/biz/ - Business & Finance

>>13311874
I'm crypto is on binant

>>13311874
Coinbase is FDIC insured tho

>>13311878
if push comes to shove, the fed can print fiat.
but they can't print crypto.
that's the whole point.

if exchanges can be hacked then your wallet can also be hacked. you never own anything

>>13312033
wasted dubs.
the exchanges themselves are a counterparty risk.
They could be running fractional reserves, which invalidates the capped supply.
This could happen on accident.
The trades are happening on an SQL database, not on chain.
A corrupt employee could steal or embezzle funds with nobody even noticing until it's too late.
A hacker could find an exploit crediting them with a shit load of bitcoin. Which I believe is what happened a mtgox.
And why the fuck would a hacker bother with your little 0.15 BTC? They want the big fat exchange wallets. That's the honey pot with thousands of cones nobody would even notice if they went missing.

>>13312165
are you saying that only people with 0.15 BTC hold them in their wallet? because no one with more than that is dumb enough to hold them in their shitty unsecured laptop

>>13311874
legally I do own it


>if your money is in a bank then you don't own it
yeah no that is not how it works

>>13312221
Banks are evil, you do NOT own anything if you have fiat there

>>13312236
ok what about my stock broker

do I own the stocks that are in my account there

>>13312236
government is evil too. So that means you don't actually own your house, your clothes, your phone and literally anything

>>13311874
Funds are safu

>>13312165
That's a bigass shark

>>13312214
>He doesn't have a laptop solely dedicated to crypto which is kept offline 99% of the time.
Not gonna make it fren. Also, imagine finding an old btc seed phrase or wallet on an old discarded hard drive

>>13312425
and what happens if some nigger steals your laptop? imagine losing all your money from a nigga thief

>>13312214
>>13312214
get a hardware wallet, you fucking scrub.

>>13312452
and what happens if you break it? what if you lose it? what if someone steals it? imagine having all your money in a little fragile plastic lmao

>>13312221
>thinks the rules matter
you gonna get the HONK fren

>>13311874
reminder if your money is in a bank u dont own it

>>13312474
you are right, rules don't matter. The police can enter your house right now and confiscate everything you own and put you in jail without any reason and there is nothing you can do about this because they have bigger guns than you

>>13312469
What are contingency plans?

>>13312469
don't break it
don't lose it
don't let anybody steal it

>>13312516
you tell us

>>13312499
EXACTLY!

>>13312520
yeah buddy I get it, you are a poorfag with 1000 dollars that you got from your grandma last Christmas, so having them in your little usb stick isn't that crazy.
No person with hundreds of thousands worth of money will hold them in a little plastic like a retard though

>>13312543
so you agree you never own anything no matter where you put it?

>>13312551
fine, stay out of crypto if you can't take responsibility for your own money.
When you leave your funds on an exchange, you're a danger to yourself and those around you.

>>13312597
You take the responsibility by choosing a good exchange that wont get hacked or steal your money. I am sorry you are too dumb to make this simple thing

>>13312558
you'll figure it out eventually.

>>13312647
if you ever get any serious amount of money in your life you will understand that putting them all in a little plastic is a stupid idea. Have fun with your 0.2 btc poorfag

>>13312634
>You take the responsibility by choosing a good exchange that wont get hacked or steal your money.

>>13312662
>can't make any argument so funney meme
stay dumb and poor buddy

>>13312680
let me ask you this.
why would you want any crypto currency?
seriously, just curious.
because if you're relying on the trust for institutions, fiat has it all figured out.
If shit hits the fan and you can't cover deposits, you can just print the difference.
It's impossible to do that with crypto. Hell, that's why the gold standard went down in flames.

>>13312725
I buy crypto so I can sell it and make a profit

>because if you're relying on the trust for institutions

You are relying on the trust of institutions too. Literally everything you own is because the government exists. Without government there is no one to enforce ownership. Your laptop with your seed code can be stolen, your hardware wallet can be stolen, everything you own can be stolen. There is a reason why rich people put their money in banks instead of having huge piles of cash in their houses. Because of this thing called INSURANCE. You will understand if you ever get any big amount of money instead of playing with 0.15 btc

>>13312768
>he doesn't know
You're just here to be the greater fool in a ponzi scheme.
For me this is an economic cause, that I'm willing to lose money over. And yes, dumping on institutions and fools like you is part of the greater strategy. Which is why I dumped prior to CME futures. Which as I predicted, put a nail in the bull market.
Your little "trustworthy" exchange melting down mtgox/quadriga style would be good for the market in the long term, because it eliminates bad actors, such as yourself.

>>13312928
if your money aren't insured you don't own them. If you lose your little wallet all your money are gone forever. If you hold them in a certified exchange your money are insured. You will learn this the hard way

>>13311874
reminder
if you're money is in a bank, you don't own it

>>13311874
>If you're crypto is on an exchange, you don't own it.
>you're
>you are
>"If you are crypto is on an exchange, you don't own it"

>>13312165
kek how does it not fucking notice

>>13313585
I need to stick to the universal UR.

>>13312959
You won't fool us shlomo

>>13311874
Hey also what's really cool is when Ledger decides to stop supporting windows 7 on their firmware update and you can't send your shit to Idex because the firmware isn't updated and you brick your device in bootloader mode while you lose thousands of dollars per day!

>>13314959
you have a good point.
maybe I'll print a paper back up too.

>>13312469
A hardware wallet isn’t time here the crypto is stored. You can set one up then throw away the hardware wallet if you like. As long as you have secured the seed words of which there a more a million ways to do then funds are safu

>>13315007
I am having serious doubts about Ledger as a company after this. They just shit out unstable firmware updates (while obsoleting their previous software) and there is literally no recourse if you suddenly can't access your funds for an indefinite amount of time.

This is exactly why we need exchanges like Resistance.

Not your keys, not your coins.

>>13311874
If you don't own your crypto's network, then you don't own the crypto.

>>13312255
This is true.

>>13312469
The hardware does not matter you fucking nigger, the important thing is the 24 words.
Only retards keeping their money on exchanges are either poorfags and newfags.

>>13312551
>No person with hundreds of thousands worth of money will hold them in a little plastic like a retard though
Indeed they don't brainlet because they all know their mnemonics by heart.

>>13311874
Rereminder
If you're skins are pajeet you're english shits streets.

>>13312255
nah whiteboy this Gucci belt mine

>>13315999
>poo id
>9 trips

fucking checked