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Author Topic: What kinds of exchanges do you think are trustworthy?  (Read 1267 times)
Huobi-USD
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June 02, 2015, 06:59:26 AM
 #1

What kinds of exchanges do you think are trustworthy? Good reputation? Professional R&D team? Get BitLicence? If you value the security, such as AML/KYC verification, What extent of  KYC process can you accept? Tongue


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June 02, 2015, 07:15:50 AM
 #2

Exchanges defeats the whole purpose of Bitcoin in my opinion , because most of people use Bitcoin because it's annonymous then exchanges come and ask you for your ID and passport and those kind of shit ... so yeah they are useless if you ask me .

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June 02, 2015, 07:33:50 AM
 #3

Exchanges defeats the whole purpose of Bitcoin in my opinion , because most of people use Bitcoin because it's annonymous then exchanges come and ask you for your ID and passport and those kind of shit ... so yeah they are useless if you ask me .

So you'd rather choose those exchanges without verification?

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June 02, 2015, 07:36:00 AM
 #4

Exchanges defeats the whole purpose of Bitcoin in my opinion , because most of people use Bitcoin because it's annonymous then exchanges come and ask you for your ID and passport and those kind of shit ... so yeah they are useless if you ask me .

So you'd rather choose those exchanges without verification?

If your answer is yes to Huobi-USD question, check OKCoin. They dont ask for too much personal information. I use them because they did not defeat the purpose of Bitcoin - anonymous.

Hey. If you are reading this, send me a private message so that I know you're awesome!
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June 02, 2015, 07:39:51 AM
 #5

Exchanges defeats the whole purpose of Bitcoin in my opinion , because most of people use Bitcoin because it's annonymous then exchanges come and ask you for your ID and passport and those kind of shit ... so yeah they are useless if you ask me .

So you'd rather choose those exchanges without verification?

If your answer is yes to Huobi-USD question, check OKCoin. They dont ask for too much personal information. I use them because they did not defeat the purpose of Bitcoin - anonymous.

better to look for something else, there are numerous user reporting fake volume and fishy/scammy things about ookcoin

look at coinimal if you want exchange without id

Exchanges defeats the whole purpose of Bitcoin in my opinion , because most of people use Bitcoin because it's annonymous then exchanges come and ask you for your ID and passport and those kind of shit ... so yeah they are useless if you ask me .

they also help fiat, because many are just going there to dump, not even trading
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June 02, 2015, 07:41:01 AM
 #6

Exchanges defeats the whole purpose of Bitcoin in my opinion , because most of people use Bitcoin because it's annonymous then exchanges come and ask you for your ID and passport and those kind of shit ... so yeah they are useless if you ask me .

So you'd rather choose those exchanges without verification?

Which are ? I never heard of Exchange that don't use any kind of Verifications , the most famous one and legit one like LocalBitcoins do use Verifications .
I personally don't use any Exchanges at all , when I want to trade , I simply post on a forum (here or another forum) and trade to the currency and rates that I want to . It's a better way if you ask me .

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June 02, 2015, 07:41:37 AM
 #7

I already had a thread about this, and according to my conclusions based on people's opinions, I would say that most people would agree that none of the exchanges are trustworthy to be ever put your BTC in...

Yes, you can have them to trade, but never leave them with exchanges, this is what everyone said...

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June 02, 2015, 08:34:58 AM
 #8

Exchanges defeats the whole purpose of Bitcoin in my opinion , because most of people use Bitcoin because it's annonymous then exchanges come and ask you for your ID and passport and those kind of shit ... so yeah they are useless if you ask me .

So you'd rather choose those exchanges without verification?

Which are ? I never heard of Exchange that don't use any kind of Verifications , the most famous one and legit one like LocalBitcoins do use Verifications .
I personally don't use any Exchanges at all , when I want to trade , I simply post on a forum (here or another forum) and trade to the currency and rates that I want to . It's a better way if you ask me .

Maybe it's not exchange to some extent. I mean those websites where you can buy/sell BTC without registering. But it will cost much more fees.

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June 02, 2015, 08:39:20 AM
 #9

personal exchanges - what you meet somebody personally via localbitcoin and pay in cash.) and yeah, you can chat about bitcoin with somebody who knows it and learn something new..
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June 02, 2015, 09:20:39 AM
 #10

after all the scams and hacks that has happened over the years in different exchangers i don't trust any of them anymore. but what you gonna do!

i choose an exchanger that has a good reputation and nice volume and never keep large amounts there.

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June 02, 2015, 11:43:25 AM
 #11

personal exchanges - what you meet somebody personally via localbitcoin and pay in cash.) and yeah, you can chat about bitcoin with somebody who knows it and learn something new..
but this way is no good for traders.
it is only good, even best way if you want to sell your bitcoin, but if you want to do regular trading like some people do and profit from trading you must use an exchanger

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June 02, 2015, 11:50:32 AM
 #12

If there's my money on the line then I want - total transparency and proof of reserves, accountability, an identifiable team and, whisper it, regulation.

