Self custody will always win

[ImThour]

The government trying to take down the biggest Centralised exchange in the Crypto environment is good for ya all right? Awesome.
If Binance goes down, it will ruin any chance of Crypto being the big thing.

Exchanges earn money when they stay online and serve people, I don't know why people fail to understand that.
The make millions from Futures, trade fees, referrals, listing shitcoins etc.

Why would they run away and ruin their chances of earning more money?

[CryptoGamblingSites]

The government trying to take down the biggest Centralised exchange in the Crypto environment is good for ya all right? Awesome.

Nobody said that

If Binance goes down, it will ruin any chance of Crypto being the big thing.

Sounds like a benefit tbh (BUY BITCOIN)

Exchanges earn money when they stay online and serve people, I don't know why people fail to understand that.
The make millions from Futures, trade fees, referrals, listing shitcoins etc.

And the average person should care, why? Trading doesn't provide real value, that affects the average person in any real way...

Person to Person Bitcoin transactions would still be possible if the 400 exchanges that everyone uses currently, globally, go under

[big kid]

The government trying to take down the biggest Centralised exchange in the Crypto environment is good for ya all right? Awesome.
If Binance goes down, it will ruin any chance of Crypto being the big thing.

Exchanges earn money when they stay online and serve people, I don't know why people fail to understand that.
The make millions from Futures, trade fees, referrals, listing shitcoins etc.

Why would they run away and ruin their chances of earning more money?

Well, it might be awesome in the long term. Bitcoin won't die anyway, it doesn't need exchanges. But we can get even bigger sale than we had earlier this year. I can't say that's a bad thing. Also, tyhe market will be purged from many shitcoins, and that's a good thing too.

[worle1bm]

From your title it sounds like there's some competition between self custody and centralised exchanges but that's not the case because they are completely different.You have you funds with you and on the opposite side you gave your funds to some third party for holding so can we compare the safety of two? These CEX are running solely for their own profits which is why it's always better to avoid them and keep your funds in your own custody.

[irhact]

So I was reading a new surprising news about CZ getting SUED again, this time around it's about US securities rules, I can't say it's FUD or not, but CZ replied on his Twitter account that he never he such invitation yet, how did this get to the public first? Anyways..

One day we'll log into the forum and be welcomed by the news that Binance exchange has been shutdown by the SEC. They keep coming at the exchange but they have found a way to survived those accusations but that won't happen forever because no organization is 100% free of crime. It mightn't be the exchange itself that'll be found guilty but the workers could be violating a rule and when caught it will be used against the exchange.

I heard there's accusations of wash trading in the recent accusations. I think most centralized exchange are guilty of this but they always find a way of not getting caught. Sam Bankman-Fried was a more loveable character, gave out his money as charity yet he wasn't innocent.

[Outhue]

I don’t get the point on Idolizing someone like CZ that has a Centralized Exchange business on crypto. Everything that he is doing is for his own business sake. There’s a lot of wash trading and shady business that revolves to CZ. SEC will not sue them if they don’t have a basis on all of their allegations.

CZ invention of his signature 4 sign is a prepation on what’s coming because he knew that Binance is already being target and investigated. He is just using his follower as shield and probably he can fight the SEC all day long because of his huge capital when crypto market will remain calm for his exit liquidity.

Self custody is really the best but it’s just very hard to preach this to all crypto holders because of their undying trust to CZ.

Self custody is really the best solution to all this nonsense trust on any centralized exchanges, CZ should know better because he understands how import self custody is, he even said that crypto space needs more decentralized exchanges in the future, I am guessing he saw all this coming, what I won't agree with @dimonstration is you saying that CZ is using his followers as a shield, this is a big wrong accusation, I have never seen CX taking any steps that even look close to using his trusted followers as shield, this is a big lie.

The reason why people trusted this guy so much is because of his selfless behavior, he doesn't give a damn about who is leading and what exchange is performing better than the others, he look like the only one that want crypto to stay and last longer, instead of packing huge amount of money and run away to an Island for the rest of his days.  

[YUriy1991]

For the current situation the concept of self-custody works, by providing a degree of autonomy and reducing dependence on third-party intermediaries, thereby reducing the potential risks associated with centralized exchanges. I agree and it should be strived for by each individual like the OP Says and It also underscores the inherently human nature of individuals and the potential risks associated with entrusting one's digital assets to an exchange that is in trouble or is shutting down for example.

[Minhxx]

That's just the news for them to discharge, collect goods. This process has been repeated for the past 10 years. If anyone participates in this market for a long time, they will be consistent with their assets

[GideonGono]

Not your key, not your coin.

We should always remember that phrase when it comes to crypto.
Anything could happen to those centralized or any exchange or online wallet so we should hold our own crypto to our own wallet that we have control of.

[livingfree]

That's just the news for them to discharge, collect goods. This process has been repeated for the past 10 years. If anyone participates in this market for a long time, they will be consistent with their assets

You've got a point, they draw attention to make the market back a bit at the price that they want to purchase so they collect more. It's true that many have been doing this, using the media, using lawsuits and anything that can move the market so that there will be some pulling to the possible desired price before they buy bulk.

