Self custody will always win

[KiaKia]

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.

[dimonstration]

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.

[Zlantann]

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.

I read the news and SEC is taking Binance to court for thirteen charges. Some of the charges are that Binance mislead its customers that the company dictate crypto market manipulation and they also misused customer's funds. Another charge is that Binance carried out an unregistered crypto trading business in the US.

I don't know the details of these charges and I am sure that SEC has evidence to back these claims. They might be true or false. But I am seeing this as a planned witchhunt of the company and its billionaire owner. Have SEC as a regulatory body issued a warning to Binance about the misuse of customers' funds and have any customer complained of not having access to their funds? Secondly, SEC has been aware that Binance has been offering trading services for some time now and they were not sanctioned, why now? I will not also trust these exchanges, maybe the SEC is trying to take proactive measures to ensure that the FTX saga will not happen again.

To avoid all this drama, self-custody is the only option because nobody can be trusted. One of my friends will always say that he doesn't even trust himself, so how will he trust someone?

[Flexystar]

Eh, thank God I’m not into fan following stuff and never will be. First, when it comes to finance management I would not even trust my mirror self. It is least of my worries whose CZ or whose Elon if I’m having my own funds and probably hard earned money as compared to what those people are making. It’s better to be very normal when we are socialising in this world. Fan following stuff is really old myth now and gone those days where a true follower used to get back as trust or closeness. You don’t find it these days. Better be ourselves and close some circles before they get breached and save something for ourselves. 

[Zaguru12]

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.

Seriously people don’t still get it, it is not entirely only about having trust for the exchanger owner or someone you entrust keys to. It is sometimes about how this people could be careless compared to how you will safe guard the keys personally. look for exchanges although most of the loss of funds are usually caused by the top official of the exchange, so when a top official gives an interview about how honest he is people believe he wouldn’t run with there funds. But most times this People truly don’t want to run away with the funds, but as an exchange they aren’t the only one working in the company, there others who also have access to this keys and could easily become greedy or they could also let lose and get compromised either through phishing or any hack at all.

So trusting someone doesn’t mean that the person is save from numerous attack, more so some of these exchanges store some of there keys online which is somehow exposing it to hackers.

[SatoPrincess]

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.

[Onset]

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.

I mean there are very few people overall in the world who’d do things for the benefit of others. Binance is obviously a monetary interest to CZ and I don’t think he ever even stated otherwise. He clearly said that his goal was to take crypto to the mainstream before. And I get what you’re trying to say, but let’s also give credits where it’s due. CZ has brought probably hundreds of millions of people to crypto.

Unfortunately, they’re taking big hits now. It’s both good and bad if you ask me. Wasn’t US the reason Binance imposed mandatory KYC on their exchange? If they get out of US, won’t there be benefits too? But obviously, they want to ground CZ and destroy the biggest crypto business in existence as of today. Imagine Binance falls, there’d be thousands of coins dropping to the floor.

What if I told you SEC is suing CZ to destroy his end goal of bringing crypto to the masses? (it’s for now just a thought)

[Fivestar4everMVP]

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.

I completely agree with all you have said my friend, but if I may ask, what exactly is the right way to use bitcoin?

We can, without any form of doubt all agree that bitcoin no longer operates the way Satoshi designed it to be, Bitcoin was supposed to be a medium of exchange, payment for goods and services, and all that, bitcoin did maintain its medium of exchange role, but have failed in the area of payment for goods and service, and this is not to say that bitcoin has performed poorly in any way, If I was to state my mind, I would say that bitcoin has performed far above what and how Satoshi designed it, and we all must understand that, there is no greatness without challenges, this is exactly one of those things that makes bitcoin great.

We all here can decide to hold bitcoin on our own and not move them to the exchanges, but how exactly do we convince other holders out there to do the same?

[Hyphen(-)]

So trusting someone doesn’t mean that the person is save from numerous attack, more so some of these exchanges store some of there keys online which is somehow exposing it to hackers.

Trust is one of the most difficult things to establish, especially when money and privacy are involved.

Because so many people trust CZ and Binance, they leave their money and Bitcoin at the exchange rather than transferring it to wallets, where they have complete control.

I believe that now is the moment to wake up and make centralized exchanges a place to just purchase and trade coins, rather than a place to save and store Bitcoin.

[serjent05]

CZ will always care about his business since the exchange is one of his businesses, I doubt he will destroy his money-making machine.  I do not think CZ will rug pull but I always believe that holding our own is better than others holding our Bitcoin.  There should not be an argument about the topic since nothing can beat having full control of our funds

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.

