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I Finally Pulled It Out! No More CEX for Me! #nofap

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Written by Β Β 343
1 year ago

Finally I pulled it out!

From now on I will be taking matters into my own hands - and I am starting to take care of my BCH right now!

Therefore: No more CEX for me!

#nofap

https://commons.m.wikimedia.org/wiki/File:NoFap.png

Wait... What?!

Alright, so here is the backstory:

I had my BCH (Bitcoin Cash) at a CEX (centralized exchange) and I finally pulled it out from there.

Now I'm taking care of my own BCH myself - with a non-custodial wallet. This is a wallet to which only I know the seed phrase. Nobody else can gain access to this wallet - unless I tell them my seed phrase which - of course - I won't be doing.

Safe CEX is a myth!

In contrast to non-custodial wallets - where you are in control of your own crypto - there are custodial wallets - such as the aforementioned centralized exchanges. When you store your crypto in a custodial wallet, it is not really your crypto anymore. You hand it over to the service provider and you trust hope that they will take good care of it and hand it back to you when you nicely ask them to.

Let me point out that THAT is the opposite of why crypto currencies were invented.

Crypto enables the common person to take care of their own financial assets. It was designed to get rid off banks and middlemen. It was designed to eliminate counterparty risks.

In order to achieve these goals, however, you need to store your crypto in a non-custodial wallet - instead of handing it over to a centralized exchange or sending it to a custodial wallet.

What is counterparty risk?

When you hold your crypto in a non-custodial wallet, it is like holding cash in your physical wallet.

If the cash is in your physical wallet, only you can spend your money - as long as nobody else gets access to your wallet. Therefore, it is your responsibility to keep your wallet safe.

Counterparty risk is like handing your physical wallet to someone else. That person may promise you to keep your money safe for you. They may even promise that they pay you some interest on your money. However, ultimately, they can do with your money whatever they want. If they lose it, because they do something stupid with it - or because someone else steals it, then your money is gone. And if they declare bankruptcy afterwards, you won't get anything back - even if you sue them.

Therefore, you may still think of that money as your money after you hand it over to someone else - when in fact it is not yours anymore...

It is the exact same with sending crypto to a centralized exchange or to a custodial wallet. They may tell you that it's your money when in fact, they control it. And they allow you to look at a representation of your crypto. They may allow you to trade it or to stake it. They may also allow you to withdraw it. But who guarantees that you will actually receive it when you ask for it back?

The answer is: Nobody...

If the service provider gets hacked or loses your money in some other way, if they get into trouble with a government, they may not give you the crypto back when you ask for it. And if they declare bankruptcy, you can sue them and you may not receive anything.

In case you think that such a scenario is highly unlikely, I have to disappoint you. This happened quite often in the past. It also happened to me. I lost some crypto when Cred declared bankruptcy. Actually, they knew that they were already bankrupt when they accepted my crypto - and they took it anyways...

I definitely learnt my lesson and say:Never again!

Let's celebrate taking matters into our own hands with #nofap

To celebrate today when I FINALLY said no the CEX for good, I created the hashtag #nofap - which, of course, stands for 'say "NO" to Financially Adversarial Products'. πŸ˜πŸ˜‰

I hope you will follow my example and you will end the abusive relationship with your middleman, too.

But what about the APY?

There is no interest to be earned on non-custodial wallets. That's true.

However, on the other hand the risk of someone else doing something they shouldn't do with your assets is zero.

Let me state this differently: If you have your crypto sitting in a custodial wallet, you are taking a significant counterpart risk - which could lead to you losing all your assets.

You got to ask yourself the question "how much APY is worth the risk of losing it all?"

Crypto currencies are the most profitable asset class in the history of mankind. Do you really need to earn a couple of percentage points more and risk losing it all by trying to do that?

It's like picking up pennies in front of freight trains. And the freight train may run you over at any moment.

You will look very silly if that happens - and you will miss out on the gains of a lifetime because of trying to make a few extra percent...

That's why I say no - and "no" means "no".

What will you do? Will you say "me too"?

Pics - or it didn't happen

Here is the proof. I also wrote about it on noise.cash.

