- This topic has 21 replies, 2 voices, and was last updated 2 months, 3 weeks ago by HannsGoober.
- Friday, July 1st, 2022 at 23:19 #324385TattooedPoliticianParticipant
Since the bull market people have been posing under nearly every post “get a hardware wallet or at-least your own software wallet”, the term “not your keys, not your crypto” is a mantra that we ALL know.
Right now when we see exchanges having problems on a nearly weekly basis why the hell are people still surprised that funds are lost or locked up? Exchanges are NOT meant to serve as wallets and one SHOULD move their assest off exchanges. If you keep your crypto on an exchange not only is it not yours but if you choose to fight it in court, it’ll take years and odds are you’ll get nothing.
If you’re reading this, GET YOUR CRYPTO OFF THE DAMN EXCHANGE. It doesn’t matter how reputable you think it is or how many times they reassure you (*cough voyager *cough) they can and will lie to you.
Invest in a hardware wallet or at the minimum a software wallet.Friday, July 1st, 2022 at 23:19 #324396optifree1
My crypto is held on exchanges to use as collateral for crypto futures trades. I hate the exchange risk, but even worse than that is most the large exchanges require holding USDT as collateral when trading futures….Friday, July 1st, 2022 at 23:19 #324406HannsGoober
For one reason because they have them staked. I personally wouldn’t let anything stay on any exchange other than Coinbase/Binance. Anything else is too small and I could see folding. Not all exchanges are equal.Friday, July 1st, 2022 at 23:19 #324405Status_Floor1746
I think a large part of them are new to the industry. The way that wallets have been pitched is scary to them as if they lose their keys they lose everything but with an exchange you can reset your password. The other reason I could think of is that they are immensely wealthily individuals who expect/are getting special treatment by the exchange.Friday, July 1st, 2022 at 23:19 #324404frednorth470
Im looking for a hardware wallet but I’m still researching. I’m assuming everyone has backups to their wallets in case it’s lost, stolen or just becomes defective?Friday, July 1st, 2022 at 23:19 #324403Raysti
tldr: “all your coins are belong to us”
-VoyagerFriday, July 1st, 2022 at 23:19 #324402morbo26
Self custody and self sovereignty is a terrifying concept to the majority of the population. Responsibility is just not part of modern culture anymoreFriday, July 1st, 2022 at 23:19 #324401MK2809
Fees is a big reason I reckon. People laugh at shitcoins that have a fee for buying and selling, but withdrawing and redepositing on exchange is practically the same thing, granted the fees will vary widely depending on the coin/token and the total amount. But for a revolutionary concept that is meant to cut down on things like fees, on a whole the space isn’t doing that well, imo.
Also, people spouting Not your keys as a catchphrase isn’t useful to anyone, instead suggesting other platforms and explaining the ways to acquire with the lowest fees would be more useful.Friday, July 1st, 2022 at 23:19 #324400Baecchus
Simple. I like having stop losses and limit orders.Friday, July 1st, 2022 at 23:19 #324399rorowhat
Convince…Friday, July 1st, 2022 at 23:19 #324398Nicklebackfan_
I have no idea how to do my own wallet. I’m guessing most are like me, just buy on exchange and keep it there due to lack of knowledge.Friday, July 1st, 2022 at 23:19 #324397Bucksaway03
The same reason people hold money in a bank and not cash.Friday, July 1st, 2022 at 23:19 #324395Small_weiner_man
Honestly I was just being lazy and uninformed. So… ignorance mostly, and being confused about how to send coins/terrified about sending it to the wrong address or something. Lost a good chunk on Voyager, just because I don’t really pay attention that much to whats going on. Probably shouldn’t be investing with that little do diligence, but eh, what can ya do lol. Kind of panicking trying to order a HW wallet to get everything off coinbase, hoping it doesn’t collapse before I do so.Friday, July 1st, 2022 at 23:19 #324394NorthNode22
Blind faith. Head in the sand. Ignorance.Friday, July 1st, 2022 at 23:19 #324393Vaginosis-Psychosis
Maybe this will help… Some idiot made a post titled:
[Idgaf… I’m leaving my coins on an exchange where it is insured… Too many scams out there that even crypto vets are falling for.](https://np.reddit.com/r/CryptoCurrency/comments/tvmtda/idgaf_im_leaving_my_coins_on_an_exchange_where_it/)
This dumbass then goes on to explain why… Damn thing got over 4,400 upvotes too!Friday, July 1st, 2022 at 23:19 #324392wrenchmeister
I imagine most do it so they can sell quickly when the time is right.Friday, July 1st, 2022 at 23:19 #324391Urc0mp
You trust the exchange and your ability to keep your account safe more than you trust your ability to keep keys safe.
I was thinking about hedging my ability to hold keys by buying some exchange stonk or leaving some coin on an exchange. It isn’t ‘in the spirit of crypto’ but seems reasonable to me 🤷Friday, July 1st, 2022 at 23:19 #324390WTWIV
I keep most of mine on cold wallet, but a handful that I don’t plan to keep long term on an exchange. Like 90% off of the exchange though.Friday, July 1st, 2022 at 23:19 #324389Harold838383
Tbh I feel safe leaving some on kraken. Other exchanges I’m not so sureFriday, July 1st, 2022 at 23:19 #324388hoagiesingh
Easy, lazy and walletphobia!Friday, July 1st, 2022 at 23:19 #324387darkbridge
People new to crypto want to treat exchanges like a bank the same way they would with dollars. They aren’t really made aware how unsafe exchanges are by the people convincing them to buy cryptocurrency, and it’s much simpler to just leave their coins on an exchange.Friday, July 1st, 2022 at 23:19 #324386ImPickleRickBytch
Can explain- coming from a non techie, the cheap ledgers won’t let you easily add a bunch of different cryptos onto 1 ledger. So you put some BTC on one and nothing else. Then you buy an expensive ledger and can’t fucking add it to the same computer as the first ledger, wtf is that!??? So tomorrow I’ve got to get a second laptop for my second ledger and get my coins on that. And then try to figure out how tf to link them in the ledger app. THATS why. Yeah I’m sure you guys know how to do that, but for a person with limited free time and programming knowledge, what a total pain in the ass. Yeah I get it you can delete the Bitcoin app or whatever on the first and then add different ones and keep deleting etc etc, that’s too much bro, just let me click the coins I have on a slick UI and let me live my life!!!!!!!
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