In my opinion, there are two types of FUD.
The FUD that makes you want to sell
The FUD that makes you want to move
Now the first type of FUD I do not care too much about. I prefer buying when there is blood in the streets and so far that has been positive, as in the case of Unibot / Satoshi VM, I bought the FUD and I made a profit.
The other type of FUD is a bit more my kind of FUD. The FUD that makes me move. What do I mean with that "Make You Move."
Move My Fu(n)ds
Yes, we should all have hot or cold wallets but not leave our coins on an exchange, and for 65% of my holdings I do so.
Yes, we should all use DEXs, but I am just too lazy and not fond of paying fees.
Hence 35% of my coins are on exchanges as I am selling them on the way up, and I have set my sells already for the next year or so.
Now Exchanges are a risk, even though no big ones have gone down lately we all remember FTX.
I did not get hurt by the curly troll and his Harry Potter girlfriend going down but I had holdings on Celcius. Hence I move when an exchanges smelss Fuddie.
And I moved several times already. I used to hodl a lot on Kucoin, but then there was some Kucoin FUD in early 2022 and I moved most of my coins to Binance and Bitvavo.
Of course, FUD follows and Bitvavo was in trouble as they were not getting their money back from Gemini, of course, they always say your funds are SAFU.....but that's what Sammy said as well.
So I moved from Bitvavo back to Kucoin & Binance. The CZ got in trouble and as I don´t like trouble near my coins I moved them to Kucoin, Bitget, and Bitvavo.
The Musical Chairs
Sometimes having your coins on exchanges is like playing Musical Chairs, you are never SAFU it seems.
Because now it´s Kucoin again that is in trouble.
Crypto exchange KuCoin and two of its founders were charged with violating anti-money laundering laws by U.S. federal prosecutors.
Homeland Security Investigations Special Agent Darren McCormack called KuCoin "an alleged multibillion-dollar criminal conspiracy."
Every time I move I pay, I pay trading fees and network fees. Just for moving out a large part of my holdings on Kucoin I paid about 1,80 dollars in network fees for 3 transactions. Yes, there are cheaper options, but ATOM is safe and fast so I don´t risk too much between selling and buying.
In addition, I spend 8 dollars on selling and buying fees. So moving $1200 costs $10 and as it is at least the 4th time I have spent $40 already on this wonderful game of FUD (Musical) Chairs.
Should I Stay Or Should I Go
So for a minute or two, I doubted moving my Funds because Kucoin said:
#KuCoin is operating well, and the assets of our users are absolutely safe.
We are aware of the related reports and are currently investigating the details through our lawyers.
KuCoin respect the laws and regulations of various countries and strictly adheres to compliance standards.
Source: kucoin official X acc
Yes, the chances that nothing happens are huge especially because I am not in the US, but is it worth an hour of my time and $10 to move my funds to a safer place?
Hell Yeah, I would feel like such a fool if I could move but did not move because I did not want to spend $10 and an hour moving my funds.
Bikini Bottom Line
For me it´s as easy as pie, I do not like to risk if I do not have to. So all the holdings I had on Kucoin I moved to Bitvavo as they have proven to be really strong, well-insured, and properly regulated.
There are a few coins I have on Kucoin I can´t hold anywhere else for now. It´s about $500, and that is where I still doubt. Am I willing to risk those, for now I am. However, I will have a look where I can hold some of them reducing the risk even more.
Why would I risk those? Because they are small coins where I see lots of 10X or more potential. So the risk/reward is good enough to keep them there a bit longer, because these allegations and cases will take lots of time.
BTW there was also some good news coming from these allegations;
The real explosive in the case is the CFTC’s declaration of Ethereum and Litecoin as commodities, alongside Bitcoin, in a lawsuit against KuCoin for illegal commodity transactions. This development is significant, especially considering the SEC’s efforts to classify Ethereum differently.
Another bit of good news, out of all the exchanges I've been using for years, the only one that never got Fudded was the first one I use, Bitmart I guess it´s just too small to be on the radar....for now.
Thank goodness you made it till the end Pees, Love and I am out of here!
[Source Pic](All pics by MYI & AI unless watermarked or mentioned)
Posted Using InLeo Alpha
It will be better to risk putting those coins on Kucoin so you can make more profit since they are memecoins but I think Bybit is better for now
It has been doing well since I’ve been using it which is over a month now
ByBit is fine indeed but I swear by Bitvavo as they have are regulated and have a great insurance but I think they only are available in the EU
I try to keep most of my stuff in custodial wallets. I do have some holdings on Coinbase. I know what you are saying though. It's hard to know when stuff is really safe. I fall into the second kid of FUD category as well.
Coinbase is pretty safe and Bitvavo for Europe has proven to be safe and regulated and I am not gonna risk it if I do not need it.
I'm still not a fan of all the fees Coinbase has, but the fact that the SEC is working with them to be a custodian or whatever for the ETFs gives me some hope that they are solid.