Topic: Stop justify stealing exchangers Are responseble - page 2. (Read 441 times)
Of course when your funds disappeared in a certain exchange, it is their responsibility to compensate for your losses, they have to return all of the funds you lost in order for them to maintain their services trustworthy. Nobody wants an exchange that doesn't care about its users, that's why those big exchangers are doing everything they could to solve every problem that their users are experiencing.
I don't buy that story i dont hold cold wallets exchangers need to trusted or it's Death for crypto
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/
Are you talking about the FTX issue? I don't see someone here who defends them.
Why not let the authority do their work about the FTX issue?
That is why we don't recommend using a centralized exchange to hold your Coins/Tokens because no perfect business can protect our assets. Always make sure you have full control of your wallet to avoid the same issue happening in the past on some exchanges before it is more likely an inside job. Never trust your wallet to anyone and only trade that you can afford to lose or use P2P exchange.
Why not let the authority do their work about the FTX issue?
That is why we don't recommend using a centralized exchange to hold your Coins/Tokens because no perfect business can protect our assets. Always make sure you have full control of your wallet to avoid the same issue happening in the past on some exchanges before it is more likely an inside job. Never trust your wallet to anyone and only trade that you can afford to lose or use P2P exchange.
- As far as I know, since the fall in the value of FTX, there are other countries where FTX users cannot withdraw money because of this. In times like this, the situation is. I think the rejection of binance was the big impact of why the value of FTX suddenly dropped.
Apart from that, there was a misappropriation of funds, so there was a freeze withdrawal for the users of the FTX exchange, only those in other countries, not all.
FTX will pay extra later to be honest
Are you talking about the FTX issue? I don't see someone here who defends them.
Why not let the authority do their work about the FTX issue?
That is why we don't recommend using a centralized exchange to hold your Coins/Tokens because no perfect business can protect our assets. Always make sure you have full control of your wallet to avoid the same issue happening in the past on some exchanges before it is more likely an inside job. Never trust your wallet to anyone and only trade that you can afford to lose or use P2P exchange.
Why not let the authority do their work about the FTX issue?
That is why we don't recommend using a centralized exchange to hold your Coins/Tokens because no perfect business can protect our assets. Always make sure you have full control of your wallet to avoid the same issue happening in the past on some exchanges before it is more likely an inside job. Never trust your wallet to anyone and only trade that you can afford to lose or use P2P exchange.
- As far as I know, since the fall in the value of FTX, there are other countries where FTX users cannot withdraw money because of this. In times like this, the situation is. I think the rejection of binance was the big impact of why the value of FTX suddenly dropped.
Apart from that, there was a misappropriation of funds, so there was a freeze withdrawal for the users of the FTX exchange, only those in other countries, not all.
So i know one day or another some big bank will pay the bill as long as exchangers operate Under UK or USA juristrictions.
Somehow these countries have strong regulation for exchange. The US have their own binance platform and I believe the regulation will be stronger to protect the US population but however it is wise not to throw caution into the wind. The best is to save in cold wallet and not to keep in exchange especially centralized exchange. For a trader, it may still be accepted because of the trading activities but if you want to hodl for long, find a secured wallet for yourself.
I don't buy that story i dont hold cold wallets exchangers need to trusted or it's Death for crypto
So i know one day or another some big bank will pay the bill as long as exchangers operate Under UK or USA juristrictions.
Somehow these countries have strong regulation for exchange. The US have their own binance platform and I believe the regulation will be stronger to protect the US population but however it is wise not to throw caution into the wind. The best is to save in cold wallet and not to keep in exchange especially centralized exchange. For a trader, it may still be accepted because of the trading activities but if you want to hodl for long, find a secured wallet for yourself.
It is the exchange's responsibility. People just say things like "it's your fault for leaving funds on a centralized exchange" because the risks of centralized exchanges have been known since forever already, but it doesn't change the fact that it's the exchange's fault.
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. But for scam exchanges or even small ones they cannot do that and what mostly happening is they ask for forgiveness about what happen then shutdown their services then what happen to their depositor is they are all sorry since there funds will never be returned to them.
As long as exchangers Are connected with UK or USA i dont worry becouse UK and USA Banks knows about refund and bail out-s.
So i know one day or another some big bank will pay the bill as long as exchangers operate Under UK or USA juristrictions.
It is the exchange's responsibility. People just say things like "it's your fault for leaving funds on a centralized exchange" because the risks of centralized exchanges have been known since forever already, but it doesn't change the fact that it's the exchange's fault.
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. But for scam exchanges or even small ones they cannot do that and what mostly happening is they ask for forgiveness about what happen then shutdown their services then what happen to their depositor is they are all sorry since there funds will never be returned to them.
Quote
If exchangers lose then they need to have insurance If no insurance then get out of the business.
FTX doesn't behave transparently about insurance, that's why the service is on the verge of collapse and leaves almost all of their users worried.Doesn't pretty much all exchanges have no insurance(unless you're referring to something like Binance's SAFU fund) when it comes to crypto holdings? Even just in a business sense — it doesn't make sense for an insurance company to want to cover all crypto holdings of an exchange. It's pretty much suicide for the insurance company.
