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Title: How Can an Exchange Gain Your Trust? Post by: gkv9 on April 14, 2015, 10:01:35 AM After whatever happened since the start of Bitcoin revolution till today, many exchanges have been shut down due to different reasons because of which many have lost their investments and portfolios.
So, what have you to say on this? Are they trustworthy or are they too going to get away with your monies and/or get hacked somehow? What is the security if these exchanges are on the verge of getting hacked? Also, on a side note, what do you expect from an exchange to do to be able to gain your trust? Title: Re: Are exchanges trustworthy anymore? Post by: Muhammed Zakir on April 14, 2015, 10:06:40 AM No exchanges should be trusted with the amount you can't afford to loose. You must only store small amount for daily trading. If you want to trade big amount, deposit and exchange it ASAP.
To gain trust, you need to run as long as possible, no big and frequent disputes and it must be run by a trusted person. These don't prevent an exchange to run away, this will only help us to trade there. Title: Re: Are exchanges trustworthy anymore? Post by: gkv9 on April 14, 2015, 10:09:48 AM No exchanges should be trusted with the amount you can't afford to loose. You must only store small amount for daily trading. If you want to trade big amount, deposit and exchange it ASAP. To gain trust, you need to run as long as possible, no big and frequent disputes and it must be run by a trusted person. These don't prevent an exchange to run away, this will only help us to trade there. People who ran those previous exchanges didn't have any such disputes I guess. Still they misused the trust as they failed to provide the level of security it needed to store those Bitcoins. The biggest example of which is MtGox. Still don't get it how those coins were hacked without the interference of an insider? Title: Re: How Can an Exchange Gain Your Trust? Post by: SirChiko on April 14, 2015, 10:22:14 AM After whatever happened since the start of Bitcoin revolution till today, many exchanges have been shut down due to different reasons because of which many have lost their investments and portfolios. Well some dark sitation indeed did happen but i thnk it's nothing that couldn't be solved.So, what have you to say on this? Are they trustworthy or are they too going to get away with your monies and/or get hacked somehow? What is the security if these exchanges are on the verge of getting hacked? Also, on a side note, what do you expect from an exchange to do to be able to gain your trust? And it would be pretty simple...exchanges should justr code new model that will require 2FA for every transaction let's say of above 0.5BTC. That could be pretty good change no? Title: Re: How Can an Exchange Gain Your Trust? Post by: gkv9 on April 14, 2015, 10:34:55 AM Well some dark sitation indeed did happen but i thnk it's nothing that couldn't be solved. And it would be pretty simple...exchanges should justr code new model that will require 2FA for every transaction let's say of above 0.5BTC. That could be pretty good change no? Why BTC0.5? Why not BTC0.1??? Ain't that an amount, though small, but it does possess some value... BTW, I feel they should instead verify themselves first in the eyes of their users before asking users for verification... They should show some pictures of their office and some of their employees or themselves too (if anonymity ain't an issue) so that it would be a lot easier for everyone to trust them... Title: Re: How Can an Exchange Gain Your Trust? Post by: SirChiko on April 14, 2015, 10:47:42 AM Well some dark sitation indeed did happen but i thnk it's nothing that couldn't be solved. And it would be pretty simple...exchanges should justr code new model that will require 2FA for every transaction let's say of above 0.5BTC. That could be pretty good change no? Why BTC0.5? Why not BTC0.1??? Ain't that an amount, though small, but it does possess some value... BTW, I feel they should instead verify themselves first in the eyes of their users before asking users for verification... They should show some pictures of their office and some of their employees or themselves too (if anonymity ain't an issue) so that it would be a lot easier for everyone to trust them... Title: Re: How Can an Exchange Gain Your Trust? Post by: gkv9 on April 14, 2015, 11:39:08 AM Well it could also be 0.1 BTC i gave it away just as an example, uhm mark from mt. gox was known even by photo and we know they had offices and they eded up scamming in big summs anyway so that could be nice but it doesn't mean that someone is automatically trustworthly. That's why I am asking here that what are the measures to be taken by both the users and the exchange in order to prove themselves to be trustworthy and that they won't get hacked by having the level of security they need in order for that to not happen at any cost... Title: Re: How Can an Exchange Gain Your Trust? Post by: XCASH on April 14, 2015, 12:26:32 PM Exchanges don't need to gain trust as long as there are no other options apart from localbitcoins. If you want to seriously trade Bitcoins you have to risk using an exchange,
