Stop justify stealing exchangers Are responseble

LUCKMCFLY

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Quote from: dothebeats on November 13, 2022, 05:15:21 PM

No one defends FTX, and in fact people are actually hating on them because a lot has just lost money from using that exchange. This is what we've been saying for years, never leave your money on exchanges and if possible, convert whatever coins you have to cash if you're not looking to trade. What happened to FTX is an example of how a seemingly stable company can crumble to nothingness just because of a few bad decisions that birthed other complications.

Well what happens is that sometimes things are not understood from the background of what happens, it all started with a comment from Binance towards FTX, and that's where everything originated, the losses and millions by FTX were very high, and obviously the clients of the exchange too, so here what is bad is that Binance wants to have a monopolization of everything, and that is bad, the truth is that I do not like that, centralization in crypto will never be good, because the fact that it is a controlled exchange makes everything much more focused on non-anonymity and zero privacy, and also BInance kneels before governments and police entities.

goaldigger

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Quote from: Awaklara on November 14, 2022, 09:53:30 AM

Quote from: dothebeats on November 13, 2022, 05:15:21 PM

No one defends FTX, and in fact people are actually hating on them because a lot has just lost money from using that exchange. This is what we've been saying for years, never leave your money on exchanges and if possible, convert whatever coins you have to cash if you're not looking to trade. What happened to FTX is an example of how a seemingly stable company can crumble to nothingness just because of a few bad decisions that birthed other complications.

and that situation could happen to any exchange right now. even on Binance which is currently the largest exchange.
what is happening to FTX at this time certainly provides a lesson for all of us. for those who are still not aware of the risks of placing our money or assets on the exchange, of course, they must be prepared for the possibility that what is happening at FTX at this time will be repeated on other exchanges in the future.

This is why many keeps on telling not to store any money on any exchanges, its not safe and not advisabe.
Yes, this can happen again especially if the developer of those exchanges tends to get the money from the site and becomes more greedy, FTX failed because of this and if other site will do the same mistake, probably they will ended up just like an FTX. Top site should be more prepared now, Binance seems to be solid but of course there’s still no guarantee for that so better to keep your holdings at your own hard wallet.

South Park

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Quote from: Awaklara on November 14, 2022, 09:53:30 AM

Quote from: dothebeats on November 13, 2022, 05:15:21 PM

No one defends FTX, and in fact people are actually hating on them because a lot has just lost money from using that exchange. This is what we've been saying for years, never leave your money on exchanges and if possible, convert whatever coins you have to cash if you're not looking to trade. What happened to FTX is an example of how a seemingly stable company can crumble to nothingness just because of a few bad decisions that birthed other complications.

and that situation could happen to any exchange right now. even on Binance which is currently the largest exchange.
what is happening to FTX at this time certainly provides a lesson for all of us. for those who are still not aware of the risks of placing our money or assets on the exchange, of course, they must be prepared for the possibility that what is happening at FTX at this time will be repeated on other exchanges in the future.

What it needs to happen is that people need to stop trusting exchanges so much, if they do not know how to protect their coins on their own then they can get a hardware wallet, which are relatively cheap compared to the price of losing all your coins due to a hack or a bankruptcy of an exchange, this way if another exchange collapses they will still have their coins and while they will receive a hit in the value of their investments, if they are invested in good coins such a drop will only be temporary.

jrrsparkles

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Quote from: Fullbear2222 on November 10, 2022, 02:21:23 PM

If you say exchangers not responseble
Then you give right with ur words to steal.
If i hold in bank my money and bank will take it i lose money it's stealing.
It seems to me those who say exchangers can make losses for us are in same agenda.

Anu taking of other people coins or assets it's stealing.
So stop defend them or you gona be next yourself then i come say it's normal you Lost ...u dont like that off course.

If exchangers lose then they need to have insurance If no insurance then get out of the business.
Other exchangers ceo-s will pay from their own pockets easy way or hard but any we get out money we the customers Are king.

So stop defending thifes...

Losing money in sense what? If the exchange lose money due to hacks then they are responsible but someone steal from them and they didn't, the same goes with bank as well but since money is printed out of no where they can compensate by giving money which will affect everyone cause the increase in supply is nothing but the loss of value.

