[Poll] What are the safest platforms?

Despairo

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Quote from: inthelongrun on January 07, 2023, 12:56:13 PM

I voted for Binance and Kucoin. All centralized exchanges have the chance to follow the route of FTX. But I also believe that many centralized exchanges learned from the past and are improving their services. They are trying to become transparent to their users to avoid fear and stop their investors from withdrawing their funds. Binance established itself as the biggest and is becoming uncontested when it comes to daily trading volume. I also followed the rise of Kucoin from its humble beginnings to becoming one of the top and solid exchanges in crypto.

If all centralized exchanges are learned from the past, there's will no hacked case after 2011 since the first time exchange got hacked since 2011. But as you can see in this thread, every year there's will be centralized exchange got hacked every year.

Mt.Gox was a biggest exchange and very well known to every crypto Enthusiast, which mean Mt.Gox reputation in 2013/2014 is same with Binance reputation right now. But Mt.Gox got hacked and bankrupt which make "big institution" can't always survive.

FTX is also humble since they offer the lowest trading fee rather than the other exchange and trying to overtake Binance, I wouldn't surprised Binance will trying to find a Kucoin's loophole in the future.

bbc.reporter

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Quote from: PX-Z on January 07, 2023, 12:22:15 PM

I'm currently and only using kucoin, it's the only exchange that i'm using beside the local one in my country.
Well, there's no kyc requirements there, at least for now, so I can say i'm trusting them for exchanging purpose. Note that i'm not holding my funds there, i just use it for its purpose, all is stored in my custodial wallet.
It's the same in every top exchange — only use it for its purpose, to exchange not to hold and alternative for wallet.

I am quite certain everyone in the forum very much agrees hehe.

It is Binance and Kraken for the safest platforms, however, I am beginning to speculate that Binance might become more risky when the trial for Sam Bankrupt-Fried begins on October. I am quite certain CZ's dump of FTT will be mentioned and they will make it appear as something similar to a liquidity attack that triggered FTX's destruction. This might begin another investigation and this time it will be on CZ.

inthelongrun

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The Martian Child

I voted for Binance and Kucoin. All centralized exchanges have the chance to follow the route of FTX. But I also believe that many centralized exchanges learned from the past and are improving their services. They are trying to become transparent to their users to avoid fear and stop their investors from withdrawing their funds. Binance established itself as the biggest and is becoming uncontested when it comes to daily trading volume. I also followed the rise of Kucoin from its humble beginnings to becoming one of the top and solid exchanges in crypto.

PX-Z

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I'm currently and only using kucoin, it's the only exchange that i'm using beside the local one in my country.
Well, there's no kyc requirements there, at least for now, so I can say i'm trusting them for exchanging purpose. Note that i'm not holding my funds there, i just use it for its purpose, all is stored in my custodial wallet.
It's the same in every top exchange — only use it for its purpose, to exchange not to hold and alternative for wallet.

albon

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Quote from: yhiaali3 on January 05, 2023, 12:44:52 AM

I didn't vote because in my opinion there are no secure centralized exchanges, they are all vulnerable to hacking, account freezing or people's money being stolen by the same exchange team.

But this is a relative matter of course, if I had to choose, I would of course choose Binance, because at least if the exchange gets hacked (as it happened before) Binance compensates users from its own reserves.

Yes, I completely agree with you, we should not set our hopes high on the central exchange platforms, so if Binance was previously hacked in 2019 and it is one of the largest central exchange platforms in the crypto market, and the hackers stole 7 thousand of the Bitcoin, what do you expect to happen to the other exchange platforms? Hackers over time devise new ways to hack and exploit the vulnerabilities of the exchange platforms, and with time they can succeed in that, so we can keep our wealth in cold wallets, and only when trading can we transfer our funds to popular exchange platforms such as Binance and Kucoin because their bankruptcy rate is low due to the reserve fund that they have.

