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For now. Only the on-ramp side needs to be in the US. The off-ramp user can just use their exchange.
by SparkyMcUnicorn 4y ago
For now.
Only the on-ramp side needs to be in the US. The off-ramp user can just use their exchange.
- Nursie 4y agoJust use your exchange! Which ones of those aren't collapsing this week? Sorry "experiencing a temporary liquidity problem in the wake of FTX"? Or "suspending withdrawals temporarily"? Even in the good times there's been no shortage of horror stories about exchanges not honouring withdrawals and ghosting customers, but now the exchange might not even be there next week. Your deposit might be considered part of bankruptcy proceedings and get rolled into general creditor compensation as part of a multi-year wind-up...
- SparkyMcUnicorn 4y agoCoinbase, Kraken, and Binance have (so far) stood the test of time and proven that they either hold assets 1:1 and/or are working towards a system to display their proof of reserves. Personally, I think the risk is low enough for them to hold onto my assets for a few days/minutes (depending on method/direction) while transfers are completed.
- Nursie 4y agoGiven the state of the industry at large, and the unregulated, uninsured nature of it all, I disagree. People said the same about Quadriga, and FTX.