CJWLSN on Nostr: I would not consider it safe to keep tons of bitcoin in an exchange hot wallet but it ...
I would not consider it safe to keep tons of bitcoin in an exchange hot wallet but it was always easy to see on chain that Binance had a ton of bitcoin. Yesterday I received XXX,XXX for the car I sold (A purple lambo to a PEPE coin millionaire), I set ~100 limit orders and bought bitcoin in various amounts and took all of it into cold storage in the same day. Now I can do whatever I want with it. Join, submarine swap, put into lightning node etc.
As I bought btc, I was simultaneously removing it within minutes to my whitelisted address. Out of all the companies I use, not all of them can do this. Most don’t allow same day self custody.
While most exchanges are casinos, I still think a lot of utility is provided by institutionally sized markets and we are a long way away from hyperbitcoinization. We have a ton of work to do before that happens.
As I bought btc, I was simultaneously removing it within minutes to my whitelisted address. Out of all the companies I use, not all of them can do this. Most don’t allow same day self custody.
While most exchanges are casinos, I still think a lot of utility is provided by institutionally sized markets and we are a long way away from hyperbitcoinization. We have a ton of work to do before that happens.