KingsDen

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Goodnight, o_e_l_e_o 🌹

No matter how safe or reliable Binance and Cz my appear;
No matter how many times CZ has bailed out other exchanges;
No matter how much Binance has in her reserve fund;
No matter the security architecture being employed by Binance;
It doesn't erase the fact that it is an exchange, it can fail on its own, by attacks or hacks or by government compulsion;
My advice is that if it is necessary to use an exchange, use it as an exchange and go your way not as a hardware wallet.

Darker45

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Quote from: Z-tight on January 06, 2023, 07:07:45 PM

It is the ignorant people in the 'industry' who do not know how risky it is to use an exchange for self custody that can trust these platforms to hold their money for them.

Wait a minute, is this even possible? It's like saying 'run faster to slow down' or 'go farther to be near' or 'take a shower to not get wet'. I mean, using an exchange is the opposite of self-custody. It's impossible to self-custody by using an exchange. It's not just about ignorance or whatever; it simply isn't possible. Of all the centralized exchanges mentioned, is there even a single one of them that allows you to control your private keys? None.

Z-tight

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Quote from: yhiaali3 on January 05, 2023, 12:44:52 AM

But this is a relative matter of course, if I had to choose, I would of course choose Binance, because at least if the exchange gets hacked (as it happened before) Binance compensates users from its own reserves.

Do not believe that. If Binance is hacked today and the negative news of: "withdraw your funds from Binance" start to spread, while at least >70% of their users all scamper to withdraw at almost the same time, i'm sorry Binance would go insolvent or declare bankruptcy and compensations would not be available.

Quote from: judeafante on January 06, 2023, 06:39:24 PM

the industry put trust on these two platforms.

It is the ignorant people in the 'industry' who do not know how risky it is to use an exchange as ~~self custody~~ their personal wallet that can trust these platforms to hold their money for them.

judeafante

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I am not supposed to vote because the title is about the safest platform when there is no guarantee now that all platforms are safe because of what happen to FTX and now Binance is under scrutiny and investigation, but after I saw the least risk of bankruptcy I prefer to vote for Binance and Kucoin because I have seen their stats and we all now your reputation precedes you, the industry put trust on these two platforms.
But not your keys, not your coins should always be your main consideration when keeping your funds and exchanges are the worse keeper.

livingfree

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Binance and Kucoin are the two exchanges on the poll that I've used. But even I have experience using both platforms, I wouldn't say and guarantee that they're safe.

Like everybody is aware and concerned with, no exchange is safe to say as they're all prone to any ruckus that might change the fate of their business in less period of time. We've all learned from FTX and that's why everyone is thinking that none of them is safe at all.

One thing I've learned from these exchanges, even if they're telling you the sweetest words ever, don't be too comfortable with it.

yhiaali3

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I didn't vote because in my opinion there are no secure centralized exchanges, they are all vulnerable to hacking, account freezing or people's money being stolen by the same exchange team.

But this is a relative matter of course, if I had to choose, I would of course choose Binance, because at least if the exchange gets hacked (as it happened before) Binance compensates users from its own reserves.

o_e_l_e_o

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Quote from: Pmalek on January 03, 2023, 03:47:14 AM

CZ and the company compensated the users for the suffered damages at the time.

It's worth pointing out that neither CZ nor Binance actually had to front any money to do so. The said we were hacked, but no one will lose any coins and we will reimburse everything, and that was it. Everyone still left their coins on Binance. Very few people actually withdrew their coins, and certainly not enough to test Binance's reserves. If Binance were running at a 10% fractional reserve, and were hacked and lost half of the reserve, but no one actually withdrew anything, then they can say what they like and business will continue uninterrupted. Perhaps during a previous hack Binance have been temporarily insolvent, but we never knew because people just blindly trusted them with their coins.

Sounds ridiculous, until you realize the exact same thing has happened to other exchanges, which have been insolvent for weeks or even months behind the scenes, all while continuing to operate, to advertise, to launch new services, and to promise that everything is just fine.