That's why they need big funds to back them up and Fed need to keep printing money and cover all the losses
Without platforms and places for exchange, buying and selling, cryptocurrencies will have no value. The problem is not with the platforms. Rather, if the platform is centralized, it must be subject to several indicators to guarantee the customers’ money. Otherwise, it will turn into societies that collect money for the owners and make them live a life of luxury without effort.
you can buy 1000 of X coin which have a million value but its a big zero if you don't know how to withdrawal.
you can buy 1000 of X coin which have a million value but its a big zero if you don't know how to withdrawal.
Nowdays we depend on too much of platforms,they need to be secured they are Even more important then Banks becouse many people don't ise Banks anyways anymore becouse Banks have too much restrictions but we hate that we want freedom and secuurity.
But needless to say to run crypto exchanger it's one of the best business for owners and Im sure the owners can refund rather then stay out of this good business.
The point is the exchangers Are very important nowdays and they cant say we dont protect your money they know that will collapse all crypto If they start saying stealing IS ok.
Without platforms and places for exchange, buying and selling, cryptocurrencies will have no value. The problem is not with the platforms. Rather, if the platform is centralized, it must be subject to several indicators to guarantee the customers’ money. Otherwise, it will turn into societies that collect money for the owners and make them live a life of luxury without effort.
you can buy 1000 of X coin which have a million value but its a big zero if you don't know how to withdrawal.
you can buy 1000 of X coin which have a million value but its a big zero if you don't know how to withdrawal.
Technically none of them give you any assurance to protect your funds and not get hacked or not to run away with your money. They just claim everything is safe and OK. So when people enter these platforms and make the conscious decision to use them even for a second, they are knowingly accepting this risk. Those who leave their funds on exchanges are accepting an even higher risk.
Note that this doesn't change the fact that exchanges are still responsible but it means that you can't really do anything about it since they never gave you any legally binding promise about the security of your funds!!!
Note that this doesn't change the fact that exchanges are still responsible but it means that you can't really do anything about it since they never gave you any legally binding promise about the security of your funds!!!
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
Quote
If exchangers lose then they need to have insurance If no insurance then get out of the business.
FTX doesn't behave transparently about insurance, that's why the service is on the verge of collapse and leaves almost all of their users worried.Doesn't pretty much all exchanges have no insurance(unless you're referring to something like Binance's SAFU fund) when it comes to crypto holdings? Even just in a business sense — it doesn't make sense for an insurance company to want to cover all crypto holdings of an exchange. It's pretty much suicide for the insurance company.
If i hold in bank my money and bank will take it i lose money it's stealing.
Isn't that the same on exchanges, and in most cases exchanges suspend user accounts with subjective accusations not even mentioning ToS. Exchanges are actually more free to take your funds, because to get them back you've to do complicated things at a cost that isn't worth it.Quote
If exchangers lose then they need to have insurance If no insurance then get out of the business.
FTX doesn't behave transparently about insurance, that's why the service is on the verge of collapse and leaves almost all of their users worried.
It is the exchange's responsibility. People just say things like "it's your fault for leaving funds on a centralized exchange" because the risks of centralized exchanges have been known since forever already, but it doesn't change the fact that it's the exchange's fault.
No one's defending exchanges, on the contrary, most would shit on them if they have the chance. Exchanges do indeed make life easier with their services of buying/selling/trading, but for storing they're probably the worst option you could ever take. Hardly doubt the exchange would help you as well since if they go under, they're probably going to take you with them as well.
On another hand, people would still be perfectly able to trade crypto with or without exchanges. They make life easy, but in no way are they a necessity. Cases like what happened to FTX only push the idea that exchanges will fuck up sooner or later.
On another hand, people would still be perfectly able to trade crypto with or without exchanges. They make life easy, but in no way are they a necessity. Cases like what happened to FTX only push the idea that exchanges will fuck up sooner or later.
No one is defending FTX as you say, they are taking money from many investors and everyone wants the government to step in and take appropriate measures. Yesterday, the US government ordered Tether to freeze 46 million of SBF. Like Dokwon being wanted everywhere, no one justifies or supports the scammers.
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.
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.
Are you talking about the FTX issue? I don't see someone here who defends them.
Why not let the authority do their work about the FTX issue?
That is why we don't recommend using a centralized exchange to hold your Coins/Tokens because no perfect business can protect our assets. Always make sure you have full control of your wallet to avoid the same issue happening in the past on some exchanges before it is more likely an inside job. Never trust your wallet to anyone and only trade that you can afford to lose or use P2P exchange.
Why not let the authority do their work about the FTX issue?
That is why we don't recommend using a centralized exchange to hold your Coins/Tokens because no perfect business can protect our assets. Always make sure you have full control of your wallet to avoid the same issue happening in the past on some exchanges before it is more likely an inside job. Never trust your wallet to anyone and only trade that you can afford to lose or use P2P exchange.
Jump to: