I noticed you mentioned Coinbase Wallet and Trust wallet, soooo are we talking about mobile wallets here? Electrum is the holy grail bitcoin software wallet for PC but last time I tried their android app, it's uh, too basic. I suggest you look into Blue Wallet instead if the situation is still the same. For ALTs there is also Unstoppable Wallet. Afaik both are open-source as well.

But op, if we're talking about decent amount of money here and/or storing for long term, you're better off looking into hardware wallets instead since they're not hot wallets hence you'll be minimizing a great amount of risk, see: Open Source Hardware Wallets

You mean "i don't really care if other people lose money as long as I get my share"? Ponzis are scam and some sacrificial lambs inevitably will lose money but ig it's okay as long as it's not you lol.

Who knows if they even pay or how long will they do so. Frankly, I don't trust your words as you're a newbie rank who created this account just to defend a shady-ass business.

OP... did you read the replies on this thread? everyone was against the platform and they all had good reasons for it.

In addition, even if this 100 bucks contract went fine, it doesn't mean you can trust the platform specially with a much larger amount as it could be a bait. Since we're talking about large amounts, the owner/scammer could even decide it's a good amount to run away and move to a new domain.

Either a ponzi or a straight up scam.

20% in 4 weeks is pretty high plus it's fixed hence, too good to be true. The fact that they claim it's made possible through their trading bot is even more nonsense because it's pretty impossible to generate consistently high af profits everytime which makes the model unsustainable - common thing with ponzis.

I highly doubt there is even a trading going on here lmao. If they had such method, they wouldn't waste time recruiting people lol.

Meta: I think this fits more in Service Discussion

If you're serious, I suggest asking a professional for a consultation, they would know better than average people on the internet. I'm not sure where you're from but some places offer not too expensive to free consultations.

You mentioned loads of fellas were also victims so perhaps you could try looking for them and see whether they're interested in your endeavor? it's always better with more people. I'm not sure where you and the person you're trying to sue is but if situation permits it, you could look into class actions and contingency-fee model where you will only pay when you won/settle the case.

^

Well, at some point, exchanges will consolidate inputs so perhaps someone could try to look into which exchange is relatively faster to consolidate inputs recently? Perhaps because of how bad the fees were, CEX prioritized relatively big amounts as well.

But yeah, the situation has gotten so much better compared to couple of weeks ago but I would still suggest consolidating your inputs- if you have many- when the fees are low.

I'm just gonna add that while reputable wallets like electrum, unstoppable wallet, etc. are surely a big plus when compared to blockchain.com, let's not forget that if you're setting up a hot wallet, then it's not recommended for big amounts.

So unless it's just a hundred bucks or so, I would opt for a hardware wallet instead if you want maximize your security while also keeping it convenient. I would look into this list: Open Source Hardware Wallets

Honestly, I typically just skim them whenever I register to a new platform. As for updates, I must admit I rarely look at them lol.

But if you've been dabbling with exchanges for years, most of them have similar clauses hence only a matter of time before you get used to it. Furthermore, I follow the "not your keys, not your coins" mantra so I know the extent of what to expect. For instance, I don't get surprised anymore whenever someone in the community share a clause they find disturbing.

Identity verification is just for compliance. For security and privacy? lol no. Centralized exchanges are merely pushing that idea to make the verification more palatable to people. The reality is data breach/leak is always possible and one can only be hopeful it doesn't happen to them.

It's not as robust as you think as well. Those with malicious intent could surely bypass it just fine.

Darknet hackers are selling crypto accounts for as low as $30 a pop
For $200, You Can Trade Crypto With a Fake ID
Binance support employees help customers in China bypass KYC.

This is why I typically exclude trustpilot reviews because of how rampant the fake reviews are.

I just checked OP claims for myself and there's no way this exchange can be legit if they work as describe by OP - same address for each crypto.

See this two same trades I made:

https://archive.is/GVygS
https://archive.ph/aHLfU

I tried to exchange '100 USDT (ERC-20) to Paypal' but with different email addresses and yet I was given the same deposit address. So if only one of these trades ended up getting funded, how exactly are they gonna differentiate which trader did the deposit came from?

This is why legit instant exchange use different address for each active trade/order.

If they're indeed telling the truth, I lean towards it's likely to get uglier specially after what went down with hotbit where even after investigation was done, they claim the assets were still frozen and they had to look for acquisitions or loans to pay back users. Ofc, this is assuming that hotbit was also telling the truth. If anyone hasn't heard, they claim to be in a similar situation: was investigated > froze their assets.

Open deposits are indeed unnecessary, makes sense that people are questioning their sincerity. Since all the information are coming from bkex, it's pretty understandable that people are on the fence as well.

So I noticed the telegram channel linked in one of their help articles is now a totally different channel

The article:



Seeing how the group has a different name, my guess is blockchain.com's channel was deleted and someone took over the vanity invite link?

Which means the channel is completely useless and people are just prone to scams since I suspect someone will for sure impersonate blockchain.com in there.

Heads up.

I would suggest Bank Transfers and the popular digital wallets (plus to those that support a lot of countries e.g. wise) to be implemented first as they're likely to have more userbase.

To get a better idea, I would recommend looking at your long running established competitors like agoradesk, paxful, binance, etc. as well.

There will always be people who will use exchanges as a means of storage. Best we can do is lessen the numbers by spreading the word AKA education.

My guess is some people don't know the weight of such action:

1. Perhaps some of these people aren't informed enough; or
2. They feel detached to horror stories because "well, it didn't happen to me so-"; or
3. They forget easily - once things start to get comfortable again, they'll be lax again.

Another thing worth mentioning is that there's always a good chance something will go wrong with your exchange while you're actively trading. The reality is it's all about mitigating risk with CEx and depending on what kind of trading you're aiming for, you may be stuck with them.

I believe most members consider the post content the most when it comes to meriting however let's not forget that what one considers 'merit-able' may be different for some people.

I also think we've got some decent numbers from established members, see: [TOP-200] Members who support newbies - Thanks!

To be frank, the posts you've said you have read which I'm assuming everything on this thread should be more than enough to deem it "odd and weird". In fact, the words that describe this case better would be scam or shady lol.

If perhaps you're confused or have doubts about certain post/s on this thread, it would help if you try to quote them.

Open-source wallets still gets more brownie points for me because you could say that closed-source wallets relies up to a certain point on secrecy for security whereas open-source ones are confident and willing to be challenged which in turn hardens their security through the help of the community. Afterall, two heads are better than one - more people could check open source softwares as opposed to closed source softwares.

There's no 100% safe setup anyhow and it's all about mitigating risks.

Jeez, the false sense of security is strong for some of our brothers huh?

Perhaps the more they used binance without much problems, the more they felt comfortable? I do think some fellas out there feel detached with exchange horror stories, they probably don't think much as long as it ain't them. It doesn't help that binance's "funds are safu" slogan creates hype. You'll be surprised at how many overestimate its function.

If the other end is willing, for sure! For starters, they can see the address/es where the bitcoins come from on block explorers. They can go around crypto communities as well.

I think there's also a chance that the sender had contact with the person on the other end at least once since mistyping is unlikely. One, majority copy-paste. Two, mistyping would likely land you with an invalid bitcoin address which you won't be able to actually send B's to.

A lot of full fledged exchanges actually batches bitcoin withdrawals but it doesn't guarantee they won't inflate their withdrawal fee sadly.

You're better off comparing withdrawal fees of CEXes and decide from there. Here are some places to start with:

1. https://withdrawalfees.com/coins/bitcoin
2. Current list of exchanges without KYC - withdrawal fee is listed for each

Note: I'm not saying to use a certain exchange 'solely' because of their withdrawal fee