Rana590
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November 22, 2022, 09:10:16 PM |
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For centralized exchanges, you cannot guarantee that it will be providing services to you forever. I prefer Binance to store my valuable assets. But still I'm not saying that binance is the solution. We can face trouble any time in any cex but many cex are converting to dex now. Security system and potentially of Binance are so good and I think it is trustable.
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rby
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November 22, 2022, 09:23:08 PM |
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It all depends on your ideology of safety and exchange being safe. Practically speaking there is nothing safe in this world even the Bitcoin we all believe it's not safe, anything can happen anytime. What you're actually saying is there is some level of safeness in a given project or exchange for instance other exchanges might be 47% safe but Binance can have up to 65% safety, so it is the measure of the safety that makes one to be safer than the other but in the real sense exchanges are not hundred percent safe and there is nothing that is totally safe just be sure you are not staking more than you trust.
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[center][table][tr][td][url=https://stake.com][font=Arial black][size=24pt][glow=#0f212e,2][color=transparent][size=8pt].[/size].[size=9pt][sup][size=16pt][color=#fff]Stake.com[/size][/sup][/size].[size=8pt].[/td] [td][/td][td][/td] [td][size=2pt][tt] [color=#2d4454]▄████████████████████████████████████▄ [glow=#fff,2]██ [color=#ccc]▄▄▄▄▄▄▄▄▄▄[/color] [color=#ccc]▄▄▄▄▄▄▄▄▄▄[/color] ██[/glow] [color=#ed5564]▄████▄[/color] [glow=#fff,2]██ [color=#ccc]▀▀▀▀▀▀▀▀▀▀[/color] [color=#0c79ed]██████████[/color] [color=#ccc]▀▀▀▀▀▀▀▀▀▀[/color] ██[/glow] [color=#ed5564]██████[/color] [glow=#fff,2]██ [color=#0c79ed]██████████ ██ ██ ██████████[/color] ██[/glow] [color=#ed5564]▀██▀[/color] [glow=#fff,2]██ [color=#0c79ed]██ ██ ██████ ██ ██ ██[/color] ██[/glow] [color=#ccc]██[/color] [glow=#fff,2]██ [color=#0c79ed]██████ ██ █████ ███ ██████ ██[/color] ██[/glow][color=#ccc]██▄ ██[/color] [glow=#fff,2]██ [color=#0c79ed]█████ ███ ████ ████ █████ ███[/color] ██[/glow][c
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barto123
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November 22, 2022, 09:33:25 PM |
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there is no safe exchange
they're all insolvent - they can all be compromised by bad actors
hold your keys (coldcard or foundation passport) / run a node
security, privacy & sovereignty are vital going forward
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lalabotax
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November 22, 2022, 10:01:51 PM |
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Maybe nothing is 100% safe. However, each exchange platform certainly has its own level of security and they will do their best to secure their assets and also their users. Because, however, if there is a hack, they are also the ones who bother and lose. Of course, their security system is sophisticated, but that doesn't mean they guarantee 100% that they are always safe. Maybe there are gaps that can still be used by hackers. That's why we are not recommended to keep old assets on exchanges. Unless we do trading.
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Vaskiy
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November 22, 2022, 10:08:32 PM |
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At some time interval we used to get notified with some hacks with Exchanges and losing millions of dollars in tokens as well as with the top listed cryptocurrencies. This is not about the trusted or the small exchanges. This shows in all means there is possible chances of exchanges getting hacked. Whether it is reputed or new to the market, hacking is possible.
In some events the exchange give compensation to keep its reputation. So, it is always good to have funds secured on non custodial wallets than on the centralized exchanges.
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kamvreto
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November 22, 2022, 10:41:20 PM |
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At some time interval we used to get notified with some hacks with Exchanges and losing millions of dollars in tokens as well as with the top listed cryptocurrencies. This is not about the trusted or the small exchanges. This shows in all means there is possible chances of exchanges getting hacked. Whether it is reputed or new to the market, hacking is possible.
In some events the exchange give compensation to keep its reputation. So, it is always good to have funds secured on non custodial wallets than on the centralized exchanges.
very possible, because no system is 100% secure. all have a risk to be hacked. A centralized exchange should strictly safeguard user assets and guarantee 100% returns when the exchange is hacked. Like Binance, which has a SAFU (Secure Asset Fund for User) fund, which is an emergency fund that is collected from 10% of trading fees to back up user funds in the event of a hack, etc.
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Yatsan
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November 22, 2022, 10:59:51 PM |
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There are considered safe exchangers but it will never be good to be so relaxed. That is your money in the first place so you have to take extra caution with where you are putting your money with. Much better to prevent it early than to regret it sooner. Even Binance, despite of having good reputation, has flaws, but ofcourse if we would compare it to what happened with the recent issue, it would be a better exchanger. But that won't save Binance to a better place because such thing could also happen if ever owners won't br also responsible and will be negligent with daily transactions and their reserves. But since it is still a good one, atleast save yourself from worrying that much.
