PSA: Get your BTC off exchanges. The ETH "merge" adds risks for CEX solvency.
1022 sats \ 9 comments \ @jeff 13 Aug 2022 bitcoin
Everyday, is the best day to get your coins off a CEX.
But, September, will be extra risky to leave them there. More risky than normal. Due to the ETH "merge".
Some examples of extra fuckery incoming in September...
  • In 2016, coinbase suffered losses due to replay attacks. (ETH vs ETC)
  • The centralized stablecoin incentives, and the legal obligations surrounding them, put the definition of 'fork' in question
  • ETH holders/traders are way more likely, to not leave their coins on an exchange through the merge, so liquidity may be lower for a couple days, which could impact automated liquidation systems in unpredictable ways.
I'm sure there are more reasons, but...just do it please.
write
preview
related posts
10 sats \ 1 reply \ @gor 14 Aug 2022 freebie
ETH is a centralized shitcoin
reply
0 sats \ 0 replies \ @NetWt1oz 14 Aug 2022 freebie
Agreed! ETH is the mother asshole from which all shitcoin spring.
0 sats \ 0 replies \ @TheBTCManual 15 Aug 2022
not to mention there is a crack down on exchanges India has taken down Vauld and WazirX and kraken and coinbase are under investigation
reply
0 sats \ 0 replies \ @mikhael 14 Aug 2022
Why would anyone keep BTC on an exchange?
reply
0 sats \ 0 replies \ @tech5 13 Aug 2022
Another benefit of getting your Ethereum off exchanges and into an address you control, is that you may be eligible for airdrops if hard forks happen over the next couple of years.
reply
0 sats \ 0 replies \ @faithandcredit 13 Aug 2022
The merge is overrated imo :) but having coins on exchanges is not a good idea regardless not coins you arent willing to lose
reply
0 sats \ 0 replies \ @shyfire 13 Aug 2022
Merge deez
reply
0 sats \ 1 reply \ @starbuilder 13 Aug 2022
great point and remainder...! I would even go one step further and exchange it to bitcoin and take it off exchange. Eth is gearing up to be a "Sell the news" event.. There are many unknowns after the merge between POW and POS. I am sure traders are going to make a lot of money but plebs will be slaughtered in the process.
Call to action: Convert Eth to BTC and get it off exchange to a cold wallet. Just watch how the merge plays out...!
reply
0 sats \ 0 replies \ @ek 16 Aug 2022
I know I'm getting greedy but I am waiting for the exchange rate to hit ATH again to exchange the first 25% of my ETH holdings...
reply