There is no insurance for crypto related services yet that is why exchanges don't have it, and if there is any insurance company willing to provide insurance then surely exchange will take it.

justdimin

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Quote from: Awaklara on November 14, 2022, 09:53:30 AM

Quote from: dothebeats on November 13, 2022, 05:15:21 PM

No one defends FTX, and in fact people are actually hating on them because a lot has just lost money from using that exchange. This is what we've been saying for years, never leave your money on exchanges and if possible, convert whatever coins you have to cash if you're not looking to trade. What happened to FTX is an example of how a seemingly stable company can crumble to nothingness just because of a few bad decisions that birthed other complications.

and that situation could happen to any exchange right now. even on Binance which is currently the largest exchange.
what is happening to FTX at this time certainly provides a lesson for all of us. for those who are still not aware of the risks of placing our money or assets on the exchange, of course, they must be prepared for the possibility that what is happening at FTX at this time will be repeated on other exchanges in the future.

I agree that it is a possibility that anyone could have it, but the solutions could be different for each of them for sure. That is why I believe that we shouldn't really be putting too much difference into it. Binance has a ton of cash in hand that is not customers, it is purely just owned by Binance, from BNB mainly to bitcoin to any other coin and even busd and other type of cash liquid stuff, even some regular fiat I am sure.

It means that if something like this ever happens to binance, they would have enough money to take the control back easily, of course if someone with 100 billion wanted to destroy them (ehem ehem.. elon ehem ehm) then they might be in trouble too.

Awaklara

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Quote from: dothebeats on November 13, 2022, 05:15:21 PM

No one defends FTX, and in fact people are actually hating on them because a lot has just lost money from using that exchange. This is what we've been saying for years, never leave your money on exchanges and if possible, convert whatever coins you have to cash if you're not looking to trade. What happened to FTX is an example of how a seemingly stable company can crumble to nothingness just because of a few bad decisions that birthed other complications.

and that situation could happen to any exchange right now. even on Binance which is currently the largest exchange.
what is happening to FTX at this time certainly provides a lesson for all of us. for those who are still not aware of the risks of placing our money or assets on the exchange, of course, they must be prepared for the possibility that what is happening at FTX at this time will be repeated on other exchanges in the future.

Sayeds56

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Quote from: albon on November 13, 2022, 09:53:12 AM

Compensating the users of the FTX platform is the responsibility of the platform team. There are millions of users who lost their money as a result of this crisis that occurred due to bankruptcy and hacking. The platform is supposed to bear full compensation for the affected users. This is not the fault of the investors and traders who trusted this platform, they must be compensated as soon as possible or the law will take its course against the bankrupt platform team and investigate them. we should not be sympathetic and defend the FTX platform team, they are responsible for these mistakes and this theft.

Indeed, the management team of FTX is responsible and liable to compensate all users of exchange but from where the funds will come, company is already in serious financial crisis, their liabilities are more than their assets. They have already filed bankruptcy which means eventually all assets of the company will be sold out but the question is how much funds they will generate by selling assets and will this amount will be enough to give any compensation to victims of this collapse.
Let's watch and wait how the situation unfolds in coming weeks and months.

dothebeats

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No one defends FTX, and in fact people are actually hating on them because a lot has just lost money from using that exchange. This is what we've been saying for years, never leave your money on exchanges and if possible, convert whatever coins you have to cash if you're not looking to trade. What happened to FTX is an example of how a seemingly stable company can crumble to nothingness just because of a few bad decisions that birthed other complications.

_BlackStar

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Quote from: Flexystar on November 13, 2022, 02:35:30 PM

They are responsible because that’s what makes up their enterprises grow and earn revenue from it. Don’t forget we pay them fees for every trade. They use the volume from our funds which are stored on the exchanger. Imagine if there was none on the exchanger then how would it even survive at all? You are not thinking it right mate, exchanger or bank or any financial institute has equal responsibility whether they act as lender or act as borrower. That’s how financial circle works on the right direction.

Are you sure that all exchanges will be able to compensate for all the losses their users have suffered during the hack? I don't think so because not all of them actually have enough reserves to cover your losses.

