The Concept of Freedom In Cryptocurrency: Important or Nay?

[vegasus]

And that is the reason we should always remember the says that is "Not your keys, Not your coins".
In the crypto space where you don't have to put password for creating wallet and don't have a default private key or the private phrases then you must assume that platform are not decentralized and as I said in my previous post they are the custodial wallet.
And the think we learn from the previous FTX incident is only that we should put our money or coins on those exchanges I mean centralized exchanges. Yes there will must be need using the exchanger but it should be only for short period and small fund not for holding big fund for long-term.

Yes, it's true, the incident on FTX teaches us a lot, because even a top and big exchange can also experience bad things like that and cause its users to also experience bad impacts.

and the term "not your keys, not your coins" can always be a very valuable lesson. In the past, I was very comfortable with only storing CEX ID assets, I thought it was safe. After the FTX incident, I was really restless and moved some to a personal wallet. It's just that it's not total, because in a moment it might be bullish, I only focus on exchanges.

This provides a lot of lessons, especially when tomorrow in a bearish period and I want to re-invest in certain coins for the long term, I must have a personal wallet, a hardware wallet for higher security.

[Dr.Bitcoin_Strange]

And that is the reason we should always remember the says that is "Not your keys, Not your coins".
In the crypto space where you don't have to put password for creating wallet and don't have a default private key or the private phrases then you must assume that platform are not decentralized and as I said in my previous post they are the custodial wallet.
And the think we learn from the previous FTX incident is only that we should put our money or coins on those exchanges I mean centralized exchanges. Yes there will must be need using the exchanger but it should be only for short period and small fund not for holding big fund for long-term.

I completely agree with you.
But though centralized exchanges allows you to choose a password to secure your funds from others around that may attempt accessing your funds but not from them because whether or not you use the strongest password, they’ll still be able to access your funds. Sure the FTX incident should’ve indeed thought people the biggest lesson about completely trusting Centralized exchanges, maybe the reason some people are still adamant is because they weren’t the ones that actually lost funds during the FTX crash, cos I’m pretty sure those that were victimized must’ve learned their valuable lesson and would never make the mistake of trusting any other exchange.

[|MINER|]

I completely agree with you.
But though centralized exchanges allows you to choose a password to secure your funds from others around that may attempt accessing your funds but not from them because whether or not you use the strongest password, they’ll still be able to access your funds. Sure the FTX incident should’ve indeed thought people the biggest lesson about completely trusting Centralized exchanges, maybe the reason some people are still adamant is because they weren’t the ones that actually lost funds during the FTX crash, cos I’m pretty sure those that were victimized must’ve learned their valuable lesson and would never make the mistake of trusting any other exchange.

It is not only you, I and I know there are lots of newbie in this crypto space they thought that because of they are putting the password it will be best and secure for them. But really is yes they give you password but you gave them your assets I mean the cryptocurrency.
Centralized are good when we are doing the short-term trading here we find the lowest trading fee and if we are doing for something for long-term and big fund these should be with the decentralized exchange.

[Z-tight]

Centralized are good when we are doing the short-term trading here we find the lowest trading fee and if we are doing for something for long-term and big fund these should be with the decentralized exchange.

If you mean holding for the long term, then the only option should be your non custodial, open source and well recommended wallet and not any exchange at all. P2p exchanges are recommended for privacy, but they do not have enough liquidity, so even if you have to use centralized exchanges for that reason, don't store your funds there.

[|MINER|]

If you mean holding for the long term, then the only option should be your non custodial, open source and well recommended wallet and not any exchange at all. P2p exchanges are recommended for privacy, but they do not have enough liquidity, so even if you have to use centralized exchanges for that reason, don't store your funds there.

Fully agreed with you, I also try to said the same think in my previous posts. There are lots of peoples who are facing issues while they were go for log in on centralized exchange and depositing a big amount of fund. They ask for various data's about the deposits and some times if you don't have the documents and even you gave them document there are lots of hidden term what you don't know till now they will fridge the fund via showing causes.

[Dr.Bitcoin_Strange]

It is not only you, I and I know there are lots of newbie in this crypto space they thought that because of they are putting the password it will be best and secure for them. But really is yes they give you password but you gave them your assets I mean the cryptocurrency.
Centralized are good when we are doing the short-term trading here we find the lowest trading fee and if we are doing for something for long-term and big fund these should be with the decentralized exchange.

