Exchanges : Should they protect there customers more.

Nxtblg

legendary

Activity: 924

Merit: 1000

Quote from: GreenBacksTeam on July 30, 2014, 03:07:43 AM

It is not an exchanges responsibility to protect traders, it is a traders responsibility to make well-informed decisions. Though, certain exchanges should be careful to not add coins which are clearly scams, or at least let those coins prove themselves first.

I concur. In fact, were I on the Bittrex board, I'd be motormouthing about how it's high time Bittex dropped its pay-to-list policy and start becoming more choosy like Cryptsy.

GreenBacksTeam

full member

Activity: 168

Merit: 100

It is not an exchanges responsibility to protect traders, it is a traders responsibility to make well-informed decisions. Though, certain exchanges should be careful to not add coins which are clearly scams, or at least let those coins prove themselves first.

Octavius

member

Activity: 107

Merit: 10

I think you are naive.

These exchanges are fully responsible for all scams!

They don't earn money from trading fees, just a bit pocket money for them... big exchanges only like bitstamp, btc-e earn much money from tradings fees.

So, these insignificant shitty exchanges are releasing new scams (shitcoin, ipo, ico...) day after day to make more money.

worriedtrader

newbie

Activity: 22

Merit: 0

I think the poll says it all...

cassius69

sr. member

Activity: 280

Merit: 250

we dont need brand new altcoins.

pick the best altcoins with active devs and get them to add new features.

if someone insists on a new coin let them use their main posting handle and let them introduce brand new features.

otherwishe fuck these coins. they all die in a few weeks anyway.

hellscabane

legendary

Activity: 896

Merit: 1000

Quote from: djarot on July 29, 2014, 02:27:17 AM

surely there is no surprises here? Many coins, no way to tell which has potential, young system = exchanges just as likely to be bad players as other parts of cryptospace. In time this will inevitably have to get better, or nothing will survive here! and those exchange who wish to survive will have to offer some kinda support, at least to review transactions individually to help each time there is some dispute or problem...

I think more than anything, an audit of their systems, along with records of these audits is what many of these exchanges need to start adopting in order to gain true legitimacy and establish a pattern of protection of the customer. An audit would ensure further accountability, which in a lot of these cases is what is missing from these alt-exchanges.

If the big dogs (i.e. Coinbase and Bitpay) are establishing auditing methods, then so should the legitimate exchanges.

djarot

sr. member

Activity: 350

Merit: 254

surely there is no surprises here? Many coins, no way to tell which has potential, young system = exchanges just as likely to be bad players as other parts of cryptospace. In time this will inevitably have to get better, or nothing will survive here! and those exchange who wish to survive will have to offer some kinda support, at least to review transactions individually to help each time there is some dispute or problem...

Nxtblg

legendary

Activity: 924

Merit: 1000

Quote from: shojayxt on July 28, 2014, 12:01:18 PM

I think you mean protect their prey. Exchanges are in this to make money nothing more.

Interesting concatenation. I didn't know you were a fan of Win-Lose Economics.

Nxtblg

legendary

Activity: 924

Merit: 1000

Wow...I actually voted with the majority on this one.

hellscabane

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Quote from: rikkejohn on July 28, 2014, 12:52:34 PM

Quote from: bitbaby on July 28, 2014, 12:42:49 PM

Actually no, It's the buyer's duty to do their homework before buying anything. Exchanges neither encourage nor discourage users to buy anything, they're simply a market, what one decides to buy or not is their own decision.

The buyer has no duties, and I can't understand why you would say he/she has.

Really? If that's the case, I have a Nigerian Prince I would like you to meet.

Personal accountability and due-diligence should always be practiced when dealing in financial matters. Should people who invest willy-nilly into all sorts of endeavors have a safety net to protect them? No.

It's the investor's fault that they either believed a wildly crazy valuation for a coin or for looking for a quick buck. If you're going to try finding a quick buck, you have to live with the consequences when things don't go as planned.

I do agree that exchanges should have more protective policies implemented, especially regarding ICOs (such as holding the developer's funds for a extended period of time based on market performance; or disbursing the funds on some sort of time schedule so that continuous work is made). But, those ICOs wouldn't exist if people weren't so eager to part with their money for the chance at a quick buck.

bathrobehero

legendary

Activity: 2002

Merit: 1051

ICO? Not even once.

Quote from: nutildah on July 28, 2014, 01:34:06 PM

Quote from: bathrobehero on July 28, 2014, 01:24:32 PM

Based on the vote results, this community has more gamblers than reasonable traders/miners.

Go and bite the exchanges all you want for your own lack of patience and stupidity for investing the money you can't afford in the first place on coins you know nothing about. Fortunately people who prefer to have their hand held while they're spending their money won't make a dent because exchanges are businesses as well.

Not really. "Business" infers product standards, quality assurance and a legal framework or contract in which the fulfillment of expectations can be measured by industry peers or a court of law.

Scam exchanges like Bittrex should be called a "shitness" instead of business. They realize there is very little law to protect or convict them and they take advantage of this fact by regularly allowing what would otherwise be known as criminals to peddle their scammy, scene-degrading horseshit.

So when you make statements like this that are attempting confer what a great, marvelous trader you are by smashing people who got screwed by scamsters, what you are really just doing is saying "Oh please Wall Street and the Federal Government, come in and regulate us! We need it! Look what is happening!"

Is this what you want?

By businesses what I was trying to say they are in it for the profit and since they are not regulated they won't lift a finger.
I'm not a good trader by any means, and I'm not affiliated with any exchange but I don't want any form of regulation just because some people can't handle their money.

