Topic: Why I will never trust top exchanges (Read 729 times)
Burdwan's top exchanges do not seem to be very convenient. We have seen good and top exchanges like FTX go bankrupt not long ago. So keeping funds in exchanges at this time is not very safe. I think exchanges can become scams at any time. But I think hardware wallets and software wallets are convenient for keeping your money. There is no possibility of losing your funds in these wallets.
~snip~
No matter what you plan to do on centralised exchanges, do not trust them.
No matter what you plan to do on centralised exchanges, do not trust them.
At least Binance tried to get that audit to get the user's confidence regarding cryptocurrency, well, for me I keep choosing best exchange with their fast response customer service as long as they have that and not the best I will use it if I need. I know some small exchange got failed after a few months so whether it's a top exchange or not we can't guarantee the safety.
unfortunately, there are some crypto coiners who always save their crypto in right place like a hardware wallet on the years, but, only a second, He got a problem after sending it to an exchange in FTX. He never knows news and announcement, he never read them and never follow social media, he just sent, after that FTX collapsed, I think he is the unlucky person in the world.
Or maybe lost them in a boating accident.
Why I will never trust top exchanges
If you don't trust the top ones, which one you will trust? Actually, we are using top exchanges much better than low or small exchanges. Every exchange will have issues, but at least we can decrease the risks by choosing top exchanges rather than small exchanges. if it is about security, I am sure that both DEX and CEX will have also problems with security. Nothing is much better or safer because they are online and able to be hacked or making mistakes that will result in losing assets. That is why if we are doing it for a long-term period, never use any exchange to store our assets, use the hardware wallet so that it can help us decreasing the risk and also help us to increase the security system. But if we are sing it for trading daily, I will refer to top exchanges.make
~snip~
No matter what you plan to do on centralised exchanges, do not trust them.
No matter what you plan to do on centralised exchanges, do not trust them.
At least Binance tried to get that audit to get the user's confidence regarding cryptocurrency, well, for me I keep choosing best exchange with their fast response customer service as long as they have that and not the best I will use it if I need. I know some small exchange got failed after a few months so whether it's a top exchange or not we can't guarantee the safety.
These top exchanges are still centralized exchanges that is a normal company. Of course there are instances that problem like this that they will experience. Imagine, They are top of their industry and doing really good despite of the complicated back end side of crypto things but they are doing well compared to other exchanges. I don't trust centralized exchange that much but If I were to use them, I would use the top exchange over small exchanges because they has a reputation to hold, is more deployed and has the reliability that customers wants. I think it's a good thing that binance admits that they did an error and addressed it to the public rather than waiting for someone to take opportunity of it and could possibly be a big scandal for them.
Each exchange has its flaws because none of them are perfect. They are only useful for the tasks they can understand; otherwise, they might not perform to their full potential. All customer daily tasks must be completed while keeping in mind the moderators' and exchange staff's ultimate goals. Although it is a matter of trust, we must exercise extreme caution. To be on the safe side, customers should withdraw some of their cryptocurrency and convert it to fiat money. Exchanges served to their best interests for their users other than stacking up all the negative reviews online. Binance is one of the top influential exchange in the crypto market with high trading volume of $8,723,932,282 the last 24 hours and there's more to it compared to the enormous numbers of 14,117,004 people that visits the exchange entirely. All of us here are not forced by any exchange to trust them whether it is a top exchange or not. Now, if for you binance is not to be trusted, there is no problem.
For me, Binance has been through a lot and despite almost countless issues being thrown at this exchange, the Binance platform has remained the top exchange. What you are saying is obviously just another FUD to discredit Binance. This is also in line with my research on news updates in the crypto space.
it’s easier for me to never keep large amounts on exchanges, it’s much safer and I can sleep peacefully and not worry about the safety of funds.I also trust Binance as an exchange that has already earned its credibility with many users.No wonder it is called the first exchange. For me, Binance has been through a lot and despite almost countless issues being thrown at this exchange, the Binance platform has remained the top exchange. What you are saying is obviously just another FUD to discredit Binance. This is also in line with my research on news updates in the crypto space.