[tabas]

That ain't cool, those that think it's cool that he got sued and he's operating in the US as illegal operation. There's no way that these people are in their right minds thinking that it's cool. We want him to be one of the people to shape up the future as he's got the influence but if he's acting like that, there will be problems that we have to deal in the future and he might be the one to start it out.

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.

We'll never know but we've seen several exchanges collapsed and yes, if he becomes crazy and greedy, we'll never know when it is. That's why those that still has Bitcoin there or any asset that they're letting sit into his exchange because of the earn feature, that's one reason why they're keeping it there.

[Adbitco]

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.

I don't know if they've all forgotten the common language we do use here over time "Not your key not your coin", at least this should have thought them a serious lesson towards leaving ones funds on a Centralized exchange they don't have control over.
I wouldn't mind stopping here as similar topic has been created concerning this seem issues, i know the content are not the same but they all related to same issues that just occured.
you can see it here

[Texac]

SEC will not sue them if they don’t have a basis on all of their allegations.

So what do you think when they also say that the entire crypto market is a security and should be regulated under their control?  all we know is that through media reports, we don't have any evidence that Binance is laundering money or performing shady activities.  i'm not saying they're completely clean, but they should only be charged when we have proof, don't guess. moreover, if they cheated, they wouldn't be where they are today, the top exchange in the market.
if you are supporting the SEC on this, it means you are assisting them to attack us they will do whatever it takes to control the market and regulate each crypto investor and bitcoin.  Binance is getting too big and unregulated, and it's not hard to understand government resistance.

[dothebeats]

I don't get what it is with idolizing crypto figures and patronizing their business. You can look up to these people but certainly don't let it affect the way you perceive their business. Binance as a CEX seem to be okay on the surface, and it's natural that it will be receiving a lot of notices from different countries and jurisdictions because there are still some regulations that need to be ironed out with the service and the country it is on.

But yeah, the general rule still stands in the crypto industry: not your keys, not your coins. So it's always best to just leave what you need to go around in the exchanges and take what you don't really want to sell or trade. Better be safe than sorry, after all.

[Potato Chips]

Jeez, the false sense of security is strong for some of our brothers huh?

Perhaps the more they used binance without much problems, the more they felt comfortable? I do think some fellas out there feel detached with exchange horror stories, they probably don't think much as long as it ain't them. It doesn't help that binance's "funds are safu" slogan creates hype. You'll be surprised at how many overestimate its function.

[dansus021]

Not your key, not your coin, it's like the Bitcoin mantra on this forum.

Self-custody is always win but Im not against the Centralized Exchange because cex, and bitcoin also can reach this hype, even I still have deposit some of bitcoin to trade on Binance. and somehow the SEC is want to label everything that crypto-related as securities.

people can get greedy sometimes but I do agree with this

CZ will always care about his business since the exchange is one of his businesses, I doubt he will destroy his money-making machine.  I do not think CZ will rug pull but I always believe that holding our own is better than others holding our Bitcoin.  There should not be an argument about the topic since nothing can beat having full control of our funds

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.

Binance is number one exchange and it is CZ money making, so maybe he will now protect it at all cost

[SquirrelJulietGarden]

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.

He can become greedy or his business can collapse because of bad management one day. Binance and CZ are favorite targets of FUD and legal activities recent months and it will continue in future.

No win here in my opinion. You can not convince all people to use self custody wallets and there are people who want to use custodial wallet, centralized exchanges. The distribution of users between custody and self custody wallets, between centralized exchange and decentralized exchange but there will be no absolute winners.

Reminder: do not keep your money in online accounts
Custodial vs. Non Custodial Wallets - "Not your keys, not your coin" Explained.
Cryptocurrency security checklist
Tips to secure your wallets

[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.

[Poker Player]

Yes, self-custody is much better than leaving your holdings in an exchange but there are nuances, and as you accumulate more, you will have to take additional security precautions.

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.

If you don't have much, having your holdings in a HW is fine, but if you have all your net worth in Bitcoin and it's something like 50 Bitcoins, better to have them in several HW, with multi-signature systems and maybe it's not bad if you have a small percentage in some exchange, especially if you need to exchange to fiat in the near future.

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's right. As bad as centralized exchanges are, they provide liquidity and are largely to blame for the 5-digit price today. Without them the price would be much lower.

[wxa7115]

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.