It's almost an hour, if not even more, since Binance entered a unscheduled system maintenance session, claiming that funds are SAFU but trading, deposits and withdrawals are suspended. Is this the first time it happens? Nope... Does it annoys me? Yes, because I had some little tiny crypto portion there that I wanted to exchange and transfer to a wallet and I can't do that.
Exchanges... you have access to 24/7 trading options, and tons of shitcoins to choose from, but also a high risk of loosing your money, or some nerve stretching sessions when you really want to use that exchange and you simply can't. Usually I keep my crypto on a wallet and it has an exchange option as well, but the fees are pretty high and it's not worthy, that's why I use Binance once in a while.
I used to be a Poloniex fanatic, but not anymore. It's gone through too many patrons switches and I don't trust it that much anymore. I've had a shitty experience with it about a year ago or more, and I guess that was the first time I realized that it's really not OK to hold your cryptos on exchanges, although I've held them for many months on Poloniex and I really trusted it.
There was once a strange pump for XRP, back in the days when I held it, and I believed it's going to $10, to say the least, and in that day, somehow XRP skyrocketed from about 30 cents to almost 90 right before my eyes. I was on the phone with a friend commenting the event, and he was thinking to sell it all, once it crosses 60 cents. I was too fanatic and had other expectations though, higher ones.
Neither could do anything about it because Poloniex simply froze, after XRP crossed 60 cents or so, and from what I remember, some other exchanges experienced the same problem. It was hours until it got back to business and of course that the price wasn't that high anymore, and unfortunately all pending trading orders were canceled so I guess that not too many were able to profit from that pump.
That was a clear sign that you can't trust exchanges not only to hold your crypto, but also to benefit from that 24/7 trading option, because shit happens once in a while, and I guess that not once it was orchestrated shit, IMO. Can't prove that though. Now I'm not refreshing the page anymore because CZ said it's useless, but I feel more and more disappointed, even of Binance, that I trusted a lot in storing my crypto and trading there.
I guess that should be another good lesson to rely only on non exchange wallets and stop juming from one crypto to another so often. After all I haven't yet made any significant trade, and somehow I end up paying my profits with bad trades and fees. What about you, do you hold your cryptos on exchanges, more precise Binance? If not, what's your trustful wallet and how do you feel of simply HODLing cryptos instead of trading once in a while?
Thanks for attention,
Posted via Steemleo