These top exchanges are still centralized exchanges that is a normal company. Of course there are instances that problem like this that they will experience. Imagine, They are top of their industry and doing really good despite of the complicated back end side of crypto things but they are doing well compared to other exchanges. I don't trust centralized exchange that much but If I were to use them, I would use the top exchange over small exchanges because they has a reputation to hold, is more deployed and has the reliability that customers wants. I think it's a good thing that binance admits that they did an error and addressed it to the public rather than waiting for someone to take opportunity of it and could possibly be a big scandal for them.
Why I will never trust top exchanges
If you don't trust the top ones, which one you will trust? Actually, we are using top exchanges much better than low or small exchanges. Every exchange will have issues, but at least we can decrease the risks by choosing top exchanges rather than small exchanges. if it is about security, I am sure that both DEX and CEX will have also problems with security. Nothing is much better or safer because they are online and able to be hacked or making mistakes that will result in losing assets. That is why if we are doing it for a long-term period, never use any exchange to store our assets, use the hardware wallet so that it can help us decreasing the risk and also help us to increase the security system. But if we are sing it for trading daily, I will refer to top exchanges.make
Putting money on centralized exchange is like to placing food in your dog's mouth and telling him to help you protect it because you believe they can help you watch over it without realizing your dog can eat them whenever they are hungry; this is what centralized exchanges have become. Since the demise of FTX, I have hardly lived a scent on the exchanges; those who lost their life savings on the exchanges were hurt, and I saw how they were bitterly crying for help on how to get their money back, and after the December drama, any trader who lives money on the centralized exchange is doing so on purpose.
All of us here are not forced by any exchange to trust them whether it is a top exchange or not. Now, if for you binance is not to be trusted, there is no problem.
For me, Binance has been through a lot and despite almost countless issues being thrown at this exchange, the Binance platform has remained the top exchange. What you are saying is obviously just another FUD to discredit Binance. This is also in line with my research on news updates in the crypto space.
For me, Binance has been through a lot and despite almost countless issues being thrown at this exchange, the Binance platform has remained the top exchange. What you are saying is obviously just another FUD to discredit Binance. This is also in line with my research on news updates in the crypto space.
Weeks ago Binance admits to the mistake of storing users funds in a collateral wallet, is this not why they passed the Reserve Audit?🤦 All they have to do is just move crypto assets that belongs to exchange users into their collateral wallet and pass the audit and avoid getting caught. Then they go on Twitter and make a tweet that "Funds are Safu".
https://dailyhodl.com/2023/01/24/binance-admits-to-mistake-of-storing-its-users-crypto-assets-inside-collateral-wallet-report/
I believe the came out in the open before someone else does, to keep their reputation in checked.
As for the auditors, they don't even know how to audit in the first place, or is it right to say that exchanges just know how to get smarter than auditors?
Anyway, it's easier for them to meddle with users funds and do what they feel like, FTX Sam was caught doesn't mean he is the only bad actor, others aren't pure as well.
No matter what you plan to do on centralised exchanges, do not trust them.
Bitcoin told us to follow decentralization. So I am personally not using any centralized exchanges. Please make sure to use the decentralized exchanges as much as possible. So you do not need to send the cryptocurrencies anywhere. You can store it in your wallet and do the trading. https://dailyhodl.com/2023/01/24/binance-admits-to-mistake-of-storing-its-users-crypto-assets-inside-collateral-wallet-report/
I believe the came out in the open before someone else does, to keep their reputation in checked.
As for the auditors, they don't even know how to audit in the first place, or is it right to say that exchanges just know how to get smarter than auditors?
Anyway, it's easier for them to meddle with users funds and do what they feel like, FTX Sam was caught doesn't mean he is the only bad actor, others aren't pure as well.
No matter what you plan to do on centralised exchanges, do not trust them.
Yes. You are correct. Everyone will be changed including you and me. The main thing is we don't know the time of the people's change. So make sure to manage your risk and capital.
