in Oct. The malicious code was added to the contract after our audit was
done, purposefully injecting the exploit. |
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There is too much technical stuff written in the first message, and I understand that if you know these and you can read these you should totally do that and see if the project is as valuable as the team usually says, most of the time it is not and they do not even know what they are talking about.
I have faced a person who wanted to have a gold backed stablecoin who didn't know how to explain how they are going to back it with gold, the simplest question that could have been asked and they made a whole scene in a telegram group about this question and how it was "unsupportive without cause" for me to ask that question. Sometimes if you can do that do these technical stuff, but sometimes when you do not know what to look at, just look at the team and you will find the problems.
There are so many ways hackers could use to find the vulnerable spots of a token and attack it, Recently I found a very interesting website about 16 interesting hacks" https://medium.com/hackernoon/hackpedia-16-solidity-hacks-vulnerabilities-their-fixes-and-real-world-examples-f3210eba5148" This post aims to be a relatively in-depth and up-to-date introductory post detailing the past mistakes that have been made by Solidity developers in an effort to prevent future devs from repeating history. *Disclaimer: this post and this website are just to give you more information about 16 Solidity Hacks/Vulnerabilities, their Fixes, and Real World Examples, not any other usage. |
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Thanks for sharing those, seems like an endless list, yesterday I was a witness a 77 ETH scam through Bounce finance pool and I couldn't believe that, exactly when smartcredit wanted to announce the pool ID , some scammer made a similar pool name and post the link in their telegram channel and could scam 77 ETH easily, now they don't even need to know to code, everyone can make a pool in bounce finance like a glimpse.  |
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Axion Network exploited, attacker, drained $0.6M. The attacker got 79B AXN with stake/unstake exploit. Then he moved 79B to Uniswap taking all the liquidity. TornadoCash was used as an anonymizer. Axion was audited by Hacken and Certik. When your smart contract is audited by 2 reputed companies - $17M mcap company (Certik) and Hacken & it still gets hacked, what can you do? Message from AXION Community Admin -
There seems to have been a minting exploit in the contract with regards to staking. We're talking with the dev team and looking into potential solutions. This was not a rug pull as many are claiming, dev fund hasn't moved. We'll address this more over the course of today. We'll likely have to do a rollback and replace liquidity after we address the bug. DO NOT BUY AXN RIGHT NOW
The site has been taken down until we address the problem The dev team is working hard on this. We will find a solution. Axion will be restored. There were nearly $500K stolen which is nothing compared to the dev fund. Though things look crazy right now, it's important to keep calm and not contribute to the fud. We have come very far and will certainly overcome this small hurdle as well. Read here : https://t.me/axionofficial/124953 |
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Axion Network exploited, attacker, drained $0.6M. The attacker got 79B AXN with stake/unstake exploit. Then he moved 79B to Uniswap taking all the liquidity. TornadoCash was used as an anonymizer. Axion was audited by Hacken and Certik. |
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Yeah anonymous team is one of the first material of every rug , Since they cant be followed by police or governments and I haven't seen any team with specified team members rug , I would rather to stay away from unknow team projects , some of them like Bitcoin are still working but most of them are just frauds , It is like a jungle out there and newbies could swallowed very fast , every some very professional traders some tomes get scammed , Do you remember what happened with succiswap on binance?
The best thing i can suggest to a newbie is to trade only with top 10 coins in CMC for no rug risk and less volatility .
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Seems like Keep3r was a fast pump due to the YFI success, I don't see any other reason for a coin to get 300x in 2 days, Keep3r owes that to YFI success, after the former hack of Andre project I heard some whales were unhappy because of that loss and Andre gave them some keep3r before publish its article on medium, For me, it is more than a whale club than a realistic price, They bought some seed tokens out of it and due to the Andre credit this coin has gone up this far, it didn't do like YFI , YFI did 3000x in some weeks and this one couldn't reach that gains again.
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