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Sure, Binance could run off with your money tomorrow if they wanted you, but if you keep most of your money in your actual Bitcoin wallet and only deposit what
by npc12345 4y ago
Sure, Binance could run off with your money tomorrow if they wanted you, but if you keep most of your money in your actual Bitcoin wallet and only deposit what you need to, your money is 100% safe.
- nico 4y agoBig lesson learned from Mtgox. Unfortunately wallets have their cons too, and there are a lot of people who have lost their passwords or thumbdrives and thus access to their crypto. No silver bullet.
- k__ 4y agoWeb3auth/Torus and Argent trying to solve that problem. But yeah, the moment you have key recovery, even if it's decentralised and requires multiple parties, you aren't 100% in charge anymore. But, it's probably a good alternative to being 0% in charge with custodial wallets.
- andirk 4y agoDidn't the Mtgox people finally get their BTC back but only after a few years and the price 100x'd ironically? Either way, diversify ones portfolio including where the moneys are kept.
- nico 4y agoDon’t know if distribution has happened yet. But there were at least a few investors buying claims, so plenty of people were able to cash out. You could say that’s actually a better outcome than losing your private key.
- npc12345 4y ago
- bombcar 4y ago100% safe from some forms of loss but you still have various risks associated with passwords, key phrases, wallet phrases, software bugs, backups, etc.