Your coins on CEX may be at risk this bear season

[wiss19]

A government "monitoring" or otherwise regulating an exchange doesn't care in the slightest about the users of that exchange or the safety of their coins. They don't care if the exchange has terrible security, or if they are hacked, or if they have risky business practices, or poor cash flow, or go bankrupt, or anything of that nature. They care that the exchange is collecting your KYC data so they can spy on you, and they care that the exchange is paying the relevant taxes. That's all. As I said in my earlier post in this thread, regulation or government oversight absolutely does not mean the exchange is safe.

I think it's not really "spy" on you, if they see that you are a person who doesn't have any type of criminal record, they will move on. This feels a lot like aunts and uncles on facebook that is so scared that their data will be collected, not realizing even their text message about the fact would be collected.

If you are not a criminal, give your ID, the number will be checked, and if you are clean then they would probably not even check how much money you have. Do not oversell your value, you are not important to the government if you did nothing wrong, they can't calculate 80 million people and spy on each of them, they just want to know about a select few, and we are not one of those.

[o_e_l_e_o]

If you are not a criminal, give your ID, the number will be checked, and if you are clean then they would probably not even check how much money you have.

You need to have a read about all the revelations from Snowden and others about the mass surveillance programs that pretty much every government in the world are undertaking, and the fact that most of these governments are sharing this data with each other. Not to mention the exchange itself will be collecting all your data, selling it to data brokers, who will then combine that with all the other data they have on you from a myriad of sources, and then sell all that on to literally anyone who wants to pay for it. It doesn't matter if you are a criminal or not - there is no evidence that mass surveillance prevents crimes. It is about control.

But still, none of that changes my original point: It does not matter in the slightest as to how well regulated or otherwise an exchange is. Any coins you deposit to it are no longer yours and are at constant risk of loss.

[dunfida]

If you are not a criminal, give your ID, the number will be checked, and if you are clean then they would probably not even check how much money you have.

You need to have a read about all the revelations from Snowden and others about the mass surveillance programs that pretty much every government in the world are undertaking, and the fact that most of these governments are sharing this data with each other. Not to mention the exchange itself will be collecting all your data, selling it to data brokers, who will then combine that with all the other data they have on you from a myriad of sources, and then sell all that on to literally anyone who wants to pay for it. It doesn't matter if you are a criminal or not - there is no evidence that mass surveillance prevents crimes. It is about control.

But still, none of that changes my original point: It does not matter in the slightest as to how well regulated or otherwise an exchange is. Any coins you deposit to it are no longer yours and are at constant risk of loss.

No one really knows but we do know it could happen and might already be happening without us knowing but the probability is indeed there since we cant really able to have some sneak peek on internal transactions that

had been done but knowing about the probabilities and capability for them to circle around those data and take or make use of those for some extra revenue reason then we wont really know thats why
you cant totally put 100% trust on any platform even though its the current top ranking on the market where you cant really be having that assurance when it comes to the security.
As for funds been deposited on a platform then consider those coins are indeed not yours, since you arent holding the keys of those wallet then expect for the probabilities.

[sana54210]

With the current market situation, where the bear pushes the dip further, chances are most centralized exchanges are being forced to go insolvent or even shut down due to inability to meet up with government taxes. And should this happen, your coins are at risk. Either you lose it all or get compensated in cases of lenient exchanges.
Some Exchanges may not be trusted as most times they are vulnerable to hacker attackers. Take the case of Bithumb, a South Korean crypto currency exchange that lost a million dollars worth of customers crypto in 2017.
 
Your privacy matters a lot always use a non- custodial wallet and save yourself the stress.

I definitely do not think that there is a problem with the CEX situation as a whole. Don't get me wrong, I am not saying that it would be a problem for all of this, of course there would be some exchanges which will be a trouble, but if you are looking at it just from one places perspective then it would be bad. However, places like Binance and Coinbase would be fine.

In fact, so much so that they would be actually better than the wallets you would have in your wallet. I just feel like there are a few places that gets hacked and suddenly everyone talks about how these places are dangerous but in reality they are not dangerous at all, it's just a few places.