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Author Topic: "Funds are SAFU": Here we go again, but with Coinbase!  (Read 593 times)
kryptqnick
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March 03, 2024, 10:42:19 AM
 #61

Panicking Coinbase users woke up today to find their bitcoin balances at $0 because of a technical glitch.

Source: https://www.msn.com/en-us/money/markets/bitcoin-s-price-surge-briefly-broke-coinbase/ar-BB1j4tNN

Well at least they were lucky that it was just a glitch! I will never understand why normal people are keeping their coins in an exchange and not even in a software wallet. People who are not trading coins do not need to use an exchange. It is just ridiculous seeing people on X/Twitter having a mental breakdown over this even after hearing about "not your keys, not your coins" so many times.
I think non-custodial storage is much better because I trust myself more than I trust corporations. I'm okay with taking responsibility for my own funds, and I understand the risks. However, I also understand that many people simply aren't like that. They're used to bank accounts and web banking, where you might lose your password many times, but successfully restore access to your funds by contacting support. They're used to losing their info and relying on someone else actually having access to it when it happens. If a company is big and seems highly reputable, they trust it more than they trust in their own abilities to not lose access to their funds.

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riantolie
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March 03, 2024, 11:21:30 AM
 #62

Some people just never learn. I thought after the FTX crash people would actually stop keeping their coins on exchanges. At least most of them.
JollyGood
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March 03, 2024, 06:51:37 PM
 #63

Quite clearly that is not happening. Investors are storing crypto in exchanges in order to free up space on their own PC/laptop hard drives but there are other options than downloading blockchains for each crypto.

Some people just never learn. I thought after the FTX crash people would actually stop keeping their coins on exchanges. At least most of them.

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Silberman
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March 04, 2024, 05:22:05 AM
 #64

Some people just never learn. I thought after the FTX crash people would actually stop keeping their coins on exchanges. At least most of them.
Statistics shows that less and less coins seem to be stored at exchanges, so at least those that have the most skin in the game are learning their lesson and storing those coins on their own, however it is very difficult for most people to forfeit the convenience that exchanges provide, since they are leaving the responsibility to store their coins to a third party, and since this is what they have done with banks all their lives, they do not see the problem to do this with their bitcoin as well, a mistaken posture without a doubt, but if they do not want to listen despite the repeated warnings we give, there is not much else we can do.
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