Monero exchance centralization... a danger?

[thejaytiesto]

Monero seems like one of the few altcoins that isn't gettin completely destroyed by the rise of the great king bitcoin, grandpa of all coins. Seems like Monero managed to stay on the green numbers or have small red numbers a couple of days... the problem is... all of Monero's trading is happening in Poloniex. Sure other trading happens in other exchanges, but we are talking about 95% aproximate trading happening in Poloniex.

In case Poloniex goes MtGox... well we know what happened in 2013 when MtGox was the only exchange.

Well? This and the scaling problem (I have my doubts about how Monero is going to scale) don't convince me to take a serious long term investment in the coin. Will it have a Lightning Network solution? it will keep scaling all onchain? and when we can expect more exchanges? 95% on a single exchange is a big point of failure.

[1714651654]

1714651654

[tunctioncloud]

If Poloniex goes out of course, there will be more important to worry about than whatever quantity of Monero you will buy. Poloniex is the king of the altcoins exchange, storing incredible amounts of money. If Poloniex gets taken down by an attack, I think you can say that all altcoins of the platform except maybe Litecoin or Ethereum will be deceased with the platform. I am not a Monero specialist and I do not have an opinion on it so talking about Monero's problems preciously can not be done with me.

[vlom]

i moved all my coins out off poloniex a few months ago. during the phase of altcoin-bingo when one coin after the other got pumped. this is just a feeling and nothing more. but i think that polo will be the next exchange with troubles.

and the connection with monero is so obvious. a lot of topics about fakes with ETH volume on polo. but what about the XRM pumps...

[jwinterm]

It's more like 85% last day. I think kraken and bitfinex will help spread volume, especially when one or both implement margin trading.

[Spoetnik]

Why does Polo collect your picture ID ?

[jwinterm]

Why does Polo collect your picture ID ?

Only if you want to withdrawal more than $2k per day. Pretty sure coinbase does all the time, and bitfinex and kraken do as well to withdraw more than a thousand or two USD equivalent. Btc-e doesn't for BTC, but if you want to deposit or withdraw cash I think they do as well.

Tl;dr because laws, specifically banking secrecy and anti-money laundering regulations.

[alyssa85]

Monero is on quite a few exchanges - see the following:

https://coinmarketcap.com/currencies/monero/#markets

But yeah - it's worth spreading the trading around to make sure too much isn't concentrated on one exchange.

[Shiroslullaby]

We definitely need Monero to be on more exchanges, preferably in multiple countries.
Decentralization is very important, and to be truly anonymous, we need ways to buy XMR without being forced to tie a government ID to your account.
Since being anonymous is one of the strong selling points of  the coin, its doubly important, in this case.

With all that being said, I think its worth noting that we have had a lot of growth and strong support while being only listed on one exchange until very recently.
Thats a great sign for long-term investors. Imagine what the price could be if you were able to buy on Chinese exchanges, for example... 

[bbc.reporter]

Monero seems like one of the few altcoins that isn't gettin completely destroyed by the rise of the great king bitcoin, grandpa of all coins. Seems like Monero managed to stay on the green numbers or have small red numbers a couple of days... the problem is... all of Monero's trading is happening in Poloniex. Sure other trading happens in other exchanges, but we are talking about 95% aproximate trading happening in Poloniex.

In case Poloniex goes MtGox... well we know what happened in 2013 when MtGox was the only exchange.

Well? This and the scaling problem (I have my doubts about how Monero is going to scale) don't convince me to take a serious long term investment in the coin. Will it have a Lightning Network solution? it will keep scaling all onchain? and when we can expect more exchanges? 95% on a single exchange is a big point of failure.

Is this an attempt to scare us? If it is, you are massively failing. Exchanges are free to list Monero if they want. The reason why most of the volume is in Poloniex is because it is the most popular altcoin exchange. If Poloniex goes down another exchange like Bittrex will take over is the exchange to go to. All proof of work coins will always have scaling problems. Consensus takes time, we have to accept this. Look at where bitcoin is now even if it also has a scaling problem.

[generalizethis]

Exchanges are designed to make fees from trading, not to augment a coin's security. If you care about decentralization, mine--this thread smacks of concern trolling.

[dinofelis]

Kraken announced XMR trading.

[Spoetnik]

Spoetnik announces you're all still idiots.  

