Steem is a safe haven compared to other places.

in #steem5 years ago


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I have been reading a few articles today how Binance was hacked yet again. This is bad news for crypto currencies in general as it creates fear and doubt. I know as I was on the receiving end of a hack over a year ago on Binance and what could have been stopped by them wasn't. The back up and support just wasn't there and in my eyes they are losing more than just customers.

Steem on the other hand has a 13 week power down to safe guard your funds and was one of the things that attracted me. I know the majority would love instant access to their portfolio, but it does two things which are needed.

Firstly it stops the market from being flooded by users powering down and hitting the exchanges possibly forcing the price down. Secondly it protects you the user as it gives you time to stop your funds disappearing if someone is tampering with your account.

I think this is one of the biggest selling points of Steem for the masses as they can feel secure knowing that the system protects them. The system that so many users bitch about could actually create more of a demand due to the 13 week power down. It was appealing to me and it makes perfect sense to secure your funds.

I wish Binance had a similar sort of system or at least give you a choice to have a delay. A system like a 48 hour delay from withdrawing your funds as it would allow you to sort out any irregularities. That would be the only condition I would go back in as I still see it as a gamble using them today. Krakken was much better as they locked my account for me and waited for my response first. Binance is all about the money and the customer second which is only asking for a disaster.

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EOS has a three day wait when you unstake your tokens. It has saved a lot of people I think. You are right, it is a strong selling point of Steem and a good process to have in place.

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its indeed safer for your coins here on steem even though the value of them is not really what we wish it to be :-)

7000 bitcoin . Don’t know how their security systems didn’t flag this .

What has always worried me more is what happens if the problem is with internal security breaches with their staff. They would have access to all the info and anything is possible.

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