Topic: Why does every single BTC exchange suck?! - page 2. (Read 1125 times)
capacity - servers, staff to respond to tickets and verify - costs money. none of them have invested enough money yet. crypto is prone to massive spikes and then going quiet again. they wouldn't make any money if they had all that capacity sitting around all the time. imagine having 500 staff during the endless $200-250 stage. they would've gone under.
Kraken is quite good. What did you not like about them?
1 month deposit delays, terrible support, horrible interface design, the list could go on
Anyway if you feel like that then I can't help you.
As for the crashes... It´s called insider trading... They just take advantage of there knowlegde. This is a good example taht he market doesn´t regulate itself. But maybe that is some part of the fun of Crypto jungle.
As for the part where your friends couldn´t set up an account on any exchange. Come on... You can argue they don´t wan´t to. But writing an email address and password and the rest of the setup process is the same for any other site, being a BTC exchange, an online casino of a facebook account. For the confirmation process ( i don´t like it) but is as difficult as taking a picture of yourself holding a card on your hand...
As for the part where your friends couldn´t set up an account on any exchange. Come on... You can argue they don´t wan´t to. But writing an email address and password and the rest of the setup process is the same for any other site, being a BTC exchange, an online casino of a facebook account. For the confirmation process ( i don´t like it) but is as difficult as taking a picture of yourself holding a card on your hand...
Kraken is quite good. What did you not like about them?
1 month deposit delays, terrible support, horrible interface design, the list could go on
Kraken is quite good. What did you not like about them?
Correct me if I am wrong, but verification is must for those exchanges, where it is possible to deposit/withdraw, using bank accounts directly. Consider Russian based exchanges, like yobit (not the best one though), where account setup is very easy. The disadvantage of this approach is necessity to work with online payment systems, like OKpay, yandex money, etc... which have sometimes rather large fees. So everything is relative. We have to choose between ease, anonymous but risky exchange or user-unfriendly but regulated one
It's not helping anything that transactions have become slow and expensive, but on top of that every single exchange I've used ( Coinbase, Kraken, Bitstamp, and Localbitcoins.com) have massive flaws and limitations that in my opinion are damaging BTC's progress in a big way.
Coinbase is the only exchange who's got a nice set up, easy to use and just makes sense (plus an app worth a damn). However they crash far too often to be considered legitimate in my eyes (website is down for hours with billions of dollars in limbo). I work in the financial industry and love BTC, the blockchain tech, other crypto's and all that they represent but for people who aren't financially or tech savvy...how is this ever going to work ?
I now have two friends in the past couple days who simply could not figure out how to set up an account at any exchange, even Coinbase's easy set up process error'd out for one friend and now they've both given up. I can't be alone in complete frustration with this joke of a set up. Bitcoin is supposed to be easy, instant etc. While the banking system is archaic, the exchanges are not much above a DOS program at the moment.
Coinbase is the only exchange who's got a nice set up, easy to use and just makes sense (plus an app worth a damn). However they crash far too often to be considered legitimate in my eyes (website is down for hours with billions of dollars in limbo). I work in the financial industry and love BTC, the blockchain tech, other crypto's and all that they represent but for people who aren't financially or tech savvy...how is this ever going to work ?
I now have two friends in the past couple days who simply could not figure out how to set up an account at any exchange, even Coinbase's easy set up process error'd out for one friend and now they've both given up. I can't be alone in complete frustration with this joke of a set up. Bitcoin is supposed to be easy, instant etc. While the banking system is archaic, the exchanges are not much above a DOS program at the moment.
I understand your frustration as I have witnessed such my self in some exchange sites where they just go offline for several hours and without any notification of such to their clients or users. It does not happen in the Fiat world but at the same time not every blames fall on them because they just needs to keep up to date with security mechanism to be put in place to stand attacks against them since every now and then, they are targets of attack which could being a lot of serious issues if that is successful.
