A precaution warning for newbies and non newbies

[ROCterm]

Its not going to happen, not now at least.

1. If binance goes down the whole market will go down.

If you go by that logic, then it's fallacious. Remember how big FTX was. Not many of us thought it could go down that way and the crypto space survived. But it happened and the world didn't collapse with it.

Anyway, I just needed to put that out here. Though I'm not in support of the unnecessary FUD OP is supposedly raising.

Again, Binance is airdropping tokens to its users on the alphas that has to do with its 4 Meme token. I don't have the real details now and couldn't be bothered with that but you can read up the article here: https://www.binance.com/en/square/post/30994116524994

You simply don't understand. I am talking about now, can't you see that the market is already struggling at the moment?

Let's say someone found a strong evidence that exposed binance that they engineered what happened on the 10th of October that cost the lives of few people and along the line it started involving Trump and his family, what do you think will happen to the market?

If a single tweet from your darely president can make the whole market to dump what about a conspiracy theory? The whole bull market that we are still seeing right now will nuke to oblivion.

I never said that it will be the end for crypto and bitcoin, what I am saying is it will affect the market condition so badly that bear season will be forced to unleash.

[albon]

Everyone knows that CEX platforms are constantly exposed to these technical errors and vulnerabilities, and the platform could even be hacked or go bankrupt. We cannot put our full trust in CEX, no matter their market ranking or reputation. We must act responsibly with our hard-earned assets.

This incident may have passed peacefully, but is it possible for it to happen again? Of course, it could, as anything can happen to any centralized entity, no matter how powerful it is.

Even the compensation was not fair for everyone; a trader lost $250,000 due to the recent crash, and Binance offered him only a $100 non-withdrawable trading voucher as compensation.  [SOURCE]

[Mpamaegbu]

~snipped~

If a single tweet from your darely president can make the whole market to dump what about a conspiracy theory? The whole bull market that we are still seeing right now will nuke to oblivion.

Okay, now I get your angle. You seem not to like Trump beyond all this crypto thing. Your choice of word there says it. Anyway, let's even move away from whether we like Trump or not and to the more vital area. We've to be objective in our analyses and not allow our sense of judgment be clouded by emotions.

We all know that Cexs aren't free from glitches. They happen. And that's why people are often warned not to leave idle funds in Cexs. No exchange should be trusted not to have glitches, including hacks. I'm not holding brief for Binance.

Again, and notably too, we know how market used to tank before a major spike. We saw that in previous circles prior to ATH. Beyond Binance, I think the recent dump in the market also points us to that happening anytime soon too. Whether, it's the ongoing trade banters between the US and China or not.

[CryptSafe]

Who still keeps their assets and funds with centralised exchange this era after the several brouhaha and hacks that have occurred in the past. The slogan " not your keys, not your coin" should be ringing in the mind of anyone who thinks of keeping their assets and funds with the CEX because upon such move to dare such, they have no power over their asset's anymore and if anything happens, their assets are all gone except for exchange with big bank roll and insurance coverage. However, it is still risky to keep fund's with CEX as they too can never guarantee their platform safety not to talk of your own assets just like what happened to Binance on the 10th of this month. It is good everyone takes caution from these event's that have been happening with CEX and stay safe.

[RockBell]

Who still keeps their assets and funds with centralised exchange this era after the several brouhaha and hacks that have occurred in the past. The slogan " not your keys, not your coin" should be ringing in the mind of anyone who thinks of keeping their assets and funds with the CEX because upon such move to dare such, they have no power over their asset's anymore and if anything happens, their assets are all gone except for exchange with big bank roll and insurance coverage. However, it is still risky to keep fund's with CEX as they too can never guarantee their platform safety not to talk of your own assets just like what happened to Binance on the 10th of this month. It is good everyone takes caution from these event's that have been happening with CEX and stay safe.

The type of risk people want to take when it comes to asset storage when they know better and still purposefully store their assets there because cex has been a treat, so why do they still want to keep their money there? We also know the risk involved, and there's the problem of not having your keys or your coin, so it's better that your coin is in your custody because, in my opinion, the only reason exchange exists in the first place is for swaps, so it's not even the best place to keep your assets.

In addition, they are obviously hoarding far more money than they pay, so if something were to happen to their assets, where would they even begin? I think people are aware of this, but they are still treating it like a joke.  But since they are still having a very difficult time understanding the dangers of their acts, it won't be properly comprehended until you see the following step.

[SOKO-DEKE]

If you have some funds on Binance exchange this could be a good time to rethink and move them out, give it several months to see how the dust settles or risk losing your assets.

It is now known that Binance is responsible for the faulty internal price oracle that makes USDE, BnSOL and wBETH to all lost their internal peg, thus happened only on Binance exchange.

Multiple whales lost millions due to Binance internal system control, I have been here for many years already and I know perfectly well that something of this magnitude with a known centralised cause will never get brushed under the rug just like that.

So ladies and gentlemen remove your funds from Binance immediately. I was a victim of similar incident on BTC-e years back and It cost me 16 Ethereum, The  exchange domain got seized by the department of justice, it could happen to Binance soon.

It happened to Cryptopia, BTC-e and crypto.nz, I have not forgotten.

