PSA: when getting monero from a centralized exchange, ALWAYS withdraw your funds to your non-custodial wallet when you can (lemmy.dbzer0.com)

submitted 5 months ago by aldalire@lemmy.dbzer0.com to c/monero@monero.town

16 comments fedilink hide all child comments

Unless you enjoy holding paper monero, and letting centralized exchanges get away with fractional reserves, always withdraw your crypto!

you are viewing a single comment's thread
view the rest of the comments

[-] azalty@jlai.lu 3 points 5 months ago

The best prices are on CEX

[-] shortwavesurfer@monero.town 5 points 5 months ago

*for now. Imo its worth paying a bit more to use it in a pure way. The only reason centralized exchanges have a better price is because they have more liquidity. So as decentralized exchanges get more of the liquidity, the prices will narrow due to seller competition

[-] aldalire@lemmy.dbzer0.com 1 points 5 months ago

True this though. The future of monero is in DEXs. Monero will for sure get banned and be categorized as a tool for money laundering.

[-] shortwavesurfer@monero.town 1 points 5 months ago

Governmyth hates it. Equals call it money laundering. Problem solved.

[-] aldalire@lemmy.dbzer0.com 4 points 5 months ago* (last edited 5 months ago)

DUDE rightt. I remember when the FBI seized the domain of z-library they listed “money laundering” as one of the reasons they took it down on the seized website 😂 like dude z-library gives out pirated ebooks.

I internally translate money laundering as “improper use of money”. They’ve made using money in ways they don’t like a crime, instead of actually stopping crime

[-] aldalire@lemmy.dbzer0.com 1 points 5 months ago

This. All the CEX would know is “this guy bought monero and put it in a wallet (I make it a point to never reuse receive addresses). I have some plausible deniability of losing all my monero in a gambling accident or spending it all by never withdrawing it to one wallet, plus i get good prices