The safest place to store huge assets remains the Hardware wallet, not even the centralized exchanges or any other wallet. I’m not saying there are no safe wallets out there, there are several safe wallets that you can confidently store and secure your asset, but as long as it’s online, it’ll always be prone to hack, but when you make use of the Hardware wallet, you’ll be storing your asset completely offline, away from the reach of hackers and online thieves. But for those who may not be able to afford the Hardware wallet, you can store the your assets in a centralized wallet.

[albon]

I'm really glad i just got into crypto and making money. At one time crypto currency was less of a buzz word in my country and since then i have been involved with it wholeheartedly But due to change of time and unemployment of people today many people live and earn money in crypto. There are many people in my area who have amassed a mountain of wealth investing in crypto. However, even though everyone has the freedom to use it, its validity is still not valid in many countries due to which people cannot directly use crypto even if they want to. Anyway people will lose money here if they don't have enough knowledge of crypto investing. Every day i wake up then i review the dumping chart of my holding coin. Even after i invest with experience i will lose many time. So i recommend everyone to practice with crypto first so that everyone can make profit with experience.

[Z-tight]

There are lots of peoples who are facing issues while they were go for log in on centralized exchange and depositing a big amount of fund. They ask for various data's about the deposits and some times if you don't have the documents and even you gave them document there are lots of hidden term what you don't know till now they will fridge the fund via showing causes.

Yeah, a centralized exchange can confiscate your funds at anytime, you can deposit funds and it will trigger their system to seize it and ask you for further verification, i.e. if you deposit funds from a mixer or CoinJoin transaction, an exchange can confiscate the funds. In short, not your keys, not your coins.

[Tribalchief]

I'm really glad i just got into crypto and making money. At one time crypto currency was less of a buzz word in my country and since then i have been involved with it wholeheartedly But due to change of time and unemployment of people today many people live and earn money in crypto. There are many people in my area who have amassed a mountain of wealth investing in crypto. However, even though everyone has the freedom to use it, its validity is still not valid in many countries due to which people cannot directly use crypto even if they want to. Anyway people will lose money here if they don't have enough knowledge of crypto investing. Every day i wake up then i review the dumping chart of my holding coin. Even after i invest with experience i will lose many time. So i recommend everyone to practice with crypto first so that everyone can make profit with experience.

When we sometimes discuss how effective cryptocurrency has been to average surviving citizens, especially in regions where the economy is in state of mess and unemployment rate is very extreme, most people don't really understand. I've seen or come across so many people that are fully into crypto. When you see the effort they put into it, then I guess we will understand that they don't really deserve to suffer. Just like as you've said, crypto needs to be understood at first, maybe gradually, because going for a wrong project can end up being a disaster for someone. Pump and dump is very common, so one has to be careful.

[Dr.Bitcoin_Strange]

When we sometimes discuss how effective cryptocurrency has been to average surviving citizens, especially in regions where the economy is in state of mess and unemployment rate is very extreme, most people don't really understand. I've seen or come across so many people that are fully into crypto. When you see the effort they put into it, then I guess we will understand that they don't really deserve to suffer. Just like as you've said, crypto needs to be understood at first, maybe gradually, because going for a wrong project can end up being a disaster for someone. Pump and dump is very common, so one has to be careful.

You make a fine point there.
No one goes into a business or an investment without first carrying out a proper investigation and research concerning that particular business or investment, and crypto isn’t an exception. As a matter of fact, crypto investment deserves even more attention and diligence than other forms of investments, due to its high volatility and unpredictability.

Delving into the crypto market can be really dangerous for anyone, even those who have been around the crypto space for some time now can often end up making mistakes if they rush into projects they’ve not fully researched on, let alone, a newbie who still have a long way to go. There are dozens of pump and dump projects out there and it can be really difficult to differentiate between these type of projects and the real ones, and that’s why it’s Important to always apply extreme caution when approaching these altcoin projects.

[debra]

There are lots of peoples who are facing issues while they were go for log in on centralized exchange and depositing a big amount of fund. They ask for various data's about the deposits and some times if you don't have the documents and even you gave them document there are lots of hidden term what you don't know till now they will fridge the fund via showing causes.

