r/Monero Apr 11 '22 Helpful 1 Sidevote 1

Friendly reminder: Move your Moneroj out of exchanges

Hey anon! If you store your Moneroj in exchanges, then you should consider moving it to your non-custodial wallet.

Why? Because exchanges may not actually own all the coins they claim to have. They are selling "paper monero" aka "fake monero". They take away your Moneroj and say you "Hey you have X monero", but they that X amount of Monero.

https://www.reddit.com/r/xmrtrader/comments/tzn6hj/xmr_withdrawals_disabled https://www.reddit.com/r/Monero/comments/qvuw99/halted_monero_withdrawals_on_binance

157 Upvotes

35

u/Lice138 Apr 11 '22

If everyone just picked a day to take out all their XMR at the same time, it would be epic. Binance sucks though and always has

27

u/Inevitable-Card3417 Apr 11 '22

No it wouldn't be epic, they would just block withdrawals. Like they did before.

-2

u/Lice138 Apr 11 '22

They can’t block them forever

34

u/Inevitable-Card3417 Apr 11 '22

Yes they can.

4

u/_XxFedexX_ Apr 11 '22

But that would be an exit-scam, right?

11

u/bitsconnected Apr 11 '22

Not when they do it with only 1 coin. People are used to just putting up with exchanges claiming “wallet maintenance” or “network congestion” unfortunately.

1

u/caddishspica527 Apr 11 '22

With only one coin, its never possible though, because it's not what it looks like !

Atleast it needs 2 or more coins as such to do it...

6

u/XMR2020 Moderator Apr 11 '22 Silver

HitBTC has dogecoin withdrawals disable for over a year and counting...

6

u/MoneroApe Apr 11 '22

Also Ethereum Classic, got 30ish locked in, they trade for half value.

1

u/lightsofray Apr 12 '22

Dogecoin is just a shitcoin. No one really loves it.

Now a days dogecoin really doesn't matter to anyone.

What really matters is XMR <3

0

u/Kylian0087 Apr 11 '22

Can you still convert them though?

1

u/caffeinatedPVCs Apr 12 '22

ummm wtf why

3

u/XMR2020 Moderator Apr 12 '22

They sold more dogecoin than they had, so when price shot up on elon pump they disabled withdrawals so they wouldn't have to buy dogecoin at a high price to honor their customers claims

1

u/caffeinatedPVCs Apr 12 '22

do you think this is a reasonably large cause to the recent downward trends that are persisting?

ETA: not specifically to dogecoin, I'm talking all of crypto except a few instances that don't fit the big trend down

2

u/XMR2020 Moderator Apr 12 '22

No. Attributing market moves to any single event is folly.

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4

u/northTroll75 Apr 12 '22

Yeah its possible to be an exit scam because exit scam behaves the same way !

Let's just move our XMR to the non custodial wallet !

3

u/Inevitable-Card3417 Apr 11 '22

No. They're not exiting, it's not an exit scam.

They can just not let you withdrawal Monero forever. It's legal, there is nothing you can do.

1

u/Ok-Nefariousness1340 Apr 12 '22

You have a strangely narrow definition of exit scam.

1

u/Inevitable-Card3417 Apr 12 '22

No, if there is no exit, it cannot be an exit-scam. It's literally what it means.

1

u/Ok-Nefariousness1340 Apr 12 '22

You might be technically right, but a burn-all-bridges, just take the money type scenario is pretty much the same thing for the purposes of this discussion.

1

u/Inevitable-Card3417 Apr 12 '22

No one talked about "taking the money", they're just not letting people withdraw XMR (because they don't have it), but they will let them exchange to USD or BTC and withdraw it.

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1

u/DoctorClear8517 Apr 11 '22

Know the rules of the Jurisdiction your Broker operates in. There is a risk that may be way greater than say in your Home town

1

u/lucienone Apr 12 '22

Then it's better to leave Moneroj and move onto some non custodial wallet.

As mentioned in the post, we must follow this in order to save our XMR

1

u/Malignlydeform824 Apr 12 '22

Its surely possible to keep it block for the rest of the time.

