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!
If you are looking for a new place to earn crypto by blogging, reading, and commenting try Bulb:
https://www.bulbapp.io?referral_code=hidjl8
Been there a couple of months now and it has potential and is on SOL so it might just take off.
And you can just repost your Publish0x content and make a bit extra crypto.
New Free Mystery Box Tickets
For those that made it till here if you like a FREE ZKSync Mystery Box use this link: https://grvt.io/exchange/sign-up?ref=YNG9JUT
Or code: YNG9JUT
Your 🫵 Next Post
𝕎𝕙𝕖𝕣𝕖 𝕚𝕤 𝕣𝕖𝕥𝕒𝕚𝕝? 𝐀𝐫𝐞 𝐓𝐡𝐞 𝐍𝐨𝐫𝐦𝐢𝐞𝐬 𝐒𝐭𝐢𝐥𝐥 𝐜𝐨𝐦𝐢𝐧𝐠?
𝕄𝕪 𝔼𝕟𝕕 𝔾𝕒𝕞𝕖 - 𝗚𝗲𝘁𝘁𝗶𝗻𝗴 𝗢𝘂𝘁 𝗢𝗳 𝗖𝗿𝘆𝗽𝘁𝗼
𝐈 𝐤𝐧𝐨𝐰 𝐲𝐨𝐮 𝐀𝐥𝐥 𝐖𝐨𝐧𝐝𝐞𝐫 𝐇𝐨𝐰 𝐌𝐮𝐜𝐡 𝐈 𝐌𝐚𝐝𝐞 𝐃𝐮𝐫𝐢𝐧𝐠 𝐏𝐡𝐚𝐬𝐞 𝟏 𝐎𝐟 𝐓𝐡𝐢𝐬 𝕭𝖚𝖑𝖑 𝕽𝖚𝖓
𝐖𝐞𝐧 𝐁𝐓𝐂 𝐀𝐓𝐇 - 𝐓𝐡𝐢𝐧𝐠𝐬 𝐌𝐢𝐠𝐡𝐭 𝐆𝐨 𝐏𝐀𝐑𝐀𝐁𝐎 𝐒𝐨𝐨𝐧𝐞𝐫 𝐓𝐡𝐚𝐧 𝐘𝐨𝐮 𝐓𝐡𝐢𝐧𝐤
𝗜𝘀 𝗶𝘁 𝗧𝗼𝗼 𝗟𝗮𝘁𝗲 𝗧𝗼 𝗕𝘂𝘆 (𝗠𝗼𝗿𝗲) 𝗖𝗿𝘆𝗽𝘁𝗼 or 𝕊𝕖𝕝𝕝 𝕚𝕟 𝕄𝕒𝕪 & 𝔾𝕠 𝔸𝕨𝕒𝕪
𝗜 𝗲𝘅𝗽𝗲𝗰𝘁 𝘁𝗵𝗲 𝔹𝕋ℂ 𝕋𝕠𝕡 𝕥𝕙𝕚𝕤 𝔹𝕦𝕝𝕝 ℝ𝕦𝕟 𝗧𝗼 𝗕𝗲 𝗯𝗲𝗹𝗼𝘄 𝟭𝟱𝟬𝗞
[Source Pic](All pics by MYI & AI unless watermarked or mentioned)
