Crypto Wallet Disabled -- No Worries -- Trade Away
On the various crypto exchanges, we are likely to come across issues with crypto wallet maintenance, sometimes on a regular basis. The waiting is not really the issue, but rather the timing of these events. Ready to take profits? Sorry, wallet’s down. Seriously, this is unbelievable. It is very important to know -- which most, but not all, of you probably do: You can still trade a crypto on an exchange even if the wallet is disabled. I wish I had known that I could trade, and don't know why I didn't realize this.
Recently, I purchased a coin — and to be fair, I’m not going to name names. After all, how am I supposed to know who's at fault? The real issue arose when after purchasing the coins, the wallet was disabled from the getgo. Subsequently, the coins appreciated nearly 10x over the coming weeks. Yet every single time I checked the wallet — you guessed it. Down for maintenance the note read. I kept reading, over and over, in disbelief. Until the coins had gone down about 30 percent and was seemingly about to enter free-fall status. At which point, I desperately wanted in that damn wallet to SELL, SELL, SELL. No luck, no big pay day, no fun.
Well, given that I was checking my balance regularly, I was constantly shown the disabled wallet flag for almost 4 weeks, so I somehow concluded that the coin was "out of order". I felt that in such an advanced technological society of crypto lovers, a solution must be around here or out there somewhere. Later I found out through a friend that you can still trade the coin, although you can not move it off the exchange to better secure it. Of course, I was shocked, and wanted to warn any listeners not to presume incorrectly that a disabled wallet equated with disabled trading.
I'm willing to go a step further in proposing that the wallet status needs to be posted on the trader view -- so traders know if they are purchasing a coin for which the Exchange’s wallet is disabled and will be unavailable for an unknown duration. Perhaps a recent track record "wallet" score. This is a big deal. The point is to add wallet status to the trader view, so that traders can consider it when purchasing cryptos. Then wallet issues will directly effect prices, as it should be. By now, if wallet code issues are the source of the problem, its time this is reflected in the stock, I mean coin, price. If exchanges have maintenance issues on their end, coins can temporarily have trading suspended, thereby protecting the coin brands and their corresponding prices.
Seems like a fair tradeoff. What do all the decentralized minds out there think?