You guys are pathetic.
You make stupid fucking excuses for a coin DESIGNED to be traded on handful of centralized government exchanges.
Exchanges that should not even exist in the first place.

You Monero idiots have 0 retorts and no defense what so ever.

It i simply fucking retarded beyond comprehension that all the fucking trading is done on a centralized point that collects your ID or cripples your trading ability.

Even funnier it's been this way all along going on 3 god damn fucking years.

I'd say it's a bit late idiots.  

So..
NO sorry adding some other exchange that will realistically made no damn difference anyway is well.. retarded.
AKA: Yet again playing the "exception" card and failing at it miserably.

I just have to laugh at the Monero retards year in and year out.  
There is so many things wrong with it and it's so called "Community" i never know where to even start.

What next ?
Big hype about uber super duper mega important Dark Market usage ?
ohhh la la some fucking terrorist Pedo can buy crack online on Alpha Bay.
OCCASIONALLY (it will still end up being Bitcoin used MOST OF THE TIME)
AKA: an exception to the rule.

With your moronic fuck head mentality you guys might as well call every person that plays the lottery..
"The Big Winner"
Because that is what you are saying when you harp on the exception card retort.

And by the way when it gets exploited eventually you can call it a day..
Take it out back and shoot it because it will be game over.
Or when King Risto / Leader of Monero living in his mentally ill castle decides to dump ?
Either scenario your coin prices on CENTRALIZED exchanges will be decimated in seconds.
So..
Good luck running to Polo to dump ahead of the staff & friends who beat you to it..
Uhhh ohhh sooooooooooorrrrrry we have Technical Issues "Network Problems"
They will say as the exchange cleans house on your dumb fuck naive little ass's.
Not like i have seen that play out all over crypto like a broken record.  

You guys AND your bags are fucking pathetic.
Good luck with your centralized "Free market" *mostly* ANON Dark market currency used on 1 exchanges with your picture ID.................. for profits  

Sad but all of you idiots combined are STILL not as smart as me    

For 2017 you fuckers should work on your shit.
And learn to do your homework and make better decisions.

If any of you fucking dope head kidiot profiteers crypto-pundits think seeing the "Monero French Police Fraud" topic i made ? ...and STILL want to get involved supporting Monero then you deserve what ever the hell you get.

When you look at a coin project and see problems.. lots of them.
AND STILL scream Take My Money Now.. then you are in fact a fucking idiot.


Happy trading "Smashing pumpkins Coin" on polo Investards.




Risto's Coin is decentralized !!!!!!! hahahahha  

[Hrumph]

Spoetnik announces you're all still idiots.  

You guys are pathetic.
You make stupid fucking excuses for a coin DESIGNED to be traded on handful of centralized government exchanges.
Exchanges that should not even exist in the first place.

I don't see this as a Monero problem in particular. There's no point in trading if you don't plan on taking profits at some point, and if you take profit you're going to have to convert the crypto to cash, and it's going to be hard to do this without the involvement of an exchange and a bank. If you do manage to sell tons of crypto to some guy on local bitcoins, you're still going to have a problem when you buy a condo. The IRS will notice and ask you where the money came from. A circular economy where everything is done in crypto will help but won't definitely solve the problem, because the government will know that a title deed changed hands, and if you don't want to involve title deeds changing hands (or legal documentation indicating ownership changes), you risk forfeiting protection of the law.

[Spoetnik]

Your Polo profits have to be claimed with the tax man or you are going to potentially get caught and go to jail.
So.. smart fuckers tell me what happens when they have *some* of the info including your picture ID and an admission of profit / proof from Polo via request.
What then smart ass's ?
You go to fucking jail that's what crypto-contrarians. (*baggies)

Your ANON coin faggotry is the Titanic and it' slipping beneath the waves.
Not even Billy Corgan / rpietila / Risto can save you now  

..don't they look an awful lot a like ? LOL Conspiracy ?  
I wonder when the next Monero album drops ?

By the way that is the guy who said BTC will be 1 million per coin.
So.. according to hid divine wisdom you should be buying it at anything below 1 mill per coin right ?

Ahhh the sheer brilliance of Monero Logic®

PS:
In Canada you are required by law to claim any profits you make with virtual currencies.

