**TAKE YOUR COINS OFF EXCHANGES**

[Slow death]

you are forgetting that there are people who do day trade. I do day trade and it would be very difficult every day to withdraw my coins from the exchange and then deposit again on the exchange. a concrete example:

Yesterday the price drops to $9670, if I had not left my coins on the exchange I would have to rush to send my coins from the wallet to exchange and it would take time and I would not arrive in time to buy bitcoin for the price of $9670

Not to mention that the withdrawal fees are 50,000 satoshi, imagine if I kept withdrawing every day how much fee would I pay in 30 days?

We must demand that exchanges provide good service, that is what we have to do

[JollyGood]

You are right but other than recommendation of demanding exchanges provide a good service, what other options would be ideal? If not keeping crypto on exchanges and if not synchronising hundreds of GB of blockchain on your desktop for each coin you own - then what is the alternative. As you said it costs fees to move crypto to and from exchanges (or anywhere else) and prices fluctuate all the time so how else can users trade without fearing another cryptsy or cryptopia?

you are forgetting that there are people who do day trade. I do day trade and it would be very difficult every day to withdraw my coins from the exchange and then deposit again on the exchange. a concrete example:

Yesterday the price drops to $9670, if I had not left my coins on the exchange I would have to rush to send my coins from the wallet to exchange and it would take time and I would not arrive in time to buy bitcoin for the price of $9670

Not to mention that the withdrawal fees are 50,000 satoshi, imagine if I kept withdrawing every day how much fee would I pay in 30 days?

We must demand that exchanges provide good service, that is what we have to do

[ohyeahhaha122]

I think it would be very suitable for holders, traders seem to always put all their assets on the exchange,so that is not possible
,want safest should only put assets on top exchanges like binance they have compensation fund if the assets are to hack, Just don't put your property on less popular exchanges and there is no policy to support users if their assets are hacked

[Meowth05]

Hi Everyone,

We need to start telling everyone across the crypto community to take their whole balance of crypto from the exchanges to their OWN WALLET .

That is the ONLY way to stop manipulation. Furthermore, it will create a huge shortage of coins on every single exchange and end up in a gigantic bull run


REMEMBER. Not your keys. Not your Bitcoins

I don't think it will trigger a bull run or make something differences in the market but I agree that we all should pull out our coins from exchanges not just because it is never been good storage but to reduce the risk exposure of our crypto as well.
But I think if you are a person who used to daily trade, keeping your crypto in exchanges for a while isn't bad either the fact that it would be costly if you take it out and save it in your pocket all the time.

[shark1006]

Hi Everyone,

We need to start telling everyone across the crypto community to take their whole balance of crypto from the exchanges to their OWN WALLET .

That is the ONLY way to stop manipulation. Furthermore, it will create a huge shortage of coins on every single exchange and end up in a gigantic bull run


REMEMBER. Not your keys. Not your Bitcoins

Although it’s not convenient if you trade every day, in any case it’s still good advice to protect the assets.

[The Sceptical Chymist]

Depends on an exchange and if you are trading with the altcoins then your wallet can’t afford to hold some of it and you will be force to left that on your exchange wallet.

I wouldn't suggest letting it depend on which exchange you're using--the best policy is to not trust any of them for long-term storage of coins.  I get anxious if I leave coins on an exchange even overnight, and I use Kucoin primarily and they're pretty trusted.  I'm also not sure what you mean about not being able to afford keeping altcoins in your own wallet--I'd ask you to clarify that, but I don't suspect you'll even see my post. 

There are wallets for pretty much every altcoin (unless you're trading on Yobit, where some of their offerings don't even exist outside of Yobit), so you shouldn't have problems withdrawing them to your own wallet. 

We've seen so many hacks and scams with exchanges for years that I'm surprised every time I hear people are still getting their coins stolen from exchanges.  One of the first things I learned when I got into crypto was to avoid keeping coins on exchanges, and I agree with OP that it's worth repeating for newbies who might not understand the importance of that advice.

[serjent05]

Hi Everyone,

We need to start telling everyone across the crypto community to take their whole balance of crypto from the exchanges to their OWN WALLET .

