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Author Topic: How exchanges steal our money  (Read 314 times)
Rggadi
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March 07, 2018, 06:41:49 PM
 #41

now  the new methode used by some exchange is by staking and creating masternodes , using users deposit coins , and then dump this coin on the markets , so many coins never see a price rise.

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March 25, 2018, 04:05:21 PM
 #42

Before we come up with any conclusion, we must know how the said exchange platform works. We should also know how they make a profit.

Exchange platform usually makes a profit in the difference of spread during buying and selling. We are exchanging our currency based on what we have agreed to exchange.  I think it has no different with the real world exchange fees that vary based on the area. For Cryptocurrency, I believe they implement maximum fees on every transaction.

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FRJ
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March 25, 2018, 05:41:16 PM
 #43

We exchange our bitcoin in need and they take the advantages.But we are doing this for a long time because we don't have any choice.We are also doing this for better security.  Though they actually ensure us the security, yet they take some excess only to make a business ....

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March 25, 2018, 05:47:35 PM
 #44

now  the new methode used by some exchange is by staking and creating masternodes , using users deposit coins , and then dump this coin on the markets , so many coins never see a price rise.

That is shit, no one should do that because you are doing something that is not honest at all..

By the way, all the exchanges are crap and they steal a huge amount of money to all of us, independently from how much we deposit in there

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March 25, 2018, 05:50:18 PM
 #45

In fact, exchanges has their liquidity to do this with their tricks, it's how they making the profit. Exchanges in crypto currencies have full space to take many advantages for themselves, for example how the fee withdraw for each exchanges is different even sometimes for the deposit we are exposed to cost.
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March 25, 2018, 06:44:20 PM
 #46

Before we come up with any conclusion, we must know how the said exchange platform works. We should also know how they make a profit.

Exchange platform usually makes a profit in the difference of spread during buying and selling. We are exchanging our currency based on what we have agreed to exchange.  I think it has no different with the real world exchange fees that vary based on the area. For Cryptocurrency, I believe they implement maximum fees on every transaction.
So not surprising if there is a lot of new exchange popping up massively. They see the clear opportunity to make money from plain stupid people and foolish naive one , well I know that's what everyone think about how you feel in disadvantage , some exchange run the business healthy and some in dirty , the point we can't prove the accusation , that's all.

Canis Majoris
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March 25, 2018, 07:38:07 PM
 #47

You forgot #3 - shuts down and runs with all your money
This may only happen if that exchange have not gained enough supporter, or if they think they already get a huge amount that will be enough to risk their name and to be followed with lots of chaos from their user. Now that governments were into dealing with exchanges legalities , it will  be hard for them now.
It looks like government regulations on crypto exchanger may now needing  to have it. Not for the reason that to regulate the price but to have a certain agency to take dealings with exchanger owners and to know also a legit one.  Because as I've observed, a lot of exchanger is now created and I'm pretty sure that some of them are just scam. 

Well that's one fact that traders would have to live with. So it really just boils down to being selective about which exchange you're going to use. All these exchanges have issues but they of course wouldn't want too many negative ones to smear their reputation. So stick to those that many users are trusting as well and keep a wallet outside exchanges

Ultimately, all crypto exchanges are vulnerable because there are inside jobs and hacks. But if coins get stolen, there is no way back. I don't remember an exchange that got hacked and managed to get all their coins back. In August 2016 over 70M dollar worth of BTC got stolen from Bitfinex, and no one knows for sure what's happened to them since then, apart from the thieves themselves, of course. There's no safety in centralized exchanges. Regulations may help a bit, but crypto will remain crypto and no amount of regulation will prevent future hacks.
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