bitcoin

[Prophet_Of_God]

bitcoin

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[cellard]

The USDT thing is making me extremely worried about Poloniex. Poloniex is pretty much the only place to do altcoin trading with decent volume, if Poloniex crashes it's going to be bad. Im withdrawing all of my coins from Poloniex for the time being, until the USDT situation is resolved. I like trading and having some liquidity in exchanges (I understand the risk) to take advatange of quick market moves but this is making me too nervous to have single satoshi there.

[Haladay]

The USDT thing is making me extremely worried about Poloniex. Poloniex is pretty much the only place to do altcoin trading with decent volume, if Poloniex crashes it's going to be bad. Im withdrawing all of my coins from Poloniex for the time being, until the USDT situation is resolved. I like trading and having some liquidity in exchanges (I understand the risk) to take advatange of quick market moves but this is making me too nervous to have single satoshi there.

In their offical web page, the tether says 1 USDT is always equal to 1 USD and this does not change. Yet, we see that they actually lied to us!

[BrewMaster]

The USDT thing is making me extremely worried about Poloniex. Poloniex is pretty much the only place to do altcoin trading with decent volume, if Poloniex crashes it's going to be bad. Im withdrawing all of my coins from Poloniex for the time being, until the USDT situation is resolved. I like trading and having some liquidity in exchanges (I understand the risk) to take advatange of quick market moves but this is making me too nervous to have single satoshi there.

In their offical web page, the tether says 1 USDT is always equal to 1 USD and this does not change. Yet, we see that they actually lied to us!

are you sure about this because i have never seen anywhere on their site saying this, also they assure you that they don't guarantee any exchange to fiat.

[Iranus]

There are enough stable exchanges.  Bitfinex, Chinese exchanges and arguably BTC-E don't represent all exchanges, you can just go to Bitstamp, Coinbase or Kraken where you can deposit and withdraw Bitcoin and fiat quickly and freely.

USDT is crap but it doesn't apply to everything.

[CyberKuro]

Shell Game
https://en.wikipedia.org/wiki/Shell_game
The shell game (also known as thimblerig, three shells and a pea, the old army game) is portrayed as a gambling game, but in reality, when a wager for money is made, it is almost always a confidence trick used to perpetrate fraud. In confidence trick slang, this swindle is referred to as a short-con because it is quick and easy to pull off.

https://pbs.twimg.com/media/C-e16GsXkAAmAcR.jpg
https://pbs.twimg.com/media/C-NS6HSWAAAJHZU.jpg
There's a lot of people currently living in mansions earning millions for doing nothing. They're all insolvent. It's not going to end well.

It doesn't take a prophet to see that it's only a matter of time before all these exchanges collapse.  

Now is your last chance to withdraw your coins and savings.  

Don't say I didn't warn you.  

The lord has spoken.  

Not all of exchanges as there are a lot of reputable which has been around for years, what you've mentioned was the new one maybe.
I trust local exchanges in my country, people behind who founded and support this exchange are famous and trusted people, that's why people believe and trade on their site. Furthermore, exchanges has make great amount of profit from traders which we know as withdrawal fees. But, you are right, better not to save coins and money inside for a long time.

[Nagadota]

The USDT thing is making me extremely worried about Poloniex. Poloniex is pretty much the only place to do altcoin trading with decent volume, if Poloniex crashes it's going to be bad. Im withdrawing all of my coins from Poloniex for the time being, until the USDT situation is resolved. I like trading and having some liquidity in exchanges (I understand the risk) to take advatange of quick market moves but this is making me too nervous to have single satoshi there.

In their offical web page, the tether says 1 USDT is always equal to 1 USD and this does not change. Yet, we see that they actually lied to us!

are you sure about this because i have never seen anywhere on their site saying this, also they assure you that they don't guarantee any exchange to fiat.

Every tether is always backed 1-to-1, by traditional currency held in our reserves. So 1 USD₮ is always equivalent to 1 USD.

They don't guarantee exchange to fiat - which is why Tether dollars are so suspicious - but they do say on the website that 1 USDT is always equivalent to 1 dollar, and they even have a transparency page where they talk about their US dollar reserves.

