zasad@ (OP)
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April 22, 2021, 12:59:30 PM |
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I think you heard the last news about the Turkish stock exchange: https://decrypt.co/68703/billion-dollar-rug-pull-turkish-bitcoin-exchange-goes-darkCustomers fear a rug pull as Turkish crypto exchange Thodex abruptly halted trading. At any time, money can be blocked for an unknown time. Recently, I have not been trading on centralized exchanges and have kept as much money there as it’s not a pity to lose |
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The trust scores you see are subjective; they will change depending on who you have in your trust list. |
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Altcoinsintel
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Activity: 342
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April 22, 2021, 01:07:29 PM |
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I didn't know this exchange, probably it was a local one only for Turkish customers. How it could manage to hold 1 billion dollar assets is very difficult to think of.
We keep telling not to hold coins in centralized exchanges, because these are the results. It is a big factor when calculating risk. While there are a few exchanges regulated there is no way trusting them.
The high fees in some blockchains are a problem though, and it makes newcomers to just keep holding in the exchanges they buy. Trading also becomes difficult at times in DEX and P2P exchanges and beginners usually don't touch those.
The only risk I am taking is when moving funds to a few big exchanges just to keep for a few trades. These trades may be lengthy but the risk of losing my funds is calculated before using them.
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jrrsparkles
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Eloncoin.org - Mars, here we come!
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April 22, 2021, 01:13:26 PM |
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I don't trust them to be honest but we don't have decentralized marketplace with enough liquidity to trade as such in centralized exchanges so I am not leaving any funds iut there for any reason, just deposit == trade == withdraw with not much of waiting time so I can reduce the chances of losing funds.
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happen or be a part of it"
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Bitstar_coin
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April 22, 2021, 01:16:51 PM |
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i trust some centralize exchange like binance, coinbase enough to keep my funds for sometimes and not be afraid, i know the 'not your key not your fund' propaganda but as long as centralized exchange exist people will always want to use them and also keep their funds, besides, the high transaction fee is another reason why people will keep their funds on cex, paying fees to transport funds back and forth is in anyone's best interest.
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ashmodeus
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April 22, 2021, 01:23:24 PM |
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damn, that disaster. i just started to worrying about my coin on many central exchange  , mostly on the exchange which it creating a startup for shitcoin project, well , i guess after lock up opened , i just put a small amount left, but i have question, did this possible ? major exchange like kucoin gone suddenly ? |
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Ucy
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April 22, 2021, 02:59:46 PM |
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Don't store too much fund on centralized exchange no matter how well "regulated" the exchange appears to be. Bitcoin was meant to let you control your own fund and then trade peer-to-peer with other participants. So, it's better to trade on exchanges (especially the decentralized ones) that let's you trade while you control funds. They are generally called non-custodial exchanges
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oemar bakrie
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April 22, 2021, 03:06:33 PM |
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news that made the crowd panic..
and need to be careful not to lose too much when entering the market.
better to find an exchange that currently has a lot of enthusiasts and a well-organized team..
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zasad@ (OP)
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April 22, 2021, 03:07:13 PM |
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We often encounter such problems. Six months ago, the okex exchange did not withdraw customer funds for a long time https://www.okex.com/support/hc/en-us/articles/360051090391At the beginning of the year, users lost funds on the LiveCoin exchange. http://livecoin.news/If you store large sums on centralized exchanges, then there is always a risk of losing access to funds or losing them. |
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grabpopcorn536
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Activity: 476
Merit: 12
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April 22, 2021, 03:09:53 PM |
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Centralized exchanges are a good place of exchange to reduce transaction costs instead of DEXs, but leaving assets on centralized exchanges is also risky. There are attacks or sudden shutdowns of transactions due to criminal activity of the operator or customer and attacks by hackers. We have seen many major exchanges fall for the above reasons like MTGOX, Cryptopia, BTC-E ... Also there are some scam exchanges, they only allow deposits and no withdrawals.
It is clear that leaving money on exchanges has a certain risk so choosing an exchange to deposit money is also essential. I trust major exchanges like Coinbase, Binance, Kucoin, Houbi, Bittrex because they are old exchanges and have a large user base.
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bittick
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April 22, 2021, 03:10:14 PM |
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Just never trust anything not to mention something that have something to do with money, as you know money's influence on triggering people's greed is really strong therefore why I always avoid to keep my money for too long in an exchange since moving the money over to my desktop wallet isn't that complicated anyway and always prioritize using dex which right now isn't really good idea considering the fee and all. Such a shame though if the exchange you mentioned really did a rugpull. Honestly this whole centralized exchange make crypto feels like centralized bank all over again.
