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Author Topic: Many exchanges will fail before this end of year  (Read 342 times)
NewbCoins
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September 17, 2017, 12:52:45 AM
 #1

Hello citizens of bitcointalk,

This year there have been many rumors and news articles about Chinese exchanges, also Poloniex exchange, they may be insolvent. The exchanges steal the customer funds and gamble it in the market. The exchanges lose the customer money and cannot pay back. Lots of articles here and here:

https://cointelegraph.com/news/rumors-of-insolvency-circulate-among-users-of-bitcoin-exchange-poloniex-support-slow
https://steemit.com/chinese/@raogf/chinese-bitcoin-exchanges-accused-of-misappropriating-client-funds

(just some example)

I'm worried many exchange they would fail this year. I think cold wallet is more safe now if you unsure. Everyone be careful this time.
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September 17, 2017, 01:29:16 AM
 #2

no biggie. balance kept on any exchange should be nothing more than what you can completely lose overnight. As long as money is on an exchange, you should count it as 0.

exchanges come and go. smart people stay.
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September 17, 2017, 01:39:36 AM
 #3

yes the only ones that have been going for ages will be will be here next year unless the price falls/crashes  then most will have to close 

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September 17, 2017, 01:45:17 AM
 #4

if a company is doing everything to fail, should fail and it should not be stopped to fail

standard !

no big deal..

life goes on
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September 17, 2017, 01:58:21 AM
 #5

Not surprised at all. Exchanges are completely unregulated and while they do provide a service, they can also do whatever they want with "inactive" fund, whether to invest in other structured investment products, high risk investments or just themselves (aka embezzlement). And this should be seen in the context of the high risk -  high reward crypto space as well.

My only advice is to go in with your eyes open; there's never a perfect risk free world, and by choosing to be in crypto, you have just gotten into one of the most high risk investments in terms of potential fraud, regulatory risk, exchange risk etc. This will eat people alive who do not do their own due diligence, while there are high rewards to be made for the brave and continually informed.

And that's kinda fair in the long run.

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September 17, 2017, 02:09:22 AM
 #6

Hello citizens of bitcointalk,

This year there have been many rumors and news articles about Chinese exchanges, also Poloniex exchange, they may be insolvent. The exchanges steal the customer funds and gamble it in the market. The exchanges lose the customer money and cannot pay back. Lots of articles here and here:

https://cointelegraph.com/news/rumors-of-insolvency-circulate-among-users-of-bitcoin-exchange-poloniex-support-slow
https://steemit.com/chinese/@raogf/chinese-bitcoin-exchanges-accused-of-misappropriating-client-funds

(just some example)

I'm worried many exchange they would fail this year. I think cold wallet is more safe now if you unsure. Everyone be careful this time.
If you're keeping your money in an exchange and expect for it to be secure after Mt. Gox, then you're probably deserving of the loss of wealth due to an exchange collapsing on itself. I haven't been keeping anything in an exchange that even has a chance of showing some collapse, hell stuff typically won't stay in an exchange for very long at all, since none of them really deserve trust in the first place. Maintaining a health air of distrust is best for people in an economy where you have to prove yourself before you mean anything.
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September 17, 2017, 02:21:26 AM
 #7

Thanks for reminding,
I agree your opinon,the best way to keep your digital currency safe is cold wallet.

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September 25, 2017, 12:55:18 PM
 #8

It would be sad if Poloniex becomes insolvent. It would make Bittrex one of the few good exchanges for altcoins.

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September 25, 2017, 01:07:27 PM
 #9

I never store their bitcoins in exchange accounts. If I need to sell my coins I one day transfer their bitcoins to sell and bring to the Bank card. This is a small amount so I'm not afraid. I never lose a wink of sleep, and therefore any disasters I'm not afraid.

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September 25, 2017, 01:12:33 PM
 #10

I'm worried many exchange they would fail this year. I think cold wallet is more safe now if you unsure. Everyone be careful this time.

things like this is not new. these issues have been with us from the day first exchanges started working. these exchanges are never properly regulated and they don't any reason for sticking around.
everyone who has ever traded on them should know this and most of them already know it. using exchanges is risky. you risk a lot.

besides exchanges running away and becoming insolvent, etc has happened multiple times already. again it is not new!

each year we have some exchange fail or at least pull some shinanigan and cause a lot of damage. last year it was bitfinex drama this year we had some small exchanges do the same but not yet anything big.

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September 25, 2017, 01:19:27 PM
 #11

It would be sad if Poloniex becomes insolvent. It would make Bittrex one of the few good exchanges for altcoins.
Remind me a lot when still using poloniex, they have really slow support that I need to wait many days just to solve a problem, a problematic exchange like that didn't deserve to be #1 exchange, while bittrex is really supportive to their client.
and see now, poloniex always have problem with their client even freezing their client account without notice, poloniex will fail for good.

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December 23, 2017, 02:29:43 AM
 #12

It looks like even Coinbase is having really big problems. It doesn't mean it will fail, but the article has very good points about the problems exchanges are facing.
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December 23, 2017, 03:02:53 AM
 #13

Hello citizens of bitcointalk,

This year there have been many rumors and news articles about Chinese exchanges, also Poloniex exchange, they may be insolvent. The exchanges steal the customer funds and gamble it in the market. The exchanges lose the customer money and cannot pay back. Lots of articles here and here:

https://cointelegraph.com/news/rumors-of-insolvency-circulate-among-users-of-bitcoin-exchange-poloniex-support-slow
https://steemit.com/chinese/@raogf/chinese-bitcoin-exchanges-accused-of-misappropriating-client-funds

(just some example)

I'm worried many exchange they would fail this year. I think cold wallet is more safe now if you unsure. Everyone be careful this time.

I think we could see exchanges collapsing in terms of failure due to overload but not a scenario whereby funds disappear, they will honour all funds in such a scenario. At least that is my expectation.

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December 23, 2017, 03:05:56 AM
 #14

Unfortunately this is always the risk with the exchanges. But crypto exchanges is no different in this sense, than let's say Forex or Stock brokers, which regularly make a runner with their client's money.
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December 23, 2017, 03:29:54 AM
 #15

No worries if there is a fall until the end of the month for sure next year will be a good start for bitcoin so we just have to hold and see. And grab this perfect opportunity to buy bitcoins now. Because this is just the same as one of the stocks I have bought in the stock market which have been on down when I bought it because of the drama and issues it has been facing but I knew that once your an establish and well known company in the market you can get back up and rise again.

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December 23, 2017, 03:36:59 AM
 #16

no biggie. balance kept on any exchange should be nothing more than what you can completely lose overnight. As long as money is on an exchange, you should count it as 0.

exchanges come and go. smart people stay.
we do not have to worry about blowing rumors like that, because this I think is just, the issue of one of the exchange competitors. poloniex has a big name and it is not possible if they steal money from their customers, it will not get them out of trouble, it will cause new problems. I think the rumor is just a hoax

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pooya87
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Buy bitcoin they said... who listened?


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December 23, 2017, 05:17:36 AM
 #17

haha, it is the end of the year in a week and none of them have failed yet.
they are still scamming their users though and steal their funds just like before. and they have always been gambling with it in the market but they gamble as the house! for example some place like poloniex is buying altcoins themselves but they also pump them in their platform to gain the profit they are looking for guaranteed.
that is how many of the shitcoins survive when they are listed there.

Whespers78
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December 23, 2017, 11:03:36 AM
 #18

i lost trust  in many exchange this year.

trusted have many rules and can block my account, new can scam me
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