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decodx
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November 22, 2022, 11:02:04 PM |
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It is better not to mess with BTC on an exchange, keep your coins safe in cold storage or hardware wallets. If you must trade with a centralized platform, make sure it is a reputable site with a good reputation and has an established track record, and be sure not to leave your coins there for an extended period of time.
The first thing to do is to become informed about the risks of custodial exchanges. That being said, there are quite a few steps one can take to mitigate these risks. First, only keep funds on an exchange that you're actively trading. Next, set a time limit for yourself for how long you'll let your funds sit there. Finally, make sure you enable 2-factor authentication on your account which will be required to withdraw any funds - a good way to ensure no one gains access to your account if your password is stolen.
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WeThePe0ple
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November 23, 2022, 12:26:00 AM |
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I believe it is only a matter of time before government will forbid exchanges to convert bitcoin to fiat currency.
For citizens to get around government control, societies must price goods and services directly in BTC so no exchange is needed.
Imagine that 100% of Europe, the USA and China forbid goods to be priced in BTC by law. That it would only be allowed in impoverished states like Venezuela, El Salvador..
If this was the case, would BTC still have value?
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mk4
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November 23, 2022, 03:45:19 AM |
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1. I clearly stated that no exchange is invulnerable to hacks/exploits 2. Both cases have been end user-targeted attacks through phishing and the like, rather than exchange-targeted attacks. Huge difference between the two.
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Xxmodded
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November 23, 2022, 04:02:30 AM |
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It is better not to mess with BTC on an exchange, keep your coins safe in cold storage or hardware wallets. If you must trade with a centralized platform, make sure it is a reputable site with a good reputation and has an established track record, and be sure not to leave your coins there for an extended period of time.
The first thing to do is to become informed about the risks of custodial exchanges. That being said, there are quite a few steps one can take to mitigate these risks. First, only keep funds on an exchange that you're actively trading. Next, set a time limit for yourself for how long you'll let your funds sit there. Finally, make sure you enable 2-factor authentication on your account which will be required to withdraw any funds - a good way to ensure no one gains access to your account if your password is stolen.
More safety when saving fund or Bitcoin assets in cold storage or hardware wallet based on long term investment, but if daily trader earn profit with scalping I think exchange is realistic place for saving assets. Not any guarantee yet with how long some exchange market securing without any issues hack like FTX have been collapse and all user fund gone, but when saving assets in hardware wallet little difficult for sending to exchange in short time, need sync awhile and sending Bitcoin when block confirmation busy and delay we need waiting several hours later for completed. Keep securing exchange market when saving fund there by using 2fa, email authicator when confirming withdrawing need first confirmed on email, actually email account is first thing have to secure then with exchange data.
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BTCapsule
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November 23, 2022, 04:30:45 AM |
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You can usually trust exchanges to sell you Bitcoin, but never trust them to hold it. The exchanges have become the banks, and distrust of the banks is why Satoshi created Bitcoin. "The root problem with conventional currency is all the trust that’s required to make it work. The central bank must be trusted not to debase the currency, but the history of fiat currencies is full of breaches of that trust.
Banks must be trusted to hold our money and transfer it electronically, but they lend it out in waves of credit bubbles with barely a fraction in reserve. We have to trust them with our privacy, trust them not to let identity thieves drain our accounts." - Satoshi Nakamoto
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franky1
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November 23, 2022, 06:51:22 AM Last edit: November 23, 2022, 07:10:13 AM by franky1 |
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if there was a truly guaranteed insurance plan to back any losses due to hack/insolvency(issues unrelated to bad trade decisions by customers themselves) where by customers know that in worse case they wont have to file a court case and get pennies on the dollar after 5+ years wait, but instead get a full refund within a day-month, from an insurer for like for like investment.. in short refiling customer account or refunding customer within reasonable time. then an exchange can be trusted
however here is where things get messy firstly trading fee's would need to go up to cover the premium that the exchange holds as insurance
next lets say a exchange has 500k coins of customers on reserve.
lets say a exchange does have some other reserves to "make users funds whole" this reserves to make whole. is not unlimited. EG if users funds are stolen. and exchange refills users reserves.. the exchange cant keep doing that 38 times. because the exchange doesnt hold all 19m coins.
most exchanges might only have enough "make whole" reserves for 10% of a single theft/insolvency. thus not everyone gets it all back
some exchanges might have make everyone whole 100%. but its a one shot attempt. if there is a second hack, customers are not protected
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I DO NOT TRADE OR ACT AS ESCROW ON THIS FORUM EVER. Please do your own research & respect what is written here as both opinion & information gleaned from experience. many people replying with insults but no on-topic content substance, automatically are 'facepalmed' and yawned at
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irhact
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November 23, 2022, 01:45:54 PM |
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I was wondering if there could still be any safe centralised exchange in the blockchain industry.