Sorry to hear about your friends' experiences... I do agree to a certain extent that some exchangers are built in a such a way that they discourage new users, especially for those outside of the "first world" Western sphere (like Coinbase).
But on the other hand, I've had a relatively easy sign up experience with both localbitcoins (which I almost exclusively use now to sell my coins) and Poloniex (which, to be fair, has processed all my withdrawals near instantly). They both have verification processes which are automated for the most basic level and take less than 5 minutes (email and phone).
It gets a bit more complicated for higher levels but for a casual user I haven't needed more than the daily USD2,000 limit of Polo.
But on the other hand, I've had a relatively easy sign up experience with both localbitcoins (which I almost exclusively use now to sell my coins) and Poloniex (which, to be fair, has processed all my withdrawals near instantly). They both have verification processes which are automated for the most basic level and take less than 5 minutes (email and phone).
It gets a bit more complicated for higher levels but for a casual user I haven't needed more than the daily USD2,000 limit of Polo.
The problem is that a fair number of BTC nerds convince themselves that regulation is not necessary.
Take the scam online wallet service Torwallet, for example. They have scammed loads of people, and loads of people have posted about it on this forum. People didn't care that they were giving money to a stranger, because it was Bitcoin and they assumed that anonymity was how it works.
To have a consistently decent exchange, regulation is necessary. Users can mix their coins afterwards to retain pseudonymity, but exchanges can be audited properly and their security can be checked on a regular basis.
It's shocking that exchanges get hacked so often, but the funny thing is that a lot of them might just be lying. It's so hard to tell because no one is checking them. Cryptsy was so poorly regulated that they could just run off with all their users' funds for seemingly no reason.
Take the scam online wallet service Torwallet, for example. They have scammed loads of people, and loads of people have posted about it on this forum. People didn't care that they were giving money to a stranger, because it was Bitcoin and they assumed that anonymity was how it works.
To have a consistently decent exchange, regulation is necessary. Users can mix their coins afterwards to retain pseudonymity, but exchanges can be audited properly and their security can be checked on a regular basis.
It's shocking that exchanges get hacked so often, but the funny thing is that a lot of them might just be lying. It's so hard to tell because no one is checking them. Cryptsy was so poorly regulated that they could just run off with all their users' funds for seemingly no reason.
excellent points try Gemini 
It's not helping anything that transactions have become slow and expensive, but on top of that every single exchange I've used ( Coinbase, Kraken, Bitstamp, and Localbitcoins.com) have massive flaws and limitations that in my opinion are damaging BTC's progress in a big way.
Coinbase is the only exchange who's got a nice set up, easy to use and just makes sense (plus an app worth a damn). However they crash far too often to be considered legitimate in my eyes (website is down for hours with billions of dollars in limbo). I work in the financial industry and love BTC, the blockchain tech, other crypto's and all that they represent but for people who aren't financially or tech savvy...how is this ever going to work ?
I now have two friends in the past couple days who simply could not figure out how to set up an account at any exchange, even Coinbase's easy set up process error'd out for one friend and now they've both given up. I can't be alone in complete frustration with this joke of a set up. Bitcoin is supposed to be easy, instant etc. While the banking system is archaic, the exchanges are not much above a DOS program at the moment.
Coinbase is the only exchange who's got a nice set up, easy to use and just makes sense (plus an app worth a damn). However they crash far too often to be considered legitimate in my eyes (website is down for hours with billions of dollars in limbo). I work in the financial industry and love BTC, the blockchain tech, other crypto's and all that they represent but for people who aren't financially or tech savvy...how is this ever going to work ?
I now have two friends in the past couple days who simply could not figure out how to set up an account at any exchange, even Coinbase's easy set up process error'd out for one friend and now they've both given up. I can't be alone in complete frustration with this joke of a set up. Bitcoin is supposed to be easy, instant etc. While the banking system is archaic, the exchanges are not much above a DOS program at the moment.
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