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Author Topic: Why can't we have a good cryptocurrency exchange?  (Read 874 times)
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May 14, 2019, 08:55:30 PM
 #21

Someone mentioned changelly which I'd overlooked. Shapeshift require kyc and that's just a bug fishy for me (I don't think it's unlikely exchanges wanting kys are going to sell it on because no one can track it being them doing it).

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May 15, 2019, 04:38:33 AM
 #22

So basically you want and high reputable exchange that never be a victim of hackings or not possible to get hacked so it will be totally safe for everyone to store their funds? That kind of exchange won't be exist, hackers will be always smarter time by time. Also, everyone are supposed to not storing their assets on any exchanges. You can trade and make profit there but store your assets only on your private wallet.

We don't need to have that kind of exchange as we are supposed to trust no one.
Some cases of hacking on exchange sites may only be manipulated, or insider trick. so the risk is not only hacking but a scam too. that's the risk if you use a centralized exchange site dude, they can be hacked or scam and lose  you. You right, there are no exchange sites that are totally safe, there is definitely a risk of losing. but my advice is use decentralized exchange to reduce the risk
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May 15, 2019, 09:18:40 AM
 #23

Ima be blunt, based on the fact that loads of people are still without exchanging trade pairs because the likes of binance and such have decided to close deposits indefinitely (gcse computer science and business for us teaches how to develop disaster recovery regimes) so the fact that high profit exchanges can't do it is just off.

Most of these exchanges do stuff with customers money too while on there especially if they haven't withdrawn for a long time. Coinbase, poloniex, bitmex and binance I believe will all be susceptible to this, as well as bitfinex who have already proven how great their money management strategies are (I luckily only had a dollar on there at the time of that hack)...
We have lots of big exchanges in the market which Binance is still the best of them, and for the fact that they are being subjected to hacking doesn’t really warrant that we term them bad exchanges, they have their security in place but there is never a system that doesn’t have that little loop holes.

It is just unfortunate that Binance loop hole created a very big mess for them which they are trying to strategically clear off to protect their coin from being dumped, which is why they place deposit and withdraw suspension on their user’s account, they just need few more times to handle these security issue and they will open up the platform again.
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May 15, 2019, 09:37:19 AM
 #24

It seems all exchanges are susceptible to attacks by hackers. Possibly in the near future, we are hopeful that things would get better through higher security systems with modern technology. It is always disheartening to see or hear news when exchanges are hacked. This implies we are all vulnerable to attacks since we trade on these exchanges.

As long as cryptocurrency exists, there will be hacks. It can't be eradicated, but we can take precautions to reduce the risk. Increasing the level of security requires more funds and extra staff, and I don't think that all of the exchanges can afford that. Even the most reliable exchanges such as Bitstamp are not protected from these hackers. Bitstamp is the world's longest standing crypto-exchange (after the liquidation of Mt Gox and BTC-e), and they were hacked at least once (in 2015). In order to completely eliminate the incidence of hacking, we need many of these smaller exchanges merging in to a single platform and then using their resources collectively. But that is not going to happen anytime soon.
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May 15, 2019, 10:39:28 AM
 #25

Because exchanges are barely regulated, they don't face any legal repercussions when they do their shady stuff, which incentivizes them to do that shady stuff or just be careless with funds. And I have a feeling that governments simply don't want to regulate crypto, because they don't care about it, it's pretty small compared to other markets, so they are okay with some traders becoming victims of exchanges, manipulators and other malicious entities on this market.
You think government is joking with crypto, they see it as major threat, and that is why they have not yet regulated it, probably they want people to continue to become victims of scam so they can be tired of cryptocurrency.

Unfortunately, the more they don’t support it, the more cryptocurrency is gaining more popularity and more adoption, so government rather come in at this stage to regulate the crypto industry, since it’s not what they can stop or fully control, but still, fraud is fraud and government should in no way allow it to ever happen irrespective of which way it was done.
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May 15, 2019, 11:12:17 AM
 #26

What we believe happens, already we're adoptive to the virtual currency usage. This way we're supposed to believe and proceed with the available exchange. Mistakes were common, and the same could happen with exchanges. For the same we cannot stop trading, this is similar to the banking services where people's money is used for each and everything by the banks. Even if there exist a DEX hacks and other issues will be there.