It's true that exchanges have a responsibility to protect your funds, but really it's a disguise to maintain the trust of the users who use the exchange. Some of the exchanges are very convincing, but I wouldn't be 100% sure about the promises.

Mr.right85

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Quote from: Fullbear2222 on November 10, 2022, 02:21:23 PM

What I understand from this piece is that, some users either on or off the forum because, I can't place where you saw that but these users are defending exchanges to be at right with using your coin as they please. Perhaps in cases of hacks, they aren't to be held responsible.

Is that really it?
Perhaps you might quote or reference such so, we could know what prompt this thread.

I don't think there would be anyone pleased with having his or her legal rights in terms of money looted away and be like, it wasn't there fault!
Trsuting them with these coin comes with the promises of security and responsibility and so, any damage to it is on the exchange. Nothing changes about that.

Flexystar

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They are responsible because that’s what makes up their enterprises grow and earn revenue from it. Don’t forget we pay them fees for every trade. They use the volume from our funds which are stored on the exchanger. Imagine if there was none on the exchanger then how would it even survive at all? You are not thinking it right mate, exchanger or bank or any financial institute has equal responsibility whether they act as lender or act as borrower. That’s how financial circle works on the right direction.

albon

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Compensating the users of the FTX platform is the responsibility of the platform team. There are millions of users who lost their money as a result of this crisis that occurred due to bankruptcy and hacking. The platform is supposed to bear full compensation for the affected users. This is not the fault of the investors and traders who trusted this platform, they must be compensated as soon as possible or the law will take its course against the bankrupt platform team and investigate them. we should not be sympathetic and defend the FTX platform team, they are responsible for these mistakes and this theft.

lixer

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Quote from: Alisha-k on November 11, 2022, 01:57:30 AM

No one is defending exchanges but why leave funds with CEX when a better option exist one that gives you a better choice of been your own bank. No matter what reputation an exchange has it doesn't stop them from vanishing into tin air when the system get hacked. Cold wallets gives you a better option why chose hot. Not your coin, Not your keys

There are some who defend them. They have the same views with the OP and they think exchanges are innocent and shouldn't be blamed but for those who lost their money and those who see their portfolios decreasing, they can easily put the blame to the exchanges because they think they are the root cause of this issue but indeed that no matter what is their reputation it is still possible for them to turn out bad later on.

We already have a lots of examples about that so let us not be too confident on them. Only less people are only storing their money on the exchange because they also know that is risky unless if it gives them some benefits like they are earning a profit with it.

Oceat

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Quote from: ultrloa on November 12, 2022, 06:35:30 AM

Quote from: mk4 on November 12, 2022, 02:41:59 AM

Quote from: ultrloa on November 11, 2022, 05:55:38 AM

No one can be blame for that literally because exchange hold our fund so its their liability to make this safety and anything could happen on it like hacking if found this is lapses on their system should be refunded.

The question is how will it be refunded? If they literally actually get hacked, then it means they're wiped. Where will the money come from if they just ended up filing for bankruptcy?

This is another story since like binance they assure to cover up the losses if there is on there costumer. But om FTX it seems that they are in crazy situation right now which no hope that users will not get refunded. Their CEO is in miserable situation now so for sure he will get a lot of cases for what happen on FTX. Maybe the least thing to do at the moment is to follow this case since this issue is really huge.

And all of a sudden after filing a bankruptcy they're hacked? It's suspicious already if you'd ask me since it's one of the most common way of scammers to make an exit after accumulating funds from their customers/investors. Yeah, sure it's huge since they did something despite of having a minor damage they did cause more damage instead after that hacking incident or shall I say it's a planned move.

I'd like to believe they are not in the wrong here but how could I do that if they can't fix the problem like how Binance fixed their problem of hacking in the past.

South Park

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Quote from: chaser15 on November 10, 2022, 06:55:08 PM

Just use the service of exchange. Since it's easy to buy, sell, and trade with an exchange, using them is not actually wrong.

But for the purpose of storing your assets there, that's one thing that you need to consider.

In the event of loss, being insured won't help in most cases. Think bro.

