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If you're keeping coins on any exchange -- even Coinbase -- they are no longer your coins. You've just loaned them. And you may eventually discover why that is
by joosters 9y ago
If you're keeping coins on any exchange -- even Coinbase -- they are no longer your coins. You've just loaned them. And you may eventually discover why that is a very bad idea.
Since you have to use an exchange to obtain or sell crypto currency, this 'advice' is just pointing out the terrible flaws in bitcoin/ethereum/whatever. There will be plenty of users who were in the middle of cashing in/cashing out and have now lost all their money, and you're just saying "it's your own fault"
- cookiecaper 9y agoYou don't have to use an exchange to obtain cryptocurrency. You have to use an exchange to convert conventional fiat money into cryptocurrency. If you buy or sell natively in bitcoin, you don't need an exchange. Currency exchangers have been around for a very long time and there's nothing inherently bad about depending on one. All the other currencies do.
- nannal 9y agoWell you don't "have" to use an exchange, if you want to meet in person and hand me a big sack full of coins, or your car, I can transfer you bitcoin.
- vertex-four 9y agoI've bought and sold cryptocurrency without using an exchange personally. It works fine.