It's a very known fact that there can never be a safe centralization system. Even this forum that we're using isn't safe because it's centralized and so is the internet generally. Don't trust any centralized service provider as their server can be compromised at any moment and all the data you had on that system will be leaked or losts which is why you're not advised to keep sensitive information on centralized system and the forum also doesn't ask for your KYC or any verification information because if they do so, they'll have to store it which can be easily be access with a hack of the forum. Whenever you used a centralized exchange do understand that you have put yourself out there as an easy target therefore if there's anyway you can add extra security to protect yourself, kindly do so like not storing your coins on the exchange or associating other sensitive information to your address from the exchange.
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..Stake.com.. | | | ▄████████████████████████████████████▄ ██ ▄▄▄▄▄▄▄▄▄▄ ▄▄▄▄▄▄▄▄▄▄ ██ ▄████▄ ██ ▀▀▀▀▀▀▀▀▀▀ ██████████ ▀▀▀▀▀▀▀▀▀▀ ██ ██████ ██ ██████████ ██ ██ ██████████ ██ ▀██▀ ██ ██ ██ ██████ ██ ██ ██ ██ ██ ██ ██████ ██ █████ ███ ██████ ██ ████▄ ██ ██ █████ ███ ████ ████ █████ ███ ████████ ██ ████ ████ ██████████ ████ ████ ████▀ ██ ██████████ ▄▄▄▄▄▄▄▄▄▄ ██████████ ██ ██ ▀▀▀▀▀▀▀▀▀▀ ██ ▀█████████▀ ▄████████████▄ ▀█████████▀ ▄▄▄▄▄▄▄▄▄▄▄▄███ ██ ██ ███▄▄▄▄▄▄▄▄▄▄▄▄ ██████████████████████████████████████████ | | | | | | ▄▀▀▀▀▀▀▀▀▀▀▀▀▀▀▀▀▀▀▄ █ ▄▀▄ █▀▀█▀▄▄ █ █▀█ █ ▐ ▐▌ █ ▄██▄ █ ▌ █ █ ▄██████▄ █ ▌ ▐▌ █ ██████████ █ ▐ █ █ ▐██████████▌ █ ▐ ▐▌ █ ▀▀██████▀▀ █ ▌ █ █ ▄▄▄██▄▄▄ █ ▌▐▌ █ █▐ █ █ █▐▐▌ █ █▐█ ▀▄▄▄▄▄▄▄▄▄▄▄▄▄▄▄▄▄▄▀█ | | | | | | ▄▄█████████▄▄ ▄██▀▀▀▀█████▀▀▀▀██▄ ▄█▀ ▐█▌ ▀█▄ ██ ▐█▌ ██ ████▄ ▄█████▄ ▄████ ████████▄███████████▄████████ ███▀ █████████████ ▀███ ██ ███████████ ██ ▀█▄ █████████ ▄█▀ ▀█▄ ▄██▀▀▀▀▀▀▀██▄ ▄▄▄█▀ ▀███████ ███████▀ ▀█████▄ ▄█████▀ ▀▀▀███▄▄▄███▀▀▀ | | | ..PLAY NOW.. |
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CryptSafe (OP)
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November 24, 2022, 07:46:30 AM |
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I was wondering if there could still be any safe centralised exchange in the blockchain industry.
It's a very known fact that there can never be a safe centralization system. Even this forum that we're using isn't safe because it's centralized and so is the internet generally. Don't trust any centralized service provider as their server can be compromised at any moment and all the data you had on that system will be leaked or losts which is why you're not advised to keep sensitive information on centralized system and the forum also doesn't ask for your KYC or any verification information because if they do so, they'll have to store it which can be easily be access with a hack of the forum. Whenever you used a centralized exchange do understand that you have put yourself out there as an easy target therefore if there's anyway you can add extra security to protect yourself, kindly do so like not storing your coins on the exchange or associating other sensitive information to your address from the exchange. Using centralised system is more of you putting your assets over to them for keeping. You know Centralised exchange demands for kyc before doing anything with them. It baffles a lot when people you put your assets and identity in line for without minding the risks involved could not be proactive in protecting your data and all that you have put in their custody. Most times these leaked informations are being exploited for other reasons by the perpetrators unknown to both the owners of the data and the third party. Centralised exchange demands often for kyc and at the entire end they can not protect the data for which they demanded for. That shows the level of irresponsible and carelessness on the part of centralised exchanges. I suggest better policies looking into the protection of funds and customers data identity be looked into so as to hold the centralised exchanges responsible and accountable for everyone member registered on their various platforms against any leak in data information as well. Policies on refund of stolen assets or money should not only be the focus as this particular data leak issues are also neglected whilst it is supposed to be given attention to. With this, I think customers identity will be always protected.
