Be responsible for your coin

[Zilon]

I got this mail from Ray, the CEO of paxful today. It takes one who is determined to serve the public to give a warning like this, From all indication he is willing to be contented with trading commissions. More interestingly, they provide a lightening network for cheaper and quicker Bitcoin transactions straight to their cold wallets.

He did not just issue the warning sternly, he still took time to provide links explaining why his customers should hold their own coin except for day traders and an easy step to self custody, not many exchanges will do this for their customers.

Why? For far too long people have trusted others to hold money on our behalf but—like we saw with the banks in 2008 and recently with FTX—you’re at the mercy of these custodians and their morals 😓

However, Bitcoin has given us the chance to finally be in control, and we must take it. Rest assured, if you do wish to keep your Bitcoin on Paxful, your funds are safe with us, but remember—only keep what you want to trade! 🙏


Here are two guides on how you can self-custody your Bitcoin:

• Why everyone should hold their own Bitcoin
• Five easy steps to self-custody your Bitcoin

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[Queentoshi]

Some irresponsible persons will still not respond to these warnings. How many persons will even remember to continue to be responsible for their coins when things look normal again and peaceful in cryptocurrency. It is better to not have any coin at all or change the coins you have and spend it on irrelevant things than to keep the coins thinking they are safe in an exchange. If other top CEOs of some very known exchanges can come out and make public statements encouraging people to consider self-custody as priority for their bitcoins, maybe more persons will listen.

[Dunamisx]

No any centralized exchanges will he responsible for your bitcoin if anything should happened no matter how little or huge is the worth of your assets with the as long as you don't have it with you on the decentralized wallets, it has always happened that investors looses all their hard earned coins to the exchange they use when they got attacked or hacked down, recent events should teach us a lesson despite we have those coming in late into bitcoin but if they had research well, there's every tendencies to have come across this kinds of warning before to stay away from centralized exchanges.

[Smartvirus]

I think that's some way to be responsible for handling people's money. You do your best to inform them of the safe means to using a service and not have it all pinned down to your profit making.
It's some good initiative from the Paxful CEO to get some traffic as and trust's his customers to spread the news like you just did. One thing for sure, he didn't send it out to prospective customers but patronisers and patronisers gets to spread the word as to how responsible and legitimate the site its.

It's good tactics from the CEO, reducing the risk of being responsible for so much should anything go wrong and protecting what ever hdings in his charge from himself as well. I give it to him to be a wise choice. Now, its left for customers to heed warning and be responsible for there coins. You are your own best security when it comes to cryptos.

[sunsilk]

That's good for the customers of paxful that they've got a CEO that's responsible and teaching his customers what's the best thing for them to do and where they should keep their money.

Well, they're a service and that's what he's probably thinking about.

He's not that selfish at all unlike all other exchanges that are proclaiming that they're a safe exchange and everyone can keep their money there 'safely'.

[gantez]

This is the right advise to move your coins out from centralize exchange and can remain only what you use to trade if you are trader. This is honest advise but some trader and investors are lazy to transfer back to the wallet when they are through for the day trading day but maybe fees is discourage.

[Cryptomultiplier]

The whole essence of bitcoin is centered more on individual responsibility compared to the thought of having it without actually having it close. One reason why this post is essential is the fact of awareness. Individuals may not voluntarily forget their coins or do anything to safe guard it if such a statement about the importance of having them in a safe place isn't reiterated.
The trends of bitcoin market is one that isn't steady all the time for minimal holdings. Even those who have large portions of the coin won't leave it in the system without ensuring a safe haven where its value doesn't diminish by theft or loss in market value.
For security reasons, for ease of investment and for any other worthwhile reason, it is my responsibility as well as yours to be liable for my wealth. Only then can more be added or multiplied.

[sheenshane]

I like the way how those CEOs gain attention from the public, it might I'm thinking now that most of them want attention from the public which is also what CZ did as the CEO of Binance.  We know that there's competition in a centralized exchange in a crypto space right now just for example the recent drama on FTX and Binance which is revealing their secrets to the public.  But this one is the right approach which is true, we should be responsible for our funds not holding for a long term on the exchange wallet.

Responsible users may start to think now that centralized exchange isn't good for storing Bitcoin, it's always good in a non-custodial wallet where no intermediaries will involve.  It's a good marketing strategy to increase their trust.

[hd49728]

Running a Bitcoin business does not mean you have to lie others including your customers to keep your business going smoothly.

