What is now the difference with Ponzi platforms with cryptocurrency exchanges

[kro55]

What you are referring to is what binance has been doing, binance is the only exchange that has Safu. But that also can't be sure if binance collapses all the victims will be compensated, I don't believe it will be that simple.

In my opinion, there is no perfect solution in this case, the best way is to limit their use. Absolutely do not trust any exchange even if it is a decentralized exchange, it is not as secure as many people think. Always withdraw all your funds at the end of the day after the end of the trade and never leave too much money on any exchange.

Binance collapsing would be quite difficult, it would require a lot of money to do that and I do not think that it would be that possible. I am not saying that it's impossible neither, but it’s quite difficult for something that large to ever drop victim to some hacking attempt.

I would like to emphasize very carefully, I am not saying "impossible" so take all the safety and security measures that you can, that’s a guaranteed thing, if you can do that then it would be great, but if you don't and you have to put it on some exchange, Binance is better than any other and that would be a much better method for you, because all other exchanges are even worse.

Currently, binance cannot collapse but the future is unpredictable. An exchange collapsed not only due to hacking but also for many reasons, such as FTX they were greedy and violated business ethics when taking customers' money to use for their own purposes, leading to collapse. Binance has stood for so many years, I'm not afraid of them crashing due to an attack, but what I'm afraid is that CZ will become like SBF with insatiable greed or misuse of money leading to binance's bankruptcy.
Another thing is that binance is dominating the market almost completely, which is very easily labeled by the government as manipulation or monopoly in the business. Binance is facing a lot of challenges.

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[Inwestour]

It's not blackmail but apparently a straight-up scam--and it very much reminds me of the Mt. Gox disaster, where there was essentially one individual in charge of a lot of people's money, and that individual was inept at finance at best.  This guy SBF looks like a complete tool to me, and it's amazing that he was treated so well in the media prior to this given that he made a statement to the effect that he's in the Ponzi business.  I mean, Jesus.

FTX's extensive advertising probably pulled in a shitload of money from people who otherwise would never have invested in crypto and who were too ignorant to know not to keep their crypto on a platform like FTX.  That's why this thing is much worse than Mt. Gox, which affected investors who were into bitcoin in the early days.  This brand of shenanigans attracts the attention of regulators like nothing else, and I can't imagine the outcome is going to be good for any of us.

This will definitely entail a series of negative consequences for cryptocurrencies. It is possible that people who were involved into FTX by advertising might not be aware of all the risks of keeping their investments on the exchange, and this is a big problem, because now everyone who has lost their investments will spread negativity about cryptocurrencies, although this probably already happened. Many funds that have invested in FTX have also lost a lot of money and this will affect their decision to further invest, and their opinion about cryptocurrencies.

What happened to FTX is terrible, and it shows that the story of Mt. Gox did not teach people anything, they still continue to keap their coins on the exchanges. As much as I would not like this to happen again, but most likely it can happen again in the future and people must somehow understand that storing their coins on the exchange is very dangerous, any exchange can be the next one, no one is safe from this. Those who communicate on the forum are more likely to learn about these risks.

[Xampeuu]

What you are referring to is what binance has been doing, binance is the only exchange that has Safu. But that also can't be sure if binance collapses all the victims will be compensated, I don't believe it will be that simple.

In my opinion, there is no perfect solution in this case, the best way is to limit their use. Absolutely do not trust any exchange even if it is a decentralized exchange, it is not as secure as many people think. Always withdraw all your funds at the end of the day after the end of the trade and never leave too much money on any exchange.

Binance collapsing would be quite difficult, it would require a lot of money to do that and I do not think that it would be that possible. I am not saying that it's impossible neither, but it’s quite difficult for something that large to ever drop victim to some hacking attempt.

I would like to emphasize very carefully, I am not saying "impossible" so take all the safety and security measures that you can, that’s a guaranteed thing, if you can do that then it would be great, but if you don't and you have to put it on some exchange, Binance is better than any other and that would be a much better method for you, because all other exchanges are even worse.

Currently, binance cannot collapse but the future is unpredictable. An exchange collapsed not only due to hacking but also for many reasons, such as FTX they were greedy and violated business ethics when taking customers' money to use for their own purposes, leading to collapse. Binance has stood for so many years, I'm not afraid of them crashing due to an attack, but what I'm afraid is that CZ will become like SBF with insatiable greed or misuse of money leading to binance's bankruptcy.
Another thing is that binance is dominating the market almost completely, which is very easily labeled by the government as manipulation or monopoly in the business. Binance is facing a lot of challenges.

what needs to be underlined at this time is not to leave too much of our money on the exchange, use it as needed and return it to be stored in the long term in a personal wallet. binance is indeed the best exchange to date, but they have been hacked even though they are also responsible, moreover FTX was destroyed due to personal problems, which is actually not appropriate to do, and if it's like that then it's the consumers who are harmed. so we have to be smart to respond to the crypto world which has many challenges

[$anounimus$]

Since cryptocurrencies are so volatile, scammers take advantage of this situation to increase their profit margins, and this causes many people to lose money. There are certain shady practices to be aware of when using crypto exchanges. The player (person) often uses it for gambling or quick trading, but others use it for other unethical and illegal activities to the detriment of all users.

There are many things, where the best crypto exchange is not the ideal place to invest your money or trade. You need to know the market and you shouldn't just trust promises or reviews. The most important thing to do when trying out a new exchange is to learn as much about it as possible. Plus, it's always important to have a backup plan in case something happens that you can't immediately identify or fix.

