what will it take for traders to use honest exchanges?

Herbert2020

legendary

Activity: 1946

Merit: 1137

Quote from: zenitzz on August 13, 2016, 03:03:10 PM

Quote from: X-ray on August 13, 2016, 04:26:34 AM

Quote from: Herbert2020 on August 13, 2016, 02:06:14 AM

Quote from: European Central Bank on August 12, 2016, 04:54:54 PM

so bitfinex has been hacked. we still don't know who or why. we still don't know what the deal is with this bfx coin. on top of this no one knows who all the staff are or where they're all based. it also has a track record of crapping out at vital moment in the past.

despite all this it's already back to the number one for usd volume.

for traders in certain jurisdictions there are fully regulated alternatives. even without full regulation, there are way more transparent alternatives too.

why aren't they being used enough? what's it gonna take for people to walk away from the shoddy operations that are the curse of bitcoin? it should be beyond this level now.

the volume the have is also strange to me too, i don't really know who will trust them after the huge amount that they lost in the recent hack. and it was they own fault because of lack of security and nothing else. so it is weird to see them having one of the biggest trade volumes once again this fast after the hack and come back!!

maybe fake volume?!

i guess it's just fake to prevent from people withdrawing their money from them,if all their clients are withdrawing the money,they'll sure got bankrupt so it'll be used to prevent this,or atleast,decrease the withdrawal amount,so people will think it's still safe to stay in bitfinex,if i were the client,i will move whatever they offer to me,no point to trust bitfinex once more

they will never go bankrupt because of the buying and selling bitcoin get charge transaction fee and also not exchange that do a trades.

you are missing the point here.
- they were hacked.
- now that they have came back, people who had any balance there would want to withdraw their money as soon as possible because they are scared now and have no more trust.
- if everyone starts withdrawing they will not be able to pay all of them.

that is why i guessed that it may be fake volume to show they are still active and high. so people may trust them again.

European Central Bank

legendary

Activity: 1288

Merit: 1087

Quote from: eddie13 on August 12, 2016, 11:55:42 PM

Traders go to where the volume is... All the safety in the world like Gemini is no good without huge volume..

so in that case traders have no one but themselves to blame if they lose coins on a crappy exchange. non crappy ones are here right now.

they might be missing some features, and gemini's trade rollback certainly wasn't a clever move, but there's an ocean of money out there looking for places to go. if I was a generic rich person I wouldn't give bitfinex the time of day yet that's where the action is.

if gemini was rocking and rolling we'd see more legit money coming in. rewarding competent exchanges with your business might have a snowball effect.

zenitzz

hero member

Activity: 560

Merit: 500

Quote from: X-ray on August 13, 2016, 04:26:34 AM

Quote from: Herbert2020 on August 13, 2016, 02:06:14 AM

Quote from: European Central Bank on August 12, 2016, 04:54:54 PM

so bitfinex has been hacked. we still don't know who or why. we still don't know what the deal is with this bfx coin. on top of this no one knows who all the staff are or where they're all based. it also has a track record of crapping out at vital moment in the past.

despite all this it's already back to the number one for usd volume.

for traders in certain jurisdictions there are fully regulated alternatives. even without full regulation, there are way more transparent alternatives too.

why aren't they being used enough? what's it gonna take for people to walk away from the shoddy operations that are the curse of bitcoin? it should be beyond this level now.

the volume the have is also strange to me too, i don't really know who will trust them after the huge amount that they lost in the recent hack. and it was they own fault because of lack of security and nothing else. so it is weird to see them having one of the biggest trade volumes once again this fast after the hack and come back!!

maybe fake volume?!

i guess it's just fake to prevent from people withdrawing their money from them,if all their clients are withdrawing the money,they'll sure got bankrupt so it'll be used to prevent this,or atleast,decrease the withdrawal amount,so people will think it's still safe to stay in bitfinex,if i were the client,i will move whatever they offer to me,no point to trust bitfinex once more

they will never go bankrupt because of the buying and selling bitcoin get charge transaction fee and also not exchange that do a trades.

pinkflower

sr. member

Activity: 868

Merit: 259

Some Chinese exchanges are known to do trades with themselves to create fake volume. It is a way to attract people to use the exchange. So it will not be surprising if Bitfinex has fake volume right now. There's also the BFX token gimmick to appease their users. They actually went for the bait too. Bitfinex must be so relieved that the users did and avoiding a mass exodus.

