Coinbase’s Bankruptcy Customer Asset Clause: More Reason To Get A DEX Cold Or Hot Wallet

in #hive-16792216 days ago

Did you know that Coinbase has the right of taking your crypto assets on Coinbase custodial wallet(the exchange wallet) should incase they go bankrupt? This was found in the new report document that was disclosed, saying something that sounds like, customers asset can be seen as the company’s asset should incase the company goes bankrupt. This information was not intended to be made public. This is part of the reasons peuple will always choose Decentralized wallets and exchanges over centralized exchanges. This reminds me of the terms and conditions we always agree to before proceeding with these online exchanges. We get too lazy to read them because they are filled with legal grammar and are too bulky to read. You find yourself not reading it, but in between those lines are terms and conditions meant to favor the company should incase things go south.



At least in Decentralized Exchanges and wallets, I doubt there are terms and conditions. This is because, you are fully responsible for your account and wallet. But while hot DEX wallet is cool, I still can’t help but try to know, what if the hot DEX wallet apps get deleted from play store or App Store. Like is it possible for the app to not exist anymore, they get deleted or something, what happens to your crypto assets. Well, I don’t know, this is why cold storage is still the best, because they are hardware and you can touch and feel it. It’s feasible with you.

Back to coinbase, the CEO and founder of Coinbase, Brian Armstrong went on to give the “already busted assurance tweet”.. Trying to assure holders that it’s just a statement required by the authorities and the assets are safe, they just realized they made a mistake of not making it public to let holders know this. Also added that their holdings are safe as it has always been. Really? How can you add a clause in a report document saying that holders property can be yours should incase the company goes bankrupt? In crypto and life generally, anything can happen.

Just take a look at LUNA, 9 days ago, the founder Do Kwon was bold enough to say in an interview that 96% of the crypto companies will die, and it will be entertaining for him to watch. This is because of the over confidence he had on his plans, but unfortunately, see what happened to Luna, losing over 90% in the value and making crypto investors lose over 90% of their asset.

My point is, this is one of the reasons to not trust Centralized exchanges, you just have to be careful, leave your assets on cold storages or hot DEX wallets.

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Whoever is directly controlling the V2K told me to kill myself.
They told me if I killed myself now it would save the lives of countless others.
Saying the longer I wait to kill myself the more people will suffer.

They are reckless and should have shown the proper media what they had before taking me hostage for 5 years. I know there are many in prison that dont deserve to be there because of this. Your stay in prison will not be fun @battleaxe and friends. People are going to want you dead when they find out what you did. I hope you die a slow painful death. You sick mother fuckers.

Its a terrorist act on American soil while some say its not real or Im a mental case. Many know its real. This is an ignored detrimental to humanity domestic and foreign threat. Ask informed soldiers in the American military what their oath is and tell them about the day you asked me why. Nobody has I guess. Maybe someone told ill informed soldiers they cant protect America from military leaders in control with ill intent. How do we protect locked up soldiers from telling the truth?

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It is looking to turn users into creditors in bankruptcy.

Not a great place to be.

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Big sign to bail out.

I pulled off all of my assets from there yesterday! It wasn’t a lot but boy was I glad to have a hardware wallet!

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Must have felt really nice, knowing your asset is untouchable staying safe in your hardware wallet

Yeah I’ve had the wallet for a while and just last year used it for the first time. Now I use it periodically! It’s best to have things in our possession not someone else’s!

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