That is the ONLY way to stop manipulation. Furthermore, it will create a huge shortage of coins on every single exchange and end up in a gigantic bull run


REMEMBER. Not your keys. Not your Bitcoins

This is the same thing saying as stop trading.  If we take all of our coins out of the exchanges then how can we trade?  Or sell our coins?  You could be more specific and say take our idle cryptocurrency out of the exchange.

Or are you suggesting us to use decentralized exchange instead? It would be great using Decentralized exchange but are we sure it is really decentralized?  Aside from that, Decentralized exchange trade pairs are limited, oftentimes to its main blockchain's token.

So, if all of us removed our cryptocurrency out of the exchange, trading would stop definitely, and the market will instantly die.  I guess it (withdrawing whole balance, not just the idle one) is not a good idea at all.

[Debonaire217]

True. Not to mention online wallets, especially exchange are susceptible to attacks. Imagine how much money has been lost since crypto started for people storing their money in exchange. I do understand that it is convenient if you are trading on a regular basis. However, it is not an ideal practice.

Basically if you are trading in a regular basis, you could observe your funds whether it is still good and in your account. Rather than making your cryptocurrencies be hodled by exchanges which is at risk since you're not observing it except, if you will visit your account in a regular basis.

- Going back to the topic, the market price is determined by the exchange rate by various exchanges, I highly doubt bitcoin could still be the same value if we are to take it out from the exchanges. But who knows? it will still be on our personal wallets.

[XCANA]

Much as I know this, I usually try my possible best to avoid keeping my coins into an exchange that's not trusted among member community. Infact, many times I deposit and after trade I move my coins back to my wallet because, am not the coins owner while they stay on untrusted exchange. This sounds like a warning and should be taking serious to avoid what happened last few years back.

[dimonstration]

Our number one local crypto exchange is the top and trusted crypto exchange in our Country. since I used it about 5 years ago, I never encounter some errors nor disappointments from their support team. I think it only depends on what exchanges are you talking about like those who are only emerged from nowhere. of course, no one would put their coins for too long on some new exchanges let alone making it as an alternative wallet. We only need to choose the trusted exchange and of course, if it is a big amount of crypto, we prefer a hard wallet for our own safety.

It will really depend, I also use exchange quite long and just leave my money their since 2017 and no problem en occurs. We just need to monitor it once awhile to check updates. Better not trust those just new exchanges too much even the existing one's as scammers may attack them,keep updated and still as much as possible don't put all investment still on one wallet.

[isaac_clarke22]

This was part of my ignorance long time ago in Binance.
Even if it is a reputated exchange, I don't think that just by saying that it has reputation and good devs would tell me the maximum security I have for my money there.
Everything in the internet isn't safe, because it is pretty much handled by someone.
Crypto-exchange, like I mentioned, is just a subset underneath the internet.

[rosezionjohn]

We need to start telling everyone across the crypto community to take their whole balance of crypto from the exchanges to their OWN WALLET .

Everything's good until...

That is the ONLY way to stop manipulation. Furthermore, it will create a huge shortage of coins on every single exchange and end up in a gigantic bull run

I am reminded of all those people on twitter, telegram, discord, facebook, slack and other social media platforms where crypto has a good presence who kept on shouting HODL!!! to their followers or groups so they can dump their coins and tokens first at a higher price. I see the same thing happening here if you will follow the OP's suggestion 

REMEMBER. Not your keys. Not your Bitcoins

True but remember also not to believe everything you read on the internet.

[Docnaster]

Hi Everyone,

We need to start telling everyone across the crypto community to take their whole balance of crypto from the exchanges to their OWN WALLET .

That is the ONLY way to stop manipulation. Furthermore, it will create a huge shortage of coins on every single exchange and end up in a gigantic bull run


REMEMBER. Not your keys. Not your Bitcoins

It doesn't help cause a bull run if you take your coins off an exchange. The total volume of coins in the exchange wallet has no bearing on the trade activity on the market.

Could you elaborate on how you think otherwise?

[Artemis3]

Hi Everyone,

We need to start telling everyone across the crypto community to take their whole balance of crypto from the exchanges to their OWN WALLET .

