Post
Topic
Board Bitcoin Discussion
Re: Coins on an exchange, any exchange, are never safe
by
teosanru
on 09/11/2022, 20:14:54 UTC
Every day it seems a new story emerges about an exchange going bankrupt. Has been a recurring pattern since the Mt. Gox collapse. Why, with so many examples of failures, do people continue to keep their money on these? You don't own crypto if you have "coins" on an exchange, you have an IOU from a business that may or may not even be solvent.
Honestly I am starting to believe this as well now. I fact I would say buying coins is not safe at all. First LUNA and now FTT, it really looks as if Cryptos are made of nothing but a bubble, a fictitious demand created on a dramatic idea which exists only in theory when it faces a slightest of practical challenge it just bursts. I feel one should only hold decentralised Cryptos only and not even touch the Cryptos where exposure of a single entity is more than 20-30%. I feel this is the only way to be safe in this market otherwise be ready to lose your hard earned money.