[Slark]

There's a lot of people currently living in mansions earning millions for doing nothing. They're all insolvent. It's not going to end well.

That is correct, but that is unavoidable, if you collected large capital somehow you are in a state when you don't need to work anymore.
Your financial benefits will accrue from reinvesting itself. This ugly truth is still more visible in fiat money ecosystem.

So what are you suggesting Op? Boycott all exchanges? Not the best or wisest idea IMO.

[Kyraishi]

The USDT thing is making me extremely worried about Poloniex. Poloniex is pretty much the only place to do altcoin trading with decent volume, if Poloniex crashes it's going to be bad. Im withdrawing all of my coins from Poloniex for the time being, until the USDT situation is resolved. I like trading and having some liquidity in exchanges (I understand the risk) to take advatange of quick market moves but this is making me too nervous to have single satoshi there.

I agree with you totally, the whole UST situation is very frightening for many investors and traders , especially the ones who are mostly involved in doing their business on poloniex.
As far as i know, Poloniex is right now the most widely used cryptocurrency exchange, the volume on every altcoin is simply great, thanks to many people doing it in there.
But if we will see a Polo crash, that might really influence whole altcoin market, and most importantly: bitcoin market.
 
It currently holds more than 15% of the overall volume, Im sure that would be a really important day for a bitcoin.

[BillyBobZorton]

There are enough stable exchanges.  Bitfinex, Chinese exchanges and arguably BTC-E don't represent all exchanges, you can just go to Bitstamp, Coinbase or Kraken where you can deposit and withdraw Bitcoin and fiat quickly and freely.

USDT is crap but it doesn't apply to everything.

Those exchanges require way too many data to trade. Most of us just want to trade BTC into altcoins and back to BTC without having to give our personal data, so those 3 exchanges you cited are useless for that as far as I know since they require personal data for withdraws.

If you want to trade anonymously you are going to accept some risks unfortunately, at least until someone can come up with a proper decentralized exchange.

[Qartada]

Shell Game
https://en.wikipedia.org/wiki/Shell_game
The shell game (also known as thimblerig, three shells and a pea, the old army game) is portrayed as a gambling game, but in reality, when a wager for money is made, it is almost always a confidence trick used to perpetrate fraud. In confidence trick slang, this swindle is referred to as a short-con because it is quick and easy to pull off.

https://pbs.twimg.com/media/C-e16GsXkAAmAcR.jpg
https://pbs.twimg.com/media/C-NS6HSWAAAJHZU.jpg
There's a lot of people currently living in mansions earning millions for doing nothing. They're all insolvent. It's not going to end well.

It doesn't take a prophet to see that it's only a matter of time before all these exchanges collapse.  

Now is your last chance to withdraw your coins and savings.  

Don't say I didn't warn you.  

The lord has spoken.  

Not all of exchanges as there are a lot of reputable which has been around for years, what you've mentioned was the new one maybe.

Mt. Gox had been around for years, but it "went bankrupt" and took about 200,000 Bitcoin.  It was huge.

The lesson is that Bitcoin exchanges are barely regulated and they're not insured.  People like to talk about whether banks are trustworthy when we say that exchanges are unsafe, but banks are insured by governments usually up to around $100,000 per year - they're also heavily regulated and
usually have been running for many years rather than just a few like Bitcoin exchanges.  Banks do mess around with your money but your money is safer than a Bitcoin exchange (although not a Bitcoin wallet, since those can be very, very safe).

[Slark]

Those exchanges require way too many data to trade. Most of us just want to trade BTC into altcoins and back to BTC without having to give our personal data, so those 3 exchanges you cited are useless for that as far as I know since they require personal data for withdraws.

If you want to trade anonymously you are going to accept some risks unfortunately, at least until someone can come up with a proper decentralized exchange.

AFAIK there are numerous tiers of exchange accounts. Most of exchanges are not require that you provide any confirmation of your ID if you only want to trade BTC <=> altcoins.
Thy ask for your credentials only when you want to buy BTC with fiat money, or in case when you sell BTC for fiat (in large quantities).

We have decentralized exchange - Bitsquare, not the most popular place to trade BTC, last time I checked.