That is the ONLY way to stop manipulation. Furthermore, it will create a huge shortage of coins on every single exchange and end up in a gigantic bull run


REMEMBER. Not your keys. Not your Bitcoins

Who needs to leave money in the exchanges, willing to risk losing it all overnight? It is the traders. The holders are already doing what you say, your message has existed for as long as Bitcoin has had exchanges and online wallets, it is the reason behind that 3rd of January ritual.

Some people live from trading, therefore what you suggest will never occur. I'm sure some exchanges are counting on that, and covertly doing fractional reserve practices. Those will have higher profits than the others, perhaps biasing the market in their favor. It is a recreation of the banking history two centuries ago.

The best we can do is keep warning people that if the coins are not in their own wallet, they can lose them. It technically means the private key, but common people simply won't get that part (wallets are just collection of keys).

As for scarcity, you have to re learn the law of supply and demand. Deviate too much from what the market perceives as fair, and its own self regulating mechanism kick. If price climbs too fast, many will want to sell to join the action, then wait for the correction to buy again. Yes, traders.

So your message amounts to telling traders not to trade. It isn't happening.

[FlightyPouch]

In our case, we have no choice. We don't have that much crypto currencies as you are so instead of having our own wallet that can be depleted just by transacting a small amount, we just store it to an exchange that will make it easier. I don't have a problem with it since there will be some emergency and I would be able to use it. Another thing is that I have no other choice since there is no other stores that accepts bitcoin directly but through that exchange.

[kawetsriyanto]

I think experienced people should keep their coins on private wallets, not on exchanges. They may put some coins on exchanges but only for trading, so it is not a significant amount. This advice is likely more directed to beginners. As it is beginners, I assume they have not assets as many as the experienced investors/traders have. So, I doubt a bit about the effectiveness of this idea to affect bullrun.

[Kupid002]

I think experienced people should keep their coins on private wallets, not on exchanges. They may put some coins on exchanges but only for trading, so it is not a significant amount. This advice is likely more directed to beginners. As it is beginners, I assume they have not assets as many as the experienced investors/traders have. So, I doubt a bit about the effectiveness of this idea to affect bullrun.

yes after hacking and closing many exchange you should already know how to secure your money. Use only exchange if you want to trade your balance to other currency or fiat then after the trade move it to secure wallet that you own.
Always avoid storinh your money in exchange even in reputable exchange no one know what will happen to your money once exchange hacked.

[BlackFor3st]

Hi Everyone,

We need to start telling everyone across the crypto community to take their whole balance of crypto from the exchanges to their OWN WALLET .

That is the ONLY way to stop manipulation. Furthermore, it will create a huge shortage of coins on every single exchange and end up in a gigantic bull run


REMEMBER. Not your keys. Not your Bitcoins

Even all the small investors will decide to do what you like to happen, we are still very far from the holdings of big whales so your plan is very useless especially if the total holdings of small investors will not at least reach about 4-10% of the total holdings of the big whales.

If you are afraid about manipulation then you will not last long in crypto world because right now manipulation of big whales are part of how the market works. If you want to profit in crypto world, you should know how to ride the flow of the market so you don't need to worry about something like withdrawing all your funds in the exchange and letting others to do the same just to stop the manipulation of the market.

[Sadlife]

Unfortunately i can't withdraw my funds on the exchange that i used because there's a withdrawal limit. So my crypto is just there stuck.
It's really rarely to see that such trading exchanges has withdrawal limits.

I agree with the OP, this is one of the examples that if you deposit your money to exchanges then your money is monetized by them and possibly restricting you access of it.

[bryant.coleman]

Everyone knows this and most of us don't keep our coins in the exchanges. I learnt my lesson in a hard way, after I lost coins that I had stored in Mt Gox in 2014. But it is not always practical. For example, sometimes exchange wallets are the only viable option available for storing some of the altcoins. It is not practical to install desktop wallets all the time, and as a result we are forced to store at least a part of our coins in exchange wallets. Even recently I had lost my coins in exchange wallets, when exchanges such as Wex.nz and Cryptopia closed down.