If I steal a pile of someone else's money I fully expect to be nailed to the wall for it. I expect the same for people who do it to me.

Those who want to remain in the wild west phase, well that hasn't really worked out for an awful lot of people.

When innocent customers are raped it's very easy to say 'exercise due diligence' or 'that's the free market in action'. No it ain't. It's stupidity and dishonesty in perfect combination. If it's you who's a victim you're going to be squealing just as loudly as anyone else.

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June 02, 2015, 12:11:38 PM
 #13

If there's my money on the line then I want - total transparency and proof of reserves, accountability, an identifiable team and, whisper it, regulation.

If I steal a pile of someone else's money I fully expect to be nailed to the wall for it. I expect the same for people who do it to me.

Those who want to remain in the wild west phase, well that hasn't really worked out for an awful lot of people.

When innocent customers are raped it's very easy to say 'exercise due diligence' or 'that's the free market in action'. No it ain't. It's stupidity and dishonesty in perfect combination. If it's you who's a victim you're going to be squealing just as loudly as anyone else.

Do you ask for proof of deserve for your bank? Ofcourse, it is easy to move funds every once in a while to prove it, but still..

I want an exchange that discloses all information about the owner and any registration numbers in the country they are, just like a regular business.
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June 02, 2015, 12:17:16 PM
 #14


Do you ask for proof of deserve for your bank? Ofcourse, it is easy to move funds every once in a while to prove it, but still..

I want an exchange that discloses all information about the owner and any registration numbers in the country they are, just like a regular business.

Banks are insured up the arse. I stick money into them knowing that if they do a runner that money will be returned. There's no point in risking everything you have for 0.5% interest.

If I gave them money purely on the basis of their own say so then I'd put tags on every exec's ankle and park a tank outside their HQ.

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June 02, 2015, 12:22:33 PM
 #15

If there's my money on the line then I want - total transparency and proof of reserves, accountability, an identifiable team and, whisper it, regulation.

If I steal a pile of someone else's money I fully expect to be nailed to the wall for it. I expect the same for people who do it to me.

Those who want to remain in the wild west phase, well that hasn't really worked out for an awful lot of people.

When innocent customers are raped it's very easy to say 'exercise due diligence' or 'that's the free market in action'. No it ain't. It's stupidity and dishonesty in perfect combination. If it's you who's a victim you're going to be squealing just as loudly as anyone else.

I wish all exchanges listed proof of their reserves on their site. So far to this date still not every exchange have done this, which is quite sad.

Regarding OP; I don't trust any exchange. It doesn't matter how insured the exchange is. I will always keep my coins in my offline wallet.

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June 02, 2015, 12:26:19 PM
 #16


I wish all exchanges listed proof of their reserves on their site. So far to this date still not every exchange have done this, which is quite sad.

Regarding OP; I don't trust any exchange. It doesn't matter how insured the exchange is. I will always keep my coins in my offline wallet.

http://blog.coinfloor.co.uk/post/119867570116/provable-solvency-report-14-may-2015

Not a big exchange by any means, but a much more encouraging effort than most of them.

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June 02, 2015, 02:28:20 PM
 #17

I used to be on Poloniex, until they got buttfucked by Fincen by forcing people to give their real details. So I am back into a lot of different exchanges and using those as long as they dont pull a Poloniex too.

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June 02, 2015, 03:35:56 PM
 #18


Do you ask for proof of deserve for your bank? Ofcourse, it is easy to move funds every once in a while to prove it, but still..

I want an exchange that discloses all information about the owner and any registration numbers in the country they are, just like a regular business.

Banks are insured up the arse. I stick money into them knowing that if they do a runner that money will be returned. There's no point in risking everything you have for 0.5% interest.

If I gave them money purely on the basis of their own say so then I'd put tags on every exec's ankle and park a tank outside their HQ.

Proof of reserves are meaningless with fiat as its a debt instrument.  Iow, a bank can always say they "have" the money in another account,  or with another bank, which is all just numbers in a database.   so, p.o.r. only applies to scarce assets like bitcoin.

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June 02, 2015, 03:40:33 PM
 #19


Proof of reserves are meaningless with fiat as its a debt instrument.  Iow, a bank can always say they "have" the money in another account,  or with another bank, which is all just numbers in a database.   so, p.o.r. only applies to scarce assets like bitcoin.

As long as other people accept those restored imaginary numbers so I can pay for food to shove down my gullet, that'll do for now.

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June 02, 2015, 03:44:06 PM
 #20

I used to be on Poloniex, until they got buttfucked by Fincen by forcing people to give their real details. So I am back into a lot of different exchanges and using those as long as they dont pull a Poloniex too.

I was fortunate enough not to have any coins on Poloniex when it happened, but was still unhappy about it.

I don't trust exchanges, and don't think I should have to. I've been thinking lately about how something like a decentralized exchange could operate. I just wrote it up on a separate thread if anyone's interested.

https://bitcointalk.org/index.php?topic=1078338

It seemed more appropriate as a separate thread than as a monster reply on this thread.

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