The point is that no exchange is truly reliable. If people are moving their funds out of Binance, which exchange would you advise them to move to  one that is reliable and won't, in the near future, come up with another sad story?

The best advice is for anyone keeping their funds on exchanges to move them to non-custodial wallets. These are the only safe places where we can keep our funds and have peace of mind.

Binance is one of the most reputable exchanges I know, so if a story like this is coming up now, it’s a clear sign to totally avoid storing a reasonable amount of money on any exchange. Exchanges should only be used for small amounts and short-term transactions  not for long-term storage of funds.

[SilverCryptoBullet]

Everyone knows that CEX platforms are constantly exposed to these technical errors and vulnerabilities, and the platform could even be hacked or go bankrupt. We cannot put our full trust in CEX, no matter their market ranking or reputation. We must act responsibly with our hard-earned assets.

This incident may have passed peacefully, but is it possible for it to happen again? Of course, it could, as anything can happen to any centralized entity, no matter how powerful it is.

Events made you scare about custodial wallets, centralized exchanges.

There are many events, accidents, collapses and deaths on centralized exchanges in the past, and there are many warnings too but they are not enough to keep people away from centralized exchanges. They ignored warnings, took risk and only began to cry after losing their own money.

Even the compensation was not fair for everyone; a trader lost $250,000 due to the recent crash, and Binance offered him only a $100 non-withdrawable trading voucher as compensation.

It's not like a fair compensation at all even if they allow users to withdraw compensation money, but in reality, they are doing something worse by only allowing users to use that money for trading. Surely trading until losing it all and such money will belong to Binance again.

[CryptSafe]

Who still keeps their assets and funds with centralised exchange this era after the several brouhaha and hacks that have occurred in the past. The slogan " not your keys, not your coin" should be ringing in the mind of anyone who thinks of keeping their assets and funds with the CEX because upon such move to dare such, they have no power over their asset's anymore and if anything happens, their assets are all gone except for exchange with big bank roll and insurance coverage. However, it is still risky to keep fund's with CEX as they too can never guarantee their platform safety not to talk of your own assets just like what happened to Binance on the 10th of this month. It is good everyone takes caution from these event's that have been happening with CEX and stay safe.

The type of risk people want to take when it comes to asset storage when they know better and still purposefully store their assets there because cex has been a treat, so why do they still want to keep their money there? We also know the risk involved, and there's the problem of not having your keys or your coin, so it's better that your coin is in your custody because, in my opinion, the only reason exchange exists in the first place is for swaps, so it's not even the best place to keep your assets.
 the following step.

It's that same risk of losing their assets and funds that triggers some people to live their assets and funds with the centralised exchange. People are just too afraid and lazy to watch over their asset's and are looking for who they would hold responsible if anything happens. This same approach has also caused people to loose good amount of money.

[Pi-network314159]

Normally it is not good or will I say it is not ideal that we keep our fund on exchanges to avoid exchange being hacked or anything silly could happen, like exchange shutting down and peoples fund being locked up where it could not be withdrawn. I could remember when Mt.Gox, Kucoin and that of FTX was hacked, it affected alot of people using that exchange, so with all past history of exchanges being hacked is a red sign that exchange should not be trusted. We can Only use it to recieve coin for imidiate exchange to fiat or even receiving to send to a non custodial wallet rather than entrusting your fund to it.

[JoyMarsha]

If binance goes down the whole market will go down.

For how long? It will be like one of the negative news that hits the crypto market, which plummet to market losing its value that people would complain bitterly on for some time, in weeks or months it becomes a story that people would give example on not to have your crypto assets left on any crypto exchange, no matter how trust worthy they appear in the space

[bitcoindusts]

Why use an exchange as a bank?  The name itself tell what should be done there, use it to exchange cryptocurrency not to store our funds.  The problem with people think that exchanges are banks and leave their fund there, then go freak out if there is something bad happen to their funds when it was their fault of leaving their fund in there.

So reminders, just use the services it represents and don't go overboard by using these exchanges as bank since they are not made for it.

[Cyber_warrior]

If you have some funds on Binance exchange this could be a good time to rethink and move them out, give it several months to see how the dust settles or risk losing your assets.

People are been warn on a daily basis not to leave our coin on, by now if your coin is still on exchange, then you are already making a great mistake. If your coin is on exchange you are no longer in control of the coin, and Incase there is any slight mistake, you will be losing your coin. If you are investing, just make sure you are only buying from exchange, immediately after buying a coin from exchange, make sure you withdraw everything to your non custodial wallet, in no circumstance should you even leave your coin on exchange. Exchanges are doing shady things which most people don’t even know about, so we just have to be careful, and we need to protect our funds.

[Fiasem20]

Firstly, I'm not into binance exchange and secondly I don't keep my coins on a centralized platform.Remember not your keys not your coins.The news of exchanges collapsing or undergoing a glitch is something that will keep recurring so it's left for us to always do the needful.I've read the news about the binance stuff and it was a glitch and they've made attempt to refund their user their damages of about $283M, that alone shows that binance is a reputable exchange.In choosing an exchange, always go for the reputable and pronounced ones just incase a market crash happens they'll be able to bounce back on the feet and build back their reputation.In conclusion,not your keys not your coins.