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Kprawn

legendary

Activity: 1904

Merit: 1074

BTW bitcoin is pointless if you're going to keep your bitcoins on an exchange or in someone elses wallet. The whole point of bitcoin is to have control over your own money, and to give your power to people that you want to invest in. As soon as you place your bitcoins on an exchange, it's not your money anymore. Shocked

The people running these exchanges are the shadiest, slimiest, most corrupt creatures on earth. If only you knew! Shocked

You've been warned. Shocked

How will you grow Bitcoin if you not going to have some platform where you going to trade for Fiat? Localbitcoin is one option and as you can see

the Chinese has already figured that out. The Chinese exchanges are the only exchanges with some problems these days and people are getting

ways to go back to the way that things were supposed to be done. {P2P} Roll Eyes

AGD

legendary

Activity: 2070

Merit: 1164

Keeper of the Private Key

Poloniex has already shown how to make customers pay for a security hole:

http://www.bitcoinx.com/poloniex-hacked-12-3-bitcoin-supply-withdraws-difference-user-accounts/

Honest customers paid this 76 BTC bill with a higher fee and Poloniex even made it look like it was a good and professional way to do it.

NEVER TRUST EXCHANGES!
They will definitely run with your money. It's only a matter of time.

Juggy777

hero member

Activity: 2646

Merit: 686

Quote from: Prophet_Of_God on April 29, 2017, 04:45:42 AM

Quote

Shell Game
https://en.wikipedia.org/wiki/Shell_game
The shell game (also known as thimblerig, three shells and a pea, the old army game) is portrayed as a gambling game, but in reality, when a wager for money is made, it is almost always a confidence trick used to perpetrate fraud. In confidence trick slang, this swindle is referred to as a short-con because it is quick and easy to pull off.

https://pbs.twimg.com/media/C-e16GsXkAAmAcR.jpg
https://pbs.twimg.com/media/C-NS6HSWAAAJHZU.jpg
There's a lot of people currently living in mansions earning millions for doing nothing. They're all insolvent. It's not going to end well.

It doesn't take a prophet to see that it's only a matter of time before all these exchanges collapse. Shocked

Now is your last chance to withdraw your coins and savings. Shocked

Don't say I didn't warn you. Shocked

The lord has spoken. Shocked

I do agree your concerns are legit, but to say all exchanges will fall flat, is a bit too much of exaggerated don't you think so? I don't see any need to remove coins from exchanges I am using and I am happy to keep it safe out there and nothing is going to happen. Yes few rotten exchanges might be there but then there are other trustworthy ones to. All you need is to weed out the rotten ones and stick to legit ones. Kraken or coinbase in my opinion are legit. So if ones holds his coins out there I see no reason him/her to be worried about exchanges going flat.

Sniper44

hero member

Activity: 714

Merit: 501

this is perfectly expected and if anyone thinks otherwise then they don't know how the world works! we have bitcoin which is offering some sort of anonymity to those using it then we have these "websites" working with it. and the funny part is that they just exist, there is no safety guarantee, there is no regulation, nothing!
and they DO run away and they DO do shady things.

and unless we start seeing either some decentralized (good) exchanges or at least regulations that makes it much harder and nearly impossible for them to scam, we will continue trading in fear.

QuestionAuthority

legendary

Activity: 2156

Merit: 1393

You lead and I'll watch you walk away.

Figured that one out all on your own, huh.

cpfreeplz

legendary

Activity: 966

Merit: 1042

Quote from: Slark on April 29, 2017, 11:20:10 AM

Quote from: Prophet_Of_God on April 29, 2017, 04:45:42 AM

There's a lot of people currently living in mansions earning millions for doing nothing. They're all insolvent. It's not going to end well.

That is correct, but that is unavoidable, if you collected large capital somehow you are in a state when you don't need to work anymore.
Your financial benefits will accrue from reinvesting itself. This ugly truth is still more visible in fiat money ecosystem.

So what are you suggesting Op? Boycott all exchanges? Not the best or wisest idea IMO.

A smarter idea would be to use decentralized exchanges only. The problem is I don't know of any and if I did I doubt the volume would be any good on them.

Duzter

sr. member

Activity: 1092

Merit: 256

Leading Crypto Sports Betting & Casino Platform

Quote from: Pearls Before Swine on April 29, 2017, 08:21:55 PM

Quote from: BillyBobZorton on April 29, 2017, 11:24:43 AM

Quote from: Iranus on April 29, 2017, 11:11:26 AM

There are enough stable exchanges. Bitfinex, Chinese exchanges and arguably BTC-E don't represent all exchanges, you can just go to Bitstamp, Coinbase or Kraken where you can deposit and withdraw Bitcoin and fiat quickly and freely.

USDT is crap but it doesn't apply to everything.

Those exchanges require way too many data to trade. Most of us just want to trade BTC into altcoins and back to BTC without having to give our personal data, so those 3 exchanges you cited are useless for that as far as I know since they require personal data for withdraws.

If you want to trade anonymously you are going to accept some risks unfortunately, at least until someone can come up with a proper decentralized exchange.

