Should exchanges be trusted anymore? - page 2.

Gnosis7777

member

Activity: 131

Merit: 18

Quote from: harizen on August 03, 2017, 03:53:45 PM

Quote from: mayax on August 03, 2017, 03:45:05 PM

Quote from: Wong Gendheng on August 03, 2017, 12:30:06 PM

Reputation becomes important because some exchangers eventually become a scam, this we must be aware that we are not exposed to a scam.

use a regulated exchanger and the possibility to be scammed is almost zero.

It's still prone to fraud (like regulated banks and investment companies e.g mutual funds) but the good thing here is, since it's regulated, chances are low to happened and we can sued them and can able to get back our funds.

Just take note that regulated exchanges requires verification which for me, I don't see any problem to that.

Seems you have not read the Poloniex Terms of Service; Regulation means nothing except that they share your information with the government, and you waive your right to sue them or have your money returned in event of fraud or a hack, period.

See: https://bitcointalksearch.org/topic/poloniex-terms-of-service-scam-2063536

Kemarit

legendary

Activity: 3080

Merit: 1353

Quote from: Cryptocoinsmania.com on August 03, 2017, 04:25:47 PM

BTC-e is different story. Most big exchanges have are licensed, regulated and are more trustworthy. BTC-e was never "the cleanest" exchange and many knew it. Furthermore, there was normal occurrence to get your account "hacked" and find out that coins are gone.
However, everything connected to crypto must be done with high vigilance.

There is no difference. Eventhough some of exchanges are regulated, there are likely to or liable to suffer from hacks. Most of already knew that BTC-e was not "the cleanest" but we still take the risk of putting funds there.

Quote from: harizen on August 03, 2017, 03:53:45 PM

Quote from: mayax on August 03, 2017, 03:45:05 PM

Quote from: Wong Gendheng on August 03, 2017, 12:30:06 PM

Reputation becomes important because some exchangers eventually become a scam, this we must be aware that we are not exposed to a scam.

use a regulated exchanger and the possibility to be scammed is almost zero.

It's still prone to fraud (like regulated banks and investment companies e.g mutual funds) but the good thing here is, since it's regulated, chances are low to happened and we can sued them and can able to get back our funds.

Just take note that regulated exchanges requires verification which for me, I don't see any problem to that.

Exactly, That is why the goal of this oversight is to ensure that financial markets operate with a minimum of fraud and to provide a fair, transparent marketplace for investors and businesses alike. This approach has been proven to be effective and very efficient. I don't see a problem with requires verification, KYC/AML for some exchanges. This is a safety net for most of us.

Cryptocoinsmania.com

newbie

Activity: 59

Merit: 0

BTC-e is different story. Most big exchanges have are licensed, regulated and are more trustworthy. BTC-e was never "the cleanest" exchange and many knew it. Furthermore, there was normal occurrence to get your account "hacked" and find out that coins are gone.
However, everything connected to crypto must be done with high vigilance.

harizen

legendary

Activity: 3122

Merit: 1398

For support ➡️ help.bc.game

Quote from: mayax on August 03, 2017, 03:45:05 PM

Quote from: Wong Gendheng on August 03, 2017, 12:30:06 PM

Reputation becomes important because some exchangers eventually become a scam, this we must be aware that we are not exposed to a scam.

use a regulated exchanger and the possibility to be scammed is almost zero.

It's still prone to fraud (like regulated banks and investment companies e.g mutual funds) but the good thing here is, since it's regulated, chances are low to happened and we can sued them and can able to get back our funds.

Just take note that regulated exchanges requires verification which for me, I don't see any problem to that.

mayax

legendary

Activity: 1470

Merit: 1004

Quote from: Wong Gendheng on August 03, 2017, 12:30:06 PM

Reputation becomes important because some exchangers eventually become a scam, this we must be aware that we are not exposed to a scam.

use a regulated exchanger and the possibility to be scammed is almost zero.

CowboyKiller

sr. member

Activity: 463

Merit: 250

Quote from: Jarkss on August 03, 2017, 01:19:13 PM

I really don't trust exchanges that much since the beginning. But I don't really have a chhoice when I want to trade. Maybe it's time for someone to develop a decentralized exchanges as well. Just my thought Grin

Well I like your idea and I know in current have altcoin want create this exchange is Waves. You can check the name exchange Waves created for prove they have idea as your mean and still development every day for user trusted them. "Waves Decentralized Exchange" Grin

erikalui

legendary

Activity: 2632

Merit: 1094

There is no safety anywhere whether it's online or offline wallets as the slightest glitch can lead to hacks and even banks aren't secure, forget online exchanges. MtGox I guess paid its users and some exchanges do compensate for the losses upto some extent if they are insured but not all. They were in a huge loss when the incident happened and till now they are under a debt.

Jarkss

member

Activity: 80

Merit: 45

I really don't trust exchanges that much since the beginning. But I don't really have a chhoice when I want to trade. Maybe it's time for someone to develop a decentralized exchanges as well. Just my thought Grin

nizamcc

legendary

Activity: 1218

Merit: 1007

Quote from: Victorycoin on August 03, 2017, 11:46:31 AM

Quote from: Wendigo on July 29, 2017, 10:43:50 AM

If you don't like online exchanges you can find potential buyers offline and go trade with them face-to-face in the real world. You could get robbed there as well by the way.

That is right, there is danger everywhere, even if you settled to keep a vault in your home, yet is it not 100% safe. Best bet is to always have it at the back of one's mind, while dealing with exchanges and about every other online company that one's actually fishing on croc infested water.