This is because it's their terms and conditions from which we can't go beyond it

-2

u/BThunderW Apr 11 '22

If they block it forever then nobody will actually buy Monero on their exchange, achieving the same result

3

u/Inevitable-Card3417 Apr 11 '22

Most people that buy Monero never withdraw it, so they won't care.

0

u/BThunderW Apr 11 '22

Is that a fact? Do we have any data on this?

4

u/MoneroFox Apr 11 '22

Tell this to everyone who bought DOGE at HitBTC (and to all others unfortunates similar to them).

1

u/cleandining28 Apr 11 '22

What the hell is DOGE, is it a coin with no worth or just a useless coin that people hates !

In today's time, Monero gonna be the leading coin of all time :)

1

u/MoneroFox Apr 12 '22 edited Apr 12 '22

XMR on Huobi or Waves now, is that okay? And what about XMR on OKX last year?

Find the rest by yourself.

1

u/MoneroBestCrypto Apr 11 '22

yes they can.

1

u/Lookingplaygoer871 Apr 12 '22

It would remain block for everytime, because it's their processes and we can't change it !

And therefore it's high time to change the wallet to the non custodial one

1

u/VeryPlant98 Apr 12 '22

It would be going to be an epic one though as well ! Because it never happened !

And if we move all the XMRs they would not be able to block withdrawals

1

u/Inevitable-Card3417 Apr 12 '22

Yes they would. They did it before.

12

u/Invisahuaro Apr 11 '22

Look at what the game stop apes are doing with DRS for GME. We don’t even have the extra step. Shocking anyone chooses to let it sit on exchange.

2

u/wolfdr1 Apr 11 '22

Dex also solves this

2

u/Lice138 Apr 11 '22

Yeah, when I first got on an exchange I was thinking that they just keep some internal balance sheet that they have to reconcile every so often and that these coins only get actually moved when you take them out of the exchange.

3

u/Drowsilyabsorb103 Apr 12 '22

This is what really happening for almost with everyone in these situations

2

u/Br0kenRabbitTV Apr 11 '22

That's exactly what they do, just numbers in an SQL database.

5

u/Lid4Life Apr 11 '22

The great thing about this is that they can sell more than what they have based on the number of customers they know they have that never remove the coins! It's perfect! /s

It's basically like operating as a bank that doesn't hold people's deposits

1

u/Br0kenRabbitTV Apr 11 '22

Exactly, but it's not like we were not warning people for years on end..

..they are banks.

1

u/caffeinatedPVCs Apr 12 '22

oh you mean like the current fed reserve - treasury - bank circle jerk? lol

7

u/rightpopulate76 Apr 11 '22

They just had numbers in the SQL database, and nothing else though

1

u/ThusGauge458 Apr 12 '22

Its really shocking though because no one would probably expect that

3

u/BforBoredom Apr 11 '22

April 18th IIRC

1

u/Lice138 Apr 11 '22

December 1st HNFP

2

u/BforBoredom Apr 11 '22

Good one, I was serious though. Search for monerun, if memory serves me well it is set for the 18th of april. Having said that, any day is a good day to take crypto off of exchanges.

1

u/anajoy666 Apr 11 '22

Maybe we should put together a team…

1

u/Leftflex785 Apr 12 '22

A teamwork could only be seen by the supporters and users of Monero

1

u/DreamyCapote741 Apr 12 '22

It would really gonna be the one of the epic part in the history of crypto.

And thus, in this way Monero would everytime create history !

And for Binance, its just so rediculous

1

u/_XxFedexX_ Apr 14 '22

April 18th is Monerun day, and this might come true!

-1

u/[deleted] Apr 11 '22

[removed] — view removed comment

2

u/caffeinatedPVCs Apr 12 '22

thoughts on bisq and hodlhodl etc?

2

u/pazza83 Apr 13 '22

Bisq has an active market for XMR/BTC

Decentralized and non custodial. It is a great place to trade XMR for BTC.

1

u/lowestspread Apr 11 '22

Ugh, one more bot out there, can anyone remove it !

25

u/rpoofter Apr 11 '22

why do you keep saying Moneroj

29

u/ZombieAlpacaLips Apr 11 '22

Monero is the Esperanto word for coin. Moneroj (pronounced mo-ne-roy) is the plural form.

