Why can't we have a good cryptocurrency exchange? - page 3.

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Quote from: zhekinsp on May 19, 2019, 10:28:10 AM

Daily trading volume of crypto currencies is in trillion so we don't have to worry much

What did you smoke?

Trading volumes in crypto have never been a trillion. A few days ago CMC reported $100 billion in 24H trading volume (Bitcoin and altcoins), but an easy 95% of that consists of wash trading (i.e. fake volume) done by exchanges to rank up on sites such as CMC. This is also one of the reasons regulators aren't keen on handing over approvals for ETF's and other Bitcoin backed instruments.

People celebrate that exchanges are generating as much volume as during the 2017 peak, but they don't take into consideration that the 2017 peak was reached with mostly legit volume, while the volumes of today are faker than China's knockoff iPhones.

Reid

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For me, that is because they are centralized.

We cannot have that best exchange anymore or a perfect one. As of why, they all need to comply with the government issues of one country just so they would not close their businesses.
That means a mandatory "safety" as they say it but for me that is just for control.

Money are coming in and our thru different crypto currency names and they want it monitored.
One of their anti-money laundering scheme. Which I hope is true.
Or are they just preventing middle level human being to being rich in no time.
They say it as "balance" but it is more of like selfishness.

rdluffy

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It`s complicated, I agree with you
We need to evolve a lot to gain confidence of people, I know exchanges have a lot of problems, but it`s inadmissible sometimes the exchanges block withdrawls
They have to be more responsible, they are dealing with people`s money

fiulpro

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Well basically it's a matter of bad luck therefore it's somehow not right to blame them , it's really an amazing thing to have a secure exchange but one should remember that everything is hackable , everything.
As time passes the technology grows old and slowly dies , therefore it's not exchanges fault entirely , yes they have to keep up with the technology and give prior update information but as far as we are concerned we should also use safer alternatives if we are so unsure of them being safe.
Instead of an online exchange go for an offline one , or try since other method , they should hire hackers to take care of their stuff.

zhekinsp

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Quote from: rijaljun on May 19, 2019, 08:05:55 AM

Quote from: Vishnu.Reang on May 19, 2019, 07:38:19 AM

The problem is that Binance was hacked a few days back. In fact none of the active exchanges seems to be safe from hacks and robberies. Binance claims that the amount of coins lost to the hack is not very significant, and they will not face any operational difficulties as a result of this. But in case they got hacked once, how can they confidently say that there will not be a repetition in the future?

There is no guarantee your funds are safe from hackers, never! Therefore if you want to make money from trading, make sure only trade in amount you afford to lose. If you don't afford, then simply save your money on your private wallet. History is a something that can be repeated if you learned nothing.

Daily trading volume of crypto currencies is in trillion so we don't have to worry much about while trading but storing on them is big mistake and don't do it even on binance as well and its proved in the recent days.

shoreno

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Quote from: BitFinnese on May 19, 2019, 08:26:58 AM

Quote from: PuertoLibre on May 18, 2019, 11:51:19 PM

Quote from: Gibreil on May 18, 2019, 05:26:12 PM

Is Binance, Bittrex or HitBTC are not good exchange? Maybe, there are more exchanges to come that are more efficient right now. But there is a fact that these top exchanges bring a harmony and safe trade to the people. Eventually, all of their shortcomes and malfunctions will be changed. It just a matter of development and IT personnel of the exchanges. They are good today but they can make the best for tomorrow.

DEXes are future of crypto exchanges and after using the DEXs traders will not look back. The system gaps are the biggest threat for the centralised exchanges, Binance proved this one more time. History repeats and we should be ready to hear about the hacked exchanges.

I do not think DEX is as safe as we think it is. Remember funds still have to go through to some platform before trading. We need to send the fund to that platform and after trading, we need to send back the fund to our local wallet. There is still a third party platform that is involved where we do our trades so DEX is still susceptible to hacking.

Etherdelta is a dex exchange and its been hi jacked before back on the days were crypto market is in good shape . many users lost thier funds but im one of the lucky ones that didnt do trade on ed during the hacking takes place . that is only an evidence that no one is safe not even dex exchanges because its still online and everything online can be hackable . i dont believe that dex is the future , cex still more better to use imo .

BitFinnese

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Quote from: PuertoLibre on May 18, 2019, 11:51:19 PM

Quote from: Gibreil on May 18, 2019, 05:26:12 PM

Is Binance, Bittrex or HitBTC are not good exchange? Maybe, there are more exchanges to come that are more efficient right now. But there is a fact that these top exchanges bring a harmony and safe trade to the people. Eventually, all of their shortcomes and malfunctions will be changed. It just a matter of development and IT personnel of the exchanges. They are good today but they can make the best for tomorrow.