Yeah, a centralized exchange can confiscate your funds at anytime, you can deposit funds and it will trigger their system to seize it and ask you for further verification, i.e. if you deposit funds from a mixer or CoinJoin transaction, an exchange can confiscate the funds. In short, not your keys, not your coins.

Yes, this is true, this incident has happened several times to some people I've read, they can easily block our assets when they suspect suspicious activity, including receiving coins from suspicious or undetected wallets. Not only that, from the Blockchain wallet can also be suspected of suspicious actions when in the Check and we still can't do anything except follow their orders to do some things, unless we can show and prove it, then our assets will be given immediately. and this is detrimental to us, because sometimes the claims process is not that easy.

[|MINER|]

Yeah, a centralized exchange can confiscate your funds at anytime, you can deposit funds and it will trigger their system to seize it and ask you for further verification, i.e. if you deposit funds from a mixer or CoinJoin transaction, an exchange can confiscate the funds. In short, not your keys, not your coins.

Yeap, I can remember that in the forum after a mixer seized binance or something like the top exchanger fridge an user account because of he was a signature participants of that mixer project and the centralized exchanger issues that his wallet was linked via that blacklisted wallet. And then the exchanger also ask him for the document of his earning.
I still know these incident until now and after what's happened I don't know. So centralized exchanger should not be you wallet.

[lepbagong]

There are lots of peoples who are facing issues while they were go for log in on centralized exchange and depositing a big amount of fund. They ask for various data's about the deposits and some times if you don't have the documents and even you gave them document there are lots of hidden term what you don't know till now they will fridge the fund via showing causes.

Yeah, a centralized exchange can confiscate your funds at anytime, you can deposit funds and it will trigger their system to seize it and ask you for further verification, i.e. if you deposit funds from a mixer or CoinJoin transaction, an exchange can confiscate the funds. In short, not your keys, not your coins.

Yes, this is true, this incident has happened several times to some people I've read, they can easily block our assets when they suspect suspicious activity, including receiving coins from suspicious or undetected wallets. Not only that, from the Blockchain wallet can also be suspected of suspicious actions when in the Check and we still can't do anything except follow their orders to do some things, unless we can show and prove it, then our assets will be given immediately. and this is detrimental to us, because sometimes the claims process is not that easy.

In the end, it all comes back to us, whether we want to follow the rules they make or not, because the capacity is all in their hands. So if he feels there is a suspicious transaction, of course, own way, he will block it unilaterally until he can believe that what we are doing is in accordance with the rules.
The problem is certainly not as easy as in theory. If the blocking has been done, of course, the process that will be gone through is quite time-consuming and not easy. This is what might be a complaint at the time.
In my opinion, we must get used to following the rules that have been made.

[Dr.Bitcoin_Strange]

Yeap, I can remember that in the forum after a mixer seized binance or something like the top exchanger fridge an user account because of he was a signature participants of that mixer project and the centralized exchanger issues that his wallet was linked via that blacklisted wallet. And then the exchanger also ask him for the document of his earning.
I still know these incident until now and after what's happened I don't know. So centralized exchanger should not be you wallet.

Yeah that the shit people have to go through by trusting your funds in the hands of the centralized exchanges because there’s every possibility of getting your funds frozen for some reason or another, and having to answer those dumb questions and providing them with documents and informations before your funds are released can be really annoying. Some people end up losing their funds because they fail to meet certain criteria and demands from these exchanges, and that’s how they lost their funds. The safety of your funds are never guaranteed with centralized exchanges, regardless of the promises of safety they give.

[|MINER|]

Yeah that the shit people have to go through by trusting your funds in the hands of the centralized exchanges because there’s every possibility of getting your funds frozen for some reason or another, and having to answer those dumb questions and providing them with documents and informations before your funds are released can be really annoying. Some people end up losing their funds because they fail to meet certain criteria and demands from these exchanges, and that’s how they lost their funds. The safety of your funds are never guaranteed with centralized exchanges, regardless of the promises of safety they give.

That is the reason I always try to not hold much amount on the centralized exchanger. This is not only the reason that they can fridge my account there are some others reason that we already discussed. We saw some top bank got bankruptcy and we saw one of the top exchanger like FTX has crash and they announced that they were bankrupt.
And the most dangerous thing is for me that most of the bank even the top one like binance they don't have clear proof of reserve.