Dogecoin Lead Issues Major Bull Market Warning
Release: 2024/07/21 21:30 Reading: 925
Cover image via U.Today
Prominent Dogecoin enthusiast Mishaboar, a leading figure in the DOGE community, has cautioned crypto investors, especially newcomers, against the perils of "earn" programs and storing substantial cryptocurrency funds on exchanges.
Mishaboar emphasized that during past bull markets, many overlooked warnings about unstable platforms, resulting in substantial losses. Even reputable exchanges like FTX have experienced failures. His advice is unequivocal: Avoid keeping large amounts of Dogecoin (DOGE) or other cryptocurrencies on exchanges.
"Not your keys..."
For Dogecoin holders in particular, Mishaboar strongly discourages storing significant crypto assets in hot wallets such as smartphone wallets or Telegram bots.
Dear #Dogecoin: whatever you are holding or trading, do not keep huge amounts of any crypto into hot wallets (e.g. smartphone wallets) - or, god forbid, telegram bots and wallets. Store crypto you do not plan to trade in cold wallets, and remember to backup your seed phrase (my… — Mishaboar (@mishaboar) July 21, 2024
Instead, he advocates using cold wallets for assets not intended for immediate trading. Trezor's Safe 3 model is mentioned as a reliable and affordable option, while concerns are expressed about Ledger's shift towards centralized services.
A crucial element of Mishaboar's message is the importance of self-custody. While it entails greater responsibility, such as backing up and safeguarding seed phrases offline, it provides a vital defense against potential losses or extended access issues. Self-custody may not be as convenient but dramatically reduces the risk of losing digital assets.
DOGE enthusiasts are further advised to exercise caution with exchange programs that offer yield due to their inherent risks and complexities. These programs may entice with promises of high returns, but they often involve complicated terms that many users do not fully comprehend, posing immeasurable risks.
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