GM. You can’t withdraw Bitcoin from exchange in Singapore… 
Discussion
I meet people who think going on coinbase and keeping bitcoin there is fine… like the dog in the burning apartment meme… that cold storage is “how you lose your bitcoin” 😂
I have been trying so hard to get my friends who still use Coinbase to move everything out.
Inertia is no joke.
I am not sure if this is con crypto, or is "just" con moving money abroad. At the end, does not matter, we need to self-custody.
It’s so easy to do, yet so hard to convince people to do.
I think one big barrier is responsibility. It requires absolute responsibility.
If your wallet is hacked, it is hacked forever. You can't ask someone to help... You are either fast, or you lost all. Also if you lose the keys, you are lost again.
Those people should just probably hold the ETF.
Maybe. I heard in the Bitcoin Dad podcast an interesting thought, that by enabling the BTC etf now, would allow money to flow out of current system in some way, and could cause a lot of people getting rekt. So might not be the best decision. Somehow I see some potiential bad scenarios for it.
Not sure I follow. Why would they get rekt? Can you give me the gist of it?
The latest request by the SEC to make the ETFs a “cash creation” would make the ETF hold cash instead of the actual bitcoin for the customer and if the don’t have to show proof of reserves, they can suppress the price (ex. Blackrock holds the cash and buys/holds at Coinbase). Could be insolvent if bitcoin rips and they don’t have enough bitcoin for customer withdrawals (if allowed).
Yuck. 🤢
Mainly this 👆 I didn't know about the "cash holding" though.
But at the end, it's a custodian, and they might not store the "bought" amount of btc, and when people want to take out, they won't be able to service it. I guess you won't be able to self-custody from this any way. You will only be able to sell your asset, but if it turns out they have less btc, the etf price will drop, and you lose.
Not an expert on this but I've seen a couple of explanations of what a "Cash Create" means, and this is the sort of thing I see:
My understanding is the existing Spot ETFs in Canada (which we've had a couple of years now) use Cash Creates and they've always tracked the BTC price well.
Afraid more and more exchanges worldwide gonna follow these regulation rules.
HOLY FUCK
😮
Do they also circumvent the movement of other capital?
I guess when the economic situation is so bad as now, and the cost of debt is so high, smaller "players" has to circumvent that capital move to abroad, and external wallet is permissionless... so can move whereever it wants.
Whatttttt
At the same time, they’re testing a wholesale CBDC.
America in 2 years
why would you want to take self custody of your bitcoin when you can buy BlackRocks etf?
Only criminals need to self custody bitcoin!
wtf. I know Gemini Singapore lets you do it so it must be a coinbase thing. Setting everyone up for a rug pull ????
Oof. Scary.
That’s pretty bad and also surprising given Singapore ranks pretty high on economic freedom
Time to buy btc peer-to-peer (like the Vexl app, create/join signal groups for peer-to-peer btc trading, etc).
In Singapore, they shouldn't call it bitcoin anymore.
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Bastard sell outs
"And then they fight you"
nostr:note1w5zfp3dgnta6rvr5xa2krzlx536ultynuqvhwafnz2h97h8s02vsrwdday
Buy as many BTC as you can then transfer to cold storage immediately. It’ll eventually happen in the US and when it does…
Singapore outings its “Switzerland is SEA” reputation at risk.
Why are people buying from CEXes, again?
I sense a strong disturbance in the force that this will happen soon in Thailand.
Anyway, GM, plebs #siamstr
#siamstrOG
Same here in South Korea. Exchanges are not allwoing direct withdraw to the cold wallet unless below 1000$ amount of coins. We have to move our coins to a specific foreign exchange where they are allowing like Binance Global. Then from there we can withdraw our coins to cold wallet.
The best part is Korean exchange Bitcoin withdrawal fee is 90,000 sats. And we have to pay fee to Binance too.
wow then they fight you indeed!