[ 3 / biz / cgl / ck / diy / fa / ic / jp / lit / sci / vr / vt ] [ index / top / reports ] [ become a patron ] [ status ]
2023-11: Warosu is now out of extended maintenance.

/biz/ - Business & Finance

View post   
File: 35 KB, 278x276, iu.png [View same] [iqdb] [saucenao] [google]
20281669 No.20281669 [Reply] [Original]

Why shouldn't I hold a proportion of my crypto on exchanges?

Risk of holding crypto on a hard wallet: Theft, hacking (somewhat unlikely), house burning down

Risk of holding on coinbase: Exchange gets hacked or decides to seize your crypto

It would appear that given the two risks above are more or less completely disconnected, holding some crypto in each is a good hedge.

Prove me wrong

>> No.20281682

>>20281669
Never put all your eggs in one basket.

>> No.20281683

>>20281669
what about software wallet retard

>> No.20281693

>>20281669
I'm not fucking selling my chainlink.

>> No.20281707

>>20281683
I've actually done that too. Although risk is somewhat more correlated to the hard wallet imo.

60% hard wallet, 20% coinbase and 20% soft wallet here

>> No.20281725

>>20281669
it's not the worst as long as you understand the risks. i wouldn't trust coinbase though, as far as exchanges go, kraken is by far the most trustworthy

>> No.20282051

having your recovery phrase somewhere safe with a hard wallet still sounds infinitely better than leaving it with cuckbase to me

i understand the idea of the hedge if we're talking 7 figures+ though i guess

>> No.20282104

>Hypothetically, if the chainlink LINK/USD oracle failed and started printing 0, and as a result caused significant material harm to those who integrated it, the value of LINK would likely crash to nothing as platforms like Aave got wiped out with liquidations while all holders of the asset and all chainlink integration partners would immediately lose all faith in the project. So even if Maker used its own oracle system and correctly reported the market price of LINK - it’s unlikely the outcome would be any different than Maker having to liquidate the entire collateral type and keepers paying nothing for it. Not to mention that Maker of course would still have the Oracle Security Module in the proposed solution, so there would be an hour warning to trigger oracle freeze which further minimizes the potential risk of using the chainlink oracles for the LINK collateral type, even if you don’t trust them as much as the Maker oracles.

BWUAHAHAHAHAHA

>> No.20282121

Whoever has the private key, has the coins.
Being in charge of your own identity during the 4th Industrial Revolution is the only path to liberation.