[Hrumph]

Your Polo profits have to be claimed with the tax man or you are going to potentially get caught and go to jail.
So.. smart fuckers tell me what happens when they have *some* of the info including your picture ID and an admission of profit / proof from Polo via request.
What then smart ass's ?
You go to fucking jail that's what crypto-contrarians. (*baggies)

Your ANON coin faggotry is the Titanic and it' slipping beneath the waves.
Not even Billy Corgan / rpietila / Risto can save you now  

..don't they look an awful lot a like ? LOL Conspiracy ?  
I wonder when the next Monero album drops ?

By the way that is the guy who said BTC will be 1 million per coin.
So.. according to hid divine wisdom you should be buying it at anything below 1 mill per coin right ?

Ahhh the sheer brilliance of Monero Logic®

PS:
In Canada you are required by law to claim any profits you make with virtual currencies.

As you are implying, anonyminity built into a coin (any coin) is presently insufficient to protect would be tax evaders. However, most people already acknowledge this. I don't honestly know if I would pay income/capital gains tax if I thought i could successfully evade them, but, since I have made a more or less good faith effort to report and pay my crypto profits, I consider this to be in the realm of the hypothetical. Monero doesn't pretend to help you dodge the taxman. Just what is your point?

[dinofelis]

Spoetnik announces you're all still idiots.  

You guys are pathetic.
You make stupid fucking excuses for a coin DESIGNED to be traded on handful of centralized government exchanges.
Exchanges that should not even exist in the first place.

You Monero idiots have 0 retorts and no defense what so ever.

It i simply fucking retarded beyond comprehension that all the fucking trading is done on a centralized point that collects your ID or cripples your trading ability.

That's because crypto is not made for trading.  Trading is just a parasitic phenomenon that overtook crypto, and has pushed true crypto adoption as a means of exchange for goods and services in the dustbin.

You don't need any block chain to trade on centralized exchanges, btw.  It just sounds good to pretend to have one attached to the web IOU that you're trading.

[dinofelis]

if you don't want to involve title deeds changing hands (or legal documentation indicating ownership changes), you risk forfeiting protection of the law.

That's the goal of crypto, isn't it ?  To forfeit "protection of the law" so that in the end, we can do away with law and state.
Anything else one does with crypto, begs the question.  Essentially, trading stuff and being able to live off it, without depending on a public extortion system called taxes, and being able to enjoy economic freedom.
You buy your protection then also with crypto (that is to say, with smart contracts tying armed groups to your bought rights).

[Hrumph]

if you don't want to involve title deeds changing hands (or legal documentation indicating ownership changes), you risk forfeiting protection of the law.

That's the goal of crypto, isn't it ?  To forfeit "protection of the law" so that in the end, we can do away with law and state.
Anything else one does with crypto, begs the question.

I don't know if that was Satoshi's goal or not since I haven't actually read the original white paper. For me it's sufficient to do be rid of perpetual inflation. I'd also lilke to see income and capital gains taxes eliminated and if crypto ends up giving people a weapon to fight against this kind of demoralizing taxation then that's a good thing.

[dinofelis]

I don't know if that was Satoshi's goal or not since I haven't actually read the original white paper. For me it's sufficient to do be rid of perpetual inflation. I'd also lilke to see income and capital gains taxes eliminated and if crypto ends up giving people a weapon to fight against this kind of demoralizing taxation then that's a good thing.

He never said that, but then, Satoshi is not a god.  A "free money" is not compatible with an economically non-free society like ours, and as long as there are taxes in relationship to economic activity (production of value - income tax / consumption - VAT) economic activity is not free.  The concept itself of a freely usable means of economic exchange, which IS the goal of crypto, is orthogonal to our current tax-states.
Of course, we will not get rid of the tax-state institution that we're living in since about 5000 years overnight.  My hope is/was that crypto was going to be to the tax-state and the non-freedom of economic interaction, what the internet is to free speech: something that by its sheer adoption forces states to comply in the end.  That said, free speech is as of now also still a far-away goal, but less so than before the internet.  Mainly thanks to anonymization, decentralisation of communication.

Getting rid of inflation in itself is not really the important point (although I think that for Satoshi, it was).

[TaunSew]

The only Monero economy, which is still reliant on Poloniex and other exchanges for $Fiat value, seems to be CP and hard drugs.  What exactly is everyone's end game behind Monero?  Move to Colombia and become Crypto-Escobars?