[HN Gopher] Crypto.com customers worry it could follow FTX as CE...
       ___________________________________________________________________
        
       Crypto.com customers worry it could follow FTX as CEO tries to
       reassure them
        
       Author : mfiguiere
       Score  : 13 points
       Date   : 2022-11-15 21:11 UTC (1 hours ago)
        
 (HTM) web link (www.cnbc.com)
 (TXT) w3m dump (www.cnbc.com)
        
       | throwaway22032 wrote:
       | There is zero benefit to holding coins on an exchange unless you
       | are trading with them at the immediate time of doing it.
       | 
       | There is extreme risk in doing so.
       | 
       | The CEO shouldn't care whether he has deposits or not. It
       | shouldn't matter. Trade volume, sure.
        
         | simple-thoughts wrote:
         | Many people aren't even capable of using a password manager,
         | forget passwords, and rely on text message authentication to
         | access their accounts. They are not able to remember a private
         | key or store it with backups, as hard to believe as that might
         | be. So they expect exchanges to manage their keys for them.
         | These cex scams will not end until there's better private key
         | management and backup options such as better social recovery.
        
         | fvdessen wrote:
         | In theory, exchanges should be more competent at securing funds
         | that the average customer, as they have the economy of scale
         | necessary to hire all kind of experts to make sure everything
         | is done by the book. I mean it works for banks and makes a
         | profitable business. But 'for some reason' the crypto guys keep
         | losing it all on gambles and fraud instead.
        
         | naijaboiler wrote:
         | smart money should get their money out now.
        
         | rdtwo wrote:
         | Exactly, stay off the exchanges unless you are converting
        
       | ykl wrote:
       | The classic Bagehot line may apply here: "Every banker knows that
       | if he has to prove he is worthy of credit, in fact his credit is
       | gone."
        
       ___________________________________________________________________
       (page generated 2022-11-15 23:02 UTC)