create account

$1.5 Billion Bitcoin Exodus from Coinbase by melbourneswest

View this thread on: hive.blogpeakd.comecency.com
· @melbourneswest · (edited)
$11.02
$1.5 Billion Bitcoin Exodus from Coinbase
![](https://images.ecency.com/DQmbjSG8Hr8ynpBfbkfxCXe92JLN7nDfTjVnbSCNNxSKLGd/_1.5_billion_bitcoin_exedus.jpg)


# $1.5 Billion Bitcoin Exodus from Coinbase
Coinbase continues to take another hit recently having $US1.5 Billion [worth of Bitcoin](https://cryptoslate.com/binance-publishes-btc-proof-of-reserves-to-provide-more-transparency-on-customer-funds/) withdrawn from it's service and while this doesn't mean Bitcoin is being dumped it indicates the loss of faith towards centralised exchanges and the risk imposed on investors. 

While keeping your assets on an exchange may provide ease of access it is important to note that while your assets are held there the exchanges continue to use your assets to trade to other investors. This form of business model is what has led to many crashes and losses of digital assets and it is where the term *Not your keys not your asset* comes from. 

Due to the lack of regulation if an exchange sells your tokens to other users and they withdraw them or utilise them in high risk investments if they are lost exchanges can find it hard to replace the lost tokens leading to freezing of accounts and suspension of trading. 

![](https://images.ecency.com/DQmTTmWKNnHSfdau71kcaszct7qQvCpwrPepb1CF64KGcvQ/_1.5_billion_bitcoin_exedus_1_.jpg)


### Traditional Banking
Traditional fiat banking undertakes this form of trades and it is how the loan system works however the sector is regulated and Banks tend to have insurance and government backing in the event of something goes horribly wrong like it did in the 2008 global financial crisis. 

This is something that crypto exchanges do not have in their arsenal to protect investors and they aren't even required to actually hold the assets they are selling you. For all you know the asset showing up in your wallet on an exchange may not even be there. 

![](https://images.ecency.com/DQmRZs2j1kBPrwnYe7kSSTYBB283GG7wcXhVGuc5ii8rjo4/_1.5_billion_bitcoin_exedus_2_.jpg)


 ### Gold Backed
The method isn't new either with it first coming to market when money was [gold backed](https://firstgold.com.au/site/page/view/gold-price-history) and credit notes or paper money was tied to the amount of gold you had in savings. This was also a way to ensure Gold was kept safe and reduced the amount of skimmed gold coins that were coming into circulation. 

As previously coins were not the shape they are today and often had rough edges and without the proper equipment to measure weight people would often skim the edges of precious metal coins reducing their size and weight unnoticeably and then melting down the off cuts in order to create a new coin. 

Later on ridged coins like we have today came into circulation so people would know if coins were ground back, although as they're no longer made of precious metals anymore unless investment the issues isn't as concerning today as it was yesterday. 

![](https://images.ecency.com/DQmX9KLHJQm9jcPtoRsdAMbVcntqX4oCqgQF7h9gSD7jw7Q/_1.5_billion_bitcoin_exedus_3_.jpg)


### Binance Proof Of Reserve 
In other news to ensure market confidence and to take the upper hand in the market Binance has developed a [Proof Of Reserve ](https://decrypt.co/115568/binance-launches-proof-reserve-system-for-bitcoin-ethereum-coming-near-future) system and the numbers are looking good with the centralised exchange building it's holdings. Currently Binance has [575,742.4228](https://cryptoslate.com/binance-publishes-btc-proof-of-reserves-to-provide-more-transparency-on-customer-funds/) customer held Bitcoins and it has also managed to add an additional 6,743.5074 Bitcoins which is 1% higher than customer deposits. 

This means that if everyone all of a sudden decided to withdraw their Bitcoin funds from Binance the network would still have Bitcoins to continue trading with which means everyone participating on Binance won't end up with ghost wallets. 

Users can verify their Bitcoin Assets on Binance by utilising the [Proof of Reserve service](https://www.binance.com/en/support/announcement/binance-releases-proof-of-reserves-system-0c7a786cbe8c4e108f3301385ab61e39).

*Image sources provided supplemented by Canva Pro Subecription. This is not financial advice and readers are advised to undertake their own research or seek professional financial services*

