Silberman
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April 12, 2024, 08:44:47 AM |
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Now there are so many exchange platforms that have a good reputation in the eyes of many people that they will continue to progress if they don't face problems internally. Because most people will definitely not choose a new exchange platform to put money into it to carry out several activities such as trading and others. So the developers of the new exchange platform have to do more trials and continue to compete and carry out more promotions to introduce their new platform to more people so they can get more users.
Making a name for yourself is always difficult, but I would suppose it is even harder on this market, and that is because once a trader finds an exchange they trust, it will be difficult for them to change it just because a new exchange appeared, after all most traders are using amounts of money that are significant to them, so taking the risk of using a new exchange just to see what is like, while putting themselves and their money at risk makes no sense to them at all.
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Marvell1
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April 12, 2024, 10:07:39 AM |
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When we invest in the market it means we accept risks and are aware of the risks we will encounter. So depending on how you earn, you will store your coins in a non-custodial wallet or an exchange.
Not on an exchange because if you're keeping there and you understand the risk, you're too confident with that and that's quite dangerous. As you earn, you also need to keep yourself informed on how you should keep your money safe and away from exchanges. If you are a trader, you are a P2P buyer and seller, how can you avoid having to use centralized exchanges and store funds on them? As I said, not all investors are holders and there are many ways to make money in this market. Each person will have a different way of making money and a different level of risk tolerance. In addition, it is true that many centralized exchanges have collapsed and caused huge losses like FTX but do you know Coinbase? They've been around since 2012 and are still around today, and what do you think?
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boyptc
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April 12, 2024, 12:33:23 PM |
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Exchanges fail basically due to two primary reason one is Bankruptcy as you mentioned and other one is hack that affects the users funds too, hackers always targetting the crypto exchanges and if they see any vulnerability in their security system they will drain millions in split second and after that the recovery is close to zero.
When an exchange gets hacked, it's hard to trust them back because if they don't do anything to improve their security. The trust of their users will be lesser. But with the popular ones like Binance, despite the hacks that has happened to them. It's just that CZ was too good in confirming the funds of users are safe. Without him saying that, people will lose confidence on them.
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Fuso.hp
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April 12, 2024, 12:39:42 PM |
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Definitely ok for those who are interested in learning. No matter how difficult the task may be, if there is interest in learning, even difficult tasks can be made easy. Trading is not as easy as we see it, in trading we have to take a lot of risk and use our brain to analyze the market as well as have enough patience. If none of these are present then the chances of success in trading are very low. Every person wants to make profit by trading but not everyone's goal is fulfilled because not everyone can trade properly and not everyone can wait till the last time. I certainly welcome those who can wait and who have risk taking ability to this trading section but trading is not the right platform for those who will only trade by looking at market volatility and expect profits very easily.
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▀▀▀▀▀▀▀██████▄▄ ████████████████ ▀▀▀▀█████▀▀▀█████ ████████▌███▐████ ▄▄▄▄█████▄▄▄█████ ████████████████ ▄▄▄▄▄▄▄██████▀▀ | LLBIT | | | 4,000+ GAMES███████████████████ ██████████▀▄▀▀▀████ ████████▀▄▀██░░░███ ██████▀▄███▄▀█▄▄▄██ ███▀▀▀▀▀▀█▀▀▀▀▀▀███ ██░░░░░░░░█░░░░░░██ ██▄░░░░░░░█░░░░░▄██ ███▄░░░░▄█▄▄▄▄▄████ ▀▀▀▀▀▀▀▀▀▀▀▀▀▀▀▀▀▀▀ | █████████ ▀████████ ░░▀██████ ░░░░▀████ ░░░░░░███ ▄░░░░░███ ▀█▄▄▄████ ░░▀▀█████ ▀▀▀▀▀▀▀▀▀ | █████████ ░░░▀▀████ ██▄▄▀░███ █░░█▄░░██ ░████▀▀██ █░░█▀░░██ ██▀▀▄░███ ░░░▄▄████ ▀▀▀▀▀▀▀▀▀ |
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jrrsparkles
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April 12, 2024, 01:25:59 PM |
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Exchanges fail basically due to two primary reason one is Bankruptcy as you mentioned and other one is hack that affects the users funds too, hackers always targetting the crypto exchanges and if they see any vulnerability in their security system they will drain millions in split second and after that the recovery is close to zero.
