Moneypot should NEVER be used as a cold wallet. Just because your funds are locked in doesn't mean that they are safe. MP has control over your funds. Also, Moneypot is nowhere close to a cold wallet. They are literally a website, on the internet! A cold wallet is offline. It's better to keep your funds on a desktop wallet the Moneypot, since your computer would be less of a target for hackers. Also, if your computer was hacked, a keylogger could be installed granting them access to your moneypot account. It also is safer, as having a wallet on your computer poses no counterparty risk. Moneypot could run off with your funds. Furthermore, with a cold wallet, you can access your funds at anytime (basically).
I wouldn't say 'Never'. Just like anything out there, there are advantages and disadvantages of doing something like this.
We take the security of user funds very seriously with the vast majority of funds held in a cold storage multi sig wallet.
We also aggressively keep records of all transactions and log-ins of every user.
Yeah, no.
Hot wallet, fine; cold wallet, you're asking to have your entire savings stolen from you.
Cold storage is cold if it's offline under your sole control. Moneypot isn't offline and it isn't under your control.