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May 15, 2019, 03:53:20 PM
 #27

I think the fact is that banks are more protected because of how many safe guards are there and they are mostly connected to politicians via money and if they have one bad day they could literally call the president of that country or anyone that has a high rank and ruin all of your life forever and even your families life means its not "hard to hack" banks but it takes incredibly balls to pull off something like that.

Crypto exchanges on the other hand do not have that type of power so they are open for business for hackers and they constantly try, it doesn't matter how strong your protection is if you get hack attempts millions of times every single day eventually one of them will go through the protection. As long as exchanges do not have that power to track down and ruin a life like banks can there is no way of stopping hackers.
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May 15, 2019, 08:20:48 PM
 #28

Each and every exchanges having the problems in different situation but we cannot make them easily to be solved because this Crypto market is filled with the problems and confusions so that changes also reflected that otherwise the good exchanges is always the best.

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May 15, 2019, 08:27:06 PM
 #29

I would like to share my opinion, I guess if we will treat the exchanges like a Bank, then maybe we will have a good exchanges in the market.
Regulators will go after erring exchanges and will be penalize accordingly.
Also, they will require the exchange to be subject for insurance, to protect the money of the traders and investors.
When it comes to security then I would prefer on this way where exchangers would be heavily regulated which do comply out
governments policy plus having insurance.It may take out the true essence of Crypto but for the sake of users safety of funds
is on exchange they I do believe that most people would understand and considerate this thing.



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May 15, 2019, 08:38:36 PM
 #30

Someone mentioned changelly which I'd overlooked. Shapeshift require kyc and that's just a bug fishy for me (I don't think it's unlikely exchanges wanting kys are going to sell it on because no one can track it being them doing it).

changelly is known for very questionable practices. they state that KYC is not required but they enforce it at their discretion, and apparently the KYC requirements are pretty draconian.

there is a huge number of complaints about them. check out some of these threads:
https://www.reddit.com/r/Monero/comments/8bdigt/dont_use_changelly_millions_stolen/
https://www.reddit.com/r/Monero/comments/9cqmm2/do_not_use_changelly_they_steal_monero/
https://www.reddit.com/r/CryptoCurrency/comments/80o5vr/psa_do_not_use_changelly/
https://www.reddit.com/r/Bitcoin/comments/7opzqg/dont_use_changelly/
https://www.reddit.com/r/Bitcoincash/comments/7osasr/dont_use_changelly

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May 15, 2019, 08:40:00 PM
 #31

So basically you want and high reputable exchange that never be a victim of hackings or not possible to get hacked so it will be totally safe for everyone to store their funds? That kind of exchange won't be exist, hackers will be always smarter time by time. Also, everyone are supposed to not storing their assets on any exchanges. You can trade and make profit there but store your assets only on your private wallet.

We don't need to have that kind of exchange as we are supposed to trust no one.
It is true anything on the internet could be hacked so that is why we need to be the one to keep our funds safe,
We have plenty of exchange that are trusted and have a good reputation the one that you are looking for is so impossible because no matter how great their security is,
There would always be a way for a hacker to hack their system.
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May 15, 2019, 08:40:38 PM
 #32

Someone mentioned changelly which I'd overlooked. Shapeshift require kyc and that's just a bug fishy for me (I don't think it's unlikely exchanges wanting kys are going to sell it on because no one can track it being them doing it).

Changelly will spring KYC on you whenever they feel like it. They've also publicly stated that they will keep your money if they feel you don't cut it. Fuck them.

The exchanges we need for alts are proper dex type things that are either in wallet or on chain. Until then I'll never put significant amounts through any of them.

I think if any of us got a glimpse of the true demands put on exchanges our heads would explode. The pressure and demands must be immense, relentless and ever growing. If they could be perfect I'm sure the ones who care would be.

On top of demands from customers, they also have regulators, law enforcement and banks breathing heavily in their ear.

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May 15, 2019, 09:00:54 PM
 #33

The perfect exchanges cannot exist such as nothing is perfect in this world. Every exchange promises to people they are the best, the most secured and the most trusted existing but in reality we can't be 100% of what they are doing inside that's not being told to the people. That's right, they don't have the right to do businesses with your crypto but the same thing can be said about putting your money into banks.

