Just another day to remind you just why you need to lessen the way you interact with centralized exchanges. Everyday I keep getting new reasons why I need to stay out of centralized exchanges because, when their decision is made, there is nothing you can do. These are people you don’t know and trusting them with your money can be risky, It’s the internet, their staff can work anywhere in the world and they don’t have an office, so if they decide to disappear with your money there is nothing you can do about it except you sue them. I don’t even know how that works.
Centralized exchanges own your assets, your assets are held by them in your favor, they have the keys to your wallet and do whatever they want to do. That’s how much access they have over your assets, this is why it’s always good to do your own research while trying to choose what crypto exchanges to use. In as much as we know the risk, that is usually the easiest way to get crypto. Except you have access to crypto marchants where you can pay fiat and they send the coin to your DEX Wallet also known as P2P but without escrow.
They can always have reasons to hold your assets like what I am experiencing right now. I wrote a post on Solana DownTime Ruined My Day, this experience just gave me reasons why I will dissociate myself from Solana till they rectify their blockchain random shut downs. I sent SOL to my DEX wallet to buy an NFT, the blockchain congestion discouraged me, so I decided to not to use that SOL to buy the NFT anymore. I got the SOL from another exchange(Binance) to do the transaction since Huobi has ce decided to withhold my SOL till further notice.
Couple of hours later, Solana blockchain network got restored and they had to reject transactions that were implemented before the network shut down. I made some withdrawals on my Binance wallet and my phantom wallet before and during the blockchain shutdown, after restoration, the transactions got rejected and I got my SOL back from phantom and Binance. But didn’t get my SOL back from Huobi, it’s been 2 days since the Solana blockchain network shutdown event which has been rectified but Huobi has refused to released all SOL transactions till further notice.
I have sent them emails and communicated through telegram but they keep saying I should be patient, they are hoping that SOLANA rectify their issues totally before they start restoring all Solana transactions. But DEX wallets have returned my SOL, so has Binance but why not Huobi?
This is the reason why decentralized finance is way better, because it’s supposed to be free of human errors all thanks to blockchain smart contracts. Since the network failed, the right thing the blockchain had to do was reject transactions and return my SOL back to my wallet. But Huobi has other plans for restoration, telling me their technicians are working on.
This is the reason I feel more safer with Hive because it’s decentralized and no one has access to my account except me. No one can withhold my transaction for 2 days and tell me the technicians have been working on it.