Posted Using [LeoFinance <sup>Beta</sup>](https://leofinance.io/@melbourneswest/usd1-5-billion-bitcoin-exodus-from-coinbase)
👍  , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , and 96 others
👎  
properties (23)
authormelbourneswest
permlinkusd1-5-billion-bitcoin-exodus-from-coinbase
categoryhive-167922
json_metadata"{"app":"ecency/3.0.29-vision","format":"markdown+html","tags":["bitcoin","coinbase","binance","neoxian","proofofbrain","mancave","ctp","archon","leofinance"],"canonical_url":"https://leofinance.io/@melbourneswest/usd1-5-billion-bitcoin-exodus-from-coinbase","links":["https://cryptoslate.com/binance-publishes-btc-proof-of-reserves-to-provide-more-transparency-on-customer-funds/","https://firstgold.com.au/site/page/view/gold-price-history","https://decrypt.co/115568/binance-launches-proof-reserve-system-for-bitcoin-ethereum-coming-near-future","https://cryptoslate.com/binance-publishes-btc-proof-of-reserves-to-provide-more-transparency-on-customer-funds/","https://www.binance.com/en/support/announcement/binance-releases-proof-of-reserves-system-0c7a786cbe8c4e108f3301385ab61e39","https://leofinance.io/@melbourneswest/usd1-5-billion-bitcoin-exodus-from-coinbase"],"image":["https://images.ecency.com/DQmbjSG8Hr8ynpBfbkfxCXe92JLN7nDfTjVnbSCNNxSKLGd/_1.5_billion_bitcoin_exedus.jpg","https://images.ecency.com/DQmTTmWKNnHSfdau71kcaszct7qQvCpwrPepb1CF64KGcvQ/_1.5_billion_bitcoin_exedus_1_.jpg","https://images.ecency.com/DQmRZs2j1kBPrwnYe7kSSTYBB283GG7wcXhVGuc5ii8rjo4/_1.5_billion_bitcoin_exedus_2_.jpg","https://images.ecency.com/DQmX9KLHJQm9jcPtoRsdAMbVcntqX4oCqgQF7h9gSD7jw7Q/_1.5_billion_bitcoin_exedus_3_.jpg"],"thumbnails":["https://images.ecency.com/DQmbjSG8Hr8ynpBfbkfxCXe92JLN7nDfTjVnbSCNNxSKLGd/_1.5_billion_bitcoin_exedus.jpg","https://images.ecency.com/DQmTTmWKNnHSfdau71kcaszct7qQvCpwrPepb1CF64KGcvQ/_1.5_billion_bitcoin_exedus_1_.jpg","https://images.ecency.com/DQmRZs2j1kBPrwnYe7kSSTYBB283GG7wcXhVGuc5ii8rjo4/_1.5_billion_bitcoin_exedus_2_.jpg","https://images.ecency.com/DQmX9KLHJQm9jcPtoRsdAMbVcntqX4oCqgQF7h9gSD7jw7Q/_1.5_billion_bitcoin_exedus_3_.jpg"],"description":"![1.5 Billion Bitcoin Exedus.jpg]( Billion Bitcoin Exedus.jpg].5%20Billion%20Bitcoin%20Exedus.jpg) $1.5 Billion Bitcoin Exodus from Coinbase Coinbase continues to take another hit recently having $US1.5"}"
created2022-11-26 03:19:24
last_update2022-11-26 03:21:15
depth0
children6
last_payout2022-12-03 03:19:24
cashout_time1969-12-31 23:59:59
total_payout_value5.526 HBD
curator_payout_value5.499 HBD
pending_payout_value0.000 HBD
promoted0.000 HBD
body_length4,428
author_reputation387,480,954,977,633
root_title"$1.5 Billion Bitcoin Exodus from Coinbase"
beneficiaries[]
max_accepted_payout1,000,000.000 HBD
percent_hbd10,000
post_id118,620,391
net_rshares22,409,453,217,168
author_curate_reward""
vote details (161)
@india-leo ·
Indiaunited Curation 1669433849516
This post has been manually curated by @bhattg from Indiaunited community. Join us on our [Discord Server](https://discord.gg/bGmS2tE). 

Do you know that you can earn a passive income by delegating your Leo power to @india-leo account? We share 100 % of the curation rewards with the delegators. 

<sub>**Please contribute to the community by upvoting this comment and posts made by @indiaunited.**</sub>
properties (22)
authorindia-leo
permlinkindiaunited-1669433849516
categoryhive-167922
json_metadata{"app":"hiveblog/0.1","tags":["bitcoin","coinbase","binance","neoxian","proofofbrain","mancave","ctp","archon","leofinance"]}
created2022-11-26 03:37:30
last_update2022-11-26 03:37:30
depth1
children0
last_payout2022-12-03 03:37:30
cashout_time1969-12-31 23:59:59
total_payout_value0.000 HBD
curator_payout_value0.000 HBD
pending_payout_value0.000 HBD
promoted0.000 HBD
body_length405
author_reputation1,879,941,929,661
root_title"$1.5 Billion Bitcoin Exodus from Coinbase"
beneficiaries[]
max_accepted_payout1,000,000.000 HBD
percent_hbd10,000
post_id118,620,650
net_rshares0
@jfang003 ·
RE: $1.5 Billion Bitcoin Exodus from Coinbase
A lot of people are afraid so I am not surprised to see the exodus. At the same time, I wonder how accurate that service is. I wouldn't be surprised if the numbers were puffed up a bit but finding out that would take time.

