Why can't we have a good cryptocurrency exchange? - page 2.

tonyja2017

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Quote from: jackg on May 13, 2019, 08:28:40 PM

Ima be blunt, based on the fact that loads of people are still without exchanging trade pairs because the likes of binance and such have decided to close deposits indefinitely (gcse computer science and business for us teaches how to develop disaster recovery regimes) so the fact that high profit exchanges can't do it is just off.

Most of these exchanges do stuff with customers money too while on there especially if they haven't withdrawn for a long time. Coinbase, poloniex, bitmex and binance I believe will all be susceptible to this, as well as bitfinex who have already proven how great their money management strategies are (I luckily only had a dollar on there at the time of that hack)...

Yes. When we send money to their exchange, we really only trade virtual assets on exchange. It really is not our money.
therefore, we need to be wary of making lots of money to exchange, even if it is large exchange.
Be careful because the black market will be able to do anything.

TrevorS

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One way or another, centralized exchanges have their own vulnerabilities and problems. However, we have no decent alternative to them, in any case, with high liquidity.

richmcrich

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Quote from: Huantobene on May 23, 2019, 08:05:21 AM

Is Binance a bad exchange? It's the most reliable nowadays. I completely understand concern about the recent hack, but it showed the full competence and funds reimburse, so no problem with it. Security is a top issue, but exchanges with reserve funds can afford minor fails.

I wonder, they ask question as if the exchange they are even using as done anything wrong to them. Since the time I have been using Binance I have never for one reason complain because I don’t have any reason to. I have also not tried some exchanges for me to completely conclude that we don’t have good exchanges.

For the fact that I have had a bad experience with an exchange does not give me the guarantee to judge other exchanges same. We still have people like Binance, bittrex and many of them that are trying to make things easy for people in this cryptocurrency market, so we need to learn to always still see the positive aspect of them.

alyssa85

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Quote from: GregH37 on May 20, 2019, 04:17:25 AM

We have lots of very good decentralized exchange out there, but I really don’t know why people pay little or no attention to decentralized exchanges which really depict what the cryptocurrency created by satoshi stands for, rather, people prefer to use centralized exchanges which are why most coins you see on decentralized exchanges are just shitcoins.

I hope that a time will come where we all move from a centralized exchange to a decentralized one. The only centralized exchange that I really see as a good one is Binance and I learnt that they are already working on their decentralized exchange.

The decentralised exchanges don't advertise themselves - so not many people know they exit, and a consequence of that is that the liquidity is very poor. It needs an angel/whale to trade trading on one to bump up liquidity, in order to attract other traders.

Huantobene

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Is Binance a bad exchange? It's the most reliable nowadays. I completely understand concern about the recent hack, but it showed the full competence and funds reimburse, so no problem with it. Security is a top issue, but exchanges with reserve funds can afford minor fails.

iMark

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Quote from: rijaljun on May 13, 2019, 09:04:57 PM

So basically you want and high reputable exchange that never be a victim of hackings or not possible to get hacked so it will be totally safe for everyone to store their funds? That kind of exchange won't be exist, hackers will be always smarter time by time. Also, everyone are supposed to not storing their assets on any exchanges. You can trade and make profit there but store your assets only on your private wallet.

We don't need to have that kind of exchange as we are supposed to trust no one.

You will never find 100% safe on third parties, they can be a scam anytime, trust no one is a good thing to anticipate any form of hacking so you can be more careful. Exchange sites are prone to hacking and scams. so you have to be smart in securing your account and you have to be smart in dividing your money into each exchange

Supercrypt

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Insurance companies have been doing that for years and they have been doing that legally as well. I mean you give your money to them so you are insured in case anything happens and if nothing happens they get to keep that money and invest that money into stuff, they do have some sort of "hot wallet" where they pay people who happened to need the money back for something they were insured against but aside from that all the money they get to own is used for investing.

Warren Buffets first ever big purchase was GEICO an insurance company and that says a lot more about insurance companies then investment companies. So exchanges using your money to do whatever they please is fine by me as long as whenever I want to withdraw I can, if it turns to ponzi and I can't withdraw then problems start.

breathlessz

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Trphy.io

Quote from: mirawantirinjana on May 22, 2019, 08:59:40 AM

I think the hacking of the binance exchange, including the large exchanger, has little effect on the binary reputation in the eyes of traders.
including me, I did not lose confidence in binance even though they were hacked some time ago.

like me, it also does not lose trust in binance, because it is currently the best exchange available. we all know the risk of hacking. and I think that has become an element, by looking at the situation

mirawantirinjana

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I think the hacking of the binance exchange, including the large exchanger, has little effect on the binary reputation in the eyes of traders.
including me, I did not lose confidence in binance even though they were hacked some time ago.

darewaller

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Quote from: Netnox on May 21, 2019, 02:44:51 AM

Quote from: Nuxxorcoin on May 20, 2019, 04:57:26 AM

In fact, it should not be so pessimistic. Binance is now a very useful and powerful stock market. Hacking attacks and other weaknesses will be normal. Cryptocurrency has a history of 10 years and it is perfectly normal to have such vulnerabilities and issues.

