Topic: I don't believe you (Read 1281 times)
We all learned from the past fiascos from exchanges like FTX, cryptopia, mt.gox, and others. When we deposit into these exchanges, we don't have full custody anymore of the Bitcoins that we deposit there or the altcoins that we deposit there intended to get traded. It is the reason why many of the good folks on this great community keeps on reminding not just the newbies but everyone that if you're about to deposit on any exchanges or any service that will not give you full custody of your coins, you have to remember that deposit the only amount that you're going to use there and not your entire holdings because you'll never know if they're going to be gone or something goes wrong in the process might happen. And for traders, there are a lot of dexes where you just have to connect your wallet to the exchange and you're good. But there's a risk on this one as well if you ever go and connect to an unknown dex.
You don't know the owner, but what makes you sure to deposit bitcoin to exchange?.
what makes you sure that your Bitcoin arrived safely and was not taken away by the owner?
I always thought that,
same as banks, I don't want to save it for long time, because banks often go bankrupt, and the owner run overseas.
We know him through news spread on the internet and other social media, but he doesn't know us. We also don't have any familiar connections with him, so there's no reason for us to trust them. Exchanges are a medium for exchanging assets from fiat to crypto and vice versa, not a place to store assets. Various cases that have harmed exchange users have occurred before, these incidents always remind crypto users to always look for a safe place to store assets.what makes you sure that your Bitcoin arrived safely and was not taken away by the owner?
I always thought that,
same as banks, I don't want to save it for long time, because banks often go bankrupt, and the owner run overseas.
Crypto users must always differentiate between asset storage places and centralized exchanges, you can only use centralized exchanges to buy and sell Bitcoin, then withdraw all your assets to be stored in a safe place.
You are right, centralized exchanges are places for us to exchange and buy and sell crypto assets and fiat currencies, they are not places for us to trust to store assets long term. Just because we lost faith in depositing money in banks because we didn't have full control over our assets and switched to bitcoin. But it's ironic that people don't trust banks but trust centralized exchanges when they are almost the same. It is investors who are abusing and misusing centralized exchanges, we should not blame CEX entirely.
You don't know the owner, but what makes you sure to deposit bitcoin to exchange?.
what makes you sure that your Bitcoin arrived safely and was not taken away by the owner?
I always thought that,
same as banks, I don't want to save it for long time, because banks often go bankrupt, and the owner run overseas.
We know him through news spread on the internet and other social media, but he doesn't know us. We also don't have any familiar connections with him, so there's no reason for us to trust them. Exchanges are a medium for exchanging assets from fiat to crypto and vice versa, not a place to store assets. Various cases that have harmed exchange users have occurred before, these incidents always remind crypto users to always look for a safe place to store assets.what makes you sure that your Bitcoin arrived safely and was not taken away by the owner?
I always thought that,
same as banks, I don't want to save it for long time, because banks often go bankrupt, and the owner run overseas.
Crypto users must always differentiate between asset storage places and centralized exchanges, you can only use centralized exchanges to buy and sell Bitcoin, then withdraw all your assets to be stored in a safe place.
what convinces you if dex is trust?
hero member
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Instant cryptocurrency exchange with own reserves!
Well, if the operation is illegal and reports are received from the public. I think the government will not hesitate to stop it. Yes. They have the power to do so if they are deemed not to comply with the terms and conditions.
The exchange does not have an office in our country. The exchange does not have a server or anything physical in our country. If authorities try to ban the platform, they won't be able to do anything against them except for filing a case in an international court. They might block website access and app access. But you cannot block anything online these days. Users will still continue doing their business using a virtual private network. I believe the government is already aware of crypto exchanges operating in the country. But, they choose to ignore it for an unknown reason.
In my country, crypto is banned. Yet we are using it because authorities are unable to control everything. We are doing it at our own risk. If the platform is licensed in your country, your government can control them.
