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shoreno

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Quote from: VDraci on February 06, 2020, 03:46:02 AM

Traders can do without leaving coins on exchanges, this is how they make money, instead of worrying about exchange hacks that might never happen why not go for biggest exchanges instead? there are old exchanges that never get hacked since 2014

actually smaller exchanges are less prone to hacks because they are only small and hackers cant get much out of thier effort . they can instead hack big exchange so that they can earn huge . binance is the biggest exchange but not really the old . binance did already experienced to get hacked but other popular and big exchange got hacked too . i never see a big exchange that hasnt got hacked yet . maybe they are big before but not now because people already switch to binance and other popular names nowadays .

VDraci

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Traders can do without leaving coins on exchanges, this is how they make money, instead of worrying about exchange hacks that might never happen why not go for biggest exchanges instead? there are old exchanges that never get hacked since 2014

thottum

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Activity: 111

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The reason for not trusting the centralized exchanges would be possibility of default and hack which are the two issues might happen in the exchanges. The hack is very frequent as the hackers are finding a new way to break the code these days. But bigger exchanges like Binance has already compensated their users for the loss. We cannot avoid centralized exchanges completely because the traders need those badly as it will not be economical for them to use DEXs because of their fees and volume and speed. But for the holders will not be an issue as they can withdraw and store in their wallets

VDraci

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Quote from: BitDane on January 24, 2020, 07:58:49 AM

Exchanges being hacked had been a common scene in crypto industry. And I agree never trust 100% any service that holds your fundings, withdraw your fund after you are done using their service. Never stock or leave your coin unless you are trading. Better safe than sorry.

It's all risky in crypto world, as a trader i have to leave my coins on exchange until i got enough good money/bitcoin to withdraw, on the process of trading daily an exchange can get hacked, it's so risky but nothing can be done about it, i have to trade and taking this risk is a must to earn my daily dues

milewilda

legendary

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Quote from: travwill on January 24, 2020, 06:05:25 AM

Sometimes we just have no choice. Especially if we are talking about coins having a limited set of exchanges. However, you are right, all exchanges are intermediaries, which means an extra link in our interaction with money and the market, but sometimes without it there is no place. In the future, probably, everything will change, and we will deal “face to face” without intermediaries, but so far this future will rob us more than once.

It impossible for this kind of presumption that everything would be completely p2p.These service would exist no matter what and in fact more people do still make use of these platforms
due to possible benefit that a DEX cant give out.

Quote from: TrevorS on January 25, 2020, 01:53:55 PM

You speak as if we have a choice. All the things you said are obvious, by the way, I don’t think that you made a deposit at BCNEX, most likely you are trying to withdraw the funds you earned from the bounty. In any case, DEX exchanges are not ideal and do not provide the proper level of speed, liquidity and convenience. All the exchanges you listed, except BCNEX, have returned funds to their users and continue to operate normally.

Most likely the situation on here but it turns out that said exchange havent paid him up.This isnt surprising on most small unknown exchangers out there.

RussiaUkraineTranslation

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Activity: 224

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That's why I only trade on ecxx. They are regulated in Singapore, use ledger vault, have never been hacked, have a mobile trading app, and are backed by a 44 million dollar investment.

TrevorS

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Quote from: RBF on January 18, 2020, 02:16:58 PM

Hack, scam are common things in Centralized exchange. Don't get fooled by the high rank or huge trading volume, still, they are not safe! Binance CEO CZ was very confident that Binance is like a hardware wallet, he tweeted about it and after one month of that tweet, Binance got hacked and 7000 Bitcoin was compromised! Bithumb, Coinbene was hacked several times, many centralized exchanges scammed us.

Recently BCNEX exchange is likely to scam, they locked withdrawal, after 20 days when they unlocked the withdrawal function, people started withdrawing their money, but BCNEX is not finishing our withdrawals, they limited the itl by 50$ only! I have withdrawn my ETH 6 hours ago, still pending, some withdrew 14 hours go, still pending!

So, this is proved again why you shouldn't keep your money on a centralized exchange! Your money can be a scam or hacked anytime!

You speak as if we have a choice. All the things you said are obvious, by the way, I don’t think that you made a deposit at BCNEX, most likely you are trying to withdraw the funds you earned from the bounty. In any case, DEX exchanges are not ideal and do not provide the proper level of speed, liquidity and convenience. All the exchanges you listed, except BCNEX, have returned funds to their users and continue to operate normally.

BitDane

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Activity: 1372

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Exchanges being hacked had been a common scene in crypto industry. And I agree never trust 100% any service that holds your fundings, withdraw your fund after you are done using their service. Never stock or leave your coin unless you are trading. Better safe than sorry.

Novatech8

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I know how bad it can be if you lost your fund to an exchange hack but sorry to say i trust few centralized exchanges not because of anything but how strong they have grown, many hacks happened in the past and they are still standing tall

Free1bitco.in

hero member

Activity: 1624

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Quote from: travwill on January 24, 2020, 06:05:25 AM

Sometimes we just have no choice. Especially if we are talking about coins having a limited set of exchanges. However, you are right, all exchanges are intermediaries, which means an extra link in our interaction with money and the market, but sometimes without it there is no place. In the future, probably, everything will change, and we will deal “face to face” without intermediaries, but so far this future will rob us more than once.

