So i say again if u want to keep some money for trading on an exchange fair enough, but if you are using that has your primary form of storage for your Bitcoin or other cryptos then you are only asking for trouble.
Yeah, that's kind of my point as to why this "proof of keys" movement is pointless. In the case of this KuCoin hack, then in all likelihood everyone who tried to withdraw their bitcoin on January 3rd would have been able to do so without any issue. If they all then deposit it back the next day, then it has made exactly zero difference to their safety, and they would all still be in the same boat they are in now with the exchange being hacked, funds being locked, withdrawals being frozen, etc.
Part of the reason people leave their coins on an exchange is because they are too lazy to spend a few hours to learn how to safely set up their own wallet. If they are willing to go through that process just for the proof of keys day, then they would be willing to go through that process any time for their own safety and security.
Better for everyone to just teach newbies to withdraw any coins they have bought as soon as possible, and to keep their coins off exchanges permanently unless they are being actively traded.
proof of keys isnt about how hackworthy an exchange is, its to prevent fractional reserves. unless im misunderstanding where this thread has gone.
sure, pull everything for proof of keys day, put back next day, exchange then gets hacked. coins gone. but one has nothing to do with the other except exchange hacks probably wont be scheduled for proof of keys day heh.
i leave trading amounts on exchanges. if it all goes byebye well that would be annoying but hey thats the risk i personally take for the convenience of having orders all stacked and on autopilot.
but a lot of people just dont have the technical chops to be their own bank and computer IT guy. until im VERY confident in their skills on wallets, keys, seeds, backup strategies etc all work i tell just them to open an account at a trustworthy exchange. for example an exchange i use accepts yubikey 2FA, whitelist withdraw addys, some vault thing that adds a couple days to withdrawals or some such for safety if your account gets hacked. usa based and registered for what its worth but as a usa citizen i need registered exchanges for my on/off ramps.
but soon as one is ready for a real wallet they should pull all of it out. they just need to be very aware that if they make a mistake its gone.
