Topic: Should exchanges be trusted anymore? - page 3. (Read 2714 times)
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.
1. Exchanges using hacked as a dummy reason to get away with users funds.
2. Exchanges itself getting involved in money laundering or other illegal stuff and thus being compromised by legal authorities and again users bearing the brunt.
3. Exchanges taking user privacy for granted and sharing user details with centralized authorities. It wouldn't be wrong to say that exchanges could share details of users who are involved or doubted to be engaged in illegal activities with the authorities and in the same tone it wouldn't be wrong to say that privacy is one of the key attributes of bitcoin and exchanges are bound to protect user privacy at all cost.
The solution lies in decentralized exchanges, something like Bitsquare, open source peer-to-peer trading with the exchange having no control over user funds and absolute privacy.
Most importantly it's always a bad idea to keep a good amount of funds in centralized exchanges.
2. Exchanges itself getting involved in money laundering or other illegal stuff and thus being compromised by legal authorities and again users bearing the brunt.
3. Exchanges taking user privacy for granted and sharing user details with centralized authorities. It wouldn't be wrong to say that exchanges could share details of users who are involved or doubted to be engaged in illegal activities with the authorities and in the same tone it wouldn't be wrong to say that privacy is one of the key attributes of bitcoin and exchanges are bound to protect user privacy at all cost.
The solution lies in decentralized exchanges, something like Bitsquare, open source peer-to-peer trading with the exchange having no control over user funds and absolute privacy.
Most importantly it's always a bad idea to keep a good amount of funds in centralized exchanges.
Had been in a dilemma after seeing BTC-E's owner being arrested for a $4 Billion money-laundering fraud which he had been conducting, who knows that from when. First Mt Gox, then Bitfinex then Poloniex and now this, few were hacked and some had their admins only cheating their users.
Do you really think any exchanges are trustworthy anymore?
Do you really think any exchanges are trustworthy anymore?
What happened to Poloniex?
Exchanges are as trustworthy today as they always have been, you need to only use them for trading and keep your coins in your own wallets as much as possible...
Keeping your money in your wallets is fine, but are you intended to pay huge fees that exchanges like Bittrex are now levying upon you every time you trade and make something there? They charge BTC0.001 per withdrawal, so if you are a small trader would you still want to withdraw immediately?
I think the other way as I feel waiting for my goals to be reached is important, but when exchanges will just cheat their users like this then I am afraid we will never trade anywhere in the future.
Had been in a dilemma after seeing BTC-E's owner being arrested for a $4 Billion money-laundering fraud which he had been conducting, who knows that from when. First Mt Gox, then Bitfinex then Poloniex and now this, few were hacked and some had their admins only cheating their users.
Do you really think any exchanges are trustworthy anymore?
Do you really think any exchanges are trustworthy anymore?
What happened to Poloniex?
Exchanges are as trustworthy today as they always have been, you need to only use them for trading and keep your coins in your own wallets as much as possible...
Keeping your money in your wallets is fine, but are you intended to pay huge fees that exchanges like Bittrex are now levying upon you every time you trade and make something there? They charge BTC0.001 per withdrawal, so if you are a small trader would you still want to withdraw immediately?
I think the other way as I feel waiting for my goals to be reached is important, but when exchanges will just cheat their users like this then I am afraid we will never trade anywhere in the future.
Forget about crypto currency exchanges , fact is that all most everything in this world is not trust worthy for cent percent for sure.That list includes even Govt entities.
But don't forget that we are in Decentralized world of crypto currencies , Which is far more safer than a Centralized system as per my opinion.The only precaution we need to take is, use exchanges only to exchange and keep our coins in a Offline wallet.
But don't forget that we are in Decentralized world of crypto currencies , Which is far more safer than a Centralized system as per my opinion.The only precaution we need to take is, use exchanges only to exchange and keep our coins in a Offline wallet.
Only keep the minimal amount you need to on the exchange and the rest in your wallet where you control the keys. One of the points of crypto is that you are your own bank.
It's about money, always. The question is how much.? There are literally like 1-2% of owners who have never thought of scamming their users. So if you feel something is wrong then better to shift to another.
Tbh exchanged were never safe :/
Everything could be used for wrong purposes and nothing is 100% secure, every business could have the bad sides and so the bad things could happen with exchangers too. But that doesn't mean that you can't trust exchangers and similar services, you just have to be careful and make the due diligence.
As much as I agree with you, because if we looked back to the past events that happened we could really conclude that everything has its end and of course there is nothing that really trusted. But just think about what he said, all you need is to he careful, and in other terms think also about when money is involved it is already risky.Although there's always a risk with those exchanges, we have no options but to trade our altcoins bounty. You should have check the legit informations from the reviews of the site, in order to avoid certain hesitations from your end. Sometimes that's the reasons of those coins were dying and never sold, due to bounty holders has fears to be engaged with any exchanges. To give some sort of advices here is, being carefull is the best precautions to do and never exchange on those sites with negative reputations.
Some exchanges that I know of aren't covered by insurance so it's hard to put complete trust in them or put a large amount of money in them for a period of time. How many times have we seen these exchanges get hacked and promised they'll return the money but instead go into hiding? Where there's money, they become potential target for hackers, and exchanges are always on the radar for such activities.
