Quote from: JayJuanGee on Today at 10:18:48 PM

Quote from: ginsan on Today at 09:23:12 PM

Quote from: JayJuanGee on Today at 07:19:32 PM

There is no reliable exchange.

That is part of the point. You need to figure out ways to keep most, if not all of you value in self-custody, rather than relying upon third parties to hold your coins.

If you are leaving your coins on exchanges, or you are buying other products that require that you keep your coins with third parties, you are taking chances.

In the very beginning of your bitcoin journey, you may well keep coins on exchanges while you are figuring out ways to keep your coins privately, and if you are buying coins on exchanges, you may well choose to ONLY periodically transfer your coins to self custody, such as once they reach more than $500, especially if you might be makng relatively small purchases of less than $100 on a regular basis.

Yes sir, there is nothing better if we fail to secure assets in our own wallet. I see many investors who still trust their large assets in the exchange even though there have been many cases where the exchange has been targeted by hackers and they still don't understand what it means for them.

Safety in investment is the main focus because it will be useless to make routine purchases if our assets are in a third party. I hope the incident that befell by Bybit will be a valuable experience not to trust any party that can control our assets.

In addition, it is true sir, even I myself withdraw funds to my own storage only once a month because it will save a little transaction fee.

I have reduced my quantity of coins (value) on exchanges over the years.

Prior to 2020 I probably had around 16% of my value on exchanges, and then in 2020, I reduced that value to around 11% on exchanges, and then in 2022, I reduced it to around 8% on exchanges, and these days, I have about 4% my total portfolio value on exchanges.

Yeah. Each guy has to figure out and find his way of balancing the risk, and hopefully not keeping too much value on exchanges because any of them can end up having issues, and cause lost coins or even frozen assets.

This should be done by people and don't put their 100% trust on exchange. Those hacking incident happen on big exchange recently is great indicator that there's none of them are reliable so we better pull out our funds on those exchange and just use them when we want to buy or sell something.

The problem with some people is they usually got hype if the exchange said SAFU or there's no funds of their costumer got affected, but they should take those situation as warning although no one lost their money at the moment and maybe next time they suffer those huge lose if they continue to patronize using this third party platform to store their Bitcoins.

Somehow the situation happen to Bybit is good wake up call for people to check what they are doing and do the right thing when talking about handling also safety of their funds.