X-ray

hero member

Activity: 3066

Merit: 536

Leading Crypto Sports Betting & Casino Platform

Quote from: Herbert2020 on August 13, 2016, 02:06:14 AM

Quote from: European Central Bank on August 12, 2016, 04:54:54 PM

so bitfinex has been hacked. we still don't know who or why. we still don't know what the deal is with this bfx coin. on top of this no one knows who all the staff are or where they're all based. it also has a track record of crapping out at vital moment in the past.

despite all this it's already back to the number one for usd volume.

for traders in certain jurisdictions there are fully regulated alternatives. even without full regulation, there are way more transparent alternatives too.

why aren't they being used enough? what's it gonna take for people to walk away from the shoddy operations that are the curse of bitcoin? it should be beyond this level now.

the volume the have is also strange to me too, i don't really know who will trust them after the huge amount that they lost in the recent hack. and it was they own fault because of lack of security and nothing else. so it is weird to see them having one of the biggest trade volumes once again this fast after the hack and come back!!

maybe fake volume?!

i guess it's just fake to prevent from people withdrawing their money from them,if all their clients are withdrawing the money,they'll sure got bankrupt so it'll be used to prevent this,or atleast,decrease the withdrawal amount,so people will think it's still safe to stay in bitfinex,if i were the client,i will move whatever they offer to me,no point to trust bitfinex once more

Herbert2020

legendary

Activity: 1946

Merit: 1137

Quote from: European Central Bank on August 12, 2016, 04:54:54 PM

so bitfinex has been hacked. we still don't know who or why. we still don't know what the deal is with this bfx coin. on top of this no one knows who all the staff are or where they're all based. it also has a track record of crapping out at vital moment in the past.

despite all this it's already back to the number one for usd volume.

for traders in certain jurisdictions there are fully regulated alternatives. even without full regulation, there are way more transparent alternatives too.

why aren't they being used enough? what's it gonna take for people to walk away from the shoddy operations that are the curse of bitcoin? it should be beyond this level now.

the volume the have is also strange to me too, i don't really know who will trust them after the huge amount that they lost in the recent hack. and it was they own fault because of lack of security and nothing else. so it is weird to see them having one of the biggest trade volumes once again this fast after the hack and come back!!

maybe fake volume?!

Babayega31

hero member

Activity: 630

Merit: 500

Cryptocurrency Wallet - Denaro.io

Quote from: OrangeSeller on August 12, 2016, 11:40:30 PM

Quote from: TheButterZone on August 12, 2016, 06:06:02 PM

An honest exchange would say "we will be hacked at some point & we cannot guarantee you will ever get the BTC you send to us back".

that's right. because this is net and these are digital things, no one can guarantee you 100% security and safety of your money.
s site, a program or a software can get hacked anytime. so people should prefer themselves for looses and keep their money in deferent wallets,

Maybe its a lot of works to do but if they really do more and spend more time to upgrade there security well we can be sure 99.9% that the exchanger is safe, but i think also the bigger the exchanger it is the more it will appealing to those hackers and so by that the exchanger owners should do time to time checking if theres already a lapses in there site to avoid losing of money.

eddie13

legendary

Activity: 2296

Merit: 2262

BTC or BUST

Quote from: European Central Bank on August 12, 2016, 04:54:54 PM

for traders in certain jurisdictions there are fully regulated alternatives. even without full regulation, there are way more transparent alternatives too.

why aren't they being used enough? what's it gonna take for people to walk away from the shoddy operations that are the curse of bitcoin? it should be beyond this level now.

