Should exchanges be trusted anymore? - page 5.

MintCondition

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Quote from: Serco on July 30, 2017, 08:45:22 AM

So where do we trade or sell our altcoin if we ourselves can not believe in the exchange? Maybe I do not know all the stories from the past exchange. But it is really bad to see so many exchanges that make deep chasms continuously

There are a lot of trusted exchanged in the past that closed or runaway like mt.gox and others. Exchange on cryptoworld will not be trusted forever because there is no legal exchange everywhere. Bittrex and Polo is still not legit exchange on US.

Mokuton

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Decentralize exchanges will take over soon like Waves, Mothership, Wcx, etc. Only put money you are willing to lose!

TheGodFather

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Quote from: Anarchist on July 30, 2017, 08:58:25 AM

None should be trusted. If you are in the shoes of people who lost money in MtGox and recently BTC-e. You will know about it. The problem is not only if the exchange is related to illegal activities like BTC-e or if the exchange is going to scam like MTGox. There is also a risk to see the exchange hacked like it happened with Bitfinex. So the exchange may be clean, it doesn't mean you are safe. Remember that with exchange you don't own any private key and you rely on their security ressources.

I dont know if its true. But try not to put you bitcoins in your exchanger. Others say that you you need to pull out your bitcoins there because it may be lost. So why dont you try to do it. Then come back aftee aug 1 or after they will announce that it will be safe to invest and trade again. You may try itm

Anarchist

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None should be trusted. If you are in the shoes of people who lost money in MtGox and recently BTC-e. You will know about it. The problem is not only if the exchange is related to illegal activities like BTC-e or if the exchange is going to scam like MTGox. There is also a risk to see the exchange hacked like it happened with Bitfinex. So the exchange may be clean, it doesn't mean you are safe. Remember that with exchange you don't own any private key and you rely on their security ressources.

Serco

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So where do we trade or sell our altcoin if we ourselves can not believe in the exchange? Maybe I do not know all the stories from the past exchange. But it is really bad to see so many exchanges that make deep chasms continuously

xFiber

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How is this new? Storing money on exchange is basically giving money to a stranger/friend who promises you to give your money back when you ask for it. So if anything were to happen to that person or he loses the money, your hard earned money is gone you need to realize that. But that doesn't mean you shouldn't use exchanges. Just be careful and preferably move out after each trade you make.

eaLiTy

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Quote from: nizamcc on July 30, 2017, 08:11:17 AM

Seriously mate? What if you are new and you recently bought bitcoins because you just want to trade some altcoins and send them to an exchange and unfortunately it rips everyone off and scams everybody? Will those kinds of situations be in your hands? And what about those who put their coins there just for the purpose of trading? Should they also "make their own offline wallet" every time they make a profit, then redeem and then deposit back if they want to trade something else? Will it really work? Then what about the fee?

If you are new to bitcoin then the first thing you have to learn is ,how to store them safely and the best solution is to have the coins under your control ,but if you are actively trading then you must trust the exchange to keep your coins and withdraw when ever you are inactive because you cannot trust any exchanges or third person with your coins.

ChipMixer

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https://bitcointalk.org/index.php?topic=1935098

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?

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.

Non-KYC exchanges should be trusted. KYC exchanges should not because they are working with governments.

naughty1

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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 information that was published, I was frightened about everything. I no longer trust anyone. They are just deceiving all of us, all of us have been exploited as chess pieces.

nizamcc

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Quote from: Reid on July 29, 2017, 10:13:47 AM

Their exchanges, their purpose is to exchange not to be a wallet.
Make your own offline wallet to avoid this circumstances. You might be risking your coins into losing your seeds but I would rather make that mistake than being robbed by those guys.
Making back ups with my seeds is the best thing I have done. Less worry now with wallet exchanges which used to be my friend where I store my money.

Seriously mate? What if you are new and you recently bought bitcoins because you just want to trade some altcoins and send them to an exchange and unfortunately it rips everyone off and scams everybody? Will those kinds of situations be in your hands? And what about those who put their coins there just for the purpose of trading? Should they also "make their own offline wallet" every time they make a profit, then redeem and then deposit back if they want to trade something else? Will it really work? Then what about the fee?

JorisK

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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

Agree, for now i stay away from exchanges, but once a good decentralized one shows up, i will use that immediately.

The Sceptical Chymist

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There are some, like coinbase, that I would trust enough to do business with. They're regulated and probably insured, and they're in the US. Others, like Yobit, I trust enough to do really small amounts of business with.

It's always good advice to not trust any of them as far as keeping any money with them. There have been far too many instances of scamming to do otherwise. Do your trades and then take your money out ASAP.

bgibso01

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

Amevalentine

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I still trusting. Exchanges exists because the need to trading. We did not required to believe to fully, but better after finished trading you should withdraw your balance asap. This can be minimize the possibility of bad happen like in previous.

JorisK

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

bitbunnny

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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.

merchantofzeny

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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?

Heard about MTGOX but that was years before I got into bitcoins. First time I heard about Bitfinex and BTC-e. As for Poloniex, it's the only exchange I've used so far and I'm hearing a lot of complaints before they disabled the trollbox a few weeks ago.

Geez, really hard to make a living these days with sharks basically swimming underneath you. At least in BTC-e's case, the owner got arrested.

avikz

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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?

True! A lot of users are in the same dilemma I believe. But I also believe that, not all exchange admins are scammers and they try to run a business here for long term. However, the current scenario is forcing a lot of members to re-think their accountability. Since I trade a lot, I keep a good amount of balance in some exchanges.

But I always transfer at least once in a week to my own offline wallet after the weekend. I get most of my time to trade during weekends only and after weekend, I transfer any extra money above my holding threshold to my offline account. So you need to set a threshold for yourself, like 100 USD. Anything above that amount will be transferred and stored in your wallets just to make sure that you don't get hurt if your exchange goes down.

AleSergio

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It is difficult to say if exchanges are trustworthy or not, because after each exchanger there is a human body and you cannot predict how it would behave

Ofcourse at the moment there are some great exchanges like Bittrex or Kraken for example. Everyone can see how they work and everyone trust them, but you never know what can happen.

Yakamoto

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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?

Exchanges are typically worth trusting since they usually don't have scandals like this, but you have to realize basically everything with the Bitcoin economy is based on trust and if exchanges start to make themselves out to be entities that no-one wants to associate with, then, simply put, they all lose money and exchanges suddenly stop seeing volume like they currently manage.

What would come next? Either you're going to have a bunch of local transactions or we'll get a decentralized exchange that everyone is talking about developing. Too bad it can't just magically store funds for users somewhere.

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