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+--- Thread: Exchanges ARE NOT SAFE, DO NOT STORE YOUR CRYPTO THERE. (/showthread.php?tid=6126133)
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Exchanges ARE NOT SAFE, DO NOT STORE YOUR CRYPTO THERE. - SIM-4831178 - Dec 7, 2020
I know that I might said that over 100 times into this forum but I feel the responsibility to open the eyes to people who are entering into this space and people who store their crypto on exchanges and feel that they're safe cause ''exchanges have million-billion dollars" so they can trust them their funds. As btc pumps more and more guys buy bitcoins so it's good to remind to everyone what is safe and what is not.
Simply to answer if exchanges are safe. NO, DO NOT STORE YOUR CRYPTOCURRENCIES ON EXCHANGES. Check out the video below to see how many times exchanges got hack in general (let's don't talk about hacking an individual cause it's an everyday problem as you obviously now).
Do you know how many times hackers managed to find the 12-24 words of a hot or cold wallet from a guy who wrote the words on a piece of paper on his desk (and never did something stupid like downloading a malicious software obviously) from the day 1 of Bitcoin till now?
Here you'll see how many times:
Spoiler (Click to View)
Spoiler (Click to View)
AT ANY TIME YOU MIGHT LOSE YOUR MONEY IF YOU TRUST EXCHANGES AND STORE YOUR MONEY THERE.
You can use exchanges and then WITHDRAW immediately your crypto into wallets that YOU HOLD THE KEYS (12-24 words).
Bitcoin ----> We trust the technology, we trust the code, we trust cryptography, we DON'T NEED TO TRUST anyone else to hold our crypto.
RE: Exchanges ARE NOT SAFE, DO NOT STORE YOUR CRYPTO THERE. - SIM-1422930 - Dec 7, 2020
Defi is the best thing here
RE: Exchanges ARE NOT SAFE, DO NOT STORE YOUR CRYPTO THERE. - SIM-4831178 - Dec 7, 2020
(Dec 7, 2020 10:28 PM)fuxx00R Wrote: Defi is the best thing here
Bitcoin is the best thing here. I won't talk about the rest defi ponzi schemes, I talked on other threads about em.
RE: Exchanges ARE NOT SAFE, DO NOT STORE YOUR CRYPTO THERE. - shreder - Dec 7, 2020
(Dec 7, 2020 10:28 PM)fuxx00R Wrote: Defi is the best thing here
DeFi is the best thing here yeah. https://defipulse.com/ Nearly $15 Billion TVL
RE: Exchanges ARE NOT SAFE, DO NOT STORE YOUR CRYPTO THERE. - d3 ✧ - Dec 7, 2020
even most of these exchanges state you shouldn't even bulk-store onsite
good post OP :) this can help heaps
RE: Exchanges ARE NOT SAFE, DO NOT STORE YOUR CRYPTO THERE. - ๖ۣۜÑåzgйŀ - Dec 7, 2020
Decentralized exchanges are safe however since you own the keys
RE: Exchanges ARE NOT SAFE, DO NOT STORE YOUR CRYPTO THERE. - SIM-4831178 - Dec 7, 2020
(Dec 7, 2020 11:26 PM)shreder Wrote: DeFi is the best thing here yeah. https://defipulse.com/ Nearly $15 Billion TVL
http://prntscr.com/vxzw7c
Trying to find 1 project on this list that isn't a ponzi-scammy-moneymaking scheme and I'm not able to do it🐱👤
I'm 20000% positive for decentralized exchanges, and 20000% negative for all these Defi scams.
oooopsiee
![[Image: MlhAx8T.png]](https://i.imgur.com/MlhAx8T.png)
RE: Exchanges ARE NOT SAFE, DO NOT STORE YOUR CRYPTO THERE. - shreder - Dec 7, 2020
![[Image: 97d88c6bb157e6fecbc12d450676d964.png]](https://i.gyazo.com/97d88c6bb157e6fecbc12d450676d964.png)
RE: Exchanges ARE NOT SAFE, DO NOT STORE YOUR CRYPTO THERE. - _NZT_ - Dec 8, 2020
I love me my hardware wallet, makes me sleep better at night.