In my own opinion, any type of trading business activity that involves money and a lot of people in one place cannot be separated from permits from the relevant government. Because there is a revenue target for the country there, namely taxes, even though the value set varies. Well, if the operation is illegal and reports are received from the public. I think the government will not hesitate to stop it. Yes. They have the power to do so if they are deemed not to comply with the terms and conditions.
hero member
Activity: 462
Merit: 767
Instant cryptocurrency exchange with own reserves!
Upon further reflection, it is evident that Binance cannot fully guarantee the security of our assets. Today, I came across some readings highlighting the perils of centralized systems that have been implemented thus far. Binance could potentially abscond with users' funds if their assets are seized by the government or through various other techniques.
Not only Binance. No centralized exchanges would be able to give you a full guarantee of the security of your crypto. If a platform operates in your country, they need a license provided by government authorities. The exchanges agree that whenever they ask those centralized exchanges for users' information, they must cooperate with the government. But, some platforms operate without a license. In this case, they are operating illegally. The platform can be banned anytime. In my country, crypto is banned. Yet we are using it because authorities are unable to control everything. We are doing it at our own risk. If the platform is licensed in your country, your government can control them.
Because I will read all about the exchange before making some deposit.Many scam was happening in exchanges now a days,the best example is FTX.The FTX allow the free deposit and withdraw of bitcoin in longer periods.After reaching some huge liquidity in their exchange they closed without any intimation.So it mean,they started to scam by the free deposit and withdraw of bitcoin.The target for this exchange was long time holding people and the huge capacity of holding people.Totally its the big scam in recent days.
Information is always very important before depositing in an exchange There are many exchanges operating now but information is one thing you can do to minimize your risks. You are right that even today exchanges are getting scammed, and FTX is an example of that. Where people had a lot of capital lying around and all the people lost their capital. In my opinion, apart from trading, if one has capital, he should keep it in his personal wallet. Especially long-term coins are always safe to keep in your personal wallet. It is never safe to hold your assets in exchange.
Because I will read all about the exchange before making some deposit.Many scam was happening in exchanges now a days,the best example is FTX.The FTX allow the free deposit and withdraw of bitcoin in longer periods.After reaching some huge liquidity in their exchange they closed without any intimation.So it mean,they started to scam by the free deposit and withdraw of bitcoin.The target for this exchange was long time holding people and the huge capacity of holding people.Totally its the big scam in recent days.
Well we do have to learn from what has happened to large exchanges that have had to crash suddenly like FTX. So that we are more careful in storing our assets. and make us realize that we must avoid keeping assets on the Exchange in the long term. Exchanges are exchanges for exchange only. and if it's finished then pull out everything we have there into a personal wallet. By the way, those who still have assets at FTX are now starting to be able to apply to claim back the assets we have there. of course with certain conditions.
You don't know the owner, but what makes you sure to deposit bitcoin to exchange?.
what makes you sure that your Bitcoin arrived safely and was not taken away by the owner?
what makes you sure that your Bitcoin arrived safely and was not taken away by the owner?
First, if someone has found a platform that is seen as comfortable and reliable, if you enter and trade there, you have entrusted custody of your funds with them, and to check Bitcoin transactions on the platform, with the aim that your BTC will land safely and not be tampered with, you can monitor transactions on the blockchain. . But many suggest that if you have BTC it's better to keep it in a personal wallet that you control, it's safer. because important data is in your hands not theirs.
Binance is a centralized exchange, the most reliable out there bit definitely centralized and have all attributes of it where one move by CZ could affect everyone. So you've got to be mindful of your usage and how long you chose to let your coin stay on the platform.
An exchange isn't a wallet and having to use it like a wallet would be a step in the wrong direction. Try to own the keys or private keys to where you store your coins.
You don't know the owner, but what makes you sure to deposit bitcoin to exchange?.
Ignorance ofcourse, there's nothing other than this, many people were found using centralized exchanges but couldn't differentiate between them and decentralized exchanges, some do know the difference but work on the reputation and online reviews left on them to be trusted, at the end, we will discover that all exchanges have these common risks they share together to fall under attack or go bankrupt aside the risk of loosing personal informations with them.
what makes you sure that your Bitcoin arrived safely and was not taken away by the owner?
