You Have To Assume All Of The Exchanges Are Doing It Wrong

[rat]

there's just not not enough transparency to know what's behind the scenes.


btc-e is even more mysterious than gox.

bitstamp - who knows?

campbx - there's just as much bad news, as i hear good news about this guy.



i just can't believe mark was the only one being dishonest and scammy.

w/o regulation this is going to happen again.

bitcoin is working as intended...but the exchanges...



and if you don't want regulation, then how do we monitor the practices of the fat kids in mom's basement.

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[MPOE-PR]

how do we monitor the practices of the fat kids in mom's basement.

Do not fund the practices of the fat kids in mom's basement.

[rat]

lol. who's left?

[Bigeyeone]

assumption is the mother of all fuck ups

[dre_2ooo]

Just don't store (the majority of) your coins on exchanges (for very long).

[DubFX]

Well, they are also trying to protect themselfes i think

[Gabi]

Trust no one.

[max.]

The big problem I see with bitcoin is the exchanges.

Bitcoin Exchanges are working like a Nigerian Bank, who can trust a nigerian bank to depost their money?

Also I am sure that the exchanges are manipulating the price of bitcoin, with the mtgox issue the price of bitcoin has to be right now below $100 and if you check the price of bitcoin in the exchanges is very stable.

Bitcoin has a strong future but one thing that has big issues are the exchanges, after the mt gox problem who can trust them?

I remember some weeks ago how mtgox keeps showing the price of bitcoin, how could a company that was out of business and it was closed could show the price of bitcoin, how can they set the price of bitcoin if they don't have any transaction, this show me that the price of bitcoin is based on nothing and the other exchanges are doing the same to fix an artificial price of bitcoin that is not real.

[flower1024]

[quote author=max. link=topic=493791.msg5445660#msg5445660 the price of bitcoin is based on nothing and the other exchanges are doing the same to fix an artificial price of bitcoin that is not real.
[/quote]

as long as i can sell btc for the quoted price and get the money in my bank account(and vice versa) it seems real to me.

[SixSignatory]

Just don't store (the majority of) your coins on exchanges (for very long).

The 'for very long' thing does not matter.  Just FYI.  The exchanges pay out until the very second they don't pay out.  If you think you will just move quickly through that, you could easily get your coins caught.  And I wouldn't be surprised if a near-fail exchange can see big movement real time and selectively halt anything they want.

Yes get your money the hell out of any exchange as quickly as possible, but that's not a secure trading method.

This is a major weakness of bitcoin right now.  There just is no safe way in and no safe way out.  Almost completely Illiquid.

[Vitamin]

The big problem I see with bitcoin is the exchanges.

Bitcoin Exchanges are working like a Nigerian Bank, who can trust a nigerian bank to depost their money?

Also I am sure that the exchanges are manipulating the price of bitcoin, with the mtgox issue the price of bitcoin has to be right now below $100 and if you check the price of bitcoin in the exchanges is very stable.

Bitcoin has a strong future but one thing that has big issues are the exchanges, after the mt gox problem who can trust them?

I remember some weeks ago how mtgox keeps showing the price of bitcoin, how could a company that was out of business and it was closed could show the price of bitcoin, how can they set the price of bitcoin if they don't have any transaction, this show me that the price of bitcoin is based on nothing and the other exchanges are doing the same to fix an artificial price of bitcoin that is not real.

Gold or sliver have no real value either except what the gold people give it...


Go read up on the law of supply and demand, and get back to me if you still think it's the worst thing in the world.

[proudhon]

Just don't store (the majority of) your coins on exchanges (for very long).

Fucking this, people.

[TotalPanda]

eXchange ==> Best practices please

[CurbsideProphet]

lol. who's left?

Coinbase amongst others.

[ShawnLeary]

Just don't store (the majority of) your coins on exchanges (for very long).