If the hacks become normal, then how do you expect the exchanges to survive? All it took was a single hack to destroy Cryptopia. Now the users are stranded and their funds are frozen (I am talking about those idiots who refused to withdrew their coins when they had the option to do so). Even Binance got hacked a few months ago, but they managed to resume their operations. If the hacks become normal, then the closure of exchanges without prior warnings will also become a norm (rather than an exception).

Hacking will be a normal thing, but it is then left to the exchange to brace up their security and tightened it also, hacking has been in existence for years, it happens in other industries too, so it is not something that can be stopped easily like that, security of our funds should be left to be handled by us personally and not left for exchanges to do.

We have to all stop keeping our funds on exchanges that are vulnerable to these threats and just limit our activities on them to just trading and exchanging of our coins. Maybe one day when cryptocurrency becomes, regulated, then we can have a legal department for the control of ICO scam.

hxtop

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There are reliable exchanges like the Kraken to buy and sell cryptocurrencies, but I think other exchanges are not reliable enough. None of these exchanges can be currently controlled by states, and as a result of not being audited, users' money may be spent on other things.

richmcrich

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Quote from: prtty2gal2 on May 20, 2019, 04:20:29 AM

The part where you said that companies do business with their customers money, I don't see anything wrong with that, that's a normal thing and they have been doing it for long and even banks does the same. Don't expect them to just cross hands and be looking after your money for you and only collecting fees, nah, they will also have to do business with it and that's one of the ways companies makes money too. And there good exchanges andb not as you have said, the good ones are there and even Binance is a good exchange and that includes Coinbase, Bitfinex and the rest of them as well. Binance got hacked but was able to sort out the problems with their customers, that's how you know a good exchange, they always sort out the problems.

I also do not see anything wrong in companies, most especially banks doing business with their customer’s money provided they are sure if the business that they get involved with, which is usually not even my problem, provided I have access to my money at any time, but the issue I have with these companies is that they don’t appreciate the people that left money with them, which they ought to have been sharing the profit with them no matter how little.

This is why I will already respect Binance exchange for ever, this is the method they use that is guarding against people dumping their coin, as they do business, they share the profit with their customers.

Netnox

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Quote from: Nuxxorcoin on May 20, 2019, 04:57:26 AM

In fact, it should not be so pessimistic. Binance is now a very useful and powerful stock market. Hacking attacks and other weaknesses will be normal. Cryptocurrency has a history of 10 years and it is perfectly normal to have such vulnerabilities and issues.

If the hacks become normal, then how do you expect the exchanges to survive? All it took was a single hack to destroy Cryptopia. Now the users are stranded and their funds are frozen (I am talking about those idiots who refused to withdrew their coins when they had the option to do so). Even Binance got hacked a few months ago, but they managed to resume their operations. If the hacks become normal, then the closure of exchanges without prior warnings will also become a norm (rather than an exception).

awik p

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Pepemo.vip

Quote from: MidKnight on May 21, 2019, 12:56:57 AM

Quote from: jackg on May 13, 2019, 08:28:40 PM

Ima be blunt, based on the fact that loads of people are still without exchanging trade pairs because the likes of binance and such have decided to close deposits indefinitely (gcse computer science and business for us teaches how to develop disaster recovery regimes) so the fact that high profit exchanges can't do it is just off.

Most of these exchanges do stuff with customers money too while on there especially if they haven't withdrawn for a long time. Coinbase, poloniex, bitmex and binance I believe will all be susceptible to this, as well as bitfinex who have already proven how great their money management strategies are (I luckily only had a dollar on there at the time of that hack)...

I disagree. Binance is a good exchange for me and I mean better than the rest. It is just the people who are behind the hack is a powerful group or guy that could have spent millions to the hackers to act fast and destroy the exchange's reputation. Just think that it can easily happen to banks as well but a lot of authorities will try to help so hackers will have a reason to back off unlike in crypto exchanges, we don't have that previlege.

indeed until now binance is still a prime exchange. but with the hacking that happened yesterday, it shows a gap in binance that can be broken by hackers. if the best exchange can only be hacked, what about other exchanges?

