Relax, no need to FUDsteemCreated with Sketch.

in #cryptolast year (edited)

Last week, it was FTX and then BlockFi.. The damage was cascading to entire crypto industry.. Investors lost confidence, sold cryptos, withdrew, which further brought down the coin prices. And this causes many problematic exchanges to pause the withdrawals.

This is a vicious cycle. Relax, no need to FUD. The bitcoin has been born for 14 years. It is robust. Steem has been more than 6 years, and it is still fine.

If you don't trust exchanges, just withdraw to your local wallet e.g. imtoken multi-coin wallet (remember, not your keys not your funds).

I use metamask (chrome extension, and mobile app) for ETH and ERC-20 tokens e.g. USDT
I use tronlink (chrome extension, and mobile app) for TRON and TRC-20 tokens e.g. USDT
I use imtoken (mobile app) for bitcoins.

These two crypto.com and wirex are exchanges and provide crypto-bank-cards so that cryptos can be easily cashed out.

The rumors say that crypto.com is next but I doubt it. crypto.com is regulated in many countries, and their CEO said the customer's funds are 1:1 reserve.

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Of course, some people may have some funds staked and can't withdraw immediately e.g. 90 days locking period). But I guess that is one of the reasons that you put the funds in exchange, in the first place.

Also, DYOR (Do your own research) - not blindly following what you heard or are suggested. You need to have your own judgement.


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This is very good advice @justyy…not your keys not your crypto. If we keep our own crypto in our own wallet, we’re good.

I think people get confused on how crypto or rather, the “custodial-asset relationship” works. Especially outsiders who have no experience with crypto.

In your example, the exchange’s weak balance sheet is the problem, not Bitcoin or other good tokens. When people panic, they sell, but the fundamentals of the good tokens still remain the same. But when people sell, and token prices decline, people who do not understand crypto say that crypto is the problem.

And it's not just crypto that has this dynamic. When Lehman Brothers (the US investment bank) filed for bankruptcy in 2008 at the height of the global financial crisis, they filed because their balance sheet was financially weak…not because any underlying asset that Lehman Brothers held, like Exxon Mobil stock or Apple was weak.

It's not the assets (tokens) that are the problem, it's the balance sheets of these companies.

Thank you for this reminder :)

Exactly! the problem is the exchange, not the cryptos. !thumbup

Hello @fijimermaid! You are superb!


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