[ccccccc7]

Anybody have any thoughts about the creditability and solvency of Bittrex?

Haven't heard anything about Bittrex yet, but I am still removing crypto

[victory1]

That is not really a credible source...

And I am sure you have an agenda for posting that.

[stompix]

The USDT thing is making me extremely worried about Poloniex. Poloniex is pretty much the only place to do altcoin trading with decent volume, if Poloniex crashes it's going to be bad. Im withdrawing all of my coins from Poloniex for the time being, until the USDT situation is resolved. I like trading and having some liquidity in exchanges (I understand the risk) to take advatange of quick market moves but this is making me too nervous to have single satoshi there.

Oh wait!
You actually believed the USDT every coin is backed by a dollar crap?

Oh god, save me I've just looked at the trading numbers!
For real? Poeple are really buying this ?
"Each USDT unit is backed by a U.S Dollar held in the reserves of the Tether Limited"

are you sure about this because i have never seen anywhere on their site saying this, also they assure you that they don't guarantee any exchange to fiat.

This is from their website.

Every tether is always backed 1-to-1, by traditional currency held in our reserves. So 1 USD₮ is always equivalent to 1 USD.

If they start twisting their own words, that's the sign to dump it.

[audaciousbeing]

Shell Game
https://en.wikipedia.org/wiki/Shell_game
The shell game (also known as thimblerig, three shells and a pea, the old army game) is portrayed as a gambling game, but in reality, when a wager for money is made, it is almost always a confidence trick used to perpetrate fraud. In confidence trick slang, this swindle is referred to as a short-con because it is quick and easy to pull off.

https://pbs.twimg.com/media/C-e16GsXkAAmAcR.jpg
https://pbs.twimg.com/media/C-NS6HSWAAAJHZU.jpg
There's a lot of people currently living in mansions earning millions for doing nothing. They're all insolvent. It's not going to end well.



It doesn't take a prophet to see that it's only a matter of time before all these exchanges collapse.  

Now is your last chance to withdraw your coins and savings.  

Don't say I didn't warn you.  

The lord has spoken.  

Prophet of God we are really grateful for the heads up but at the same  time I would appreciate a more distinct and more evidence to arrive at this position. Its ok to castigate the exchange sites because of their excesses which might not be in tune with you own level of thinking however, its not all bad as people have predicted the extinction of bitcoin several times which I believe if it happens, there won't be any need for exchange sites in the first place. So, I hope your prediction does not come true.

[hello_good_sir]

So if I got everything correctly, your presumption is that every single cryptocurrency exchange is a shell game, which basically means that you consider all of these websites as a scams.

And now, take a look at the probably most known and widely used exchange-Poloniex.

Can you even imagine what influence poloniex may have  got on BTC if it is going to run away with the customers money?

In my opinion, you need to be really stupid to say things like that. Few incidents doesnt necessarily means that all websites like that are shell games.

[Quantus]

I agree with the OP its only a matter of time the top exchanges don't have enough funds to cover all outstanding debts. If everyone tried to cash out they would all go under.

[tigershark]

Did I miss something? What's going on with USDT on poloniex? I haven't heard anything about it.

[Pearls Before Swine]

There are enough stable exchanges.  Bitfinex, Chinese exchanges and arguably BTC-E don't represent all exchanges, you can just go to Bitstamp, Coinbase or Kraken where you can deposit and withdraw Bitcoin and fiat quickly and freely.

USDT is crap but it doesn't apply to everything.

Those exchanges require way too many data to trade. Most of us just want to trade BTC into altcoins and back to BTC without having to give our personal data, so those 3 exchanges you cited are useless for that as far as I know since they require personal data for withdraws.

If you want to trade anonymously you are going to accept some risks unfortunately, at least until someone can come up with a proper decentralized exchange.

Yobit and Kraken don't require personal ID to trade btc-->altcoins as far as I know.  Not sure about Polo, but I think that's true for them as well.  I don't entirely agree with the OP here, but a lot of the exchanges are certainly dodgy as fuck.  That includes Yobit and others.  Don't know anything about how or who runs them, and that's kind of important when you're entrusting them with large amounts of money.