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RE: IMPORTANT- Do Not Hold Funds on Exchanges!

in #steemit8 years ago

I was thinking about copping the nano because I am over these hacks. It only takes one and then it's too late. Back in January I held 500 ether, which at the time wasn't worth much and I kept it on an exchange. Worse than that, I was lazy and since ether wasn't as valuable as it is now I never enabled 2FA on the exchange I had it on, I'm sure you can guess the rest. Unfortunately it is impossible to trade crypto without having your coins on an exchange. I trade off the 240 min chart so I take positions for quite some time. Sometimes it takes months for me to hit my target or get stopped out. How I deal with this is I only keep 50% of my crypto holdings on the exchanges I use at a time. I know it seems like a lot but I spread my assets across many different exchanges in case one goes down to minimize risk. That is also what I can afford to loose so thats how I deal with it.

Luckily I knew Bitfinex was a scam exchange and took my coins off Bitfinex after the first hack. When they were powering down their servers during huge rallies and dumps and admitted to trading on their own exchange I tried warning everyone and even twittered them calling them out. Unfortunately my warnings fell on deaf ears and I have no sympathy for those who neglected to listen to my warnings.