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dhemasm
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Activity: 1829
Merit: 134
Moderator
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April 22, 2021, 03:14:32 PM |
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Basically it's depend on which exchange, For this case i suppose this was small exchange and have some problem or fishy scenario and i won't trust CEX with something like this but there will be different case if CEX like Binance, Bittrex, Kucoin, etc. I will trust it since i suppose they was more care to their reputation and better to become an long-term Crypto exchange.
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fosco333
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April 22, 2021, 03:21:39 PM |
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Thodex exchange ? i've never heard that exchange. How can rug pull exist on centralized exchange ? In my knowledge, rug pull can be done on decentralized exchange by removing the liquidity there, usually the owner of the token, or the dev who can rug pull it. Personally, i trust top centralized cryptocurrency exchange such binance and currently still using it. |
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Ten98
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April 22, 2021, 03:34:37 PM |
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news that made the crowd panic..
and need to be careful not to lose too much when entering the market.
better to find an exchange that currently has a lot of enthusiasts and a well-organized team..
That is obvious because luck is very difficult to find so it is necessary to enter a market that is already popular and has a lot of support which is always useful for their users when they are in the market. |
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bekti3
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April 22, 2021, 03:35:18 PM |
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It depends on the centralized exchange policy where you live, as long as you are outside of Turkey and still think the exchange is something that has not been threatened with termination, then you don't need to worry, although caution is necessary.
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Yaunfitda
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April 22, 2021, 04:14:56 PM |
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To be honest, it's hard to trust centralized exchanges, although they can have all the liquidity, the trading volumes, but they can just do anything in their power to stop trading themselves just like in this case. And this is a reminder for all of us, don't feel comfortable and just keep money in their for trading purposes only and don't leave all your money in centralized exchanges. |
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milani
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April 22, 2021, 04:25:19 PM |
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In my opinion everyone should follow this golden rule - to keep on the exchange such an amount that is not afraid to loose in case something goes wrong, and it does not depend on whether it is centralized or decentralized exchange. Nobody and nothing can guarantee you the full safety for your assets. The risk is really may be high and unnecessary. |
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tvplus006
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Activity: 2296
Merit: 1655
To the Moon
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April 22, 2021, 04:52:11 PM |
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I think that most participants do not trust centralized exchanges, but still trade on them. And there is a simple explanation for this: DEX has high fees and low liquidity. In addition, most of the tools that are available on CEX are missing on decentralized exchanges. This is the possibility of using margin trading, futures and such elementary ones as stop loss.
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bittraffic
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April 22, 2021, 05:00:31 PM |
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This is what they said about history repeating itself and this is happening after every bull market, I don't think this is coincident already. For big exchanges like Binance, it may really look too big for it the fail. But recently they have upgrade maintenance and that halted trading for some time. If there was a massive dump during that time as well, I would be left having a less valuable amount of coins there. I think that most participants do not trust centralized exchanges, but still trade on them. And there is a simple explanation for this: DEX has high fees and low liquidity. In addition, most of the tools that are available on CEX are missing on decentralized exchanges. This is the possibility of using margin trading, futures and such elementary ones as stop loss.
Not everyone seems to be enjoying DEX but maybe until something happens to the CEXs. |
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el kaka22
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Activity: 3514
Merit: 1162
www.Crypto.Games: Multiple coins, multiple games
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April 22, 2021, 08:39:50 PM |
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That place might be in trouble because Turkish authorities do not look kindly upon these things. USA could be better place to do this, Bernie Madoff went decades doing his bid and then he was sentence to a jail that was basically a vacation if I was there, he lived in more luxury in jail then I live in my house. So long story short USA looks kindly towards financial crimes, but when it comes to financial crimes in Turkey those people will do everything in their power to get every single ounce of dollar that company has, every coin, every bit of data, everything they have, chairs tables hell the carpet on the floor, and sell all to pay people back.
I am not saying it will be without a loss, of course there will be, but it just won't be fully gone neither, it will be something in the middle of it where a bit of it will be recovered for sure.
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aprilnot
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April 22, 2021, 08:46:40 PM |
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no, but we still need CEX. one of the functions of CEX is to disburse funds from crypto to fiat. This service does not exist in the DEX yet, in fact it is difficult to exist. we don't believe in CEX, but they are still needed today. The problems at CEX are numerous such as privacy concerns, hacking, and risk of losing funds due to closure issues like this.
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