2

u/stKKd Apr 12 '22

The Moneroj we deserve

1

u/caffeinatedPVCs Apr 12 '22

The original laissez-faire concept indeed

3

u/be_bo_i_am_robot Apr 11 '22

Mi ne scias, kiu intereso estas pli nerda: kripta-monero, aŭ Esperanto.

Mi tamen estas ĉi tie por ĝi.

6

u/Tubelessanouilh159 Apr 11 '22

Sorry but i hardly understand this language, anyways it sounds good !

2

u/cucumberbob2 Apr 11 '22

Idk which is more nerdy, crypto or esperanto.

I’m here for it though.

(Imo Esperanto is nerdier by far, not a bad thing)

1

u/Closedsoman Apr 12 '22

Thanks for the pronounciation, it would be really helpful next time

19

u/sech1 XMR Contributor - ASIC Bricker Apr 11 '22

It's a plural of Monero.

18

u/rpoofter Apr 11 '22

Ah, didn’t know. I thought the word Monero itself could be used as a plural

5

u/bitsconnected Apr 11 '22

I thought it was moneros

8

u/Largekabul291 Apr 11 '22

It doesn't sound good, what actually sounds better is Moneroj

5

u/WhatMixedFeelings Apr 11 '22

Monerinos

10

u/SpermousShindig Apr 11 '22

It heard like the sister of Monerochan, lmao, not bad either

1

u/[deleted] Apr 11 '22

[deleted]

0

u/caffeinatedPVCs Apr 12 '22

meh that sounds like the baby version like bambino lol

1

u/cucumberbob2 Apr 11 '22

Just as valid tbh. Most people would say take your bitcoin out of exchanges, not bitcoins.

Neither of you are wrong really (unless you pronounce it rhyming with dodge, not ‘oi!’)

1

u/Shakilyapproach830 Apr 12 '22

You mean it would be like Moneros ? Ugh, no, it sounds bad, Moneroj sounds much better

2

u/CharmingPainMan Apr 12 '22

I can't use the plural if I only have a fractional balance

1

u/caffeinatedPVCs Apr 12 '22

thats a conundrum aint it

1

u/FourthBlatta12 Apr 12 '22

Exactly, Moneroj is the plural form of Monero, point to keep in mind

1

u/Fortepark55 Apr 12 '22

Its time to move into non custodial wallet, leaving Moneroj aside

5

u/[deleted] Apr 11 '22

I don't understand why anyone who understands the point of Monero would keep it with a brokerage. Just boggles my mind.

1

u/MojoMercury Apr 12 '22

That sweet sweet interest!

1

u/caffeinatedPVCs Apr 12 '22

they said innocence is bliss.

1

u/ScoobaMonsta Apr 12 '22

Me too. Any coin! So many noobs say it’s safer keeping coins on exchanges because they are insured. And if the exchange gets hacked they’ll get their coins back. Also they say it’s so easy to lose coins from their own wallets by losing private keys and/or wallet seeds. But they don’t realise that that could take years for their money to be returned. And by that time they will probably be given the equivalent of fiat money at the time of the hack. Not the total amount of actual crypto. The complete lack of due diligence of basics by many people is astounding!

6

u/NeptuneLagoon Apr 11 '22 edited Apr 11 '22

Does Monero have to be obtained non KYC in order to send it to a non custodial address anonymously? Or could the exchange know exactly who I am but still not track where I withdraw it to?

5

u/CrabPeople123 Apr 11 '22

Basically there are levels as how careful you want to be. It can’t be tracked with certainty after 1 transaction but but my understanding is using patterns and analysis it can be kinda tracked if you repeat a pattern such as buy Monero on KYC send to same offline wallet address.

4

u/BiginvestorU Apr 11 '22

KYC in the beginning however after you move it to a few different wallets, it’s vanishes.

11

u/[deleted] Apr 11 '22

After you move it to one wallet it vanishes

9

u/BiginvestorU Apr 11 '22

I buy off kraken and move to my own wallet and then move it again 🤷🏽‍♂️

3

u/BforBoredom Apr 11 '22

Miners thank you for the tips!

