I am hearing this word SAFU and I don't actually know its meaning. Is it just safe or is there a meaning behind that?
Having funds safe on this exchange, means that even though it become vulnerable to hacks, the funds of users still survives. This change my idea on that exchange.
Its a self-insurance fund. If they lose up to X BTC, they will cover the loss.
Also, its a meme. CZ (Binances CEO) said funds are safu last year and became a meme.
LOL, I love this forum, it is really a learning place, this issue of Binance was the first time I will also know what the word meant, at first when I saw it, I interpreted it as safe because I understand that majority of us have English barrier issue, till I saw that same word from a forum user I could bet is an English professor.
Well, it is a good thing they have that sort of self-insurance policy in place for users, it reduces the rate at which people will panic when such circumstance occurs, but they need to continue encouraging people to keep their fund safe in their wallet themselves, instead of storing their coin on the exchange wallet, so they dont keep paying heavily for what they know nothing about, imagine that the hacker stole over 50,000 btc through them,would that not lead to bankruptcy?