If people actually used exchanges as they should then things would not have gotten as bad as they did with the FTX exchange, as the name implies an exchange is just a place for buyers and sellers to meet and make transactions, if you wanted to buy BTC with ETH, things should be as simple as depositing ETH, exchanging ETH for BTC and finally withdrawing BTC, a person would need to be incredibly unlucky for an exchange to disappear during the minutes such a transaction would take, however people use exchanges as wallets in which they keep most of their money which is the reason why when the exchanges go down they take investors down with them.

ultrloa

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Quote from: mk4 on November 12, 2022, 02:41:59 AM

Quote from: ultrloa on November 11, 2022, 05:55:38 AM

No one can be blame for that literally because exchange hold our fund so its their liability to make this safety and anything could happen on it like hacking if found this is lapses on their system should be refunded.

The question is how will it be refunded? If they literally actually get hacked, then it means they're wiped. Where will the money come from if they just ended up filing for bankruptcy?

This is another story since like binance they assure to cover up the losses if there is on there costumer. But om FTX it seems that they are in crazy situation right now which no hope that users will not get refunded. Their CEO is in miserable situation now so for sure he will get a lot of cases for what happen on FTX. Maybe the least thing to do at the moment is to follow this case since this issue is really huge.

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Quote from: Adbitco on November 12, 2022, 03:30:20 AM

for instance you may decides to hold 1k below in cex while from 2k above could be stored in self custodial wallet because none can predicts hack or stealing from those exchangers, sometimes it could be internal problem which may likely results from their staffs.

I don't think it's recommended to hold any amount on exchange unless those funds are there for trading and they shouldn't be funds you can't afford to lose. Exchanges aren't wallets and shouldn't be used as wallets. It doesn't matter how transparent any exchange claims to be, becuase when the withdrawal pressure comes, I don't think they can handle it.
FTX was the second largest international exchange and anyone would had thought they could handle withdrawal pressure that comes to them but they couldn't. Just like FTX other exchange don't have the money they say they have and when the pressure withdrawal comes knocking they can't handle itnas well.
As big as Binance exchange is, if everyone decide to withdraw, I'm very certain they can't handle the withdrawal pressure that'll come to the exchange as such nobody should use an exchange as a wallet for storing of their cryptocurency.

Adbitco

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All exchanger are responsible for any hack or stealing from their platform, at this point i don't think anyone would be defending exchanger for stealing.
One thing a businessman should do or trader is to for self custodial wallet where only you could have control of your assets instead of storing them in a cex although it all depends on the level of assets you are holding, for instance you may decides to hold 1k below in cex while from 2k above could be stored in self custodial wallet because none can predicts hack or stealing from those exchangers, sometimes it could be internal problem which may likely results from their staffs.

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Quote from: ultrloa on November 11, 2022, 05:55:38 AM

No one can be blame for that literally because exchange hold our fund so its their liability to make this safety and anything could happen on it like hacking if found this is lapses on their system should be refunded.

The question is how will it be refunded? If they literally actually get hacked, then it means they're wiped. Where will the money come from if they just ended up filing for bankruptcy?

Fullbear2222

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Quote from: taufik123 on November 11, 2022, 08:33:49 AM

Quote from: Fullbear2222 on November 11, 2022, 06:48:23 AM

I don't buy that story i dont hold cold wallets exchangers need to trusted or it's Death for crypto

what kind of exchanger to trust? whether the current FTX should be trusted when a case like this occurs. even many of my friends are unable to withdraw their assets from the FTX exchange. Incidents like this happen repeatedly on some of the major exchanges and the returns are even very long and some just disappear.
I don't know whether to believe it or not, but assets on the exchange run the risk of being lost because the user doesn't have full control. Exchange is not entirely the cause of the death of crypto, there will be many other factors that can revive crypto more than now.

Quoted from reuters.com, according to several people who know the FTX problem, the company's slump was caused by its own founder Sam Bankman-Fried, reportedly the last few months have been busy saving other crypto companies. and in the end the company itself went bankrupt and didn't even get help from anyone after Binance canceled to acquire FTX.

https://www.reuters.com/technology/exclusive-behind-ftxs-fall-battling-billionaires-failed-bid-save-crypto-2022-11-10/

I still trust FTX becouse money is there i just wait when they get errrors fixed and all good

Topic: Stop justify stealing exchangers Are responseble (Read 441 times)