The Danger of trading with "foreign" exchange.
The binance "crisis" (using quote since this is not really a crisis as such) is really teaching me something about how careful on where I should invest it from. Binance service interruption is something we have seen in the past with other exchange. Kraken is a good reference.
But the thing with Binance is really about where the exchange is located. Binance is listed in Hong Kong, but Binance’s servers are in Korea- If anything happen what is it any of the trader can do to safeguard their assets ? So little...
This incident they are having started as a 2 hours emergency maintenance. Ended up to a total of 26 hours , announced. TIf anything they could even add more time to it. In a industry than need redundancy and availability, it is just not right than one database issue has that kind of effect. You will think than exhanges have enough money and ressources to have proper fail over and backups...
Invest wisely, use wallets if you do not constantly short trade. Be wise.
I completely agree that we should be very careful about where we keep our money, but well I guess the crypto world is in early stages so these things can happen.
Yes it is pretty early . It is just very amateurish sometime and we need to make sure , as trader, to fight for the right to influence some changes. We need to become aware of the risk inherent to some exchange practice. Fact is that Binance incident needs to be clearly communicated to the traders and we need to know what had happen here. This is very important for reestablishing the trust between us.
I only hope Binance will, in fact, take serious measure to avoid such problem in the future. They need to invest not only on the CEO lambo but on their servers :)
I think that the most important thing right now is not to panic, since we are going through tough times in the market the truth is that everyday there is more people willing to get involved in the crypto world, so if binance release a memo saying that they are working on expanding services I choose to believe them, besides that.. they are one of the best exchanges at the moment.
But I agree on most of your insight, regards.
I also use binance
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