A good review from NextAdvisor/@TIME about why Binance.Us, while in theory more compliant with U.S. regulators, is not a great option as an exchange.
Their point about security is spot-on, especially after the recent wallet disaster. #DOGE
time.com/nextadvisor/in…
Their point about security is spot-on, especially after the recent wallet disaster. #DOGE
time.com/nextadvisor/in…
We talked a lot about why holding on ANY exchange should not be done.
The recent wallet incident anyhow, also through the official press release released by #Binance, points at the fact their infrastructure was obsolete and/or not maintained with the needed care. #DOGE
The recent wallet incident anyhow, also through the official press release released by #Binance, points at the fact their infrastructure was obsolete and/or not maintained with the needed care. #DOGE
The first hint is that they had been using Dogecoin Core 1.14.0, a version released in 2019 (2 years and a half ago). This is prehistoric by cryptocurrency standards.
The second hint is that they seem to have ignored recommendations provided to them by the #Dogecoin devs.
The second hint is that they seem to have ignored recommendations provided to them by the #Dogecoin devs.
The third hint is that the upgrade has been handled very poorly, without proper testing, planning, and engineering.
This gives one the right to doubt also their "strategy" (in the hope they have one) for long-term storage of their #Doge.
This gives one the right to doubt also their "strategy" (in the hope they have one) for long-term storage of their #Doge.
The first step they can do to address this is to provide a detailed overview of their current wallet implementation 𝗳𝗼𝗿 #𝗗𝗼𝗴𝗲𝗰𝗼𝗶𝗻, alongside information about third parties and insurers auditing their current storage situation.
Finally, avoid Binance.US because they have the highest withdrawal fees I have seen on the market so far: 50 $Doge for a Doge withdrawal on the #Dogecoin network.
This pushes people to use the cheaper BSC option, which gives you only a tokenized IOU, not real Doge.
This pushes people to use the cheaper BSC option, which gives you only a tokenized IOU, not real Doge.
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