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.
CJWLSN /
npub15y…tsw93
2023-06-10 17:27:31
in reply to nevent1q…3a0z
Author Public Key
npub15yehr5mjz7erdrp82ehrl4pvalph4k4nhrhmp5envph3pnaq2jns7tsw93Published at
2023-06-10 17:27:31Event JSON
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"pubkey": "a13371d37217b2368c27566e3fd42cefc37adab3b8efb0d333606f10cfa054a7",
"created_at": 1686418051,
"kind": 1,
"tags": [
[
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"content": "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. \n\nAs 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. \n\nWhile 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.",
"sig": "3664ff741c11552c88d48faa0c705563402682bd18205019345309464cb053c0476e57d2c5a02d74cf89771d7b455e83e45b7665c7f6701ac95867bee8e67d8c"
}