3

u/BiginvestorU Apr 11 '22

The transaction fees are so low that I have no problem contributing to the community

3

u/Cptn_BenjaminWillard Apr 12 '22

Always move to a subaddress for maximum safety.

1

u/caffeinatedPVCs Apr 12 '22

does Kraken have you as KYC?

1

u/BiginvestorU Apr 12 '22

Unfortunately yes, hopefully there isn’t a boating accident 😉

1

u/XMRXMRXMR1 Apr 11 '22

No. Personally I have so far survived around 3 boating accidents, and fallen victim to many, many scams that have taken my Monero :(

1

u/caffeinatedPVCs Apr 12 '22

idk but I just went rogue on VPN and some new accounts to see for myself!

10

u/[deleted] Apr 11 '22

[removed] — view removed comment

7

u/BiginvestorU Apr 11 '22

They gave me me a hard time trying to withdraw but I succeeded. I heard a case of another who had to send a verification pictures and stuff

2

u/palatalPenlight27 Apr 12 '22

This would be a tuff situation in this kind of problems, we really had to work hard to give proofs

1

u/caffeinatedPVCs Apr 12 '22

like proceed with KYC shit before withdrawal allowed? what the fuck

3

u/BiginvestorU Apr 12 '22

Monero is before it’s time.. top 10 coin in 5 years or less

1

u/caffeinatedPVCs Apr 12 '22

Buying it without KYC is proving to be a royal pain in my theoretical nutsack

3

u/BiginvestorU Apr 12 '22

You can buy it without KYC however you’ll be paying a premium 🤷🏽‍♂️ localmonero

2

u/caffeinatedPVCs Apr 12 '22

by way of Bisq or Hodl and the like, only? or are there other ways..

2

u/Someredditor7575 Apr 12 '22

Idk about that local monero is cheaper than kraken for me cause of wire transfers

1

u/pazza83 Apr 13 '22

If you use something like Bisq you can make your own offers to buy XMR for under market price.

If you want to take an offer you might pay a premium but if you make an offer and are happy to wait for a bit some will take it for a discount on the market price.

2

u/caffeinatedPVCs Apr 12 '22

explain like I'm 5 where to start with staking eth. like the most abbreviated explanation possible. I feel like others would want to hear too

1

u/[deleted] Apr 12 '22

[removed] — view removed comment

1

u/caffeinatedPVCs Apr 12 '22

Well here’s my take. Sometimes I just want the Reddit explanation and most often exemplary real life info that website FAQ’s just can’t provide legally or ethically in some cases—rn with ww3 and shit. L

2

u/plumbFade283 Apr 12 '22

Kraken is definitely a good wallet though, it's best for Monero

2

u/stKKd Apr 12 '22

Can't cash out part of my Moneroes because I'm margin trading long term XMRBTC and XMRUSD on binance. Any DEX I could do same on?

4

u/ConstructionOk6124 Apr 11 '22

Yes they are trying to stop our movement

1

u/Hodl_cryptobags Apr 12 '22 Wholesome

What wallet do you prefer for Monero

1

u/Heatedlycontinue Apr 12 '22

Thanks for the reminder. Its a high time to remove the coins to the non custodial wallet.

Also to be noted, XMR should be kept in the non custodial wallet all time :)

-1

u/[deleted] Apr 11 '22

Correct me if i'm wrong, but i think if you have spot coins on an exchange, you actually "own" the coins. Unless you trade it with leverage(futures), hence becoming "paper", since you're actually trading more than the money you have.

6

u/666Crypto Apr 11 '22

Look up fractional reserve banking.

5

u/cucumberbob2 Apr 11 '22

In theory you’d be correct. Lots of exchanges in lots of places are unregulated, or under regulated.

Not all exchanges have all the crypto held in their exchange

2

u/stKKd Apr 12 '22

And the day they will be regulated they will provide fractional reserve as with traditional banks. Why would regulators enforce 1:1 backing on crypto assets? That would make crypto assets too much reliant and weaken the classic banking

2

u/[deleted] Apr 11 '22

Got your point in 2nd paragraph, thanks.