I know Brian Armstrong said on the recent All-In podcast that Coinbase doesn't invest or touch customer deposits/assets. CZ seems like on the up-and-up too. But will there even be a crypto market for these companies to serve 5-10 years from now at the rate at which these exchanges are failing?
Crypto’s main use-case rn is gambling, which is fine but hurts these companies a ton during down turns
Bingo
Coinbase is a listed company, they have show proof of funds every quarter, I guess they are safe
I mean Enron did too, right!? I’m *not* saying we are Enron… I have no visibility into that part of the business (I just write React code). What I am saying is that books can be cooked by crooks. At least for a while.
I trust Binance less than coinbase, but I think coinbase is relatively “safer” than most of these other exchanges based in their communications and transparency reports. That being said, the risk you have by keeping your money there still isn’t non-zero. We also don’t know exactly everything CB does behind the scenes until shit hits the fan - if you’re worried at all about the safety of your money on there you may want to switch to a hardware wallet or limit your holdings in CB.
I’m behind the scene and it’s all fine customer fund & security wise. What we’re worried about is another layoff as contagion spread and bitcoin price falling further 😔 our stockprice correlate so heavily with BTC
I’m behind the scenes too and you can be certain we take security and customer funds extremely seriously. That said, always custody your own crypto.
How can you trust any of these exchange CEO’s?
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Binance, Yes. Coinbase, not too sure.
Coinbase, yes. Binance, not too sure.
It’s funny watching these exchanges realize they actually need to have 1 bitcoin in possession if they are going to sell someone a bitcoin.
Super naively speaking, at least one survive I guess? But not because people store their coins there but people need a place to trade?
Yes, they will survive