Well, I don't really believe in markets that have a centralized system, but if it is a local market, I will believe it. Well, to date my assets are 90% in the centralized market. however, not all centralized markets are bad, like binance, it is a very responsible market. in the case of BCNEX, it looks like it's quite different until now there are still quite a lot of problems, even I heard the team is on vacation. Yeah, but the advantage is that we know who is responsible.

travwill

sr. member

Activity: 1313

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Sometimes we just have no choice. Especially if we are talking about coins having a limited set of exchanges. However, you are right, all exchanges are intermediaries, which means an extra link in our interaction with money and the market, but sometimes without it there is no place. In the future, probably, everything will change, and we will deal “face to face” without intermediaries, but so far this future will rob us more than once.

nutriagrigia

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Activity: 1270

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Quote from: FireBallex on January 22, 2020, 01:34:33 AM

Hack will likely continue to happen on centralized exchange and this doesn't judge that they are bad, instead you must choose too exchange that is capable of returning users money when hacks happened, okex huobi or binance are too exchanges you will survive for long term even if hacks takes place

in general, I don’t understand why people are afraid to hold their money on such large exchanges, because Binance has already proved to us that if the hacking of the exchange occurs because of the low security of the exchange itself, then they simply return the money to users. I also think that on such exchanges you can store your money for quite a long time and safely.

FireBallex

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Hack will likely continue to happen on centralized exchange and this doesn't judge that they are bad, instead you must choose too exchange that is capable of returning users money when hacks happened, okex huobi or binance are too exchanges you will survive for long term even if hacks takes place

romero121

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Quote from: mcnocon2 on January 21, 2020, 10:30:00 PM

Quote from: RBF on January 18, 2020, 02:16:58 PM

Hack, scam are common things in Centralized exchange. Don't get fooled by the high rank or huge trading volume, still, they are not safe! Binance CEO CZ was very confident that Binance is like a hardware wallet, he tweeted about it and after one month of that tweet, Binance got hacked and 7000 Bitcoin was compromised! Bithumb, Coinbene was hacked several times, many centralized exchanges scammed us.

Recently BCNEX exchange is likely to scam, they locked withdrawal, after 20 days when they unlocked the withdrawal function, people started withdrawing their money, but BCNEX is not finishing our withdrawals, they limited the itl by 50$ only! I have withdrawn my ETH 6 hours ago, still pending, some withdrew 14 hours go, still pending!

So, this is proved again why you shouldn't keep your money on a centralized exchange! Your money can be a scam or hacked anytime!

I think you are comparing two different teams, BCNEX exchange team scammed the people by stopping the withdrawal function while Binance and some other exchange hacked. This is the problem with new exchanges, its very hard to trust new exchanges that's why I always stick with the old and trusted one. My funds are all in Binance and I am confident that even though they got hacked they can recover cause they have SAFU funds and as the time goes by their security is getting stronger.

Good, when there is more trusted service providers what is the need to go with the new exchanges in the market that hasn't gained good reputation in the market. As mentioned Binance and few other top cryptocurrency exchanges have got good sum of reserve fund. Even at times of hacks those funds stay as a security for the users.

If one is willing to make use of a new exchange, it is advisable to test with small funds and further increase the trading volume based on the satisfaction and the trust gained.

julius caesar

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Just in case that you need some wallet that you could store your cryptocurrency, do not store it on the exchange so that you will avoid this kind of cases that something happen on the exchange and they got scammed. Always store your cryptocurrency in the legitimate wallet and try to maximize the security of your wallet by putting some double authenticator on it so that hackers will have a hard time hacking your wallet.

Shimmiry

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★Bitvest.io★ Play Plinko or Invest!

Centralized exchange is already risky to encounter and would deal you nothing but loss and negativity. Centralize itself is already an explicit statement for the word "controlled" and would you even take the risk investing on exchanges that can be controlled by a single person or a group of "trusted" companies? Also, most centralized exchanges often ends up being a scam, while some were good yet some were difficult to earn.

mcnocon2

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Quote from: RBF on January 18, 2020, 02:16:58 PM

Hack, scam are common things in Centralized exchange. Don't get fooled by the high rank or huge trading volume, still, they are not safe! Binance CEO CZ was very confident that Binance is like a hardware wallet, he tweeted about it and after one month of that tweet, Binance got hacked and 7000 Bitcoin was compromised! Bithumb, Coinbene was hacked several times, many centralized exchanges scammed us.

Recently BCNEX exchange is likely to scam, they locked withdrawal, after 20 days when they unlocked the withdrawal function, people started withdrawing their money, but BCNEX is not finishing our withdrawals, they limited the itl by 50$ only! I have withdrawn my ETH 6 hours ago, still pending, some withdrew 14 hours go, still pending!

So, this is proved again why you shouldn't keep your money on a centralized exchange! Your money can be a scam or hacked anytime!

I think you are comparing two different teams, BCNEX exchange team scammed the people by stopping the withdrawal function while Binance and some other exchange hacked. This is the problem with new exchanges, its very hard to trust new exchanges that's why I always stick with the old and trusted one. My funds are all in Binance and I am confident that even though they got hacked they can recover cause they have SAFU funds and as the time goes by their security is getting stronger.

Santri

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for that I have never put money in exchange because I do not want events like that happen to me, I prefer to put money in a personal wallet because I can freely send wherever I want

johnwest

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I totally agree with your thought but have you tried trading when the fluctuation is high..? Its really hard to buy or sell at your specified mark on a decentralized exchange. Centralized exchange gets you good volume as well as lots of other features like recently Binance started giving staking rewards. I have suggested people to use decentralized exchanges but only 10% of them still prefer.

NathanJB

sr. member

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Quote from: naikturun on January 21, 2020, 10:42:05 AM

why do you say so and is a decentralized market guaranteed?
I think there are more cases in decentralized exchange because it's not exposed in the media or the news so there is no bad news about it.
all markets have their respective advantages.

Yes, there are pros and cons in using a decentralized exchange as much as there are also pros and cons in using a centralized exchange. The problem with using a centralized exchange is that your coins are not on your own. By saving it in a wallet in a centralized exchange, you are not anymore the owner of it. And whatever happens to that exchange, your coins are also included.

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