Yobit and Kraken don't require personal ID to trade btc-->altcoins as far as I know. Not sure about Polo, but I think that's true for them as well. I don't entirely agree with the OP here, but a lot of the exchanges are certainly dodgy as fuck. That includes Yobit and others. Don't know anything about how or who runs them, and that's kind of important when you're entrusting them with large amounts of money.

Lots and lots of exchange websites are available for the users to make a better profiting. Very few have gained popularity as a recognised exchange service provider such as Yobit, Liqui, bitrex, etc. Most of the trading services through the same have provided the access into all forms of altcoin and other exchange moves.

mrcash02

hero member

Activity: 1190

Merit: 525

CryptoTalk.Org - Get Paid for every Post!

Lol, you can be right, but what can we do? We need exchanges to deal with money, to buy/sell currencies, to trade, to convert BTC to fiat... The risk is everywhere, but we have no choice here, or you use exchanges or you don't use Bitcoins. The only thing we can do about this is to withdraw our money from exchanges often, to use trusted sites, this way we are minimizing the risks.

Pearls Before Swine

sr. member

Activity: 1190

Merit: 306

Quote from: BillyBobZorton on April 29, 2017, 11:24:43 AM

Quote from: Iranus on April 29, 2017, 11:11:26 AM

There are enough stable exchanges. Bitfinex, Chinese exchanges and arguably BTC-E don't represent all exchanges, you can just go to Bitstamp, Coinbase or Kraken where you can deposit and withdraw Bitcoin and fiat quickly and freely.

USDT is crap but it doesn't apply to everything.

Those exchanges require way too many data to trade. Most of us just want to trade BTC into altcoins and back to BTC without having to give our personal data, so those 3 exchanges you cited are useless for that as far as I know since they require personal data for withdraws.

If you want to trade anonymously you are going to accept some risks unfortunately, at least until someone can come up with a proper decentralized exchange.

Yobit and Kraken don't require personal ID to trade btc-->altcoins as far as I know. Not sure about Polo, but I think that's true for them as well. I don't entirely agree with the OP here, but a lot of the exchanges are certainly dodgy as fuck. That includes Yobit and others. Don't know anything about how or who runs them, and that's kind of important when you're entrusting them with large amounts of money.

tigershark

full member

Activity: 223

Merit: 100

Did I miss something? What's going on with USDT on poloniex? I haven't heard anything about it.

Quantus

legendary

Activity: 883

Merit: 1005

I agree with the OP its only a matter of time the top exchanges don't have enough funds to cover all outstanding debts. If everyone tried to cash out they would all go under.

hello_good_sir

hero member

Activity: 1008

Merit: 531

So if I got everything correctly, your presumption is that every single cryptocurrency exchange is a shell game, which basically means that you consider all of these websites as a scams.

And now, take a look at the probably most known and widely used exchange-Poloniex.

Can you even imagine what influence poloniex may have got on BTC if it is going to run away with the customers money?

In my opinion, you need to be really stupid to say things like that. Few incidents doesnt necessarily means that all websites like that are shell games.

audaciousbeing

hero member

Activity: 1330

Merit: 569

Quote from: Prophet_Of_God on April 29, 2017, 04:45:42 AM

Quote

Shell Game
https://en.wikipedia.org/wiki/Shell_game
The shell game (also known as thimblerig, three shells and a pea, the old army game) is portrayed as a gambling game, but in reality, when a wager for money is made, it is almost always a confidence trick used to perpetrate fraud. In confidence trick slang, this swindle is referred to as a short-con because it is quick and easy to pull off.

https://pbs.twimg.com/media/C-e16GsXkAAmAcR.jpg
https://pbs.twimg.com/media/C-NS6HSWAAAJHZU.jpg
There's a lot of people currently living in mansions earning millions for doing nothing. They're all insolvent. It's not going to end well.

It doesn't take a prophet to see that it's only a matter of time before all these exchanges collapse. Shocked

Now is your last chance to withdraw your coins and savings. Shocked

Don't say I didn't warn you. Shocked

The lord has spoken. Shocked

Prophet of God we are really grateful for the heads up but at the same time I would appreciate a more distinct and more evidence to arrive at this position. Its ok to castigate the exchange sites because of their excesses which might not be in tune with you own level of thinking however, its not all bad as people have predicted the extinction of bitcoin several times which I believe if it happens, there won't be any need for exchange sites in the first place. So, I hope your prediction does not come true.

stompix

legendary

Activity: 2912

Merit: 6403

Blackjack.fun

Quote from: cellard on April 29, 2017, 08:52:29 AM

The USDT thing is making me extremely worried about Poloniex. Poloniex is pretty much the only place to do altcoin trading with decent volume, if Poloniex crashes it's going to be bad. Im withdrawing all of my coins from Poloniex for the time being, until the USDT situation is resolved. I like trading and having some liquidity in exchanges (I understand the risk) to take advatange of quick market moves but this is making me too nervous to have single satoshi there.

Oh wait!
You actually believed the USDT every coin is backed by a dollar crap?

