Crypto Exchanges | Bitcointalksearch.org

YOSHIE

legendary

Activity: 2128

Merit: 1775

Quote from: ruwanthathisara on June 30, 2022, 11:26:49 AM

Do you agree or disagree with above statement..

Exchange is not a method or a deal and solve the problem for you, no compromise in trade or investment, only knowledge is needed, the skill and luck you have in placing crypto in a wallet or exchange.

deals, withdrawals and profits are up to you only, no one knows the current market is really unstable or already stable, everyone has their own understanding of the exchange and their assets, whether they want to pull it all out or charge everything at this time, the point is the concept you suggest really doesn't make sense to do, you just do some tasks according to your beliefs into your wallet, we have our own methods and tricks to take some profits when the market is really stable over the big fort.

dasunlanka

member

Activity: 120

Merit: 23

Be cool

Quote from: ruwanthathisara on June 30, 2022, 11:26:49 AM

"Crypto Exchanges are more likely to be compromised, so please put some of your assignments into a wallet right now. Withdrawals will largely stop until the market is stable."

Do you agree or disagree with above statement..

Always keep in mind that Not your keys, not your money. exchanges, vaults, and all other interest-paying platforms can vanish anytime. if your funds are on that they are gone forever

The Cryptovator

legendary

Activity: 2394

Merit: 2223

Signature space for rent

I am not getting by what do you mean by compromise? Does it mean hack? It could happen anytime, doesn't matter if the market is dumped or pumped. Hackers will always try to hack, and exchanges will always try to protect users. Either fear of compromise or not, I don't like to hold a big amount of assets on a centralized exchange. I have bought a few alts though isn't much big amount, I moved into Ledger. So it's secure as long as my wallet is secure. This is a good practice when we are using a centralized exchange.

JeromeTash

legendary

Activity: 2324

Merit: 1258

Heisenberg

Quote from: jackg on June 30, 2022, 11:44:36 AM

Historically, this hasn't happened since about 2013 (except the attack on bitfinex in 2017 afaik).

Livecoin?
Anyway, the issue is not just attacks or hacks. Some exchanges just exit scam and even blame it on hacks so that they can exit. Some just gives users a small window of 1 or 2 weeks to withdraw their funds and then just shut down on short notice with people's money.

When you look at cryptowisser's exchange graveyard. The number of exchanges that go MIA is very worrying.

hd49728

legendary

Activity: 2044

Merit: 1018

Not your keys, not your coins!

Quote from: pooya87 on June 30, 2022, 10:46:12 PM

Generally speaking you must never store your coins on a centralized exchange since you don't have any control over your keys when you do that. Exchanges should only be used for trading which means the amount of funds you have in your exchange account should be a smaller amount (compared to the total amount of funds you have) that you can afford to lose be it in trading or in the exchange scamming you.

Not your keys, not your coins.

How many times it has been written, spoken, advised in crypto? A lot but how many people actually care about it and how many people ignore this advice?

Many people ignore it and they only recall about it when they lose money on exchanges. Prevention is better than cure but again most of people wait for cure and don't care about prevention at beginning.

Not your keys, not your coins. It's your money, own it
Security checklist

Documented timeline of exchange hacks and Exchange graveyard. I hope they are fearful after reading this but I know most of them will ignore it.

cryptoaddictchie

legendary

Activity: 2240

Merit: 1375

Fully Regulated Crypto Casino

Quote from: ruwanthathisara on June 30, 2022, 11:26:49 AM

"Crypto Exchanges are more likely to be compromised, so please put some of your assignments into a wallet right now. Withdrawals will largely stop until the market is stable."

Do you agree or disagree with above statement..

Thats actually supposed to do for users. It always reminded that wallet or non custodial are more safer than exchange. Alwayd put money on cex that arent too big for you to regret as it is centralized. Putting money for trading there and other activity is nice but make sure that you can afford it to lose since it could be freeze or hack anytime.

With the current market right now and you are convenient putting on exchange then better pick major ones like Binance, this is the least that can stop withdrawal due to market situation.

pooya87

legendary

Activity: 3472

Merit: 10611

Generally speaking you must never store your coins on a centralized exchange since you don't have any control over your keys when you do that. Exchanges should only be used for trading which means the amount of funds you have in your exchange account should be a smaller amount (compared to the total amount of funds you have) that you can afford to lose be it in trading or in the exchange scamming you.

libert19

hero member

Activity: 2520

Merit: 952

True for some exchanges but not for all, yes, even binance did paused withdrawals (only BTC) but resumed soon after. However, there is no denying that funds are safer in wallet than exchanges but then again security of wallet depends on you.

hd49728

legendary

Activity: 2044

Merit: 1018

Not your keys, not your coins!

Quote from: ruwanthathisara on June 30, 2022, 11:26:49 AM

"Crypto Exchanges are more likely to be compromised, so please put some of your assignments into a wallet right now.