There is no point of untrusting the exchanges. I mean use the platform for what it is meant for. In an exchange if you hold your funds for long without actually selling or buying it, and telling us about insecurities doesn’t make any sense. Use the exchange only when you want to quick sell or buy. Don’t keep your funds rot their for long. For storing your coins, use cold wallet or offline wallets. We all know what happened with FTX, but that doesn’t mean all other reputable exchanges will do the same. But still to be same, use the exchanges as minimum as you can.
Pro trader will never empty their accounts in any exchanges they use as they will trade from time to time. But in your case, I could say that you are too clever not to lose a single penny from a possible hack that mostly happens to known exchanges. That of course, is a smart decision but it was different for me, I consider the fees that I spend from moving in and out which is costly, a reason why I should have to trust an exchange no matter what.
We heard some negative rumors about Binance and in other exchanges, and it was called "risk". And we have to deal with that otherwise, we live no confidence in the market.
Not only pro traders mate. I am not trader but I do leave a portion of some coins in exchanges for emergencies. Sending in and out coins always might lead to mixed up some time especially when one is in haste and that could lead to lose of funds. But if you have little in the exchange already you can easily swap or do whatever you want to do. I quite know the risk involved but that doesn't stop us from dealing with them. Everything concerning crypto is very risky. If you don't want to take risks, don't even think of crypto We heard some negative rumors about Binance and in other exchanges, and it was called "risk". And we have to deal with that otherwise, we live no confidence in the market.
which i do agree on that.I do understand that you dont really like the hassle on making those access on your cold wallet and make out some transfer into your exchange account on the time that you
would be needing money.For sure there are people who do really have this kind of thinking but if you are really that minding about the risk then these small steps wont be a bothersome.
If you do find it to be hassle then its your choice because its our money after all.
My trading style is medium and long term, that's why I haven't done it yet, because I don't have any experience.
Pro trader will never empty their accounts in any exchanges they use as they will trade from time to time. But in your case, I could say that you are too clever not to lose a single penny from a possible hack that mostly happens to known exchanges. That of course, is a smart decision but it was different for me, I consider the fees that I spend from moving in and out which is costly, a reason why I should have to trust an exchange no matter what.
We heard some negative rumors about Binance and in other exchanges, and it was called "risk". And we have to deal with that otherwise, we live no confidence in the market.
Not only pro traders mate. I am not trader but I do leave a portion of some coins in exchanges for emergencies. Sending in and out coins always might lead to mixed up some time especially when one is in haste and that could lead to lose of funds. But if you have little in the exchange already you can easily swap or do whatever you want to do. I quite know the risk involved but that doesn't stop us from dealing with them. Everything concerning crypto is very risky. If you don't want to take risks, don't even think of crypto We heard some negative rumors about Binance and in other exchanges, and it was called "risk". And we have to deal with that otherwise, we live no confidence in the market.
which i do agree on that.I do understand that you dont really like the hassle on making those access on your cold wallet and make out some transfer into your exchange account on the time that you
would be needing money.For sure there are people who do really have this kind of thinking but if you are really that minding about the risk then these small steps wont be a bothersome.
If you do find it to be hassle then its your choice because its our money after all.
Pro trader will never empty their accounts in any exchanges they use as they will trade from time to time. But in your case, I could say that you are too clever not to lose a single penny from a possible hack that mostly happens to known exchanges. That of course, is a smart decision but it was different for me, I consider the fees that I spend from moving in and out which is costly, a reason why I should have to trust an exchange no matter what.
We heard some negative rumors about Binance and in other exchanges, and it was called "risk". And we have to deal with that otherwise, we live no confidence in the market.
Not only pro traders mate. I am not trader but I do leave a portion of some coins in exchanges for emergencies. Sending in and out coins always might lead to mixed up some time especially when one is in haste and that could lead to lose of funds. But if you have little in the exchange already you can easily swap or do whatever you want to do. I quite know the risk involved but that doesn't stop us from dealing with them. Everything concerning crypto is very risky. If you don't want to take risks, don't even think of crypto We heard some negative rumors about Binance and in other exchanges, and it was called "risk". And we have to deal with that otherwise, we live no confidence in the market.