There's no magic here, when you send bitcoin and it's truly confirmed, nothing can make it reversible and you can withdraw your money and spend or exchange it
I always thought that,
same as banks, I don't want to save it for long time, because banks often go bankrupt, and the owner run overseas.
same as banks, I don't want to save it for long time, because banks often go bankrupt, and the owner run overseas.
You may be referring to other cryptocurrencies in this regards but never bring the approach of bitcoin into this because bitcoin is not a shitcoin whereby you will invest today and run after your money tomorrow, and you can't compare it to bank as long as you're not holding it on centralized exchanges.
You don't know the owner, but what makes you sure to deposit bitcoin to exchange?.
what makes you sure that your Bitcoin arrived safely and was not taken away by the owner?
I always thought that,
same as banks, I don't want to save it for long time, because banks often go bankrupt, and the owner run overseas.
The fact that you start to deposit your bitcoin into another wallet, then the security is not the same. Your bitcoin is no longer your own property anymore the moment a third party start to access it. Hence, it’s safety can never be determined anymore. Today it might be safe, but the next day might not be the same. That’s why using centralized exchange is discouraged, but what else can we do but to take some risk and use them everytime there is a need to trade and make high returns. what makes you sure that your Bitcoin arrived safely and was not taken away by the owner?
I always thought that,
same as banks, I don't want to save it for long time, because banks often go bankrupt, and the owner run overseas.
Because I will read all about the exchange before making some deposit.Many scam was happening in exchanges now a days,the best example is FTX.The FTX allow the free deposit and withdraw of bitcoin in longer periods.After reaching some huge liquidity in their exchange they closed without any intimation.So it mean,they started to scam by the free deposit and withdraw of bitcoin.The target for this exchange was long time holding people and the huge capacity of holding people.Totally its the big scam in recent days.
You don't know the owner, but what makes you sure to deposit bitcoin to exchange?.
what makes you sure that your Bitcoin arrived safely and was not taken away by the owner?
what makes you sure that your Bitcoin arrived safely and was not taken away by the owner?
It is just a risk taking move to trust the exchange while being hesitant because it is the only service where I can do my crypto trading activity. But come to think of it, nothing just blindly trying whether they are reputable enough to deliver their services. And I agree with the previous replies that we need not to make these exchanges our cryptocurrency stash/vault. It is better to just use the exchanges on the service it offers and not use them to keep our cryptocurrency since there is a possibility of losing the fund if the exchange got hacked or goes rouge.
It is true, if we do not use centralized exchanges, converting to fiat will be very difficult. I agree with you, I believe the people who are criticizing centralized exchanges, they still use CEX silently, I only believe what they do, and I don't believe what they say.
It will be hard where Bitcoin is banned or if there are not too many Bitcoin users. It will be hard, but still not impossible. Yes, people criticize centralized exchanges and they still use them because of the unavailability of selling or buying options! You can take me for example. I don't day I like centralized exchanges because it's changed the concept of bitcoin. Yet I use centralized exchanges because I don't know any bitcoin in my area where I can sell my bitcoin or I can buy from someone. So, I am kinda forced to use centralized exchanges even though I don't want to use them.
Not only you but most of us, like it or not, we have no choice, and using centralized exchanges is almost an inevitable part of wanting to participate in this market. That's why I don't want and don't like to criticize them because we are still using them every day. We all know Cexs changed the concept of bitcoins, but as long as we still need them, don't badmouth them, it makes us as bad as they are. People are talking well about DEXs, but I bet not too many people use them because of the inconvenience they bring.
