Post
Topic
Board Bitcoin Discussion
Re: How important are exchanges?
by
jokers10
on 18/11/2022, 15:39:43 UTC
This will probably not be the last case, especially now when it happens very often with different projects and exchanges. Many exchanges are now trying to audit following the binance example, to show users that these exchanges are safe, but these are just attempts to keep these users. In fact, many, realizing all the danger, are trying to withdraw their funds from centralized exchanges.

Oh, when we talk about audits of some companies I always remember Bernard Madoff's story: I'm sure that for years of his Ponzi scheme there were multiple audits of his company! It looked really safe. But now we know that it was never safe and if was fraud for tens of years!

Even if an exchange looks really safe remember that you risk your money, your own money trusting a third party when you can just keep money at a personal non custodial wallet. Everyone weighs their own risks, but IMO they should keep in mind that there is nothing safe for 100%.