DEXes are future of crypto exchanges and after using the DEXs traders will not look back. The system gaps are the biggest threat for the centralised exchanges, Binance proved this one more time. History repeats and we should be ready to hear about the hacked exchanges.

I do not think DEX is as safe as we think it is. Remember funds still have to go through to some platform before trading. We need to send the fund to that platform and after trading, we need to send back the fund to our local wallet. There is still a third party platform that is involved where we do our trades so DEX is still susceptible to hacking.

rijaljun

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Quote from: Vishnu.Reang on May 19, 2019, 07:38:19 AM

The problem is that Binance was hacked a few days back. In fact none of the active exchanges seems to be safe from hacks and robberies. Binance claims that the amount of coins lost to the hack is not very significant, and they will not face any operational difficulties as a result of this. But in case they got hacked once, how can they confidently say that there will not be a repetition in the future?

There is no guarantee your funds are safe from hackers, never! Therefore if you want to make money from trading, make sure only trade in amount you afford to lose. If you don't afford, then simply save your money on your private wallet. History is a something that can be repeated if you learned nothing.

Vishnu.Reang

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Quote from: TGD on May 18, 2019, 02:55:38 PM

Quote from: bonker on May 16, 2019, 06:38:04 PM

I think this type of thoughts will not came for everyone because they are using the changes commonly in all the time so they will perform well for them but some peoples will not been satisfied for their exchanges yes definitely the mistakes are having taking this but we need to clarify them to make the solution that is the way of next move.

Maybe OP, didn't satisfied yet on the existing exchanges or OP have something that he wanted and didn't seen it yet in an exchange. Binance still works fine and does other popular exchange.

The problem is that Binance was hacked a few days back. In fact none of the active exchanges seems to be safe from hacks and robberies. Binance claims that the amount of coins lost to the hack is not very significant, and they will not face any operational difficulties as a result of this. But in case they got hacked once, how can they confidently say that there will not be a repetition in the future?

traderethereum

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Quote from: Gibreil on May 18, 2019, 05:26:12 PM

Is Binance, Bittrex or HitBTC are not good exchange? Maybe, there are more exchanges to come that are more efficient right now. But there is a fact that these top exchanges bring a harmony and safe trade to the people. Eventually, all of their shortcomes and malfunctions will be changed. It just a matter of development and IT personnel of the exchanges. They are good today but they can make the best for tomorrow.

I don't know with HitBTC because I think HitBTC are still far away from binance, bittrex and they still need to grow the market to become the good cryptocurrency exchange.
We have binance, bittrex, poloniex and I think it is enough for us to trade on those exchange because, in that exchange, we can see a huge list of the coin that will help us to gain the profit.

ralle14

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Quote from: jackg on May 14, 2019, 03:55:30 PM

Someone mentioned changelly which I'd overlooked. Shapeshift require kyc and that's just a bug fishy for me (I don't think it's unlikely exchanges wanting kys are going to sell it on because no one can track it being them doing it).

There's also coinswitch they're similar to changelly and shapeshift and seem to have better rates.

Quote from: zikzag on May 19, 2019, 04:17:58 AM

Keep your funds in your personal wallets to avoid getting into trouble. I do not hold large funds on the crypto exchange, transfer the crypto to the exchange just to make an exchange and bring the crypto back to the wallet. I have to do a couple of extra transactions, but I'm not afraid for my cryptocurrency.

This advice have been brought up multiple times before but it doesn't help most traders. Some traders could follow your advice but it's not suitable for all because there's still a lot of traders that uses the exchanges every day.

indrakusumaindra

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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.

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.

zikzag

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Keep your funds in your personal wallets to avoid getting into trouble. I do not hold large funds on the crypto exchange, transfer the crypto to the exchange just to make an exchange and bring the crypto back to the wallet. I have to do a couple of extra transactions, but I'm not afraid for my cryptocurrency.

nur rochid

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Quote from: whiteblue on May 19, 2019, 01:22:32 AM

Quote from: Gibreil on May 18, 2019, 05:26:12 PM

Is Binance, Bittrex or HitBTC are not good exchange? Maybe, there are more exchanges to come that are more efficient right now. But there is a fact that these top exchanges bring a harmony and safe trade to the people. Eventually, all of their shortcomes and malfunctions will be changed. It just a matter of development and IT personnel of the exchanges. They are good today but they can make the best for tomorrow.

indeed it has become a natural thing if there is an exchange place that is hit by a hacker attack because not all technology is strong, there must be a gap that can be penetrated by hakcer so it must remain vigilant when trading.