Pmalek

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Binance has been hacked in the past and experienced breeches that resulted in investors/holders losing their coins. CZ and the company compensated the users for the suffered damages at the time. But that was nothing for CZ. It was like picking up the tab at a bar. All exchanges have terms that are identical or similar to what o_e_l_e_o posted, meaning they don't have to compensate you for anything, and you can't consider them responsible for extraordinary circumstances like hacks and security breaches.

I see CZ paying back the losses as an investment for the future. Not doing it would cause unsatisfied customers to leave. He looked good in the public's eyes by doing it, and he can say our exchange cares about you. Even if we get hacked and you lose money, we will help you out and pay you back from our own pockets. That's skillful marketing. At the same time, he is pointing the finger at the competition who acted differently during times where they weren't hacked.

But I wouldn't bet on CZ reimbursing investors if much more money was stolen, and he made the decision that it makes more sense to let the ship sink than trying to save it and patch it up. I hope for the overall market health that we will never have to find out.

Z-tight

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Quote from: bbc.reporter on December 27, 2022, 07:28:06 PM

@Lucius. Agreed, however, it is speculation and profit that also helped create the cryptospace, without this, it would not grow as much as it has.

We may agree that speculation on BTC price and that of other crypto has helped to grow the crypto industry, because through speculation people get to buy and sell BTC, leading to more people using it and growth.

But people should never speculate on which crypto exchange is safe for them to keep their funds, this kind of speculation has not helped the crypto space because many crypto people have lost money in one centralized exchange collapse or the other, and this has caused people to lose trust in crypto and not use it.

A discussion of which crypto exchange is less risky isn't going to help anyone in the end, we have to unequivocally make it clear that they are all as risky as the other, so use them only for trading and move your money immediately into your self custody. Do not stake your coins with them, or fall for other methods they use to make their users leave their money with them to make profit; they will use your money to make profit for themselves, and if things go bad you lose it all without compensation.

bbc.reporter

legendary

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Quote from: Yogee on December 26, 2022, 01:44:59 AM

Quote from: fortunecrypto on December 22, 2022, 12:04:37 AM

.... when the FTX fiasco is at its hottest CZ launched a bailout

hehe that makes him the good guy then? Didn't he also forced Sam's hand to buy back the Binance's 20% share in FTX at a huge profit? Some articles have written that CZ stonewalled FTX's plan to expand. He invested about $100 Million in FTX and sold it for about $2 Billion. I'm not surprised why investors thinks he may have caused the liquidity crunch.

Quote from: bbc.reporter on December 26, 2022, 01:19:50 AM

....There have been rumors that Kucoin hold a significant amount of FTT. Kucoin has denied this, however, we cannot be quite certain on what is the truth or who is telling the truth anymore.

Nothing is showing up in my googles search. Can you share link of that rumor?

You might be using the wrong search terms. I searched and found this in 1 minute.

https://cryptoslate.com/kucoin-ceo-addresses-rumours-surrounding-ftx-ftt-exposure/

In any case, it was mentioned first in social media, where some bitcoiners began speculating on what exchanges have exposure on FTX and FTT. Kucoin and Crypto.com were mentioned.

@Lucius. Agreed, however, it is speculation and profit that also helped create the cryptospace, without this, it would not grow as much as it has.

Lucius

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Quote from: bbc.reporter on December 26, 2022, 01:19:50 AM

Why do more people speculate that Kucoin is less risky than Kraken? There have been rumors that Kucoin hold a significant amount of FTT. Kucoin has denied this, however, we cannot be quite certain on what is the truth or who is telling the truth anymore.

Does anyone know something bad about Kraken that I might have ignored?

What they all have in common is that they are centralized and as such represent the greatest danger for all the funds in their possession. Looking for the truth in a world that is riddled with lies is like looking for a needle in a haystack. If the authorities scratched just a little deeper under the surface, they would find a lot of dirt in all CEX - and what would happen if the majority tried to withdraw their funds?