Traders go to where the volume is... All the safety in the world like Gemini is no good without huge volume..

densuj

legendary

Activity: 910

Merit: 1000

I think the traders don't save their coins on markets although it is honest market, because always there is risk on there. If we don't trading more safe we make withdrawal our coins.

OrangeSeller

hero member

Activity: 1008

Merit: 501

Quote from: TheButterZone on August 12, 2016, 06:06:02 PM

An honest exchange would say "we will be hacked at some point & we cannot guarantee you will ever get the BTC you send to us back".

that's right. because this is net and these are digital things, no one can guarantee you 100% security and safety of your money.
s site, a program or a software can get hacked anytime. so people should prefer themselves for looses and keep their money in deferent wallets,

European Central Bank

legendary

Activity: 1288

Merit: 1087

Quote from: Backside walkaround on August 12, 2016, 07:35:24 PM

Poloniex is regulated legitimately, isn't it? I've never bought bitcoin on that one but I've traded ETH on it.

I don't think poloniex has any formal regulation but no doubt they'll head that way if they wanna stay in business. huge amounts must be flowing through there now. that gets noticed by the authorities. they probably are complying with laws such as rejecting ny residents and so on.

Backside walkaround

full member

Activity: 196

Merit: 100

I tend to use Circle for bitcoin purchases, and I've never bought bitcoin or any other coin with USD on any exchange. Poloniex is regulated legitimately, isn't it? I've never bought bitcoin on that one but I've traded ETH on it.

We are still in the wild west stage of crypto, even though bitcoin has been around for 7 years so far, or thereabouts. I think there's a gambling mentality that permeates much of this, and a lot of people are willing to risk their money on these exchanges even with all the hacks.

robbot

newbie

Activity: 29

Merit: 0

Quote from: TheButterZone on August 12, 2016, 06:06:02 PM

An honest exchange would say "we will be hacked at some point & we cannot guarantee you will ever get the BTC you send to us back".

Pretty much this.

TheButterZone

legendary

Activity: 3038

Merit: 1032

RIP Mommy

An honest exchange would say "we will be hacked at some point & we cannot guarantee you will ever get the BTC you send to us back".

European Central Bank

legendary

Activity: 1288

Merit: 1087

Quote from: mindrust on August 12, 2016, 05:02:51 PM

The thing is there isn't much you can do about if they get hacked or if they decide to steal from you. And that can happen with any exchange out there. There isn't a thing like trusted exchange.

Luckily, you don't have to be the victim. Just don't hold your bitcoins in exchanges like they are trusted banks and problems solved.

In the us you have gdax, gemini and itbit. in theory they are insured for hacks that come from their end, but I wouldn't necessarily wanna see that put to the test. gemini and itbit have banking charters and you don't get those without some bulletproof assurances.

there's also kraken. I've heard a few not so great things about them but they're at least competent enough to be awarded the handling of the gox coins and they cold store the majority of coins.

bitstamp now has some type of regulation, though I dunno exactly what it is, no one lost out from a previous hack and they have vc backing.

bitfinex had absolutely none of the above attributes.

mindrust

legendary

Activity: 3276

Merit: 2442

The thing is there isn't much you can do about if they get hacked or if they decide to steal from you. And that can happen with any exchange out there. There isn't a thing like trusted exchange.

Luckily, you don't have to be the victim. Just don't hold your bitcoins in exchanges like they are trusted banks and problems solved.

European Central Bank

legendary

Activity: 1288

Merit: 1087

so bitfinex has been hacked. we still don't know who or why. we still don't know what the deal is with this bfx coin. on top of this no one knows who all the staff are or where they're all based. it also has a track record of crapping out at vital moment in the past.

despite all this it's already back to the number one for usd volume.

for traders in certain jurisdictions there are fully regulated alternatives. even without full regulation, there are way more transparent alternatives too.

why aren't they being used enough? what's it gonna take for people to walk away from the shoddy operations that are the curse of bitcoin? it should be beyond this level now.

Topic: what will it take for traders to use honest exchanges? (Read 692 times)