Old and new TOS of Coinflex

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1 year ago

What are the differences between the old and new terms? I've not seen them laid out anywhere.

Neither have I but from what I gathered from here and there, the biggest was the inclusion of converting assets to other ones - the old TOS (supposedly) did not mention that at all while the new TOS (supposedly) spelled out the possibility of converting one's funds at CoinFLEX's discretion. I guess it makes sense for those who are going to vote YES to the proposed undertakings which do intend to convert users' assets held by CoinFLEX to USDC. But for those who want to vote NO, I agree, it is quite a sneaky way for them to have to accept the new TOS and in a way give a YES nod anyways.

When I first got my feet wet in the crypto community someone a lot smarter than explained some basic (which happen to be the most important) rules. One of them is "Don't keep more money on an exchange than your able to withstand losing." I would have loved to earn a % on the money I have sitting on the side lines using coinflex. But in the end 100% of zero is zero. I know a lot of good honest people did put most of their money (in some fashion) in coinflex. They right now, currently have nothing, no access to their coins. They have worthless voting tokens and promises written by lawyers, regurgitated by the lawyers employer and just as easily changed and regurgitated once more. Hopefully this rule will save at least one person in future from exchanges changing KYC rules to unattainable confirmations, to TOS changing, CEO's giving away all the customer deposits/mismanaging funds, exchanges hacking themselves/regular hacks etc. The one that scare me the most are things I have never thought of. Like I said, this post is for a noob like I was, who is not as fortunate to have someone in their corner like I do.

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1 year ago

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