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Franctoshi
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November 24, 2022, 08:57:16 AM |
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I would say one day we'll see an exchange or at least a financial institution with a crypto exchange arm that'll get a true banking license along with the deposit guarantee schemes that all national banks get from their respective countries. Then I might say that's as safe as it gets (since with that guarantee it also means you open yr books to the central bank, though we all know that's not much in way of safety these days).
That would be so interesting to see , I guess this would be when regulation is in place. Therefore the only time I think this exchanges will will be total safe is when there is proper regulation, hence no one is gonna ever have faith in any centralized exchange even with the platforms that seems to be safe , like Binance and Coinbase. So with these happenings around centralized exchange safety will only come in if there's regulation in place.
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Tony116
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November 24, 2022, 09:15:17 AM |
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If to trust and use today's centralized exchange, we have binance and coinbase which are two names worth trusting but there is no guarantee of absolute safety. You need to remember that money is not in your wallet, not your money even if you save it in a bank, so never trust any third party completely.
We will continue to use centralized exchange it is definitely unavoidable but does our best to protect your assets, never put all your trust in a 3rd party, and always withdraw everything at the end of the day after the end of the trade.
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buwaytress
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November 25, 2022, 08:19:52 AM |
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I would say one day we'll see an exchange or at least a financial institution with a crypto exchange arm that'll get a true banking license along with the deposit guarantee schemes that all national banks get from their respective countries. Then I might say that's as safe as it gets (since with that guarantee it also means you open yr books to the central bank, though we all know that's not much in way of safety these days).
That would be so interesting to see , I guess this would be when regulation is in place. Therefore the only time I think this exchanges will will be total safe is when there is proper regulation, hence no one is gonna ever have faith in any centralized exchange even with the platforms that seems to be safe , like Binance and Coinbase. So with these happenings around centralized exchange safety will only come in if there's regulation in place. And I think it will come close to such a time. There are already some banks that have more or less become crypto custodians. Bank Frick in Lichtenstein, an example I can think of but that is a small bank, old money, old family, high gdp country. I believe there are other large entities going the route I mentioned, already crypto custodians either applying for banking license or just buying out a bank. Nexo at least is one such company but they bought a controlling stake in a fdic member so probably does not count. Again, bears repeating that this only increases safety. Will never come to the level of assurance of owners keeping sole custody.
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franky1
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November 25, 2022, 08:34:29 AM Last edit: November 25, 2022, 01:58:04 PM by franky1 |
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people need to think of a exchange as that.. an exchange. like when you go to a travel vacation money exchanger. you swap your currency and take the other currency out and keep it with you. within minutes of leaving the service.
leaving it on the exchanges counter thinking its safe there to leave and you can come back later and claim it .. is not something people usually do when they do currency conversion in the real world
those using it as a day-trader account. dont put your lifes worth in an exchange to put on a market order. only put in 5%-10% and day trade the hell out of the market wiggles of 1%+ those small 1% often add up. dont risk more then you can afford to lose on a gamble that the market will wiggle by 10% in a short/mid term length
for those used to the banking system of savings accounts learn quickly that crypto-custodians dont have the same customer protections and assurances as banks. read the TOS user agreement about when does the custodian accept liability for loss. or what policy they have about closing account.
if it reads as "company accepts no liability for loss, by using the service you agree to terms"
if it reads as "at company sole discretion, at any time, without notice, for any reason"
stay away
yes theres more "freedoms" about withdraw limits and such in crypto. but your funds security is more at risk.
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I DO NOT TRADE OR ACT AS ESCROW ON THIS FORUM EVER. Please do your own research & respect what is written here as both opinion & information gleaned from experience. many people replying with insults but no on-topic content substance, automatically are 'facepalmed' and yawned at
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Minecache
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November 25, 2022, 08:57:21 AM |
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I believe it is only a matter of time before government will forbid exchanges to convert bitcoin to fiat currency.
Why should governments ban centralized exchanges when it's a great tool for them to control us as banks control us? vice versa: the centralized exchanges here will be upgraded and will probably be legalized as banks dedicated to the cryptocurrency market. For citizens to get around government control, societies must price goods and services directly in BTC so no exchange is needed.
Imagine that 100% of Europe, the USA and China forbid goods to be priced in BTC by law. That it would only be allowed in impoverished states like Venezuela, El Salvador..
If this was the case, would BTC still have value?
And again all of that is just your imagination and doesn't have any basis in your statement. China banned bitcoin but unfortunately it doesn't work with bitcoin and I will wait for US and Europe to see if they need bitcoin or will remove it like China. They are great powers but that doesn't mean that without their support we would die.
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