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Author Topic: Many exchanges will fail before this end of year  (Read 292 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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emuLOAD
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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
fossilized
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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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lxiaoh
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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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Red-Apple
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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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asriloni
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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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