Mt.Gox style collapse is now a regular feature in the cryptocurrency world and I think watching out for the tell-tale shady signs should be a red flag to know when the party is about to come to a halt. My account with this exchange have been out of use for a long time now and already there have been reports that BTC-e is a disaster waiting to happen, people needed only to do their due diligence to see through their gimmicks. These for instance:

http://digiconomist.net/fraud-risk-assessment-btce

https://www.cryptocoinsnews.com/btc-e-trustworthy-or-recipe-for-disaster/

Shady signs are needed to be seen but what if scammers are smart enough to just snatch away everything from you before you do anything?
It is not necessary that you will be getting information about everything that is yet to happen so being aware still gets us nowhere unless thieves leave a sign of thievery they are going to conduct.

Wong Gendheng

sr. member

Activity: 1428

Merit: 252

Reputation becomes important because some exchangers eventually become a scam, this we must be aware that we are not exposed to a scam.

Victorycoin

hero member

Activity: 1134

Merit: 517

Quote from: Wendigo on July 29, 2017, 10:43:50 AM

If you don't like online exchanges you can find potential buyers offline and go trade with them face-to-face in the real world. You could get robbed there as well by the way.

That is right, there is danger everywhere, even if you settled to keep a vault in your home, yet is it not 100% safe. Best bet is to always have it at the back of one's mind, while dealing with exchanges and about every other online company that one's actually fishing on croc infested water.

Mt.Gox style collapse is now a regular feature in the cryptocurrency world and I think watching out for the tell-tale shady signs should be a red flag to know when the party is about to come to a halt. My account with this exchange have been out of use for a long time now and already there have been reports that BTC-e is a disaster waiting to happen, people needed only to do their due diligence to see through their gimmicks. These for instance:

http://digiconomist.net/fraud-risk-assessment-btce

https://www.cryptocoinsnews.com/btc-e-trustworthy-or-recipe-for-disaster/

Andre_Goldman

sr. member

Activity: 322

Merit: 253

Property1of1OU

for me trust an exchange is like sign pgp key ... I use some trust level

unknown
Nothing is known about the owner’s judgment in key signing. Keys on your public keyring that you do not own initially have this trust level.
none
The owner is known to improperly sign other keys. In other words, you don’t trust them.
marginal
The owner understands the implications of key signing and properly validates keys before signing them.
I use this for people that I know remotely; business contacts for example.
full
The owner has an excellent understanding of key signing, and his signature on a key would be as good as your own.
I use this for people I entirely trust, such as my brother, my work team (but not necessarily members of my staff I do not know well or who have not been with us long) and very close personal friends.

ultimate
This should only ever be used for your own keys. You are the only person you can trust ultimately!

xbiv2

full member

Activity: 560

Merit: 111

Quote

Should exchanges be trusted anymore?

Take out from exchanges till forks done:
https://www.btcforkmonitor.info/

2fresh

hero member

Activity: 782

Merit: 500

Never trust them basically, in some you have better faith then others but still there's always that chance and we have seen it time and time again.

dwieyani

full member

Activity: 252

Merit: 100

I always crave the exchange because in exchange we can use it for the journey, money exchange sometimes get a loss with the sale and buy price is very different.

Barcode_

staff

Activity: 3136

Merit: 570

Join the world-leading crypto sportsbook NOW!

Actually this is not a problem that are only faced in the world of Crypto-currency, even in the regulated market with the government involved, there are also a chance for any registered investment companies or exchanges to shut down without giving any notification to the investors.

Xenrise

sr. member

Activity: 672

Merit: 251

Well yes, those were the places where we can do change of our own cryptocurrency. And do not fear on it. Trust them, we are just relying on them. Imagine that if we lose those exchanges. Where us cryptoholders/cryptotraders will go? Well anyways, I am just worried about the poloniex. They are taking too much from exchangers. I think they are accumulating $2 million per day. Well I think it is because of their service. They have the highest number of coins and stocks. Trust exchanges, have some balls.

Lancusters

sr. member

Activity: 630

Merit: 263

Quote from: aldrian09 on August 03, 2017, 09:39:22 AM

We can't trust anything from internet no matter how they claim that they are legit, the moment they will decide to scam us then we can't do anything about it. Its better that we use exchange on its sole purpose to exchange and do our trade not use it as a wallet.

Today people can not feel safe anywhere. A lot of scams. In everyday life, not less. If you are afraid to store their bitcoins in an online wallet where you have a guarantee that hackers will not hack your computer and steal your coins offline.

fathur.aza

full member

Activity: 238

Merit: 100

All exchanges will have risks, but the exchange must be we should be trusted because with our exchange easier to do well, if no exchange is already doing bitcoin transactions.
Because the exchange we can use anywhere.

ardentvolcanoes

sr. member

Activity: 1050

Merit: 252

Quote from: aldrian09 on August 03, 2017, 09:39:22 AM

We can't trust anything from internet no matter how they claim that they are legit, the moment they will decide to scam us then we can't do anything about it. Its better that we use exchange on its sole purpose to exchange and do our trade not use it as a wallet.

true. we can't say when they will scam us since we don't have any control even they are claiming that they are really trusted but who knows
what is inside their minds maybe if they are already satisfied for what they got from those members/traders they can easily say that they been
hacked and close the exchange.

Topic: Should exchanges be trusted anymore? - page 2. (Read 2695 times)