right, the gap is always there, so each exchange must update the security system and make it in layers. for that I avoid saving assets in exchange, to avoid such incidents. it's better to store it in a personal wallet

whiteblue

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Quote from: Gibreil on May 18, 2019, 05:26:12 PM

Is Binance, Bittrex or HitBTC are not good exchange? Maybe, there are more exchanges to come that are more efficient right now. But there is a fact that these top exchanges bring a harmony and safe trade to the people. Eventually, all of their shortcomes and malfunctions will be changed. It just a matter of development and IT personnel of the exchanges. They are good today but they can make the best for tomorrow.

indeed it has become a natural thing if there is an exchange place that is hit by a hacker attack because not all technology is strong, there must be a gap that can be penetrated by hakcer so it must remain vigilant when trading.

fauzan Ichsan

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Quote from: PuertoLibre on May 18, 2019, 11:51:19 PM

Quote from: Gibreil on May 18, 2019, 05:26:12 PM

Is Binance, Bittrex or HitBTC are not good exchange? Maybe, there are more exchanges to come that are more efficient right now. But there is a fact that these top exchanges bring a harmony and safe trade to the people. Eventually, all of their shortcomes and malfunctions will be changed. It just a matter of development and IT personnel of the exchanges. They are good today but they can make the best for tomorrow.

DEXes are future of crypto exchanges and after using the DEXs traders will not look back. The system gaps are the biggest threat for the centralised exchanges, Binance proved this one more time. History repeats and we should be ready to hear about the hacked exchanges.

recently we heard that binance was hacked, even though it was the top ranking exchange, I think the hackers kept trying to find loopholes. and of course from the exchange side must continue to develop the level of security

PuertoLibre

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Quote from: Gibreil on May 18, 2019, 05:26:12 PM

Is Binance, Bittrex or HitBTC are not good exchange? Maybe, there are more exchanges to come that are more efficient right now. But there is a fact that these top exchanges bring a harmony and safe trade to the people. Eventually, all of their shortcomes and malfunctions will be changed. It just a matter of development and IT personnel of the exchanges. They are good today but they can make the best for tomorrow.

DEXes are future of crypto exchanges and after using the DEXs traders will not look back. The system gaps are the biggest threat for the centralised exchanges, Binance proved this one more time. History repeats and we should be ready to hear about the hacked exchanges.

Mahanton

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Quote from: TimeTeller on May 18, 2019, 04:56:39 PM

Quote from: TGD on May 18, 2019, 02:55:38 PM

Quote from: bonker on May 16, 2019, 06:38:04 PM

I think this type of thoughts will not came for everyone because they are using the changes commonly in all the time so they will perform well for them but some peoples will not been satisfied for their exchanges yes definitely the mistakes are having taking this but we need to clarify them to make the solution that is the way of next move.

Maybe OP, didn't satisfied yet on the existing exchanges or OP have something that he wanted and didn't seen it yet in an exchange. Binance still works fine and does other popular exchange.

Hacking scenarios can't be totally prevented because the tools used by hackers are getting sophisticated everyday.
No matter how tight the security of an exchange is, they will find their weak points and attack those points.
So this is the reason why crypto exchanges should grant a healthy amount on their security updates.

Come to think that exchangers is just created by man so there would always be a way on exploiting the system or simply having some backdoor.
Security can be enhanced and this should how exchanger should really be cared about.For now we wont have any choice on where to trust up but with
these current top tier exchangers.

Gibreil

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Is Binance, Bittrex or HitBTC are not good exchange? Maybe, there are more exchanges to come that are more efficient right now. But there is a fact that these top exchanges bring a harmony and safe trade to the people. Eventually, all of their shortcomes and malfunctions will be changed. It just a matter of development and IT personnel of the exchanges. They are good today but they can make the best for tomorrow.

TimeTeller

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Quote from: TGD on May 18, 2019, 02:55:38 PM

Quote from: bonker on May 16, 2019, 06:38:04 PM

I think this type of thoughts will not came for everyone because they are using the changes commonly in all the time so they will perform well for them but some peoples will not been satisfied for their exchanges yes definitely the mistakes are having taking this but we need to clarify them to make the solution that is the way of next move.

Maybe OP, didn't satisfied yet on the existing exchanges or OP have something that he wanted and didn't seen it yet in an exchange. Binance still works fine and does other popular exchange.

Hacking scenarios can't be totally prevented because the tools used by hackers are getting sophisticated everyday.
No matter how tight the security of an exchange is, they will find their weak points and attack those points.
So this is the reason why crypto exchanges should grant a healthy amount on their security updates.

Topic: Why can't we have a good cryptocurrency exchange? - page 3. (Read 1116 times)