it would be better to store our crypto assets in personal wallet, and the exchange is used only as an exchange not to store our assets in the long term. this is indeed risky, we don't know what will happen in the future, and we can't sue, therefore this kind of knowledge is what bitcoiners should know at first, so they don't regret later because of a scam on the exchange. I too have experienced it, and in the end we ourselves have to move on from this situation
based on the experience that you may have experienced, as well as from information that continues to grow from all bitcoiners, of course what has made that experience can be used as a reference not to repeat it again. because if you look at the developments that have occurred on exchanges so far, some have closed and are no longer active, of course this will be detrimental for those who have deposited their funds there, although there may be many exchanges that are very good but will not guarantee that. I agree with you that if you have to, it's okay to keep it on an exchange but not for a long time and I myself agree more and feel it's best if I can keep it in my own wallet. You don't know the owner, but what makes you sure to deposit bitcoin to exchange?.
what makes you sure that your Bitcoin arrived safely and was not taken away by the owner?
For me, I don't trust anything that is on the internet. People can make a scheme that requires them to put a lot of money and time into it. But the planning is so good that, when it is well known, people will blindly trust them. Thus they will put their assets in there without a second thought. And this is when the owner of the scam will act again. Because now he is making more than what he has invested in it. So now he can just run away with it. what makes you sure that your Bitcoin arrived safely and was not taken away by the owner?
I am not talking about everything or one thing in particular. There are people in the market trying their best to only provide for the users and also for their profits. But we are not saints. We have foul thoughts too. For that reason, we can never be sure that the owner won't do it. For this reason, just use it only when necessary, and after that put your assets where it belongs. By that, I mean in your personal wallet. Your assets should belong to you in your own custody. Not against or with the centralized exchanges, I just use them as long as they are getting my work done.
You don't know the owner, but what makes you sure to deposit bitcoin to exchange?.
what makes you sure that your Bitcoin arrived safely and was not taken away by the owner?
what makes you sure that your Bitcoin arrived safely and was not taken away by the owner?
First, if someone has found a platform that is seen as comfortable and reliable, if you enter and trade there, you have entrusted custody of your funds with them, and to check Bitcoin transactions on the platform, with the aim that your BTC will land safely and not be tampered with, you can monitor transactions on the blockchain. . But many suggest that if you have BTC it's better to keep it in a personal wallet that you control, it's safer. because important data is in your hands not theirs.
It is true, if we do not use centralized exchanges, converting to fiat will be very difficult. I agree with you, I believe the people who are criticizing centralized exchanges, they still use CEX silently, I only believe what they do, and I don't believe what they say.
It will be hard where Bitcoin is banned or if there are not too many Bitcoin users. It will be hard, but still not impossible. Yes, people criticize centralized exchanges and they still use them because of the unavailability of selling or buying options! You can take me for example. I don't day I like centralized exchanges because it's changed the concept of bitcoin. Yet I use centralized exchanges because I don't know any bitcoin in my area where I can sell my bitcoin or I can buy from someone. So, I am kinda forced to use centralized exchanges even though I don't want to use them.
Not only you but most of us, like it or not, we have no choice, and using centralized exchanges is almost an inevitable part of wanting to participate in this market. That's why I don't want and don't like to criticize them because we are still using them every day. We all know Cexs changed the concept of bitcoins, but as long as we still need them, don't badmouth them, it makes us as bad as they are. People are talking well about DEXs, but I bet not too many people use them because of the inconvenience they bring.
This is indeed a lot of people who think about this problem, so in this case we must first learn how transactions occur on a market and whether the market is feasible for us to use as our bitcoin transactions, because currently there are very many markets present so we have to choose a market that is already relied on by many people such as Binance, Kukoin and others have long been present in the crypto world, so by using the market we are safe and no longer think about negative things and this is the same as using bank services that are currently in each of our respective countries.
Of course, choosing a good quality exchange before trading is very important. Because if we can't choose a good and safe exchange, even if we are successful in trading, we will never be successful in trading our own money. There are many exchanges in the crypto market which usually claim to offer different facilities but I never look into those facilities I believe Binance and Kukoin are very safe among the crypto exchanges. With these two exchanges, you can trade with confidence and keep your money safely in your exchange account. Maybe you can trust these two exchanges but don't over trust. Jump to: