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Author Topic: Binance CEO saying don't keep coins on exchanges  (Read 741 times)
Samyalson
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January 16, 2019, 08:23:23 PM
 #1

https://cryptomenow.com/controversial-tweet-draws-fire-ceo-of-binance/

After some recent high profile hacks happening, Changpeng Zhao shares tips on keeping safe, mostly coming from a place of holding personal responsibility.  But some say this is nonsense.
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January 16, 2019, 09:01:14 PM
 #2

You shouldn't hold coins on an exchange. You should always withdraw it to a place where you control the private key.

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January 16, 2019, 09:02:30 PM
Merited by dbshck (4)
 #3

All the articles from that website are crap. Seriously!

All they (you probably) did was copy some paragraphs from other news and even on this failed miserably!!!
Mistyping his name twice, naming him Changpeng Zha once and Chanpeng Zhao the other time, then wrote
Quote
Co-founder and CEO of cryptocurrency exchange, Jesse Powell
forgetting to add of which exchange he is CEO and founder, probably because it was lost when you copy pasted it from Twitter, adding another 3 mistypes and other punctuation mistakes...why even writing this garbage?
Just for the hits, milking the traffic from bitcointalk?  
Also you 1 merit...hmm...fishy at least.

your quoting a crap media
crap media quoting a panda
panda is quoting an image of a tweet
image of a tweet is quoting a tweet that says
~
OP says CEO is saying dont store on exchanges
but the quote of th quote (from panda) is saying th CEO is saying to store coins on exchanges..

Moral of the story...
Don't trust pandas with your finances  Grin

franky1
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January 16, 2019, 09:04:09 PM
 #4

OP
your quoting a crap media
crap media quoting a panda
panda is quoting an image of a tweet
image of a tweet is quoting a tweet that says

if you store coins yourself you control your security
if you store on an exchange use only a trusted exchange

OP says CEO is saying dont store on exchanges
but the quote of th quote (from panda) is saying th CEO is saying to store coins on exchanges..

but the actual tweet is unbiased either way. its just two if statements where the "if" is subtly implied

anyway best advice is dont use an exchange as a custodian wallet. they are not designed or insured as being custodial wallets. they are just a trading service. most exchanges have terms and conditions wrote towards exchange trading, which means expect losses and you cannot hold an exchange liable for losses [of trading] which if translating to fools using an exchange as a custodian. is also implying you cant hold the exchange liable for loses.. meaning if hacked, your screwed.

so only use an exchange to exchange. and yes expect loses. dont think your funds are insured

I DO NOT TRADE OR ACT AS ESCROW ON THIS FORUM EVER.
Please do your own research & respect what is written here as both opinion & information gleaned from experience. many people replying with insults but no on-topic content substance, automatically are 'facepalmed' and yawned at
bp124
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January 16, 2019, 09:38:56 PM
 #5

If we should not keep our coin on exchange  where  did he expect  crypto  traders to keep our coin  ..  they must solve the security issues rather than tell us not to keep  our coin on exchange . Some time  you can set  a bid and forget about it so i totally disagree with him ..

 
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kelz1
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January 16, 2019, 09:42:56 PM
 #6

The title should be to not keep all coins on the exchange. For trading some coins are needed otherwise you have to keep transferring them back and forth which takes time and money. Spread them out to different exchanges so you don't lose too much if one gets hacked

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January 16, 2019, 10:09:04 PM
 #7

Well duh, it may not be great business sense for him to say that but everyone knows it to be true so it's for the best. In some ways it's even good for them. They're not a wallet and don't want to be held liable for more funds than actually need to be on the exchange for trading.

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January 16, 2019, 11:23:30 PM
 #8

https://cryptomenow.com/controversial-tweet-draws-fire-ceo-of-binance/

After some recent high profile hacks happening, Changpeng Zhao shares tips on keeping safe, mostly coming from a place of holding personal responsibility.  But some say this is nonsense.

This is what we call as suggestion, suitable or not, it would be better if it was followed, of course this would not harm us right ? Even though Binance's CEO suggested something like this, are they not afraid to lose trading volume? I dont think so.