PS

Yes, I'm 14 years old - at heart. πŸ˜… Therefore, I hope you enjoy innuendos, too. Otherwise, this article probably left you feeling quite unsatisfied. πŸ˜…πŸ™ˆ

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Written by Β Β 343
1 year ago
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Comments

Cex?

I'll need a condom, certainly.

You don't test the dept of water with your two feet.

That's what's like to hand your balls to those milkmen.

$ 0.00
1 year ago

Haha, nice comment. πŸ˜πŸ‘ I paid you a visit for it. πŸ˜‰

$ 0.00
1 year ago

I'm hodling most of my asset in non-custodial wallet. I also have some in exchange wallet but I'm just playing with it, I mean I'm I'm trying to accumulate more. I still don't have a plan to pull it out, shoot pull it out @Eybyoung help my dirty mind 🀧🀧. Anyway, I go with non custodial wallet. For our hard earned money safety πŸ’ͺ🐍πŸ₯¦β˜˜οΈ

$ 0.10
1 year ago

Yeah, sometimes it's quite enjoyable to play with it while it's still in. It's just important to pull it out before an accident happens. πŸ˜…πŸ™ˆ

$ 0.00
1 year ago

Di daw masarap pag e full out agad 🀣🀣 hahahahhaa buset

$ 0.00
1 year ago

Wahahagaha yawit, pwd naman ss loob ee bwahahaha

$ 0.00
1 year ago

Baka daw kasi mag multiply πŸ˜‚πŸ˜‚

$ 0.00
1 year ago

Bwahahaha yon lang, biglang dumaminahahaha

$ 0.00
1 year ago

It's really hard to choose between RISK and REWARDS. This line hits me:

Do you really need to earn a couple of percentage points more and risk losing it all by trying to do that?

Putting my BCH into Nexo is giving me second thoughts but I chose to take the risk. Hopefully I chose the right decision but I feel that I will also pull it out soon. I'm not planning to hold my assets in CEX for more than 2 years I guessπŸ˜…

$ 0.05
1 year ago

Yeah, that's true. I lost my confidence in Binance and therefore, I pulled out all my BCH. I still have some stable coins and some small positions in other coins left - that I will eventually convert into BCH after trading a bit back and forth and then I will also send it out of there.

However, my strategy may not be optimal. Of course, it's nice to earn some interest just for holding, but I decided for myself to not risk losing it all. You may decide differently for your case. Maybe reducing the position size or spreading it out over multiple interest bearing platforms is a more optimal solution for you.

The unfortunate thing is that you will probably only know that it was a bad idea when it's already too late and the crypto is lost - If that happens. I guess nobody can know if and when that will happen.

$ 0.00
1 year ago

Hahaha safe CEX sounds funny to me πŸ˜‚ or I am just dirty minded haha! There's no such thing as safe CEX because it's custodial and they can hand our data to anyone they like 🀦

$ 0.05
1 year ago

Oii, same hahahaha. Dirty mind shoo shoo.

$ 0.00
1 year ago

Hehe, I was trying to play a lot with words in this article. You will probably be surprised when you look up the #nofap hashtag, too. 😁

$ 0.00
1 year ago

Okay I will pull my bch too like what you doing in your BCH I have other aside from Bitcoin com and just like you I will put it in safety wallet. Thank you to this post friend.

$ 0.00
1 year ago

There's actually a better way to hide those digits tho. πŸ˜…πŸ˜… Just kidding.

$ 0.00
1 year ago

Hehe, you mean in the screenshots? I optimised for the quickest solution. πŸ˜…

$ 0.00
1 year ago

Hehe. At least, the transaction wad successful.

$ 0.05
1 year ago

True. Did your transaction arrive at last?

$ 0.00
1 year ago

No. πŸ˜” But I'll make sure to send everything before midnight.

$ 0.00
1 year ago

Pulling out is not always efficient :D :)) ...

$ 0.10
1 year ago

Haha, yeah. The trick is to pull out early enough. πŸ˜…πŸ™ˆ

$ 0.00
1 year ago

Wouldn't risk it ... it's in for long or out out and about :D

$ 0.00
1 year ago