MidKnight

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Quote from: jackg on May 13, 2019, 08:28:40 PM

Ima be blunt, based on the fact that loads of people are still without exchanging trade pairs because the likes of binance and such have decided to close deposits indefinitely (gcse computer science and business for us teaches how to develop disaster recovery regimes) so the fact that high profit exchanges can't do it is just off.

Most of these exchanges do stuff with customers money too while on there especially if they haven't withdrawn for a long time. Coinbase, poloniex, bitmex and binance I believe will all be susceptible to this, as well as bitfinex who have already proven how great their money management strategies are (I luckily only had a dollar on there at the time of that hack)...

I disagree. Binance is a good exchange for me and I mean better than the rest. It is just the people who are behind the hack is a powerful group or guy that could have spent millions to the hackers to act fast and destroy the exchange's reputation. Just think that it can easily happen to banks as well but a lot of authorities will try to help so hackers will have a reason to back off unlike in crypto exchanges, we don't have that previlege.

LUCKMCFLY

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Well it is very fluctuating what the Exchanges can benefit from their clients, some Exchanges have the facility to see exactly where the floors and ceilings of the operations are and easily can enter to operate with greater security, this can be a way to obtain profits by means of the Exchanges, another very particular way is that some Exchanges know at what moment it is good to make a very cheap purchase and then rise in an impressive way, this is another way in which the Exchanges can win.

But they are ways to win, we as traders must not only focus on these methods that the Exchanges have to take out their funds, but on how to evade all the possible movements that the Exchanges and Strong Hands have on us, for Become market experts speculators, for this we must study the market very well to protect ourselves from these movements and have a connection with the market acceptable to be successful.

Nuxxorcoin

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In fact, it should not be so pessimistic. Binance is now a very useful and powerful stock market. Hacking attacks and other weaknesses will be normal. Cryptocurrency has a history of 10 years and it is perfectly normal to have such vulnerabilities and issues.

BitHodler

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Quote from: GregH37 on May 20, 2019, 04:17:25 AM

I hope that a time will come where we all move from a centralized exchange to a decentralized one.

As long as decentralized exchanges suck hard, people have no incentive to shift. I doubt most people even know what a decentralized exchange actually is, otherwise they wouldn't call Binance DEX decentralized.

Quote from: GregH37 on May 20, 2019, 04:17:25 AM

The only centralized exchange that I really see as a good one is Binance and I learnt that they are already working on their decentralized exchange.

It seems that you too are easily tricked into thinking that Binance is trying to offer people a decentralized alternative. If you think logically, it makes no sense with how it goes against Binance as centralized exchange.

Why would a money making machine try to make a decentralized alternative that cuts in its profits? Binance DEX stinks and people fail to realize that due to their blind love for CZ with his innocent look and attitude.

prtty2gal2

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The part where you said that companies do business with their customers money, I don't see anything wrong with that, that's a normal thing and they have been doing it for long and even banks does the same. Don't expect them to just cross hands and be looking after your money for you and only collecting fees, nah, they will also have to do business with it and that's one of the ways companies makes money too. And there good exchanges andb not as you have said, the good ones are there and even Binance is a good exchange and that includes Coinbase, Bitfinex and the rest of them as well. Binance got hacked but was able to sort out the problems with their customers, that's how you know a good exchange, they always sort out the problems.

GregH37

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Quote from: indrakusumaindra on May 19, 2019, 05:01:52 AM

Quote from: rijaljun on May 13, 2019, 09:04:57 PM

So basically you want and high reputable exchange that never be a victim of hackings or not possible to get hacked so it will be totally safe for everyone to store their funds? That kind of exchange won't be exist, hackers will be always smarter time by time. Also, everyone are supposed to not storing their assets on any exchanges. You can trade and make profit there but store your assets only on your private wallet.

We don't need to have that kind of exchange as we are supposed to trust no one.

well this is why i do think we need a good decentralized exchange that are safe and cant be hacked, i believe in decentralized and it is safer than traditional exchange. But i do think decetralized exchange could still be hacked and it need more improvement which is will come over time in future.

We have lots of very good decentralized exchange out there, but I really don’t know why people pay little or no attention to decentralized exchanges which really depict what the cryptocurrency created by satoshi stands for, rather, people prefer to use centralized exchanges which are why most coins you see on decentralized exchanges are just shitcoins.

I hope that a time will come where we all move from a centralized exchange to a decentralized one. The only centralized exchange that I really see as a good one is Binance and I learnt that they are already working on their decentralized exchange.

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