How can funds be locked in your own wallet using a decentralized exchange?
Sell your coins from your own wallet on a dex for USDC, move coins from your own wallet back to the US exchange you are verified on, and sell for USD, then deposit $ in your bank account.
Yes, there are fees involved from purchasing on a Dex, or moving tokens from any exchange to your own wallet and back, but no one can lock anything up on you if you control them...
I think everyone (especially US traders) should be officially verified on at least one US exchange open to them. Keep your verified US exchange active by keeping a few coins in and actively trading every so often. Also make transfers from your Cex wallet to your own personal wallet every now and again (small first to test). This way the easy road to USD is always open and doesn’t look shady when you all of a sudden transfer coins in. Use your own wallet (ledger, etc) for the majority of your funds/long term holdings. Don’t invest what you can’t see losing, and don’t keep anything on exchanges you don’t want to lose/be locked out of either. Consider these the golden rules and live like it could happen tomorrow. This isn’t stocks, schwab, or robinhood. Unfortunately very few people care about your loss, that you accidentally sent something to the wrong address, got scammed/hacked, or locked out of 100k because you were on an exchange you shouldn’t be using. Or locked out simply because it’s Tuesday and the exchange sensed something “shady”. You barely have any recourse on verified US exchanges; you have almost zero chance everywhere else. 99.999% probability it either takes months to solve - if you ever even speak to anyone (you won’t), and your mistake or naivety cost you everything. It is what is. Not many rules for centralized exchanges and decentralized means exactly that. Understand this before you deposit a penny into crypto. Listen to the people who have been through it all. We aren’t making shit up. It sucks to learn the hard way. But the Wild West volatility is also what can make the risk worth it if you educate yourself first and are extremely careful.
*side note - KuCoin does seem better at Customer service than many others, even US ones. But still.. the rules apply to all as far as your concerned.
But I digress...more word vomit below...
Even without a Cex (CB, KRKN, etc) there are other creative ways of selling back for USD. Using a Cex is just the familiar route people like to take and feel “safer” doing. We like the convenience of having the “ok” from overlords in this space. Their acceptance creates businesses which help make the market more accessible and easier for us to use. We then get used to that ease and think there’s no other way; but there is and always will be other ways.
Unless they ban the internet, or the US decides to go all China and start banning sites (we have way bigger problems then), I don’t think they can stop any of this. Especially when so many countries (many western) are not only allowing it, but also investing in businesses to grow the tech to make it more accessible and easier for people. To include decentralization which by in large removes authority and control (and also recourse if you fuck up).
Gov and hedge funds can hop on in and buy all they want. They certainly have $ and are good at spreading propaganda and fear to manipulate the prices, but they can’t make the people believe their bull shit, they can’t make us sell, and they certainly can’t stop the people from innovating and creating tech that’s better, more stealth, and making that our new “thing” to invest in. They don’t control this space and they know it; so they act like they do instead.
As for China (the gov, not the people), they are a big county with many valuable players, but the rest of the world is more than capable of picking up where they decide to leave off, or “ban”. And when I say the rest of the world I don’t mean our governments picking up this slack, I mean the PEOPLE. The nerds in their parents basement to the nerds in the office. Complete strangers all over the world coding in their spare time and all working together to make something new and great. Open source, with no entity controlling the roots or foundation of any of it. Don’t ever forget how this crypto world started. It really is both amazing and humbling to see so many projects collectively worked on and improved in this manner today.
China is more than welcomed to China and do as they wish all they want, but it means nothing long term in the grand scheme of things. Although I do feel bad for Chinese citizens who would be hurt from this, its unfortunately nothing new to them.
On the bright side, the rest of the world will gladly take over. We’ll keep it all going! Not just for us, but for the Chinese people too.
The entire movement and idea is way more than just mining, exchanges, and money.
Any Short term setbacks are gladly accepted and will be well worth it in the end, because freedom.