Thief is always around and storing money in an online exchange(for a long period of time) are too risky. Never trust online exchange that easily, although some exchange has a good reputation and trustworthy, it still much safer to be always on alert, also its our hard earn money we need to be careful
more often.
more often.
Everything could be used for wrong purposes and nothing is 100% secure, every business could have the bad sides and so the bad things could happen with exchangers too. But that doesn't mean that you can't trust exchangers and similar services, you just have to be careful and make the due diligence.
As much as I agree with you, because if we looked back to the past events that happened we could really conclude that everything has its end and of course there is nothing that really trusted. But just think about what he said, all you need is to he careful, and in other terms think also about when money is involved it is already risky. 
Had been in a dilemma after seeing BTC-E's owner being arrested for a $4 Billion money-laundering fraud which he had been conducting, who knows that from when. First Mt Gox, then Bitfinex then Poloniex and now this, few were hacked and some had their admins only cheating their users.
Do you really think any exchanges are trustworthy anymore?
Do you really think any exchanges are trustworthy anymore?
What happened to Poloniex?
Exchanges are as trustworthy today as they always have been, you need to only use them for trading and keep your coins in your own wallets as much as possible...
Not all the exchanges but we need to trust at least some of them, it's not a choice but it's a compulsion or necessity. Also if one or two reputed exchanges turned scam it doesn't mean that the other exchanges would do the same. I'm sorry if any of you have a bitter experience with poloniex but I still trust poloniex and bittrex and I still consider both of them to be the best exchanges. I have some money with both of them and I haven't had any problems with them so far so I trust them and hope they don't turn scam.
Had been in a dilemma after seeing BTC-E's owner being arrested for a $4 Billion money-laundering fraud which he had been conducting, who knows that from when. First Mt Gox, then Bitfinex then Poloniex and now this, few were hacked and some had their admins only cheating their users.
Do you really think any exchanges are trustworthy anymore?
In my opinion exchanges is exchanges don't put all your money there put your bitcoin in a wallet with private key. You should not put those you can't lose, be wisely. Unless you are at ease in your own money. Do you really think any exchanges are trustworthy anymore?
they should never be trusted and i can't believe anyone ever did trust them.
though btc-e had a good track record this was inevitable while they refused to come out of the shadows. bitfinex has repeatedly raped the market. kraken basically does not work.
the only ones worth taking a leap of faith on are the properly regulated ones like gemini, but i do wonder what they'd do if they suffered a giant hack. places like coinbase claim to be insured against that. i don't want to see that put to the test.
though btc-e had a good track record this was inevitable while they refused to come out of the shadows. bitfinex has repeatedly raped the market. kraken basically does not work.
the only ones worth taking a leap of faith on are the properly regulated ones like gemini, but i do wonder what they'd do if they suffered a giant hack. places like coinbase claim to be insured against that. i don't want to see that put to the test.
Exchanges is safe as long as you dont store your coins there. Just use exchanges for trading your coins not as your wallet. Like what Im always doing, after I buy or sell my coins I immidiately transfer it to my wallet that holds private key. I dont trust my coins in exchnages even before I first trade.
It is better to always put our money at exchanger when we wanted to trade only. After we finished with our main purpose then send back the money to the safest place we can get. It is too risky to put our money in a place where we have no control over it for a longer time.
Had been in a dilemma after seeing BTC-E's owner being arrested for a $4 Billion money-laundering fraud which he had been conducting, who knows that from when. First Mt Gox, then Bitfinex then Poloniex and now this, few were hacked and some had their admins only cheating their users.
Do you really think any exchanges are trustworthy anymore?
BTC-E did not stole its users bitcoins. Their admin was arrested because they did not implement Know Your Customer AKA Spy On Your Users procedure and your money was stolen by government.Do you really think any exchanges are trustworthy anymore?
Non-KYC exchanges should be trusted. KYC exchanges should not because they are working with governments.
I already clarified this in my statement that "few were hacked and some had their admins only cheating their users." I didn't say they steal our BTC but their intention must have been that only behind doing such money-laundering related deeds.
The thing is why would you even store that much money which you cannot afford in an exchange that is known to have absolutely no physical address, close to zero customer support and is basically a money laundering pit?
Do your own due diligence before doing anything - that's true whatever you do with your bitcoins.
Exchanges were never supposed to be a safe place for you to store your coin. It's called an exchange for a reason, not a wallet. If you store your bitcoins on an exchage for a prolonged period of time then you're the only one to blame when one gets hacked or shut down/exit scams, because if you just held onto your own private keys everything would have been fine.
Do your own due diligence before doing anything - that's true whatever you do with your bitcoins.
Exchanges were never supposed to be a safe place for you to store your coin. It's called an exchange for a reason, not a wallet. If you store your bitcoins on an exchage for a prolonged period of time then you're the only one to blame when one gets hacked or shut down/exit scams, because if you just held onto your own private keys everything would have been fine.
Why would I store, exactly right? But I said one thing in between these threads that I am repeating once again that nobody stores their coins at such places intentionally but they put them just for the purpose of trading because exchanges are the only medium who allow us to profit or lose our coins there. Losing on our own doesn't make me feel that bad as much as how I feel when I get cheated just like everyone else.
I think this depends on reputation, if we do not read much and user experience of course we can get scam. Read many reviews and experiences from other users before depositing in the exchanger.
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