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People holding coins in their own wallets are entirely unaffected. I'm not a crypto guy, so this may be a very basic question: If people can hold coins in thei
by reaperducer 4y ago
People holding coins in their own wallets are entirely unaffected.
I'm not a crypto guy, so this may be a very basic question: If people can hold coins in their own wallets, why did they give them to these companies acting like banks? Were they promised interest or something?
I hope that crypto exchanges are outlawed soon.
Isn't the primary use case for crypto that it's beyond the reach of laws?
- zeven7 4y agoThere are some exchanges that have offered interest on deposits. Also some offer staking rewards. That draws in some people. The bigger reasons many people keep money on exchanges is: - Self custody can be hard to do securely for less technically savvy investors - Fast access to trading; some people want to swing trade or just have it available to sell or buy in a moments notice
- jasonwatkinspdx 4y agoThe technical aspects of running your own wallet are too much for most users. And yes, most of these exchanges have programs where you earn interest or otherwise get various perks for staking your coins on the exchange. FTX was offering 8% APR at one point, which should have triggered people's too good to be true whiskers, but the greed around getting rich quick with crypto coins has people breezing right past that.