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[fiery phoenix]

Sam Bankman-Fried's FTX is at risk of becoming bankrupt following a liquidity crisis caused by a recent mass liquidation of crypto on their marketplace.Binance CEO,CZ confirmed on Twitter that FTX has approached them and ask them to save FTX amid this crisis,so FTX is now on a long list of Binance possible big buy deals.CZ confirmed though that they can cancel the deal anytime so nothing is yet confirmed.
2022 has seen a lot of crypto trading platforms declare bankruptcy.We saw Voyager and Celsius declare bankruptcy in July 2022,and FTX is about to to be added to the long list.


Do you think it is safe to keep your money on a crypto platform in 2022 considering a surge in bankruptcy declarations?What are your thoughts

 

[Turner]

If a big actor in the crypto market like FTX can do what it did despite all the regulations, controls and big investors involved, then any other actors could be currently in a simliar situation or could have been in a similar situation in the past. I think in this moment it is advisable to keep only a few money on an exchange. There are too many news and speculations coming out right now, better keep your money in your private wallet and wait until things quiet down.

 

[Margery]

For security reasons, it is worthwhile to conduct only trading operations on the exchanges, but not to store all your money there. There are quite a few examples lately that exchanges are collapsing and disappearing into oblivion, and with them the money of users. After all, lost money is not always returned. Your day, I mean cryptocurrencies, is best stored in cold wallets.

 

[Riberet19]

For security reasons, it is worthwhile to conduct only trading operations on the exchanges, but not to store all your money there. There are quite a few examples lately that exchanges are collapsing and disappearing into oblivion, and with them the money of users. After all, lost money is not always returned. Your day, I mean cryptocurrencies, is best stored in cold wallets.

Exactly if you are a trader you have no choice but to have capital there but if you have cryptos in spot it is better to take them out of there to any trusted hot wallet or cold wallets, every crypto investor should now be very attentive because this is the very tense thing

 

[magnus2022]

It is very unfortunate that one of the top and best crypto exchange went down the drain. That simply means that cryptocurrency is a risky game and that only those with strong tolerance level can withstand its volatility. It is absolutely necessary to keep your fund in your wallet to avoid stories that touch the heart

 

[Margery]

Yes, although you lose interest on transferring your cryptocurrency back and forth, but when it lies on your own cold wallet, I still feel calmer. I prefer wallets that are installed on my computer more than various web-wallets and themes that are installed on the phone. Computer wallets have a higher level of protection.

 

[ipol12]

He already filed bankruptcy for FTX. There are a lot of shady transactions made by FTX along with its subsidiary Alameda. The FTX fiasco is the worst news on crypto this year followed by Luna, Celsius, and Blockfi. I wonder what's more. There you go Coinbase delisting XRP, BCH, XLM, and the other one that I forgot.

 

[Riberet19]

Not on CEXs. It's not a place for storing your funds. With CEXs dominations, we are losing the initial idea of crypto - being decentralized. OneArt CEO shared some important points I completely agree with.

All the reason in this the main idea of cryptography was to be decentralized and not have a trusted third party for transactions, if you store the funds in an exchange you are already entrusting your funds to a third party and we are falling into the error of always an exchange is to buy and sell and also if you want to trade the whole spot has to be removed from there

 

[Margery]

You can't store money on the stock exchange, no matter how reliable it may seem! The exchange is only for trading, and it costs to hold exactly as much cryptocurrency as you need for this trade.
The main money must be kept in a cold wallet, there are too many who want to take it from you!

 

[Riberet19]

You can't store money on the stock exchange, no matter how reliable it may seem! The exchange is only for trading, and it costs to hold exactly as much cryptocurrency as you need for this trade.
The main money must be kept in a cold wallet, there are too many who want to take it from you!

I totally agree. CEXs are good for quick trades, but not for constant storing.

The bad thing is that when all this happens and those of us who are in the crypto world have learned that exchanges are not to keep your funds those who come in the future will have the same mistake as those who had it now since they will not know the past, because the same thing that happened with FTX happened with MT gox in 2014 and even so the new ones did not know it and so it has happened countless times hence the saying "not your keys not your coins"

 

[Margery]

The bad thing is that when all this happens and those of us who are in the crypto world have learned that exchanges are not to keep your funds those who come in the future will have the same mistake as those who had it now since they will not know the past, because the same thing that happened with FTX happened with MT gox in 2014 and even so the new ones did not know it and so it has happened countless times hence the saying "not your keys not your coins"

It probably plays a role that a person thinks: "Ah, this will not happen to me! Why will I transfer money back and forth?". And at one fine moment he finds out that the withdrawal is closed, because hackers have hacked (as an option).
Therefore, I say that I'd rather lose a percentage of the transfer than the entire amount.
The exchange is not a bank, where you still take what.

