An Example of Not your Keys Not your coins

[QueenVera]

Look how exchanges are scamming us. Most often we create account at exchanges and never care to read the terms and conditions and blindly click on "I agree" button.

Look what happen with celsius. When the Celsius users reach the court to demand their bitcoin back, the judge told that people have already given their legal right on their bitcoins and not no one can claim any bitcoin from Celsius.

The real enemy of Bitcoin isn't the government but the CEOs of this centralized platforms and they all have to be shutdown. Therefore we should stop using them. When I read stories like this then I understand better why it's advice to not use exchange as wallets were we store our coins or keep large some of money in them at any given time.
They're no different from banks as they both operate in the same manner. Celsius isn't even feeling for their customer to compensate them in some way. They're forgetting that without this customer trusting them in the first place that they would had been out of business a very long time ago.
Hope this serve as a lesson to others to avoid been a victim of this centralized platforms stealing people money. As we enter a new Bitcoin bull market, more platforms like Celsius will come up but we just have to avoid them to not become a victim later in the future.

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[Fundamentals Of]

Sometimes it is even pointless to read the terms and conditions because you would still click on 'I agree' anyway. Before you even tried to sign up to something like Celsius, you already have the intention of creating an account there.

With regard to Celsius, it is probably because you are planning to take a loan or to invest and grab that high annual yield. Had those Celsius users read the terms and conditions, would they have decided not to proceed? I don't think so.

It is even likely that these users won't notice that there is something wrong with the terms and conditions.

I believe that even if they read all those terms, they will click the agree button and quickly deposit money there to invest and earn interest. Since their purpose is profit, even if they read the terms a few more times, they will continue to invest in it. Most of the time, when investing, people hardly care about the risk but just try to compare the returns, where higher will be preferred. People only start looking for causes and terms when they go bankrupt and lose money.

That's also what I probably do if I'm looking forward to my potential earnings. What I usually do when I'm about to sign up to an exchange, gambling site, or any online services for that matter, is that I would read reviews. Once I'm convinced that the platform or site is worth using and legit positive reviews are many, the tendency is that I might just sign up for it. So before I even click on the 'I agree' button at the end of the terms and conditions, I am already decided to use the site.

But I'm not a fan of these crypto investment sites so there's no reason why I would sign up for this.

[franky1]

everyone. its not just the terms of service/user agreement. you signed up to.. you have to now continuously re-read the terms each time you use the service

most sites dont need to even inform you of changes.

and in the celsius case. the court was defining a certain term sheet based on the new terms just 2 month prior to the funds lockdown.. not the ones years prior when users signed up

[Supianto]

I believe that everyone is aware of the risks of joining these lending platforms, but because they are so greedy, they ignore everything and when they know they have been scammed, blame others. If they are not greedy, no one can scam them, if you believe centralized exchanges are scamming you, then you just need to avoid them.

I can tell that it's not true. Most people don't read the ToS when they use almost any platform. It's long, boring and mostly there is nothing new or interesting. I asked my friends and no one read it in the bank, games, etc. Neither do I, but I'm not using exchanges and don't have a lot of choices in terms of banks.

[panganib999]

And this is precisely the reason why you should always read the ToS agreement. It never hurts to know more about what you're trying to get yourself into. Most likely stuff like this is explicitly documented amidst the piles of mumbo jumbo that Celsius has fed their users in the Privacy Statement as well as the ToS and us, being the belligerent, lazy people that we are, just scrolled as quick as we can to the bottom, and pressed agree, from there we fell right into their trap. Ultimately this isn't just a Not Your Keys, Not Your Coins dilemma. This is also a good example of why you should always read the fine print and not skip directly to the bottom. You don't have to read the whole thing, just a little skimming and scanning could go a long way in ensuring that you are legally protected from anything the provider could do to you.

[passwordnow]

I'm one of them and guilty that I just click the "I agree" button without reading because I want to save time. But the more of these cases appear and you'll get to realize that you should also be careful with such terms and agreements, it starts to read every time we sign up.
While for the side of users of Celcius, that's a hard part to accept since they've trusted them but then, they'll just make it like this and will have to partways through a separation that's not favorable to the users.

[Jatiluhung]

And the fact is maybe that almost all exchanges apply terms and conditions that are almost similar to those applied by Celsius if we read them more carefully. so there is no reason for us to put our assets on the stock exchange. except only temporarily when we trade or when we accumulate. and when our accumulation is fulfilled then it would be nice if we immediately withdraw it to our personal Wallet. be it a hot wallet or a cold wallet. at least when the assets are in our personal wallet it will make us calm as long as we can store the private key / Seed phrase in our wallet properly and safely.

[Outhue]

Terms and conditions can be upgraded at any time without informing users, and when things go wrong they will easily blame it on users for not going through the terms and conditions in the first place.

I was a victim of this act by a crypto exchange before, I thought something was wrong with my eye but later I noticed they change their rules themselves. Anything centralized in crypto right now is a big red flag for me, I can't say for others.

[Russlenat]

Look how exchanges are scamming us. Most often we create account at exchanges and never care to read the terms and conditions and blindly click on "I agree" button.

Look what happen with celsius. When the Celsius users reach the court to demand their bitcoin back, the judge told that people have already given their legal right on their bitcoins and not no one can claim any bitcoin from Celsius.


https://twitter.com/BitcoinMagazine/status/1610966401778421761

That is the reason why we need to read carefully every details of the terms and conditions because everything is listed there, and once you signed it, the company has assumed that you already agree to their rules. And since most of us are not doing this, the reason why most of us are prone to scams. Exchanges will always take advantage from us, and that will only stop if we stop using them and resort into saving with our own hardware wallet. That way, they can never scam us anymore.

[Mahanton]

Look how exchanges are scamming us. Most often we create account at exchanges and never care to read the terms and conditions and blindly click on "I agree" button.

Look what happen with celsius. When the Celsius users reach the court to demand their bitcoin back, the judge told that people have already given their legal right on their bitcoins and not no one can claim any bitcoin from Celsius.

Some shit happens once again and people never ever learn, whether they do have the rights or not and on the time of hacking or fraudulent events then the users or investors itself doesnt have the power nor the
option on taking their coins back unless if the company would really be able to return them so but this is unlikely yet most of the time it would be ending up on a cat-and-mouse chase.
Its been told for how many times that centralized platforms arent that long term or safe main wallets but there are people who are really fan on doing that.
Mistake on here is that people dont have read up the terms and just completely agree it all.