Posted Using [LeoFinance <sup>Beta</sup>](https://leofinance.io/@jfang003/re-melbourneswest-2jxqx6)
👍  
properties (23)
authorjfang003
permlinkre-melbourneswest-2jxqx6
categoryhive-167922
json_metadata{"app":"leofinance/0.2","format":"markdown","tags":["leofinance"],"canonical_url":"https://leofinance.io/@jfang003/re-melbourneswest-2jxqx6"}
created2022-11-26 08:31:12
last_update2022-11-26 08:31:12
depth1
children1
last_payout2022-12-03 08:31:12
cashout_time1969-12-31 23:59:59
total_payout_value0.000 HBD
curator_payout_value0.000 HBD
pending_payout_value0.000 HBD
promoted0.000 HBD
body_length323
author_reputation198,813,548,557,206
root_title"$1.5 Billion Bitcoin Exodus from Coinbase"
beneficiaries[]
max_accepted_payout1,000,000.000 HBD
percent_hbd10,000
post_id118,625,097
net_rshares41,675,129,161
author_curate_reward""
vote details (1)
@melbourneswest ·
Yup if it's not your keys it's not your asset. 
properties (22)
authormelbourneswest
permlinkre-jfang003-20221126t23326903z
categoryhive-167922
json_metadata{"tags":["hive-167922","leofinance"],"app":"ecency/3.0.34-mobile","format":"markdown+html"}
created2022-11-26 12:32:06
last_update2022-11-26 12:32:06
depth2
children0
last_payout2022-12-03 12:32:06
cashout_time1969-12-31 23:59:59
total_payout_value0.000 HBD
curator_payout_value0.000 HBD
pending_payout_value0.000 HBD
promoted0.000 HBD
body_length47
author_reputation387,480,954,977,633
root_title"$1.5 Billion Bitcoin Exodus from Coinbase"
beneficiaries[]
max_accepted_payout1,000,000.000 HBD
percent_hbd10,000
post_id118,628,956
net_rshares0
@poshtoken ·
https://twitter.com/1291387911238086664/status/1596343986352181248
<sub> The rewards earned on this comment will go directly to the people( @melbourneswest ) sharing the post on Twitter as long as they are registered with @poshtoken. Sign up at https://hiveposh.com.</sub>
properties (22)
authorposhtoken
permlinkre-melbourneswest-usd1-5-billion-bitcoin-exodus-from-coinbase13084
categoryhive-167922
json_metadata"{"app":"Poshtoken 0.0.1","payoutToUser":["melbourneswest"]}"
created2022-11-26 03:24:33
last_update2022-11-26 03:24:33
depth1
children0
last_payout2022-12-03 03:24:33
cashout_time1969-12-31 23:59:59
total_payout_value0.000 HBD
curator_payout_value0.000 HBD
pending_payout_value0.000 HBD
promoted0.000 HBD
body_length273
author_reputation2,037,571,250,772,510
root_title"$1.5 Billion Bitcoin Exodus from Coinbase"
beneficiaries
0.
accountreward.app
weight10,000
max_accepted_payout1,000,000.000 HBD
percent_hbd0
post_id118,620,452
net_rshares0
@young-kedar ·
$0.02
People are indeed beginning to learn the importance of self custody. CEXs are literally banks with no regulations. So it's never a good idea to keep one's assets on their platforms. I think the Proof Of Reserve will help in calming the waters of the crypto ocean. 
👍  
properties (23)
authoryoung-kedar
permlinkre-melbourneswest-20221126t81857919z
categoryhive-167922
json_metadata{"tags":["bitcoin","coinbase","binance","neoxian","proofofbrain","mancave","ctp","archon","leofinance"],"app":"ecency/3.0.29-vision","format":"markdown+html"}
created2022-11-26 08:18:57
last_update2022-11-26 08:18:57
depth1
children1
last_payout2022-12-03 08:18:57
cashout_time1969-12-31 23:59:59
total_payout_value0.010 HBD
curator_payout_value0.010 HBD
pending_payout_value0.000 HBD
promoted0.000 HBD
body_length264
author_reputation20,007,214,971,547
root_title"$1.5 Billion Bitcoin Exodus from Coinbase"
beneficiaries[]
max_accepted_payout1,000,000.000 HBD
percent_hbd10,000
post_id118,624,948
net_rshares42,027,973,233
author_curate_reward""
vote details (1)
@melbourneswest ·
Yup, self custody is important and if exchanges want people to take a risk of leaving their tokens on their systems then they need to he rewarding those users a lot more.
properties (22)
authormelbourneswest
permlinkre-young-kedar-20221126t233124831z
categoryhive-167922
json_metadata{"tags":["hive-167922","bitcoin","coinbase","binance","neoxian","proofofbrain","mancave","ctp","archon","leofinance"],"app":"ecency/3.0.34-mobile","format":"markdown+html"}
created2022-11-26 12:31:24
last_update2022-11-26 12:31:24
depth2
children0
last_payout2022-12-03 12:31:24
cashout_time1969-12-31 23:59:59
total_payout_value0.000 HBD
curator_payout_value0.000 HBD
pending_payout_value0.000 HBD
promoted0.000 HBD
body_length170
author_reputation387,480,954,977,633
root_title"$1.5 Billion Bitcoin Exodus from Coinbase"
beneficiaries[]
max_accepted_payout1,000,000.000 HBD
percent_hbd10,000
post_id118,628,934
net_rshares0