But then, with these incidents the more important factor is to protect ourselves and while this is a hot issue these days there will be a time that it will be forgotten and then these strategies will be repetitively done again by some other big shots.

So if something goes wrong and decide to do whatever we're thinking and you're not prepared for it, the problem is in you because you entrusted your funds on these exchanges.

[kro55]

snip

I don't have any issue with using centralized exchanges as long as people do not use them to stash their cryptocurrency funds.  Once we use the exchange outside of its purpose, it is where the problem starts.

This is something that many people are ignoring. Currently, my bitcoins are in trezor wallet, but I still have to use exchanges for different needs.
I wonder, if we eliminated exchanges completely, would it be easy for us to enter the market, and would it be easy to convert from fiat to bitcoin and vice versa? Because fiat is still the world's main currency, we still use it daily.
Instead of hating and saying it's bad, we should point out its advantages and disadvantages and, importantly, use it for the right purposes. It is used for exchange and trade, not for storing bitcoins. The users themselves are using the exchanges in the wrong way.

That is the thing, buying bitcoin with your fiat at an exchange and then getting your coins out of it is a process which at most just takes a few minutes, so it would be incredibly unlucky that the exchange just happened to collapse right at the moment when you wanted to withdraw your coins on that scenario.

But people are using exchanges as banks and they are storing their funds for the long term there, a huge mistake, because if users keep using exchanges like banks then the more exchanges will resemble them.

Everything has risks, P2P transactions also have certain risks, it is not absolutely safe. Therefore, it is not necessary to place the blame entirely on the CEXs.

Storing bitcoins on the CEX exchange is the users' fault because they did not fully equip themselves with knowledge before investing in bitcoin.
We can't blame exchanges entirely because we are using them the wrong way. No one forces us to store our funds in banks or centralized exchanges.
To be fair, CEX is still a part of the market and has contributed to the market's growth so far. So, instead of just blaming others when we lose money, arm yourself with knowledge and use it for the right purpose.

[Kakmakr]

Binance (CZ) are the victim of their own success. If you were the governments and if you wanted to hurt Bitcoin and Crypto currencies, who would you target? The answer come in advice that my father gave me, many years ago.... "If you go into a 3 man fight.... take down the biggest guy first.. that makes a huge statement"

The government can only fight the enemy that it can see.... and Binance is the largest target for them to take down. They want to send a strong message out to the smaller operators that they can take down the largest exchange.. so the rest will not have a chance.

I hope Binance gets all the support possible from the community, because if they fail.... the domino affect will be put in motion, for the rest to fall too. 

[Minor Miner]

Binance (CZ) are the victim of their own success. If you were the governments and if you wanted to hurt Bitcoin and Crypto currencies, who would you target? The answer come in advice that my father gave me, many years ago.... "If you go into a 3 man fight.... take down the biggest guy first.. that makes a huge statement"

The government can only fight the enemy that it can see.... and Binance is the largest target for them to take down. They want to send a strong message out to the smaller operators that they can take down the largest exchange.. so the rest will not have a chance.

I hope Binance gets all the support possible from the community, because if they fail.... the domino affect will be put in motion, for the rest to fall too. 

This is exactly what the SEC wants, if they win the war with Binance and Coinbase, it will be extremely bad for all of us, not just the loss of exchanges. Many are taking advantage of this news to emphasize the importance of a non-custodial wallet, or the term, not your keys, not your money...That's true, but it's not the time for us to celebrate and resist exchanges. This is the crypto industry's battle with the government, we should support Binance, and Coinbase will win. Otherwise, the government will control us all.

[Supianto]

Binance (CZ) are the victim of their own success. If you were the governments and if you wanted to hurt Bitcoin and Crypto currencies, who would you target? The answer come in advice that my father gave me, many years ago.... "If you go into a 3 man fight.... take down the biggest guy first.. that makes a huge statement"

The government can only fight the enemy that it can see.... and Binance is the largest target for them to take down. They want to send a strong message out to the smaller operators that they can take down the largest exchange.. so the rest will not have a chance.

I hope Binance gets all the support possible from the community, because if they fail.... the domino affect will be put in motion, for the rest to fall too. 

I hope Binance will fall since most likely they don't have all BTC that they keep for their customers. Yeah, other exchanges will fall, and a lot of shitcoins will die. But Bitcoin will never die.

[retreat]

So I was reading a new surprising news about CZ getting SUED again, this time around it's about US securities rules, I can't say it's FUD or not, but CZ replied on his Twitter account that he never he such invitation yet, how did this get to the public first? Anyways..

While I continue with my reading, I notice few people hailing CZ that he is cool and that they will always trust him no matter what, some are asking if they should remove their funds from the exchange.

