I’ve thought about it. But after considering the fees for withdrawing, the lost compounding effect in the meantime and the following aspects:
-Swissborg sent a reassuring email two days ago (here a summary of it in their blog SwissBorg The Survivor!)
-Binance is so big, if they fail, I consider it the end of crypto exchanges altogether and even people who have BTC, ETH, etc on their private wallet will have difficulties to exchange them to FIAT
So I’ve decided to stay the course at the moment.
It helps that crypto money is a very small part of my portfolio and the loss from 1/3 of my crypto assets with blockfi is smaller than the gains from the last two days on my VT invetments.
I can’t say that I don’t make mistakes in crypto, but from my point of view: Kraken, Coinbase, Gemini. Don’t know if I would trust myself knowing that FTX was also in that list.
Also:
You can transfer cryptocurrency to your Swissquote account from any of the following whitelisted exchanges:
Coinbase
Kraken
Bittrex
Gemini
Bitstamp
(And I remember pretty well that neither Binance nor FTX was in that list).
I am also interesting to know if someone understands how Kraken, Gemini and especially Coinbase are regulated. Do we have access to non-US entities of these exchanges? Because it seems that FTX.US was holding better than the international one.
P.S. swissborg is also an interesting alternative to a crypto wallet.
@hereby interested to hear which are the regulated and trusted ones (esp. if Binance is not one of them)
I cannot really follow on the one side the panicking of crypto collapsing (I thought this should have been a calculated risk when someone gets into Crypto, esp. outside BTC, ETH zone right?)
On the other side I also don’t understand the people fingerpointing (“kind of I told you so stupid people„) and especially now after having seen all the facts…
It should be ofcourse always disappointing if you lose money but I hope that nobody invested all lifetime savings in Blockfi or Luna for example…
I do hope that everyone is doing a proper risk assessment before getting in at any kind of investment and always DYOR first
Pick an exchanges with reasonable proof of reserve, and to me there are only kraken and Binance. If you want to be extra safe, go peer to peer or use direct solution like Relai in Switzerland.
I would avoid coinbase and gemini, I don’t trust them for a few reasons, and the others like kucoin, crypto.com, etc. are just casinos like ftx. They are all likely to disappear when people realize how much of a scam Eth is.
As for Blockfi, sorry if you have funds there, you can consider them lost
Our public, audited financials confirm our financial strength and ample liquidity — we largely hold our assets in USD. We ended Q3 with $5.6 billion in total available USD resources, including $5 billion in cash and cash equivalents.
We hold your Assets 1:1
Coinbase holds customer assets 1:1, and we won’t lend those assets without your consent. This means funds are available to our customers at any time.
Transparent
We are the largest publicly traded crypto exchange in the world, and we’ve been around for a long time, serving customers for over 10 years. Our financial statements are public and released quarterly.
U.S. Based
Coinbase is based and incorporated in the U.S. We are seeking to work within the U.S. system, because we believe that transparency and trust are essential.
Your Funds, Your Choice
Coinbase doesn’t use, or lend, your assets without your permission. Also, we offer one of the most secure and multifaceted risk management programs designed to protect our customers’ assets.
Well, to be fair one should have known that it is not possible to pay a stable interest on crypto without causing inflation. This means every platform who offers stable returns does is in a shady way.
Also, my reasoning why i stay away from those services (even stable coin lending). If a company manages to create a return of 6% with no risk, why are they offering that to us poor suckers? They could just live off interest and live a happy life.
Just like all the crypto or financial gurus on youtube, if they could make money with trading and their investments they would not need to sell you a course.
I just would like to trigger a discussion regarding the business case of the following topic…
There were few threads and several articles online highlighting/advising how important is to transfer our crypto assets to a hardware ledger in order to protect ourselves from crypto exchanges bankruptcy, crypto stealing attacks, Binance or crypto.com crash etc…
I get the point in case you hold for example 1 btc or 1-2 eth and just and only that in your crypto portfolio it will probably worth the hassle, investment and effort to transfer your crypto assets directly to a ledger…
But in case for example you hold a very diversified portfolio of assets (20 different cryptocoins, some of them less that 1k of investment, mainly via Binance but also through 2-3 other different platforms, not a big portion of the portfolio in the top 5 crypto, few could be shitcoins and just crash) and currently the whole crypto portfolio value due to the current market conditions worths total less than 5k would it make sense -the effort and hassle- to transfer all your assets through various platforms to the ledger? (plus maybe some cryptos could not even be supported from the ledger).
How complicated is the process to transfer assets to a ledger and again back to an exchange?
In anycase - the triggering point for this discussion was that - if Binance for example crashes probably would be the “first big end” of all cryptos, so even if few cryptos remain and survive after that would practically worth nothing so even if you have them stored in your ledger wouldn’t make any sense (again except maybe if you just hold BTC or ETH).
Plus in case you just hold crypto in your ledger practically you can never liquidate them to FIAT money, correct?
-please kindly correct me if my assumptions/logic/statements above are not correct, I don’t want to get in debate with anyone guys just to openly discuss and learn a bit more
So for all of you who are holding your assets in ledgers what would be your plans to do with your assets in the future in case everything crashes in the crypto sphere?
A prerequisite for dabbling in crypto should be understanding how it works, including how to transfer the coins to your own wallet and knowing that it will be secure. Crypto is absolutely not like normal finance – it’s OK to not understand the details of how ETFs work but still invest in them, because there are protections in place to help such consumers. Crypto on the other hand is a wild west – the likelihood of naive players getting scammed or ripped off is extremely high, because the incentives for nefarious actors to do this are extremely strong.
forgive my ignorance as I don’t know much about the altcoin universe, but isn’t the whole point that you expect most of these coins to stay close to zero but one or two might 100x or 1000x? Then you expect your <5k portfolio to be worth a lot more in the future, and so you should secure it as such. You need to do this with all the different coins, because you don’t know which will blow up.
To answer your questions with my limited knowledge:
For BTC, I know that the transfer is extremely easy. The hard part is setting up your own wallet and securing it etc. I would assume the same is true for other coins too.
you can just transfer it back to an exchange in the future to liquidate them
I don’t know, I’m personally not holding crypto but I find it fascinating. Exchanges going bust is not something new and crypto has survived this already, see e.g. MTGOX in 2014. Since now access to purchasing crypto for speculative purposes is quite widespread, I think whether crypto continues to take off depends a lot on whether a practical non-speculative use case emerges.
Lol, point taken. I really have no strong opinion here, but just to play devil’s advocate: a compelling use case for crypto could emerge for sophisticated players. Or systems for managing wallets could be created that has strong security guarantees but are easier for lay people to use. (But yeah, I think the more likely situation is that these don’t happen.)
Actually my point is that at this stage we are already at about 80-95% down for most of the coins (considering ATH…and for people got in 2020/2021 in Crypto)….
If Binance and other big exchanges collapse too we are going to be about 95-99.9% down for most of the crypto instantly for sure… How many chances would you have at this stage then for making a 1000x in an altcoin…:
I truly believe that the ones which would really have a use case are going to survive and thrive but in the end in such a scenario how many would be in this category and in which time horizon are we talking about…
In a nutshell maybe to try to rephrase slightly my previous post… Would it make sense at this stage to spend even more time (and maybe money) at crypto space (trying to optimize or protect somehow you portfolio further no matter what) or you just leave it as it is and just accept the risk whatever happens happens…
I might sound to be very pessimistic but when you are about 80% down in your portfolio and the market outlook is not very promising you don’t have many options….
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