Coinbase warns its 98million customers they may lose ALL their crypto if company goes bankrupt

Luckyluk

Banned - Selling via PM
Joined
Jan 10, 2022
Messages
347
Reaction score
121
How it is possible to bankrupt? they taking fees from exchanges fees from transactions - how it possible to lose money?

 

DamoHG

Jr. VIP
Jr. VIP
Joined
Sep 26, 2019
Messages
523
Reaction score
212
It's just a warning that you should already know. Crypto you keep on the exchange has no protection. They are regulated so only USD kept on your account is insured (up to $50,000 I think?) so if you have 1 Bitcoin on your account and they go bust you get nothing, only limited protection on USD.
 

Gogol

Jr. VIP
Jr. VIP
Joined
Sep 10, 2010
Messages
9,524
Reaction score
16,202
Who TF keeps their cryptos in exchanges?

You should use the exchanges to trade stuff, then you put it in your own wallet. Why keep it there?
Exactly. Keep in cold storage. Only send to exchange for
1) cashing out
2) if you want to “mix”. If you are mixing, send back to cold storage immediately.
 

shanna_doll

Senior Member
Joined
Apr 10, 2012
Messages
809
Reaction score
478
Exactly. Keep in cold storage. Only send to exchange for
1) cashing out
2) if you want to “mix”. If you are mixing, send back to cold storage immediately.
What is the point of keeping it in cold storage if isn't worth anything ?
 

Gogol

Jr. VIP
Jr. VIP
Joined
Sep 10, 2010
Messages
9,524
Reaction score
16,202
What is the point of keeping it in cold storage if isn't worth anything ?
Well, security.

If you mean if the crypto becomes shit.. then there is nothing to do to be honest.
 

Gogol

Jr. VIP
Jr. VIP
Joined
Sep 10, 2010
Messages
9,524
Reaction score
16,202
LOL, there is a BIG difference between be the owner of your money, and not that a business be the owner of your money
No he probably meant what is the point of keeping for example busd in cold wallet, if busd becomes shit tomorrow? That’s a valid question to be fair. But that’s how money works afterall (not just crypto).
 

bartosimpsonio

Jr. Executive VIP
Jr. VIP
Joined
Mar 21, 2013
Messages
21,511
Reaction score
26,986
Website
coinmarketcap.com
Exactly. Keep in cold storage. Only send to exchange for
1) cashing out
2) if you want to “mix”. If you are mixing, send back to cold storage immediately.

People forget that the only reason we "trust" banks is because they're insured. If a bank runs off with your cash, someone will pay you back.

There's no such thing in crypto.
 

paisawaisa

Jr. VIP
Jr. VIP
Joined
Mar 23, 2022
Messages
857
Reaction score
204
They have planned everything. When they run with everything, they will say that we told all of you earlier.
 
Top