 

[Riberet19]

It probably plays a role that a person thinks: "Ah, this will not happen to me! Why will I transfer money back and forth?". And at one fine moment he finds out that the withdrawal is closed, because hackers have hacked (as an option).
Therefore, I say that I'd rather lose a percentage of the transfer than the entire amount.
The exchange is not a bank, where you still take what.

some exchanges such as kraken is moving to become a bank, kraken is doing it in the state of wyoming and it is being regulated for it, but this does not mean anything since banks are the same but they rob you with more picaresque anyway nothing like having your crypto in your possession

 

[Margery]

some exchanges such as kraken is moving to become a bank, kraken is doing it in the state of wyoming and it is being regulated for it, but this does not mean anything since banks are the same but they rob you with more picaresque anyway nothing like having your crypto in your possession

Everything is so vague and unclear that you come to the conclusion that the best bank is my hardware wallet.
There is no desire to trust anyone. There have already been so many cases of loss of funds that you no longer know what to think.

 

[Riberet19]

Everything is so vague and unclear that you come to the conclusion that the best bank is my hardware wallet.
There is no desire to trust anyone. There have already been so many cases of loss of funds that you no longer know what to think.

I think it is the best thing you can do, liquidity crisis can have all these entities either Exchange bank or even an investment fund, so the best thing is the money in your own custody because while that money is there there will be no liquidity crisis, these entities like to play and bet your money, Then comes a market like the one we are in and the house of cards collapses, and then the one you run out of money is you.

 

[Margery]

I think it is the best thing you can do, liquidity crisis can have all these entities either Exchange bank or even an investment fund, so the best thing is the money in your own custody because while that money is there there will be no liquidity crisis, these entities like to play and bet your money, Then comes a market like the one we are in and the house of cards collapses, and then the one you run out of money is you.

Yes, everything says that now it's better to have the crypt on the hardware wallet, it's more calm for me. If the price goes up, you can always withdraw and sell. There are no problems here.
I am even a little embarrassed by the transfer to a crypt, which is directly tied to a cash dollar with its value.

 

[fiery phoenix]

Another way to ensure these safety of funds would be to liquidate all your crypto from exchanges and hold it as cash until this crypto winter is over.I know you might say,why keep cash there is inflation.
Well I don't see any better way now.Non custodial wallets are also there to store your crypto

 

[Margery]

Another way to ensure these safety of funds would be to liquidate all your crypto from exchanges and hold it as cash until this crypto winter is over.I know you might say,why keep cash there is inflation.
Well I don't see any better way now.Non custodial wallets are also there to store your crypto

I agree that it can also be considered as an option! But, here you will have to pay a little more commissions if you drive the crypt back and forth.
And so she herself lies quietly on a computer that is not connected to the Internet and that's it. It will be needed, I connected and threw as much as necessary!

 

[Gamer01]

Terra and its both were smooth and calm jokes for people to understand how much they can actually trust the market once more there will be a company taking all money from the people anc getting disappeared and most coins will do like this to the public indeed actually .

 

[btaliat]

Sam Bankman-Fried's FTX is at risk of becoming bankrupt following a liquidity crisis caused by a recent mass liquidation of crypto on their marketplace.Binance CEO,CZ confirmed on Twitter that FTX has approached them and ask them to save FTX amid this crisis,so FTX is now on a long list of Binance possible big buy deals.CZ confirmed though that they can cancel the deal anytime so nothing is yet confirmed.
2022 has seen a lot of crypto trading platforms declare bankruptcy.We saw Voyager and Celsius declare bankruptcy in July 2022,and FTX is about to to be added to the long list.


Do you think it is safe to keep your money on a crypto platform in 2022 considering a surge in bankruptcy declarations?What are your thoughts

There have been much turbulent incident surrounding cryptocurrency trading this year as well. But that should not be the criteria where one will stop trading in cryptocurrency. There is no investment scheme that doesn't have its ups and downs.

 

[Flower]

The cryptocurrency exchange was grossly mismanaged and that is why it was very difficult for it to come out of the situation and eventually, it get liquidated . This is why cryptocurrency exchange must be well-managed just like what we have seen in Binance.