[2019-01-15] Breaking: Cryptopia hacked!

[UserU]

Did you mean that exchanges are NOT meant for storing coins and tokens you wanted to hold? I just figuring out the posts because it is the opposite of the idea you convey about losing coins in an exchange. Anyway, It is best to keep coins and tokens in an offline or hardware wallet. This to secure the holdings but if you are doing trading then sadly you need to transfer the coins in the exchange. One thing you will going to do is to trust the exchange. This exchanges are somehow making you agree about the liabilities when you use the service. So, if I were to use trade I should get into a good exchange like Binance. Picking good crypto should be at the exchange like this.

Actually not all coins are on good exchanges. Plus, many are not willing to wait because the prices might tank by the time they support them.

[Siren]

Yeah this is one sad news for all cryptopia users  like my brother who uses this exchange for quite sometimes and has some volume of coins inside estimating almost $8,000 ,the support seems replying them helplessly so they know that nothing to expect but losses.lucky i am because I didn’t follow him to use the site instead I used those big and popular sites

[Pudel1975]

Binance got it!

Funds are safu!

[gentlemand]

Binance got it!

Funds are safu!

Some, not all.

From observing previous hacks when someone is frozen they move on to other exchanges that are more slack. When Coincheck had $500 million of XEM stolen the hacker eventually found an exchange who publicly stated they didn't give a fuck so he piled in there until they caved to public disgust.

[figmentofmyass]

Fiat can be replaced with USDT or any other stablecoin. Yes, it's not exactly decentralized, but you can freely move the stablecoins without asking for permission, and that 24/7, which makes it a great alternative.

how is USDT an "alternative" to fiat?

in order to have USDT issued, one needs to do KYC and deposit fiat money, just like any fiat exchange. if you want to redeem USDT for real money, you're at the mercy of tether to honor your redemption.

the USDT economy is completely dependent on legacy banking, so it offers nothing new. sure, you could theoretically use USDT on decentralized exchanges, but that doesn't address the actual problem of moving fiat money in and out of the economy. all it does is put the AML/KYC burden on tether rather than the exchanges that list it.