As for the auditors, they don't even know how to audit in the first place, or is it right to say that exchanges just know how to get smarter than auditors?
Anyway, it's easier for them to meddle with users funds and do what they feel like, FTX Sam was caught doesn't mean he is the only bad actor, others aren't pure as well.
No matter what you plan to do on centralised exchanges, do not trust them.
I have to agree that audit companies may not be able to audit a crypto company that easily. The ones that has been in work with fiat for decades now, do not have the people who could check a crypto exchange and make a decision, and the ones which are in the crypto world are usually unknown and you wouldn't trust what they say neither. So, it turns out that we won't be getting any kind of good result for their audit, because there is nobody that can honestly do it.Anyway, it's easier for them to meddle with users funds and do what they feel like, FTX Sam was caught doesn't mean he is the only bad actor, others aren't pure as well.
No matter what you plan to do on centralised exchanges, do not trust them.
Hopefully they will one day get a proper one, and we will get to read about it all over the internet, but it will not be anytime soon, will take a few years until there is a famous "crypto company auditing firm" type of deal.
...
I think this problem persist for the hardcore traders only since they need to keep the trading fund available on an exchanger all the time. For example, I almost keep zero funds on an exchanger. If I ever see an opportunity of selling my portfolio then only I would go and sell it. May be that’s the best way to stay in the crypto world now. Keep it in your custody.
Pro trader will never empty their accounts in any exchanges they use as they will trade from time to time. But in your case, I could say that you are too clever not to lose a single penny from a possible hack that mostly happens to known exchanges. That of course, is a smart decision but it was different for me, I consider the fees that I spend from moving in and out which is costly, a reason why I should have to trust an exchange no matter what. I think this problem persist for the hardcore traders only since they need to keep the trading fund available on an exchanger all the time. For example, I almost keep zero funds on an exchanger. If I ever see an opportunity of selling my portfolio then only I would go and sell it. May be that’s the best way to stay in the crypto world now. Keep it in your custody.
We heard some negative rumors about Binance and in other exchanges, and it was called "risk". And we have to deal with that otherwise, we live no confidence in the market.
Binance might be drunk like hell that day. Lolz.
Why would they go and announce it publicly? It could have caused big chaos amongst the users and thus a dump could have initiated due to their deed. Seriously what sort of or unskilled people might be hired in the management team that led to such breakdown.
Isn’t this should be untouchable fund that they were fishing on and could be sued for that?
I think this problem persist for the hardcore traders only since they need to keep the trading fund available on an exchanger all the time. For example, I almost keep zero funds on an exchanger. If I ever see an opportunity of selling my portfolio then only I would go and sell it. May be that’s the best way to stay in the crypto world now. Keep it in your custody.
Why would they go and announce it publicly? It could have caused big chaos amongst the users and thus a dump could have initiated due to their deed. Seriously what sort of or unskilled people might be hired in the management team that led to such breakdown.
Isn’t this should be untouchable fund that they were fishing on and could be sued for that?
I think this problem persist for the hardcore traders only since they need to keep the trading fund available on an exchanger all the time. For example, I almost keep zero funds on an exchanger. If I ever see an opportunity of selling my portfolio then only I would go and sell it. May be that’s the best way to stay in the crypto world now. Keep it in your custody.
As the currency BUSD reports the BUSD-minted tokens on the other chains are shady from the reserves point of view. BUSD on the BSC is transparent but the BUSD on other chains seems over-printed as compared to the total reserves this is the reason SEC imposed a grip on the BUSD minting.
Long story short be careful with the centralized exchanges.
Regarding BUSD, the collapse of UST (a stable coin that was pegged with US Dollar) serves us a reminder that no stable coin is completely secure. However, in case of BUSD which is backed by financial stability of Binance and regularly audited, but still it is important for us to exercise caution when using stable coins & stay informed about any news related to their stability and security.
Jump to: