Discover and read the best of Twitter Threads about #SAFU

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Safeguarding funds + Account management 101.

Many of you are wondering if your funds on exchanges are safe (#SAFU anyone?). Here are some bullets for you, and how I manage my own funds.

I'll do more of these in the future :) Enjoy!

Time for a short thread! 👇

[1]

#btc #eth
Exchanges act like banks with the ability to buy and sell tokens and coins. The simplest example you could think of is you can go to your local bank, and exchanging $USD for your local currency. Now, what happens if the bank is on hold? (Vacation or completely shut down?

[2]
You end up waiting until the issue is resolved. Banks have reserves in order to cover their client's funds. Insurance funds that exchanges operate are more or less the same.

But you wouldn't trust the fund to be able to cover everyone now, would you?

[3]
Read 11 tweets
True #DeFi #ecosystem development takes time, dedication and, most importantly, proper #Token incentivization methods.

Here's a thread from @shanghaipreneur about #crypto monetary policy

&

The $FNX strategy to bootstrap network effects.

1/23

medium.com/finnexus/finne

@shanghaipreneur #DeFi is a movement - the collective vision of everyone all over the world working feverishly towards bringing about a viable alternative to the global financial system.

After all, it's a #brrrrr #brrrr world and, for now, we're just livin' in it.

2/23
@shanghaipreneur Like it or not, every #crypto project starts out as a central bank, like the Federal Reserve.

They then have to figure out how to #decentralize those roles. After all, they are creating a #token that powers their own micro-economy.

3/23 A Federal Reserve bank branch at night.
Read 23 tweets
#STEEM has successfully defeated the hackers & all funds are super #SAFU. @SteemNetwork and @steemit community is now stronger than ever since we united & solved the difficulties! Full details below👇
@SteemNetwork @steemit (1/9) On Feb 22, some malicious hackers froze 65 million #STEEM legally owned by Steemit, the core STEEM developers. When we found out, the hackers already hijacked STEEM & threatened to nullify the existing STEEM. We had a difficult choice.
@SteemNetwork @steemit (2/9) We double confirmed w/ lawyers & were told this was definitely a criminal activity from the hackers who froze over 10 million dollars worth of STEEM & threatened to destroy the assets. The risk of nullifying the #STEEM network puts every STEEM holders’ interest in danger.
Read 10 tweets
Unscheduled system maintenance. Trading paused. Working on it.
Funds are #SAFU. No need to panic.
One of the market data pushers had issues, matching engine was fine, no data loss or corruption (other than market data). Working on it. Should be fixed soon.
Read 5 tweets
Ce week-end fut marqué par 2 événements dans les cryptos.

Nous allons parler de :

‱ @dropbitapp et ses fonds gelĂ©s
‱ Fulcrum (@bZxHQ) et un vol

L’idĂ©e n’est pas de tirer sur l’ambulance mais d’apprendre de ces expĂ©riences.

C’est parti ! —

(1/19)

#Bitcoin
1ïžâƒŁ Cas @dropbitapp

Vendredi soir, alors que je voulais distribuĂ© vos rĂ©compenses #LNQuiz, j’ai eu la mauvaise surprise de voir que mes fonds sur DropBit Ă©taient gelĂ©s.

ImpossibilitĂ© d’y accĂ©der, tous les comptes se sont retrouver bloquĂ©s. Sans prĂ©avis.

(2/19)
Aujourd’hui, lundi, soit 3 jours plus tard, les fonds sont toujours bloquĂ©s. Et la communication de @dropbitapp est... inexistante.

Seul Ă©lĂ©ment que nous avons, c’est cette enquĂȘte menĂ©e actuellement sur le patron de DropBit.

(3/19)

bitcoinist.com/dropbit-wallet

Read 19 tweets
Why you should move from BitMEX to BTSE. A thread 👇

1/ We use a next-generation matching engine which runs purely in memory. This eliminates the need for databases and speeds up transactions to sub-millisecond times. No frozen trades, no headaches.
2/ BTSE uses horizontal scaling, which means that we can upgrade our servers with 0 downtime. This is essential during bull markets when a lot of users sign up & log into their accounts, as the scalability issue gets resolved. People were buying Binance accounts in 2017? Ha!
3/ BTSE's servers are self-hosted, which makes us just as careless to @awscloud's unexpected crashes as this dancing honey badger. It's also great for data security and privacy.
Read 8 tweets
Although last night's Binance hack was an unfortunate event, it provides an excellent opportunity to highlight one of my favorite areas of the Crypto Archives: Vulnerabilities, Bugs and Hacks! 0/5

github.com/multicoincapit

You'll be able to find Binance's announcement of their hack at the bottom of the Successful Hacks and Post-Mortems subsection, right alongside the details of The DAO Hack, Parity Multisig #1, and the EOSBet Transfer Hack, to name a few. 1/5

github.com/multicoincapit

By collecting a single archive of all the successful hacks (and especially their post-mortems!) that our industry experiences, we hope to make it easier for the industry as a whole to learn and become more #SAFU. Please make pull requests to add any events we've overlooked! 2/5
Read 6 tweets
Brief reality check on what caused last 10 days of #bitcoin upside. Sure seems driven by #tether fear and people moving their money off #bitfinex $USDT (on a potentially bankrupt exchange) into $BTC and out to a safe place. Funds may not be #SAFU. Below #bfx to #bitstamp premium.
According to @thetokenanalyst, #bitfinex had net #bitcoin outflows of 112,500 $BTC since #tether news broke. That's 620m USD roughly. Assuming #bfx data accurate it would be entire traded volume in BTC to stablecoins since then. Bankrun in slow-motion with no one around noticing.
Further point on this - I have never seen positioning in #bitcoin on #bitmex be so Bullish (ie 1.7x Longs/Shorts) but at the same time seen mex futures in such strong backwardation (ie discount to present). Means market really wants $BTC now, but in three months - not so much.
Read 5 tweets

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