False promises, an eye-pleasing user interface and crypto messiahs in the form of CEOs with the promise of profit are reason enough for the majority to continue to be misled by completely wrong ideas.

Yogee

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Quote from: fortunecrypto on December 22, 2022, 12:04:37 AM

.... when the FTX fiasco is at its hottest CZ launched a bailout

hehe that makes him the good guy then? Didn't he also forced Sam's hand to buy back the Binance's 20% share in FTX at a huge profit? Some articles have written that CZ stonewalled FTX's plan to expand. He invested about $100 Million in FTX and sold it for about $2 Billion. I'm not surprised why investors thinks he may have caused the liquidity crunch.

Quote from: bbc.reporter on December 26, 2022, 01:19:50 AM

....There have been rumors that Kucoin hold a significant amount of FTT. Kucoin has denied this, however, we cannot be quite certain on what is the truth or who is telling the truth anymore.

Nothing is showing up in my googles search. Can you share link of that rumor?

bbc.reporter

legendary

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Why do more people speculate that Kucoin is less risky than Kraken? There have been rumors that Kucoin hold a significant amount of FTT. Kucoin has denied this, however, we cannot be quite certain on what is the truth or who is telling the truth anymore.

Does anyone know something bad about Kraken that I might have ignored?

o_e_l_e_o

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Quote from: Lucius on December 24, 2022, 10:37:23 AM

I had the impression that Bankman was somewhat childish, but I understood some things only after watching this video interview, so although someone may say that his performance is a consequence of everything that happened, he left the impression on me of someone who does not understand very simple questions at all.

Fair enough, but there were also plenty of videos of him from long before FTX went under where he had the same demeanor and the same approach to questions. Or the video of Caroline Ellison where she laughs about not using any math, laughs about not using stop losses, and laughs about taking wild risks. I'll admit I hadn't watched any of these videos until recently, but then I didn't send FTX a single satoshi, so frankly I didn't care. I can't understand people who see some new exchange pop up and just assume it is legit and send off all their money without spending even a few minutes looking in to it. If they had, and they had seen it was being run by these children, then maybe they wouldn't be in the position they are in now of having lost all their money.

Quote from: BigBos on December 24, 2022, 02:26:20 PM

there's no way a genius could show his attitude by acting like a child unless he wants to appear like a child to fool his opponent

I think it's fair to say that SBF absolutely isn't a genius, but I also have little doubt he is now exaggerating the "I'm just really dumb" approach because it's the only defense he has, especially after the other scammers involved in FTX seem to be willing to rat him out.

BigBos

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Quote from: Lucius on December 24, 2022, 10:37:23 AM

Quote from: o_e_l_e_o on December 24, 2022, 05:03:05 AM

This is the same guy who said that "no book is ever worth reading". Watch him in any interview and he comes across almost like a child. Unbelievable that nobody who used FTX bothered to look in to this before sending their money to this scammer.

I had the impression that Bankman was somewhat childish, but I understood some things only after watching this video interview, so although someone may say that his performance is a consequence of everything that happened, he left the impression on me of someone who does not understand very simple questions at all. At one point, I thought, are millions so naive that they were managed to be deceived by such a scumbag - or is Bankman just someone's puppet?

More precisely, I think he is two-faced, there's no way a genius could show his attitude by acting like a child unless he wants to appear like a child to fool his opponent (the person he asked to be his partner before wasn't a fool) so there's no way that impression would come out naturally. natural.
I think it's more accurate that SBF was made into a doll by someone who knew the situation.

Maybe Binance is a very large centralized Exchanger and even crowned No. 1 in the world, but what Binance has been doing lately, they have always had ambitions to acquire crypto exchanges and I think CZ wants to monopolize the Cryptocurrency market.
I think not a good centralized platform.

Topic: [Poll] What are the safest platforms? (Read 557 times)