RE: Exchanges ARE NOT SAFE, DO NOT STORE YOUR CRYPTO THERE. - ThisBearScat - Dec 8, 2020
Nice to see you show the Trezor wallet, one of the best ways to store coins in my eyes 👍🏻
RE: Exchanges ARE NOT SAFE, DO NOT STORE YOUR CRYPTO THERE. - SIM-4831178 - Dec 8, 2020
@shrender
Funny picture and many guys might think oh yeah he's right if they have no clue what proof of work is.
No matter what you believe, we'll have more miners and we'll be the 1st crypto on the list. You have to live like that, forever.
There is no BTC on ethereum. All these ponzi schemes are just for moneymaking for some guys, open your eyes. Same thing with all these defi scams.
RE: Exchanges ARE NOT SAFE, DO NOT STORE YOUR CRYPTO THERE. - SIM-1422930 - Dec 8, 2020
I meant smart contracts built over Ethereum .some of Defi projects have open smart contract code ,so anyone can read the contract code and tell if it's a scam or not ..That's why I said Defi is the best option ,ofc I wasn't meaning the scamming Defi projects and yes they are alot ,but it's the internet ;You have to use your brain and don't depend on others
RE: Exchanges ARE NOT SAFE, DO NOT STORE YOUR CRYPTO THERE. - SIM-4831178 - Dec 8, 2020
(Dec 8, 2020 04:46 AM)fuxx00R Wrote: I meant smart contracts built over Ethereum .some of Defi projects have open smart contract code ,so anyone can read the contract code and tell if it's a scam or not ..That's why I said Defi is the best option ,ofc I wasn't meaning the scamming Defi projects and yes they are alot ,but it's the internet ;You have to use your brain and don't depend on others
Doesn't matter if a coin/project has great technology.
Since these coins created by developers who premined them to make money and also whales pumping these projects to massive sell and make good profit from it, these coins/projects will always be ponzi pyramid schemes.
-Fast transactions? We don't care
-low fees? We don't care
We had the opportunity to do the same for Bitcoin but we chose not to do it.
Read it, I agree a lot.
https://hackforums.net/showthread.php?tid=6107391
RE: Exchanges ARE NOT SAFE, DO NOT STORE YOUR CRYPTO THERE. - SIM-1422930 - Dec 8, 2020
(Dec 8, 2020 05:03 AM)Decentralized Wrote: Doesn't matter if a coin/project has great technology when it was developed.
Since these coins created by developers who premined them to make money and also whales pumping these projects to massive sell and make good profit from it, these coins/projects will always be ponzi pyramid schemes.
-Fast transactions? We don't care
-low fees? We don't care
We had the opportunity to do the same for Bitcoin but we chose not to do it.
Read it, I agree a lot.
https://hackforums.net/showthread.php?tid=6107391
Have you ever read a smart contract code or programmed one ?
When you deploy the smart contract ;It can't be changed ...all scam contracts are coded to allow the contract admin to withdraw the balance -If you don't found this option in the smart contract then it means it's not a scam one ...but most of scam contracts didn't even publish the code for public 🙄
Even bitcoin whales do the same pumping and dumping -the best thing in Eth is the smart contracts ..Bitcoin didn't have such option but it's the first cryptocurrency so it dominates ..
RE: Exchanges ARE NOT SAFE, DO NOT STORE YOUR CRYPTO THERE. - Ace Boogie - Dec 8, 2020
(Dec 8, 2020 05:19 AM)fuxx00R Wrote: Have you ever read a smart contract code or programmed one ?
When you deploy the smart contract ;It can't be changed ...all scam contracts are coded to allow the contract admin to withdraw the balance -If you don't found this option in the smart contract then it means it's not a scam one ...but most of scam contracts didn't even publish the code for public 🙄
Even bitcoin whales do the same pumping and dumping -the best thing in Eth is the smart contracts ..Bitcoin didn't have such option but it's the first cryptocurrency so it dominates ..
Most maximalist's have a mental block and stoop to ignorance and cannot see the value of the other crypto's in the market. Smart contracts and DeFi have real world use cases and it is going to disrupt existing and traditional models.