Should exchanges be trusted anymore? - page 4.

Emitdama

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Quote from: squatter on July 31, 2017, 05:15:49 AM

Quote from: nizamcc on July 29, 2017, 09:56:44 AM

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?

Exchanges were never trustworthy; you can only spread around the risk. Your best bet is with registered, VC-backed exchanges (like Coinbase, Gemini, Bitstamp) because even if they get hacked, their investors will probably bail the customers out.

a lot of people are trust in bitcoin and the price is also keep on increasing till the date august first will come up and now the process of exchanging has become very easy but still there s a huge risk in it because it is important for the process of the trading but trusting exchange completely is not a good decision being careful in bitcoin exchange can minimize the chance of loss.

Dudeperfect

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It's not only about exchanges, holding bitcoins anywhere other than your 100% control on it is a risky move. One should keep his funds in offline storage either in hardware or paper wallet where he is whole and sole owner and manager of the private keys. Exchanges are meant for trading and thus one should maintain the amount which requires him to trade on exchanges and not the surplus gains if he is not interested in reinvesting.

Nahl

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i trusted but not 100% trusted because not secure to store our all of bitcoin for an any exchanges for a long time although those exchanges had good reputation but don't mean it will secure forever and indeed we still needed exchanges for our trading activities but if i have huge amount of bitcoin or altcoins then my primary options is store all of it into offline wallet

loopes

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Quote from: mk4 on July 29, 2017, 10:25:16 AM

The thing is, people always leave their cryptocurrencies on exchanges, which is a very very bad thing to do. Legit or not, always withdraw your funds. All those problems are easily prevented when you use exchanges for only it's main reason; as an exchange. Not as a storage.

storing coin in the exchanges is bad idea. i think you are right mate, people should not store their coin on exchange. just use exchanger for exchange activities for example for trading or change btc into fiat. the problem isn't only on trust of exchanges but people must aware to don't stores their coin on exchanges.

Drnice

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If we loss our trust from them, then to make exchange of our coins to fiat or altcoins will be difficult.
So, if the owners of these exchange sites are found in fraudulence acts does not clearly mean that every transactions made will be of trouble, cause they have workers working with them.

Kyraishi

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Quote from: nizamcc on July 29, 2017, 09:56:44 AM

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?

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.

Natsuu

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★Bitvest.io★ Play Plinko or Invest!

Quote from: ABCbits on July 29, 2017, 10:21:33 AM

All exchange which is legal/regulated with good reputation can be trusted, as long as you withdraw your money after finished exchange/trade your money and don't use exchange as wallet just like what many people did in past Roll Eyes

Yeah just like what I always doing. After I trade my coins I immediately transfer it to my wallet just to be safe.
I dont let my coins sleep in the exchanges as I know its not really trustworthy and having some serious issues.

Fesatmas

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Quote from: jtipt on July 29, 2017, 10:32:14 AM

Quote from: ABCbits on July 29, 2017, 10:21:33 AM

All exchange which is legal/regulated with good reputation can be trusted, as long as you withdraw your money after finished exchange/trade your money and don't use exchange as wallet just like what many people did in past Roll Eyes

Exactly. You can't just stop trusting all the exchanges because of action of one. But I think it's always safe to have some doubt and not trust completely any service, wallet or exchange, which doesn't give you access to your private keys it's better not to keep BTC on there for a long time.

Totally agree, in my country there is any bitcoin company who offering service like another exchange. That company has good reputation and the owner very actively promoting and teaching anything about bitcoin. For that, exchange site with good reputation and good owner it can be trusted.

frowsiter

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Quote from: ABCbits on July 29, 2017, 10:21:33 AM

All exchange which is legal/regulated with good reputation can be trusted, as long as you withdraw your money after finished exchange/trade your money and don't use exchange as wallet just like what many people did in past Roll Eyes

Indeed most of the people end up in saving big amount of money into exchanger itself. Even one of the friend had over 6 BTC on exchanger, of which 2-3 BTC were in the form of altcoins. When I asked him why are you keeping those rest BTC over there the he replied, "I'm professional trader who needs money handy when there is good opportunity for trade is going to take place". For a minute I thought it is true as well.
So it's all about methods and strategies of person that makes him to take the decision. May be we need to take the risk for the best.

squatter

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STOP SNITCHIN'

Quote from: nizamcc on July 29, 2017, 09:56:44 AM

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?

Exchanges were never trustworthy; you can only spread around the risk. Your best bet is with registered, VC-backed exchanges (like Coinbase, Gemini, Bitstamp) because even if they get hacked, their investors will probably bail the customers out.

cafucafucafu

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Quote from: nizamcc on July 29, 2017, 09:56:44 AM

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?