The 'for very long' thing does not matter.  Just FYI.  The exchanges pay out until the very second they don't pay out.  If you think you will just move quickly through that, you could easily get your coins caught.  And I wouldn't be surprised if a near-fail exchange can see big movement real time and selectively halt anything they want.

Yes get your money the hell out of any exchange as quickly as possible, but that's not a secure trading method.

This is a major weakness of bitcoin right now.  There just is no safe way in and no safe way out.  Almost completely Illiquid.

We need a pure P2P fully transparent distributed exchange.  I believe some of the alt coins are going to reach that goal first.  

[navigator]

Virwox is the best exchange overall and has been for quite some time. I stop using gox in 2012 like a smart person and been using virwox ever since for my main trading, selling, buying. They were a second life exchange long before bitcoin. They fixed the transaction whatever problem in less than a few days. They never been hacked that I know of. I hate to bring too much attention to my favorite most trustworthy exchange, but I think they deserve a little credit for not fucking up.

Btc-e can't be too bad, something feels wrong about it though, and I'm cautious to use their site, but I've never had a problem with them. I was just checking a nmc deposit address I have been using at btc-e since 2011 and obviously they still have control over this address even through the site-hacks, etc.. The address even still have coins in it even though I haven't made a deposit since last Nov. and don't have any coins on the site. They are better at holding namecoins than I am.

[Nagle]

There's just not not enough transparency to know what's behind the scenes.

btc-e is even more mysterious than gox.
bitstamp - who knows?
campbx - there's just as much bad news, as i hear good news about this guy.

I just can't believe mark was the only one being dishonest and scammy.
w/o regulation this is going to happen again.

Bitcoin is working as intended...but the exchanges...

and if you don't want regulation, then how do we monitor the practices of the fat kids in mom's basement.

Good point. Kraken isn't any better. Where are they, exactly? And read their terms of service:
" TO THE MAXIMUM EXTENT PERMITTED BY APPLICABLE LAW, IN NO EVENT SHALL THE AGGREGATE LIABILITY OF Payward (INCLUDING OUR DIRECTORS, MEMBERS, EMPLOYEES AND AGENTS), WHETHER IN CONTRACT, WARRANTY, TORT (INCLUDING NEGLIGENCE, WHETHER ACTIVE, PASSIVE OR IMPUTED), PRODUCT LIABILITY, STRICT LIABILITY OR OTHER THEORY, ARISING OUT OF OR RELATING TO THE USE OF, OR INABILITY TO USE, Payward OR TO THESE TERMS EXCEED THE FEES PAID BY YOU TO Payward DURING THE 12 MONTHS IMMEDIATELY PRECEDING THE DATE OF ANY CLAIM GIVING RISE TO SUCH LIABILITY.

Only a scumbag would have terms of service like that for a depository institution.

[DeathAndTaxes]

Just don't store (the majority of) your coins on exchanges (for very long).

The 'for very long' thing does not matter.  Just FYI.  The exchanges pay out until the very second they don't pay out.  If you think you will just move quickly through that, you could easily get your coins caught.  And I wouldn't be surprised if a near-fail exchange can see big movement real time and selectively halt anything they want.

Yes get your money the hell out of any exchange as quickly as possible, but that's not a secure trading method.

This is a major weakness of bitcoin right now.  There just is no safe way in and no safe way out.  Almost completely Illiquid.

There wasn't $300M worth of assets actively trading on MtGox the day it shutdown.  If the only people who had funds on MtGox were those actively trading or those in the process of making a conversion MtGox would still have failed but the size and scope of the loss would have been magnitudes smaller.   The negligence or malfesence by MtGox was amplified because you had people using it was a wallet and even a form of long term storage.  Lots of reports of people who had coins marked there for months, not trading, not withdrawing just sitting there like some (very insecure) safety deposit box for Bitcoins.

[E.exchanger]

Don't just fund the mother for long I suggest its advisory not to store you money in any exchange at least not for a long time.