Paxful provides a centralized service but their CEO went straight to emphasize about importance of self-custody wallets for their customers. They are clearly with their messages.

- If customers want to trade, let's deposit their coins to Paxful accounts and trade.
- If customers only want to buy coins to hodl, let's find good offers on Paxful, buy coins and withdraw their coins to self-custody wallets.

It's transparent and fair enough.

[lovesmayfamilis]

I agree. To prevent what happened to FTX, the business must be honest and transparent. Manipulating client funds ends badly in the end, but it is also important to show your interest and respect for clients, which is what Paxful is doing today. Don't tell me I didn't warn you - that will be the motto. Anyone who, today, carelessly reacts to advice, no longer has the right to complain about others if something goes wrong.

[Accardo]

In a sense, some people tend to spend their coins easily if its on self custody, so they prefer handing them over to exchanges where they'll undergo some processes before withdrawing the money. Such processes like minimum withdrawal, swapping coins etc when remembered can dull the impression of withdrawing money often. On the other hand, in essence, I think the Paxful CEO didn't convey any information. He's still revolving around keeping what you can spare on the exchange. Telling people to store money for trading, is same thing as saving money on exchange as many will feel reluctant and claim that the whooping amount they've left on the exchange is meant for trading.

[rat03gopoh]

Paxful only provides exchange services consistently and doesn't expand into other functions beyond its capabilities. As for this warning it certainly makes sense, they have no interest in users' money (say for extra income), so yeah this advice should be published if they don't wanna risk it.

[traderethereum]

He wants to promote his website so that people move where they store their bitcoins on Paxful.
We must remember that when we decide to keep our coins in exchange, it means we are giving up those who are looking after them and that is not a good idea, especially if we want to keep it for a long time.
You should be careful if you want to keep your coins in an exchange and only choose exchanges that you can really trust, although this does not guarantee that your coins will always be safe.
But if you want to avoid something bad, you can keep your coins in your personal wallet to control them at any time.

[mk4]

Despite running subpar exchanges(at least compared to Binance and Coinbase), this is why I really respect this dude as well as Jesse Powell. As far as I know they're the only people who run decently-sized exchanges that actively promotes self-custody.

[Crypt0Gore]

No one is supposed to be responsible for keeping BTC for others, honestly speaking Bitcoin adopters have broken everything that Bitcoin was created for, imagine someone doing the job for you, a human just like yourself and when he gets greedy and decides to ruin everybody you will start calling Bitcoin a scam.

People will never learn it seems.

[Davidvictorson]

This is what every sensible CEO of a cryptocurrency exchange should do. I know that it is common sense to know that exchanges should not act as a savings account but what is that maxim about common sense again - common sense is not so common. So, it has to be repeated, emphasized and re-emphasized. But then again, we know that everyone do not have so much bitcoin that they will be scared that they may lose it, so they just leave it in a centralized exchange. Good advice though.

[_act_]

Despite running subpar exchanges(at least compared to Binance and Coinbase), this is why I really respect this dude as well as Jesse Powell. As far as I know they're the only people who run decently-sized exchanges that actively promotes self-custody.

It would have been better if they design a means that people can exchange their coins without not depending on centralized exchanges. They all started this. But I like that too, I mean how they are promoting self custody.

But then again, we know that everyone do not have so much bitcoin that they will be scared that they may lose it, so they just leave it in a centralized exchange. Good advice though.

But if an exchange is hacked, we would hear that someone's huge amount of money has been lost, we could hear also about someone that commit suicide after the hck and theft because kf the money he lost to it.

[CryptoPanda]

There’s been some scam allegations about Paxful and its CEO in the past, I don’t trust them. This is only coming as a result of the recent development in FTX and now CZ Binance under threat. If paxful were truly honest and transparent, they would have done this in the first place to begin with. I won’t be surprised if they added a clause to their TOS to protect them from liabilities if and when the investigations start coming their way.

[cryptoaddictchie]

Transparency is key to a healthy business. I think some may thought this as rubbish but this is quite needed to avoid such lousy under the table transaction. FTX failed to do that and some of the exchange in the past.

Maybe this trigger some of the recent event but who knows right? Being consistent must be shown and paxful might be a good example to others.

[DeathAngel]

It’s nearly 2023, we shouldn’t need to be reminded to self custody. The warnings are there in the relatively short history of crypto. We saw what happened to MtGox but some people still don’t learn.

Celsius, 3AC, FTX & there will continue to be more. Get your coins off exchanges & into self custody or risk losing them.