“How can I trade coins on your exchange you don’t hold anymore after the hack?”
Just one of SO MANY comments I’ve seen today where people truly don’t understand how centralized exchanges (CEX) such as Binance, Kucoin and others work.
Let’s look into it.
A thread.
1/ when you send funds to a CEX you are sending the token from your wallet to theirs.
The exchange then holds them on your behalf (in escrow) in their own wallets.
They credit your “account” on the exchange with your coins
2/ this is why people say “not your keys, not your coins”.
The exchange now owns your coins.
They can choose to do anything they want with them - including stopping you from withdrawing them, disappearing with them or allowing hackers to take them.
A LOT of confusion about what Metamask and ETH actually are as people scramble to sell
I’ll try to ELI5
1/
Ethereum is a blockchain. Think of it like your bank account
Metamask is a wallet that draws from and sends info to the blockchain. Think of it as your bank’s app
2/
If a token doesn’t show in Metamask, or a transaction is stuck this is an error in your “bank app”
As long as the bank’s record of your money is correct, there’s nothing to worry about.
Copy your wallet address, go to etherscan.io and paste it
3/
This is like the bank’s record of your account.
Now you can check pending transactions, as well as balances of all your tokens.
If the transaction that is “stuck” isn’t there, the problem is Metamask didn’t send it to the blockchain. Reset it metamask.zendesk.com/hc/en-us/artic…
The news about being migrated and implementing multisig is a hot topic right now.
But what is multisig exactly?
A THREAD (and a little story!)
1/ In 2017/18 I was blessed to be part of a team who were heavily involved in undertaking Fundamental Analysis for high net worth individuals and later institutional investors.
2/ At that time it mostly involved studying ICOs for safety, viability and potential returns.
As time went on more institutional investors were approaching us to advise on whether there was a path to them being able to get exposure to crypto markets.