Topic: Would you still do business with them? - page 2. (Read 690 times)

Everyone should have a second chance, but in the case of businesses it should be accompanied by clear changes such as changes in the top management. In any case, to do business with a centralized exchange you should be very careful in general, even if the exchange has not gone bankrupt (yet, lol).

I would never trust again an exchange that went bankrupt. Who can assure me that it's not going to happen again? If you go bankrupt you had a really bad management, at that point just start a new clean exchange. I feel like it would be like fixing a totaled car instead of getting a new one, why would you do that? How could you trust it?

When considering doing business with them, is it to keep my crypto assets on their exchange or engage in regular coin trading with them and take the proceeds right away? As for me, I can't retain my crypto assets on their exchange (I don't do that anyhow), but I can trade with them.

Bittrex did something that I expected Binance exchange to do if they are out of funds or they plan to go bankrupt, doing this have earned them a bug reputation and if someday they decide to come back I will gladly use their service still.

I heard that FTX is getting back on it's feet, after a new CEO takes over, I heard they get some lost funds back as well, but there is a rumor that Sam is still involved with FTX, this will make people stay away because they ruined their reputation to none left.

It will be easier to think that since Sam is still involved, the same thing can still happen again, so people can't trust them ever again, in FTXs case, what's spoiled can never be repaired.

Exchange like Bittrex and other mentioned exchange had served the cryptonians for years back then and yes they are the most trusted in their days but business need to an end as there are no permanent in this world.

Asking me if I will still do business with them? of course if happens that they gain the business back so why not?

As long as it gets my job done, I will use it. I keep my assets in a private wallet and not in any centralized exchanges. When I do need to use it, I deposit the amount and then do my work. After that is done, I will immediately withdraw my funds to my personal wallet.
But sometimes past performance does matter. History tells us more about something than we can imagine. So it's not surprising if people won't trust them again to do business with them. It comes from trust and reputation. And people's willingness to use it.

I don't know about others, but as I said - I will use it as long as it is giving better service than other platforms and getting my job done. But one's success depends on public reach. Creating a good reputation again from ground up will be tough. One mistake could lead them to their doom. So that's the risk we will have to keep in mind too. Also, there will always be better option available. So the answer is still uncertain. But for me, the answer is already given

for me? even if it is FTX but they already filed for bankruptcy ?  my confidence about their site and their legitimacy is already damage things that may turn me from never doing business or using that exchange.
and even if this is Binance , nope not to use them again as there are lots of option that I can use .

I've also never used Bittrex before, even though I know it's an exchange that predates Binance. But I think OP's question isn't just about Bittrex filing for bankruptcy, what he's asking is an exchange declaring bankruptcy, and if they come back, are you confident enough to keep using them?

I think it depends. If it were FTX, I would never do business with them, even if they pay investors and go online again. But in the case of Bittrex, it will be very different because they have notified us in advance to withdraw the assets. They have no intention of scamming us so there is no reason to reject them if they are online again.

Never used Bittrex since day one because it has a high fees compared to other exchange that I am using , so asking me if I will still do business? nope and never .
and filing for bankruptcy ? does this mean Binance will be sooner the biggest crypto exchange we will ever use?

Did you find out about the information OP mentioned? Bittrex announced to close its branch in the US market due to legal problems with the SEC, the two sides could not reach an agreement, and Bittrex globally is still operating normally. So don't always blame them without finding out what's going on. Are you using centralized exchanges?


Do you really think cryptocurrencies were created to keep us free and free from the central government? Apart from bitcoin created to give us financial freedom, the rest of the market is the financial market. We are here for profit, not looking for freedom or decentralization. Do you see any project that offers decentralization like bitcoin?

Embracing an exchange that's danced with bankruptcy - its either impressive faith or... a high-stakes gamble, eh? Your confidence hinges on the assumption that they offered a lifeline for fund withdrawal, signaling no con game. But lets hit pause. These entities filed for bankruptcy once. Isn't that a glaring sign of operational blunders or market stress they flunked? Yes, centralized exchanges grease the wheels of liquidity. But arent cryptos about breaking free from central control? Feels like déjà vu trusting the big guys, doesnt it? And future bankruptcy boogeymen? Ready for another mad rush, another heart-pounder? Recall, history can repeat itself. Pining for centralized exchanges is natural, but maybe caution's the real hero here.