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May 15, 2019, 09:54:25 PM
 #34

honestly, it's very suspicious. nowadays many exchanges started getting hacked. and I have seen a pattern which is stupid. why did most gambling casinos and crypto exchanges keep there a lot of balances in their hot wallet? I mean if you keep them in a separate wallet and let users wait some hours for their withdrawal then also it is much safer and much more affordable then having a lot of thousands of bitcoins or other altcoins.





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May 15, 2019, 10:03:16 PM
 #35

i think good cryptocurrency exchanges only exist on local exchanges because so far i don't know too much about local cryptocurrency exchange hacked, having a maintenance every time in my opinion would be good for improving their systems and security which would keep them updated to become stronger and safer, of course
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May 15, 2019, 10:13:38 PM
 #36

-zip-
This is what we get for a decentralized ecosystem and nobody gives a damn in a business venture that is raking in millions and is not really answerable to anyone! I guess regulation does make a major difference, we need it if we are to survive this .

Quote
Why can't we have a good cryptocurrency exchange?
Because today's business model is nolonger based on the principles of customer always come first, today money is their priority! It's

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May 15, 2019, 10:32:30 PM
 #37

How can you tell if an exchange is good or not? The question should be how can you tell if an exchange is trustworthy or not? You can trust your money to any exchange if they keep operating whatever issue they face and if they are making sure that users money will be taken care of without any amount deducted.
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May 16, 2019, 05:46:26 AM
 #38

Whether we like or not there is not a single exchange that is 100% safe and secured exist, if one think that he/she is the smartest person in the world it's wrong because there are others that are way above you. What I'm pointing out is that hackers are always in the looks for a victims whether it's government, people exchanges they will do anything to get what they want and they are absolutely smart.

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May 16, 2019, 07:14:45 AM
 #39

I think the fact is that banks are more protected because of how many safe guards are there and they are mostly connected to politicians via money and if they have one bad day they could literally call the president of that country or anyone that has a high rank and ruin all of your life forever and even your families life means its not "hard to hack" banks but it takes incredibly balls to pull off something like that.

Crypto exchanges on the other hand do not have that type of power so they are open for business for hackers and they constantly try, it doesn't matter how strong your protection is if you get hack attempts millions of times every single day eventually one of them will go through the protection. As long as exchanges do not have that power to track down and ruin a life like banks can there is no way of stopping hackers.
It is still because we have not gotten any form of backup or regulation from government, if we have, I am so sure that there would have been a way around tracking these scammers even if the anonymous nature of it makes it look impossible.

Someone wrote the code and whatever has positive must have negative, I am so sure that satoshi if still alive has a way around it, and the only way to get better idea around this is to have a dialogue with him, and only regulation can give him the confidence to come out of his hiding place.

The banks you made reference to their strong security also has a way they have transferred their manual operation to digital even of the hard currencies are being guarded, hackers from time to time hacks banks too through their digital system, but regulation made it possible for law to step into the situation.
stompix
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May 16, 2019, 07:39:45 AM
 #40


Is that an intentional paradox?

The fox will eat the sheep if unattended by the farmer but the farmer must leave for 20 minutes each day and must keep the sheep safe. He can't take either with him and no one else is allowed to watch. Solve the problem (without digging holes or building fires).



All the farmer has to do is shot one fox and then hang it outside the farm and the rest of the foxes will get the message.

And we even have the equivalent in the real world, the justice system and the prison, all we have to do is raise the punishments to a ridiculous level so that nobody will even think about it, especially since this is nothing like a car accident, a brawl in a bar that might get horribly wrong or anything like it, those guys plan the attack for days, it's nothing built on an impulse.

Back to the main question, no we won't have a perfect exchange, we won't have one without blocked accounts, poor customers service, unhackable and with low fees.

And DEX are a joke, I feel safer with bitstamp or bitfinex than with some so-called decentralized stuff which is actually run by somebody and dealing with a total stranger via some 3 party payments. I would rather go to localbitcoins and exchange there.
Oh, and I don't care at all for shitcoins so in my humble opinion btc<>shitcoinsexchnge have no purpose in this world.

LE:
Wait till binance shart dealing with $, then we're going to have a real shitstorm of complaints.

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