This suggestion is indeed the best, never save your large assets in a wallet that you don't have its Private Key and just make sure only you know those key.
Indrawan77
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January 17, 2019, 02:24:10 AM
 #9

Its a terrible idea to keep your coin on exchanges even the most reputable exchange can runaway with your money, just keep some of the coin that you need for trading, dont make exchanges as your wallet the security of the exchanges is not too good, all of us had witnessed a lot of hackers hacked the exchanges this is one of the good reason to never store your coin on exchanges
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January 17, 2019, 02:33:31 AM
 #10

It is nonsense. If cryptocurrency is not traded, what make its price moves? Trading could lead for its price and demands.
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January 17, 2019, 02:48:15 AM
Merited by OgNasty (1)
 #11

After reading of such topics like mt. gox and Cryptsy, I would never see myself storing many coins on exchanges
There are too many free and easy to use crypto wallets available, why you want to leave coins in vulnerable place like a exchange?
If a person claims there is advantage to doing so, they are either too lazy to figure it out or they dont mind getting stolen from.


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January 17, 2019, 02:58:20 AM
 #12

Any thing can happen to any exchange no matter how strong you think they are ,don't leave large supply of coins on exchanges ,if you are a trader after a successful trade move your coins out

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January 17, 2019, 03:53:43 AM
 #13

Haha what an advice.

He's just very confident that his exchange is the best and has the highest and tighest security of all. I'll never listen even if its coming from him. Now he's inviting hackers to come and penetrate to binance, store your coins safely to an hardware wallet.


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January 17, 2019, 04:35:02 AM
 #14

https://cryptomenow.com/controversial-tweet-draws-fire-ceo-of-binance/

After some recent high profile hacks happening, Changpeng Zhao shares tips on keeping safe, mostly coming from a place of holding personal responsibility.  But some say this is nonsense.

Every crypto holders know and this has been taken up thousands of times before, never use wallet from an exchange, they are not 100% safe like what happen to Cryptopia recently it's negligence if you do not keep this advice, exchanges are always targetted  exchange.

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January 17, 2019, 05:01:38 AM
 #15

I don’t think half the folks in this thread even read the tweet, including the OP.

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January 17, 2019, 05:07:10 AM
 #16

I agree with that Exchanger today is not safe the only method is to store your coins in your private wallet that secured much more and everything will be fine as long you have the private key.
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January 17, 2019, 05:31:21 AM
 #17

After reading of such topics like mt. gox and Cryptsy, I would never see myself storing many coins on exchanges
There are too many free and easy to use crypto wallets available, why you want to leave coins in vulnerable place like a exchange?
If a person claims there is advantage to doing so, they are either too lazy to figure it out or they dont mind getting stolen from.

It depends on what exchanges you use to trade and how you trade. If day traders have to withdraw their bitcoins every day, they would not make any profit. The coins has to be on the exchange to fulfil the sell orders, so what other option do you have?

The advice should rather be, not to store large amounts of coins on the exchanges and not storing any coins on these exchanges. Some traders are lazy and they leave large amounts of coins on these exchanges and that is a magnet for corrupt exchange employees and for some hackers that targets individual whales.  Tongue
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January 17, 2019, 05:42:34 AM
 #18

https://cryptomenow.com/controversial-tweet-draws-fire-ceo-of-binance/

After some recent high profile hacks happening, Changpeng Zhao shares tips on keeping safe, mostly coming from a place of holding personal responsibility.  But some say this is nonsense.
Actually save money in exchanger already get warned from a long time ago, because we can't control or don't have any control with our money. Anything that happen with exchanger is risk for us. But we don't have any choice because we trade on exchanger too, if keep move assets, it will need more money to pay fees.
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January 17, 2019, 07:24:43 AM
 #19

LoL this is absolutely true for me, I don't hold my coins in exchanges specially to those exchanges with history of breaching. The more safe is if it's with hardware wallet. I personally experienced this in Hi***C exchange so better not to stored coins in exchanges.
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January 17, 2019, 08:13:24 AM
 #20

It is very regrettable for now there are many cases of exchange market hacking, so that it can harm users who store Bitcoin in the exchange market. So to save Bitcoin it must be in a safe place like in a personal wallet that has etxtra security.

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