Title: Re: How Can an Exchange Gain Your Trust? Post by: waterpile on April 14, 2015, 12:47:53 PM Based upon the events, I don't trust any exchangers even if they're running for a long time. They can just disappear anytime they want. so risk what you can afford to lose
Title: Re: How Can an Exchange Gain Your Trust? Post by: gkv9 on April 14, 2015, 01:13:53 PM Exchanges don't need to gain trust as long as there are no other options apart from localbitcoins. If you want to seriously trade Bitcoins you have to risk using an exchange, It's not just about that, it is about putting your Bitcoins there... I know many traders who just trade BTC in order to profit from it, and to avoid withdrawal fees, they just leave their BTC in it as it is... Ain't it risky? But they put it in there just due to trust maybe... Title: Re: How Can an Exchange Gain Your Trust? Post by: achimsmile on April 14, 2015, 01:23:09 PM It's not just about that, it is about putting your Bitcoins there... I know many traders who just trade BTC in order to profit from it, and to avoid withdrawal fees, they just leave their BTC in it as it is... Ain't it risky? But they put it in there just due to trust maybe... It's a pity that the traders don't care enough about the risk. Never leave money on an exchange, no matter how good their service. No centralized exchange will ever gain my trust to leave money there after my trade is done. I quite like the exchanging process of shapeshift.io -> no accounts = no possibility to store money. Title: Re: How Can an Exchange Gain Your Trust? Post by: abyrnes81 on April 14, 2015, 01:36:28 PM After whatever happened since the start of Bitcoin revolution till today, many exchanges have been shut down due to different reasons because of which many have lost their investments and portfolios. So, what have you to say on this? Are they trustworthy or are they too going to get away with your monies and/or get hacked somehow? What is the security if these exchanges are on the verge of getting hacked? Also, on a side note, what do you expect from an exchange to do to be able to gain your trust? If an exchange wants to gain my trust it should allow the view of the private key (of the deposit address) through a multi-signature address 2 of 3, and every time I'm generating a new address they should use the masterPrivateKey A and my Private key b. Title: Re: How Can an Exchange Gain Your Trust? Post by: Amph on April 14, 2015, 01:46:45 PM it gain my trust if it see reliabe(never hacked before, but there are exception like poloniex) and proceed my order quickly along with fast withdrawal
poloniex like i said above is an exception, because the dev worked very hard to gain the trust again from his users, and made his exchange again secure(even better than before) also, he has returned from his own pockets some of those bitcoin stolen Title: Re: Are exchanges trustworthy anymore? Post by: bitgeek on April 14, 2015, 01:53:46 PM No exchanges should be trusted with the amount you can't afford to loose. You must only store small amount for daily trading. If you want to trade big amount, deposit and exchange it ASAP. To gain trust, you need to run as long as possible, no big and frequent disputes and it must be run by a trusted person. These don't prevent an exchange to run away, this will only help us to trade there. Sounds right, but since there's almost no other way of getting BTC than through an exchange you will have to send your money there sooner or later. What if it gets hacked on that day? What if you're planning to buy something with BTC, can you really afford to lose that money? Sure, you won't be evicted or starve to death, but for most people even a $100 loss still matters. Title: Re: How Can an Exchange Gain Your Trust? Post by: gkv9 on April 14, 2015, 02:00:21 PM it gain my trust if it see reliabe(never hacked before, but there are exception like poloniex) and proceed my order quickly along with fast withdrawal poloniex like i said above is an exception, because the dev worked very hard to gain the trust again from his users, and made his exchange again secure(even better than before) also, he has returned from his own pockets some of those bitcoin stolen That's fine, but what do you think about those exchanges that claim they ^accidentally^ sent XX amount of Bitcoins to an address??? Are they trustworthy though??? Do you think we should trust people who are limits of carelessness??? |