Oh god, save me I've just looked at the trading numbers!
For real? Poeple are really buying this ?
"Each USDT unit is backed by a U.S Dollar held in the reserves of the Tether Limited"

Quote from: BrewMaster on April 29, 2017, 10:56:25 AM

are you sure about this because i have never seen anywhere on their site saying this, also they assure you that they don't guarantee any exchange to fiat.

This is from their website.

Every tether is always backed 1-to-1, by traditional currency held in our reserves. So 1 USD₮ is always equivalent to 1 USD.

If they start twisting their own words, that's the sign to dump it.

victory1

full member

Activity: 253

Merit: 100

That is not really a credible source...

And I am sure you have an agenda for posting that.

ccccccc7

full member

Activity: 223

Merit: 100

Anybody have any thoughts about the creditability and solvency of Bittrex?

Haven't heard anything about Bittrex yet, but I am still removing crypto

Slark

legendary

Activity: 1862

Merit: 1004

Quote from: BillyBobZorton on April 29, 2017, 11:24:43 AM

Those exchanges require way too many data to trade. Most of us just want to trade BTC into altcoins and back to BTC without having to give our personal data, so those 3 exchanges you cited are useless for that as far as I know since they require personal data for withdraws.

If you want to trade anonymously you are going to accept some risks unfortunately, at least until someone can come up with a proper decentralized exchange.

AFAIK there are numerous tiers of exchange accounts. Most of exchanges are not require that you provide any confirmation of your ID if you only want to trade BTC <=> altcoins.
Thy ask for your credentials only when you want to buy BTC with fiat money, or in case when you sell BTC for fiat (in large quantities).

We have decentralized exchange - Bitsquare, not the most popular place to trade BTC, last time I checked.

Qartada

hero member

Activity: 546

Merit: 500

Quote from: CyberKuro on April 29, 2017, 11:13:32 AM

Quote from: Prophet_Of_God on April 29, 2017, 04:45:42 AM

Quote

Shell Game
https://en.wikipedia.org/wiki/Shell_game
The shell game (also known as thimblerig, three shells and a pea, the old army game) is portrayed as a gambling game, but in reality, when a wager for money is made, it is almost always a confidence trick used to perpetrate fraud. In confidence trick slang, this swindle is referred to as a short-con because it is quick and easy to pull off.

https://pbs.twimg.com/media/C-e16GsXkAAmAcR.jpg
https://pbs.twimg.com/media/C-NS6HSWAAAJHZU.jpg
There's a lot of people currently living in mansions earning millions for doing nothing. They're all insolvent. It's not going to end well.

It doesn't take a prophet to see that it's only a matter of time before all these exchanges collapse. Shocked

Now is your last chance to withdraw your coins and savings. Shocked

Don't say I didn't warn you. Shocked

The lord has spoken. Shocked

Not all of exchanges as there are a lot of reputable which has been around for years, what you've mentioned was the new one maybe.

Mt. Gox had been around for years, but it "went bankrupt" and took about 200,000 Bitcoin. It was huge.

The lesson is that Bitcoin exchanges are barely regulated and they're not insured. People like to talk about whether banks are trustworthy when we say that exchanges are unsafe, but banks are insured by governments usually up to around $100,000 per year - they're also heavily regulated and
usually have been running for many years rather than just a few like Bitcoin exchanges. Banks do mess around with your money but your money is safer than a Bitcoin exchange (although not a Bitcoin wallet, since those can be very, very safe).

BillyBobZorton

legendary

Activity: 1204

Merit: 1028

Quote from: Iranus on April 29, 2017, 11:11:26 AM

There are enough stable exchanges. Bitfinex, Chinese exchanges and arguably BTC-E don't represent all exchanges, you can just go to Bitstamp, Coinbase or Kraken where you can deposit and withdraw Bitcoin and fiat quickly and freely.

USDT is crap but it doesn't apply to everything.

Those exchanges require way too many data to trade. Most of us just want to trade BTC into altcoins and back to BTC without having to give our personal data, so those 3 exchanges you cited are useless for that as far as I know since they require personal data for withdraws.

If you want to trade anonymously you are going to accept some risks unfortunately, at least until someone can come up with a proper decentralized exchange.

Kyraishi

hero member

Activity: 952

Merit: 513

Quote from: cellard on April 29, 2017, 08:52:29 AM

The USDT thing is making me extremely worried about Poloniex. Poloniex is pretty much the only place to do altcoin trading with decent volume, if Poloniex crashes it's going to be bad. Im withdrawing all of my coins from Poloniex for the time being, until the USDT situation is resolved. I like trading and having some liquidity in exchanges (I understand the risk) to take advatange of quick market moves but this is making me too nervous to have single satoshi there.

I agree with you totally, the whole UST situation is very frightening for many investors and traders , especially the ones who are mostly involved in doing their business on poloniex.
As far as i know, Poloniex is right now the most widely used cryptocurrency exchange, the volume on every altcoin is simply great, thanks to many people doing it in there.
But if we will see a Polo crash, that might really influence whole altcoin market, and most importantly: bitcoin market.

It currently holds more than 15% of the overall volume, Im sure that would be a really important day for a bitcoin.

Topic: bitcoin (Read 1956 times)