Hey guys welcome to this Ready Set crypto article this is gonna address finances downtime and how you need to think about things critically first and foremost finance has not been hacked finances not been DDoS finance has not exit scammed your cryptocurrencies are safe according to the CEO they experienced a server issue on their replica database cluster causing some data to be out of sync they need to resync from the master and due to the size of the data it will take several hours look technology is a complicated thing finance has only been operating since
July of 2017 so they're relatively new to space while you might think that having their server down for 24 hours is unforgivable they have been very communicative with the community they
will reopen at an 11 p.m. Eastern time for my fellow Americans and 4 a.m. Universal Time for everyone else prior to trading coming back online they'll a 30-minute window where you can
cancel your previous orders the Zendesk servers are still down probably because everybody has been freaking out but they're talking with them and they'll have them working as soon as possible there's no mention of compensation as no exchange can guarantee 100% uptime while
it will be nice for them to save some face I think their focus right now is getting the system back online before there is a consideration of compensation here's the thing if you're freaking out about this it's because if one of two things you are either believing people who are intentionally misleading you or you have weights much crypto sitting on Finance and are panicking that you lost it let's address the first point don't believe the media hype and fun think rationally for about one second here the best place to source your info is from the source itself if anyone claims to have insider info they're full of BS John McAfee I'm specifically looking at you anyone who claims that by Nance has been hacked is preying on your inhibitions why do I know this think
about it for a second why would by Nance be so communicative if they were covering up a hack why would they provide updates every two hours if they had lost your funds why would they be look to reopen the exchange with around 24 hours of downtime if they had been compromised if they had been hacked like mount GOx they would be very shady give vague updates and basically try to draw this out as long as possible like mount cox did additionally if they're trying to steal your funds like a bit connect there's way too many reasons that's a false narrative just think about the timing here the market is near the all-time low for the year if they wanted to make off like a bandit they would wait until the market recovers furthermore the CEO was just featured on the cover of Forbes they're killing it right now and there'sno reason they Dex a scam while they're still getting capital and popularity the people spreading false narratives want to freak you out because they can profit off your fear if finance opens its doors and everybody rushes in to sell those people are gonna come in and scoop up a bunch of crypto at discounted prices all while saying thank you on their way out the door so now let's address the second point
you're freaking out right now because you've got a bunch of crypto on Finance if you've been
around this channel for a while it's basically my catchphrase to say exchanges are the least secure places to store your crypto and that's the truth but ok I get it exchanges are convenient especially if you're a trader and you want to catch the swings finance has a ton of volume so a large amount of day traders hang out there look I'm gonna level with you I've got some funds on bina's as well it might sound like I'm not following my own advice but really comes down to them not having good wallet options and it's a small enough amount that if I really did lose it I wouldn't be that upset and here's the thing I'm not at all concerned the buying and staff is working hard and they're gonna get their platform back up tonight probably if you're panicked
right now calm down don't be like the herd and sell your crypto the moment finance comes back online because you'll probably lose out if this is the first time you felt concerned that your crypto is lost use it as an opportunity to learn and protect yourself against a future exchange
hack get your crypto off the exchanges and you won't have to worry about the stuff anymore as always guys do like Starman does don't panic it's gonna be alright so guys thank you very much for watching if you enjoy the video please hit the like button and if you're new here please hit that subscribe button so you can continue to see high-quality crypto analysis and don't forget to hit thebell next to the subscribe button to be notified when we put out new artices thanks again for reading guys I'll catch you in the next one Cheers.
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