At the very least they should try to come up with harmless solutions or just collectively open their own, regulated exchange with all the coins they trust, without being ridiculous trying to change current exchanges.

johnd7

newbie

Activity: 53

Merit: 0

i think we need 3 exchanges enough. And they should act on insurance for potential losses. No one wants second mt gox.

nutildah

legendary

Activity: 3010

Merit: 8114

Quote from: bathrobehero on July 28, 2014, 01:24:32 PM

Based on the vote results, this community has more gamblers than reasonable traders/miners.

Go and bite the exchanges all you want for your own lack of patience and stupidity for investing the money you can't afford in the first place on coins you know nothing about. Fortunately people who prefer to have their hand held while they're spending their money won't make a dent because exchanges are businesses as well.

Not really. "Business" infers product standards, quality assurance and a legal framework or contract in which the fulfillment of expectations can be measured by industry peers or a court of law.

Scam exchanges like Bittrex should be called a "shitness" instead of business. They realize there is very little law to protect or convict them and they take advantage of this fact by regularly allowing what would otherwise be known as criminals to peddle their scammy, scene-degrading horseshit.

So when you make statements like this that are attempting confer what a great, marvelous trader you are by smashing people who got screwed by scamsters, what you are really just doing is saying "Oh please Wall Street and the Federal Government, come in and regulate us! We need it! Look what is happening!"

Is this what you want?

bathrobehero

legendary

Activity: 2002

Merit: 1051

ICO? Not even once.

Based on the vote results, this community has more gamblers than reasonable traders/miners.

Go and bite the exchanges all you want for your own lack of patience and stupidity for investing the money you can't afford in the first place on coins you know nothing about. Fortunately people who prefer to have their hand held while they're spending their money won't make a dent because exchanges are businesses as well.

If you really want to cut back the number of scams, you can do so without crippling the exchanges. Not saying I have the answer, but my first idea was to only let people announce new coins on this forum who have a couple hundred meaningful posts. That's a harmless idea which could work and I'm sure there are a lot more.

Dimitry

hero member

Activity: 896

Merit: 501

i miss clicked i vote c-cex but i wanted bittrex

Bittrex is a sheep that follows c-cex adding pattern

rikkejohn

hero member

Activity: 644

Merit: 500

Quote from: bitbaby on July 28, 2014, 12:42:49 PM

Actually no, It's the buyer's duty to do their homework before buying anything. Exchanges neither encourage nor discourage users to buy anything, they're simply a market, what one decides to buy or not is their own decision.

The buyer has no duties, and I can't understand why you would say he/she has.

The only duties are for exchanges to act within the law. The law is sketchy at best, so practices that are illegal in regulated markets go unpunished in cryptoland.

I would argue that regardless of that, the exchange has a duty to treat customers with respect and (borrowing from a Mr. Kant (RIP)) not merely as means to their own ends.

I don't think many, if any, exchange operates like this. But I think sometimes individuals working for exchanges certainly try to treat people with the dignity they deserve.

Regarding your second point, which claims exchanges don't encourage users to buy anything .... well .... WTF?

bitbaby

hero member

Activity: 812

Merit: 1000

Actually no, It's the buyer's duty to do their homework before buying anything. Exchanges neither encourage nor discourage users to buy anything, they're simply a market, what one decides to buy or not is their own decision.

cryptoangel

sr. member

Activity: 700

Merit: 250

Quote from: shojayxt on July 28, 2014, 12:01:18 PM

Quote from: cryptoangel on July 28, 2014, 11:54:20 AM

I just wanted to see what you lot think, We are seeing scam after scam.

The Exchanges are now adding coins with not even a block explorer, No source code review, nothing at all.

I personally think new coins should not hit a big exchange until a certain time limit. I also think Exchanges should review the coding of the coin.

It has come to a point now that i believe these coins are run alongside a exchange (Maybe even to dump on there own users, I don't know).

Luckily i have not been hit hard yet by a scam, I always mine withing reason.

What is your opinion ?.

I think you mean protect their prey. Exchanges are in this to make money nothing more. They really could care less about what they list as long as they make their trading fee's and in many cases are getting paid to list the coins on their exchange.

The people that you call customers are nothing more than dollar signs to the exchanges.

That is sad to hear, I see many people upset about the scams, Just like USB coin!, How the fuck did that get listed.

shojayxt

legendary

Activity: 896

Merit: 1001

Quote from: cryptoangel on July 28, 2014, 11:54:20 AM

I just wanted to see what you lot think, We are seeing scam after scam.

The Exchanges are now adding coins with not even a block explorer, No source code review, nothing at all.

I personally think new coins should not hit a big exchange until a certain time limit. I also think Exchanges should review the coding of the coin.

It has come to a point now that i believe these coins are run alongside a exchange (Maybe even to dump on there own users, I don't know).

Luckily i have not been hit hard yet by a scam, I always mine withing reason.

What is your opinion ?.

I think you mean protect their prey. Exchanges are in this to make money nothing more. They really could care less about what they list as long as they make their trading fee's and in many cases are getting paid to list the coins on their exchange.

The people that you call customers are nothing more than dollar signs to the exchanges.

cryptoangel

sr. member

Activity: 700

Merit: 250

I just wanted to see what you lot think, We are seeing scam after scam.

The Exchanges are now adding coins with not even a block explorer, No source code review, nothing at all.

I personally think new coins should not hit a big exchange until a certain time limit. I also think Exchanges should review the coding of the coin.

It has come to a point now that i believe these coins are run alongside a exchange (Maybe even to dump on there own users, I don't know).

Luckily i have not been hit hard yet by a scam, I always mine withing reason.

What is your opinion ?.

Topic: Exchanges : Should they protect there customers more. (Read 1048 times)