I see no reason why if you are not a trader and just an ordinary person who just wishes to hold his/her Bitcoin to leave it on a centralized exchange, and moreover an exchange that have once given a red flag of bankruptcy, because for the fact that they did informed it's traders to withdraw their funds within a certain period of time shows that they never meant to scam anybody nor run away with anybody's fund. So if they happen to come back and can prove themselves to be trustworthy, I will give it a second try but with caution.

It isn't every exchange that shutdown that customers will lose their money, some of them will want to keep their reputation intact so they won't just showdown without warning their customers to withdraw their money. Exchange can shutdown for different reasons which one of them could be due to pressure from the government, and this looks like one.

I won't mind doing business with bittrex exchange in the future if they reopen but I won't store my coins on an exchange or any centralized sites. There's so many reasons things can go wrong. For the fact nothing went wrong in this case doesn't mean exchanges are good storing of coins.

That depends on the reason, which got that exchange to shut down its operations in that country. Most of the time, it's due to laws and regulations and if those stopped exchanges come back into operation then it's mean either they have accepted the laws and regulations or L&R are changed according to the needs of them.

If one exchange is being penalized for scamming and even after that it becomes functional then i might not trust it again and will avoid using it for financial activities.

If the exchange halted there operations in a state or country due to L&R and become functional after that, then i might trust them and will not avoid making transactional activities. Such as Binance has halted their services for Canadians due to CSV's L&R, and if it gets back into function then Canadians are definitely going to use it again.

I don’t know if it’s just me but as long as it doesn’t involve good old SBF, I’m willing to bet my trust. Bittrex’s file for bankruptcy isn’t done for some evil ulterior motive, it was done to save face and offer the best form of exit service to its customers, even if they really couldn’t put money in their treasury anymore. This just means that in my book, bittrex is one of the most thoughtful and customer-centric crypto exchange out there, in an industry that is so relentless against the average joe because of anonymity and numbers scenario (the fact that we beyond this forum we’re merely numbers and statistical data). So if ever bittrex bounces back up and decides to still offer services in the future? I’ll take the pill and trade with them.

Exactly only Bittrex US declared bankruptcy for the reason you mentioned, Bittrex Global is still operating normally.  but it seems many people are unaware of this news and are discussing it negatively. I am not on the side of centralized exchanges, but we need to verify information carefully before it spreads.  this is a negative news that affects the reputation of Bittrex while they are still operating normally in other countries except the US.

that's very correct! they didn't go into hiding but rather let their customers get their funds before their closure. actually, that should be the practice of every business who wants to get out of their business. sadly, not many would do such move. usually, you would just hear the news when they suddenly freeze your account or won't let you withdraw.
if in case they will go back to this business, i may use it if necessary as they show the professionalism on this regard.

This is the first centralized exchange that I've used back when I'm just starting to learn cryptocurrency. Been used Bittrex as well for spot trading when I was a newbie.
It's kind of sad for me (a little bit) to see a centralized exchange going bankrupt, but that's pretty normal already knowing what happened last year where so many exchanges filed for it as well.

What's good is that, they still informed their customers to withdraw their money unlike what other exchanges who filed bankruptcy did where they didn't inform their customers whatsoever. I don't know if there's a reason behind this, or maybe we might see them back into business anytime soon, and they don't want to destroy their reputation thus, they did this.

In this situation, NO.

With the emergence of Binance, I think that I will stay in using Binance, and only Binance. I'm not a fan of storing coins in CEX, but Binance has many features already that is very helpful to the user of their application. Like you said, CEX in general play a big role in the community especially in terms of buying, and selling, and earning passively (thru their Earn feature). As for Bittrex, I will not be surprised if they will come back to business in the future, but I don't know if they will be having that much customers still because some Bittrex users might switch to a different CEX, and when they are comfortable using it, they might stick with it.

It's very important to inform everyone on the platform concerning that,if really there is an which may occur and will result of course damage to the people 's money,or in kind of relocation,in order to retain you KYC,is to pass information across the page to enable them to participate in the relocation.

What Bittrex did was the standard practice of businesses. It shows that they are not interested in scamming any of its customers. The bankruptcy of FTX and other exchanges wouldn't have affected the crypto space negatively if customers funds were refunded. Bankman-Fried wouldn't have been facing any criminal charges if FTX did what Bittrex did.

Although the exchange collapsed, Bittrex's management proved that they are dependable. If I was their customer I will still use thier service if they came back to business. They have proved without a doubt that customers' funds are safe. But we should also take more that exchanges cannot be trusted.