[yhiaali3]

Nothing can be done about a broken trust. Decentralized exchanges are still much better than centralized exchanges, but that's not the problem. The problem is with third-party services themselves. The main idea of ​​Satoshi's invention of Bitcoin was to eliminate the need for third parties, but unfortunately this is not actually implemented. With the need for a third party, our money will never be safe.
People are always looking for profits so they need to use third-party services and here is the problem, so you have two options: either keep your money safe in the wallet that you only have the key to, or risk your money to get profit or loss using third-party services.

[BigBos]

Nothing can be done about a broken trust. Decentralized exchanges are still much better than centralized exchanges, but that's not the problem. The problem is with third-party services themselves. The main idea of ​​Satoshi's invention of Bitcoin was to eliminate the need for third parties, but unfortunately this is not actually implemented. With the need for a third party, our money will never be safe.
People are always looking for profits so they need to use third-party services and here is the problem, so you have two options: either keep your money safe in the wallet that you only have the key to, or risk your money to get profit or loss using third-party services.

I agree, what is meant by satoshi is irrelevant if there are third parties because they can play as intermediaries as banks play. In my view Centralize Exchange looks like a representation of a bank in the crypto world.
By now we should have started to switch to using DEX for more secure storage.

The domino effects provided by FTX have left such a deep scar on the market and investors, it will be difficult to rebuild trust, I think it will take a long time to fix it.
It's not impossible that Binance will suffer the same fate as FTX someday.

"What's worse right now is that some media are judging crypto like a Ponzi scheme" It's not uncommon for news like this, but in situations like this it can have a huge impact.

[coupable]

Nothing can be done about a broken trust. Decentralized exchanges are still much better than centralized exchanges, but that's not the problem. The problem is with third-party services themselves. The main idea of ​​Satoshi's invention of Bitcoin was to eliminate the need for third parties, but unfortunately this is not actually implemented. With the need for a third party, our money will never be safe.

There are also central platforms that can turn into spam. These platforms are managed by development teams to ensure the necessary updates, and they charge a commission for these services, which is automatically deducted from each transfer to go to the addresses of the work team. The problem may arise if a hacker managed to infiltrate the details of the code on which the platform was created and tamper with the settings.
Peer-to-peer transactions remain the most secure and should not be done by any middleman.

[Pejoh Asu]

To do the research, of course, it takes special time and technique, some exchanges that are a scam and make me very losing money is livecoin, it is difficult to know whether the exchanges that we normally use will be a scam or not, because to distinguish it is very difficult and everything looks won't become Scam or Ponzi platforms.

[South Park]

Nothing can be done about a broken trust. Decentralized exchanges are still much better than centralized exchanges, but that's not the problem. The problem is with third-party services themselves. The main idea of ​​Satoshi's invention of Bitcoin was to eliminate the need for third parties, but unfortunately this is not actually implemented. With the need for a third party, our money will never be safe.
People are always looking for profits so they need to use third-party services and here is the problem, so you have two options: either keep your money safe in the wallet that you only have the key to, or risk your money to get profit or loss using third-party services.

I agree, what is meant by satoshi is irrelevant if there are third parties because they can play as intermediaries as banks play. In my view Centralize Exchange looks like a representation of a bank in the crypto world.
By now we should have started to switch to using DEX for more secure storage.

The domino effects provided by FTX have left such a deep scar on the market and investors, it will be difficult to rebuild trust, I think it will take a long time to fix it.
It's not impossible that Binance will suffer the same fate as FTX someday.

"What's worse right now is that some media are judging crypto like a Ponzi scheme" It's not uncommon for news like this, but in situations like this it can have a huge impact.

The media wants clicks and views and the way to get this is to exaggerate the news, and some media outlets exaggerate to the point they distort the news and some may argue they are lying, however we cannot change this and we can only deal with the aftermath of the effects brought by the disaster of FTX, and I hope people learn from this experience, using centralized exchanges as a way to store your coins long term is simply a terrible idea and under no circumstances it should ever be done.

[virasisog]

To do the research, of course, it takes special time and technique, some exchanges that are a scam and make me very losing money is livecoin, it is difficult to know whether the exchanges that we normally use will be a scam or not because to distinguish it is very difficult and everything looks won't become Scam or Ponzi platforms.

There are highly reputable exchanges so we should be aware of the possibility of being scammed if we try out using new exchanges that are just trying to build up a good reputation. Ponzi and scam platforms will do everything to attract more users and keep them by providing promising promotions but if we stick to long-time reputable casinos, we'll never have the fear of losing our funds. One more thing, we shouldn't store our funds in exchanges to get rid of the risk of losing them.

[Lubang Bawah]

Cryptocurrencies has become a very promising thing to get a lot of money in a short time, such as the 30 -year -old FTX owner but already has billions of dollars, and many scam cases from cryptocurrencies that never enter the law so that we have to always have to be vigilant, because the case Like FTX can be repeated at any time, it's better to save assets in private wallets.

[Wong Goblog]

Every day there is always bad news about cryptocurrencies, if we often see the news of Bloomberg TV then cryptocurrencies like always wrong and I pay attention to many TVs that are anti with cryptocurrencies, maybe because there is no cryptocurrencies advertisement on TV so they continue to attack cryptocurrencies, even every week always presented SCAM victims, Ponzi or other bad things from Cryptocurrencies.