Just to ruin your faith in the human race, even more, technically we can't trust anyone except ourselves. Who is to say that the big escrows and trusted traders on the forum won't just run away when the opportunity presents itself.

It seems like exchanges have been taking hits after hits, but I think that I would still trust an exchange. The people who need to trade altcoins and make money rely on them and it would seem to judge them after a couple of events, no matter how dodgy it may seem.

smileee

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Quote from: ABCbits on July 29, 2017, 10:21:33 AM

All exchange which is legal/regulated with good reputation can be trusted, as long as you withdraw your money after finished exchange/trade your money and don't use exchange as wallet just like what many people did in past Roll Eyes

I think should accept the trust when exchanging. Anything that is exchanged will become more valuable, Bitcoin too.

Juggy777

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Quote from: nizamcc on July 29, 2017, 09:56:44 AM

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?

I was using coinbase.com for a very long time as that was very simple and effective for me, however with August 1st looming I decided to end my coinbase.com account and move out which was due to simple reason I just couldn't trust exchange, not that I had any problems with coinbase.com but it felt to be safe have private keys and that's one issue with exchanges, so ya I don't feel safe with exchanges and recent events showed it was a good move.

DaftAjax

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Quote from: Bastime on July 30, 2017, 10:04:50 AM

Not all here in online world would be trusted especially if there is money thing just like here in bitcoin! we should all be cautious in every action we made here because possibly in just a split of seconds your bitcoin can be lost.

Well its really in the human action that is what dangerous and not in the the exchange sites. Because the exchange sites are just tools and that can be used to exchange from coins to coins. Its really in the human action that is more dangerous because they are the ones who're operating these exchange sites.

olushakes

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Quote from: nizamcc on July 29, 2017, 09:56:44 AM

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?

With the several casualty that have befallen exchange sites and the most recent one which has even made people lose quite an amount of their hard earned resources, for me we cannot do without exchange sites and cannot trust them so its an ironical situation which I believe can be handled with more care with one single rule, NEVER LEAVE YOUR ASSETS ON EXCHNAGE SITES...

Rinder

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Its a dilema since we need exchanges to be able to trade bitcoin and altcoins, soo in the end we will need to trust into them, otherwise we need to leave crypto, or find some solution for it, a decentralized exchange would be amazing, but we are scared in the general to try again.
Poloniex were top exchange for me till they close trollbox, since those the support has becamed horrible, and they had the best over the exchanes.

mayax

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Quote from: DaMut on July 29, 2017, 10:43:39 AM

Quote from: ABCbits on July 29, 2017, 10:21:33 AM

All exchange which is legal/regulated with good reputation can be trusted, as long as you withdraw your money after finished exchange/trade your money and don't use exchange as wallet just like what many people did in past Roll Eyes

What exchanger which is 'legal/regulated' ? so far only Bitstamp and regulated under UK law,they have a 'good reputation' but what happened to them back then in 2015ish ? they're a legal exchanger,regulated under UK law but they get hacked by hacker ? that mean a legal/regulated exchanger can not be trusted fully,because everything is very sensitive if they involved with money.
to be honest,we can not trust them fully if i was you,whenever i made a profit i will try to withdraw my money from exchanger directly to my fiat or keep it by my self in my cold storage or local exchanger (i trust them because i know where're they)

So,we can trust them but we can not trust them fully.Only you can keep your money safely

there are only few regulated exchangers : Coinbase, ITbit, Circle, Gemini, Bitstamp.

also, i highly recommend you to find forex brokers which accept BTC (all of them have a history behind and are regulated) like :

https://www.plus500.com/

https://www.ig.com

www.fxcm.com/

http://www.avatrade.com/trading-info/range-of-markets/cryptocurrencies/bitcoin

Bastime

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Not all here in online world would be trusted especially if there is money thing just like here in bitcoin! we should all be cautious in every action we made here because possibly in just a split of seconds your bitcoin can be lost.

Hamphser

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Vave.com - Crypto Casino

Quote from: nizamcc on July 29, 2017, 09:56:44 AM

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?

Here on online world You should always put up in your mind that you should not trust anybody but only yourself.I applied this rule ever since which i dont really trust any exchanges on where when i do make tradings i do immediately cash out my funds and i dont care to pay up fees actively as long i do secured my funds in my own wallet on which i do have its full control. Its really sad to think off on whats happening on exchanges as of now on which they do have their own issues.

mackenzied

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Quote from: JorisK on July 29, 2017, 11:40:13 AM

With solutions like Waves Platform, soon you don't need to trust Exchanges anymore

Quote from: bgibso01 on July 29, 2017, 01:04:25 PM

Decentralized exchanges like Waves, etherdelta, bts would be the future of exchanges.
safe and secure

Is it really safe? How can we absolutely believe in those platforms? No, at present, I feel suspicious about everything, I feel disgusted when I get cheated.

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