As you can see, too many people still entrust their Bitcoin with a guy like CZ, don't get me wrong, I am also a fan of CZ, but I will never entrust my Bitcoin or even my money in the hands on any CEX, sorry CZ if you are reading this.

Humans will always be humans, we get emotional when we feel like, we hate and love when we want, this is how we are created, CZ doesn't care about money that much, he is very contented with what he has, I am saying this as per his interview some months ago but still, CZ is human.

He can one day decide to go greedy, Bitcoin was created to be under no man's control or power, we should start using Bitcoin the right way.

Self custody wallet will forever be the most secure place to be able to store and manage crypto assets, period. I'm a Binance user myself, but trading only. I will not fully entrust my assets to CEX, because I learned from the FTX case how this large platform was destroyed overnight and caused many people to suffer losses and until now their assets have not been recovered. I don't want this to happen to me, and that's why I hold 75% of my assets in a self custody wallet and plan to hold them until a certain time.

[michellee]

Self custody wallet will be a safe storage area if we can protect it from people who want to take it. We don't need to keep all our coins in an exchange, let alone a centralized exchange because many centralized exchanges are experiencing problems.

By keeping the coins in self custody, we don't have to worry about bad things because we have full control over them and only know where to keep the wallet. In addition, we also determine where to sell to avoid those bad things.

But hopefully, Binance can continue to operate and will not be affected by the current problems. Hopefully, the problems faced by Binance can be resolved soon so we don't have to worry.

[khiholangkang]

It’s funny how people think, sometimes I wonder if these people actually understand the bitcoin concept because they desperately want to trust a face and a name with their money. Self custody seems to be a problem for new bitcoiners especially since they have little experience in the crypto space, the collapse of FTX has taught them nothing. They only want to make profits and do not pay much attention to the dangers of hodling one’s coins in an exchange.

I read more for new users, they think more about his assets so that it is easy to liquidate, and rarely new investors keep their bitcoin in the exchange centralized for long -term investment options, they do it for short -term investment options and monitor the movement of assets using their assets using The cellphone wherever is, is not far from the behavior of new investors.
People who already have experience, especially those who have the intention of long-term investment and have experience at the time of the FTX incident, will prefer the storage/wallet that is managed by yourself, or find the only custody of the bitcoin.

[Z390]

While I understand what many people are trying to say, I don't blame those who are using centralized exchanges over dex because they know that bigger exchanges have better volumes and liquidity.

It's a good idea not to trust exchanges, they are operated by people like us, and they can be tempted by money too. That's why storing your coins in your wallet is the best way to keep them safe.

As a matter of fact, decentralized exchanges should be as good as centralized exchanges, and many people will start using them. One of my friends told me that he thinks that centralized exchanges are better for trading, so he will never abandon a Dex to deal with it.

[CryptSafe]

So I was reading a new surprising news about CZ getting SUED again, this time around it's about US securities rules, I can't say it's FUD or not, but CZ replied on his Twitter account that he never he such invitation yet, how did this get to the public first? Anyways..

While I continue with my reading, I notice few people hailing CZ that he is cool and that they will always trust him no matter what, some are asking if they should remove their funds from the exchange.

As you can see, too many people still entrust their Bitcoin with a guy like CZ, don't get me wrong, I am also a fan of CZ, but I will never entrust my Bitcoin or even my money in the hands on any CEX, sorry CZ if you are reading this.

Humans will always be humans, we get emotional when we feel like, we hate and love when we want, this is how we are created, CZ doesn't care about money that much, he is very contented with what he has, I am saying this as per his interview some months ago but still, CZ is human.

He can one day decide to go greedy, Bitcoin was created to be under no man's control or power, we should start using Bitcoin the right way.

If CZ should come on air to say he has not yet received any invite from them do you not think that there is something going on? Do you not think that all these are just strategy to control the market so the whales could buy more from the panic sellers. Do not forget that  bitcoin halving is around the corner and anything can be done so as to achieve the aim of bringing the market down for them to buy more from those who would be in a hurry to sell as a result of the FUD created. 

Entrusting funds to a third party is a personal decision. I believe everyone has his or her own choice on how it suits them. It has always been said that third parties are not safe to entrust funds to which means that doing such would likely make you lose your assets and fund and i believe it  is widely known about the "not your keys, not your coin" phrase so why then would anyone complain if the reverse is the case after knowing that it is not safe to entrust your funds with exchanges compared to what has happened with other big exchange as well.

[Tony116]

As a matter of fact, decentralized exchanges should be as good as centralized exchanges, and many people will start using them. One of my friends told me that he thinks that centralized exchanges are better for trading, so he will never abandon a Dex to deal with it.

No one is saying that decentralized exchanges are bad, we have to admit that they still cannot compare to the utilities and variety of services centralized exchanges provide. We enter the market not only to invest and hold, but there are many other ways for us to make profits, and most of those services and methods are provided by CEXs. For trading alone, DEXs cannot offer many trading pairs, and high transaction fees are a big obstacle for traders. While CEXs are providing these features very well, it is very difficult to discontinue or remove CEXs.