Exchanges can be compromised, hacked, unable to do compensation for users. Worse they can plan their own scam exits. We can not know they actually were hacked, bankrupted or just scam exited.

We are only able to control where to store our coins. The best is in non custodial wallets. Even so, we must back up our wallet as it will be used later if we need to recover that wallet.

Quote

Withdrawals will largely stop until the market is stable.

Withdrawal can be delayed, halted for a while when a network is congested or with technical issues like altcoin blockchains usually have.

However what you discussed is different, with bear market, over leverage and liquidations on venture capitals, institutional investors, many platforms are in bank-runs and some of them are going to be bankrupted. Hence they disable withdrawal and maybe not temporarily but forever. It does not relate to mempool, network but financially related to those platforms and their left-over available capital.

KingsDen

legendary

Activity: 1260

Merit: 1079

Goodnight, o_e_l_e_o 🌹

Quote from: ruwanthathisara on June 30, 2022, 11:26:49 AM

"Crypto Exchanges are more likely to be compromised, so please put some of your assignments into a wallet right now. Withdrawals will largely stop until the market is stable."

Do you agree or disagree with above statement..

I am trying to understand your concept of compromising here. We know that it is not very safe to leave our coins in the exchange, is your statement based on this general knowledge or because of the continuous bear market. If the later is your assumption, I want to know if;

The bear market weakens the security of the exchanges
The bear market increases the hacking power of the hackers
It is therefore safe to leave your coins in the exchanges during the bull market

I will be glad to know the perceptive you are coming from.

Fivestar4everMVP

legendary

Activity: 2422

Merit: 1083

Leading Crypto Sports Betting & Casino Platform

Quote from: ruwanthathisara on June 30, 2022, 11:26:49 AM

"Crypto Exchanges are more likely to be compromised, so please put some of your assignments into a wallet right now. Withdrawals will largely stop until the market is stable."

Do you agree or disagree with above statement..

Well, leaving you crypto assets on an exchange, whether centralized or decentralized exchanges has never been a good practice, this is why it has always advised to withdraw funds that you are not using immediately out of exchanges into your non custodial wallet(this is a wallet which you , the user have access to, and controls the keys).
Like I said in on one of my previous comment on a post, Exchanges, mostly centralized exchanges are the number one targets when it comes to hackers hacking exchanges, it is no longer news that even top exchanges, in terms of security and other facts, like Binance, have one time been hacked with millions of dollars stolen in users assets plus KYC documents, (though Binance did refund all users fund), this and all are pointers to the fact that we all should never user exchanges as a means of storing our crypto assets, make use of non custodial wallets where you yourself is your own security.

ImThour

copper member

Activity: 1470

Merit: 1609

Bitcoin Bottom was at $15.4k

It happened before in the past, It can happen again, history tends to repeat itself just like how Bitcoin touched 200 MA from $69k.
I would suggest using Binance and then moving your funds after buying to a hardware wallet, most likely a Ledger Nano S.

Funds on exchange are a risk for sure. They say "Not your keys, not your coins."
Good Luck!

_act_

legendary

Activity: 1064

Merit: 1298

Lightning network is good with small amount of BTC

Quote from: ruwanthathisara on June 30, 2022, 11:26:49 AM

"Crypto Exchanges are more likely to be compromised, so please put some of your assignments into a wallet right now. Withdrawals will largely stop until the market is stable."

Do you agree or disagree with above statement..

This is not the beginning of the bear market, it is advisable not to leave your coins on crypto exchanges, all the coins that are not used for trading should all be moved to a noncustododial wallet, even without the bear market, bull market included, you should never leave your coins on crypto exchanges. Only the coins that should be left should only be for trading.

Zilon

sr. member

Activity: 966

Merit: 421

Bitcoindata.science

I don't think exchanges cares much about who is willing to empty their portfolio due to the market trend except for exchanges that operate without license who might start picturing shorting down their exchange to do away with investors coins. But who will bother giving exchanges their assets? Always remember not your keys not your coin be responsible for your coin. perhaps Bitcoin can't fall to a price where exchanges will be tempted to halt withdrawals

jackg

copper member

Activity: 2856

Merit: 3071

https://bit.ly/387FXHi lightning theory

Historically, this hasn't happened since about 2013 (except the attack on bitfinex in 2017 afaik). Most reputable exchanges will keep operating and know the risks of overleveraging their assets (so don't do it). Exchanges know hoe to recoup money better now too with a higher amount of trades being executed at a higher price than before.

If you are comfortable and happy to move them there, your funds are probably safer on your machine than on an exchange (but if you're really bad with security and often access a lot of random sites without knowledge of how to do things like segregating different parts of your machine via VMs then your funds might be safer on an exchange).

ruwanthathisara

newbie

Activity: 220

Merit: 0

"Crypto Exchanges are more likely to be compromised, so please put some of your assignments into a wallet right now. Withdrawals will largely stop until the market is stable."

Do you agree or disagree with above statement..

Topic: Crypto Exchanges (Read 199 times)