When an exchange gets hacked, it's hard to trust them back because if they don't do anything to improve their security. The trust of their users will be lesser. But with the popular ones like Binance, despite the hacks that has happened to them. It's just that CZ was too good in confirming the funds of users are safe. Without him saying that, people will lose confidence on them. Binance made the hacks to look like it doesn't affect at all and to an extent further they went ahead and forced the hacker to refund the funds by tracking immediately and blacklisting the address from every platform but it isn't case with every exchange, they will not able to get back again once their funds were drained.
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AakZaki
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April 12, 2024, 07:57:27 PM |
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What I have learnt from my mentor is for us to not keep coins that we can not afford to lose on exchange because exchanges can close anytime. I read that the government are investigating many cryptocurrency exchanges for money laundry and other criminal offense and soon they will find many exchange guilty. Some exchange were already found guilty and other exchange will be found guilty too. For the exchange that does not have the backup money in their reserved to handle the withdrawal that will be coming to their exchange when they get sued by the SEC, they'll fail. Keeping our coins on exchange will make them very valuable to hackers stealing them therefore it is not a good decision to have our coins on exchange in spite of what our reason are for keeping our coins on centralized exchanges.
Hardware wallets are the best for long term storage rather than exchanges, I always do that and never store too many valuable assets on exchanges. I just trade on the exchange and then withdraw profits and quite large capital to the main wallet. There are many exchanges that do not provide cash reserves for emergencies, this would be dangerous. should learn from the FTX incident as it was a pretty big exchange to begin with.
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Bushdark
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April 12, 2024, 08:35:51 PM |
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Looking back in history since Bitcoin was created back in 2009 There were a lot of different exchanges like - FTX, November 2022. Bankruptcy Type.
Three Arrows Capital, July 2022. Bankruptcy Type. BlockFi, November 2022. Bankruptcy Type. Core Scientific, December 2022. Bankruptcy Type. Voyager Digital, July 2022. Bankruptcy Type. Celsius, June 2022. Babel Finance, June 2022. Hodlnaut, August 2022. Cryptopia , Bittrex ,
It happen with all and it can happen with Current ones e.g the last one KuCoin like 7 Days ago two of its founders were charged with violating anti-money laundering laws by U.S. Be smart and keep your assets SAFE always use a Cold Wallet Your Keys Your Coins Does this concern you ? I just hope many people woukd be aware of the risk that is involved in using centralized exchanges especially when they keep all their assets in the exchange without splitting it so in case of anything that could happen. It is better we learn from other people's mistakes and don't do something that is going to have bigger effect on us. Keeping money on an exchange is not bad but we all need to be wise and don it appropriately. We can keep like 40% of our cryptocurrency portfolio on an exchange while the rest can be in the wallet.
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boyptc
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April 12, 2024, 08:45:23 PM |
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Exchanges fail basically due to two primary reason one is Bankruptcy as you mentioned and other one is hack that affects the users funds too, hackers always targetting the crypto exchanges and if they see any vulnerability in their security system they will drain millions in split second and after that the recovery is close to zero.
When an exchange gets hacked, it's hard to trust them back because if they don't do anything to improve their security. The trust of their users will be lesser. But with the popular ones like Binance, despite the hacks that has happened to them. It's just that CZ was too good in confirming the funds of users are safe. Without him saying that, people will lose confidence on them. Binance made the hacks to look like it doesn't affect at all and to an extent further they went ahead and forced the hacker to refund the funds by tracking immediately and blacklisting the address from every platform but it isn't case with every exchange, they will not able to get back again once their funds were drained. Luckily, they've got the funds and reserve and that's why where the "SAFU" started. And that had gained the confidence of most of their users. Hardware wallets are the best for long term storage rather than exchanges, I always do that and never store too many valuable assets on exchanges.
I reckon, hardware wallets are the best if we're going to store crypto and won't touch it for years than the exchanges.
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AmoreJaz
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April 12, 2024, 10:49:36 PM Last edit: April 15, 2024, 06:16:22 PM by AmoreJaz |
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I just hope many people woukd be aware of the risk that is involved in using centralized exchanges especially when they keep all their assets in the exchange without splitting it so in case of anything that could happen. It is better we learn from other people's mistakes and don't do something that is going to have bigger effect on us. Keeping money on an exchange is not bad but we all need to be wise and don it appropriately. We can keep like 40% of our cryptocurrency portfolio on an exchange while the rest can be in the wallet.
You can keep some of your coins in the exchange if you have other trading activities that you need to do or avail some of the financial services like staking or savings in the exchange. But if not, it is always best to get it out of the exchange. Even if the exchange is top rated or reputable, you'll never know what will happen next. Just like the examples mentioned by the OP. Who would have thought that FTX was having trouble with their business? A known company backed by a lot of investors, and yet, it failed owed to funds mismanagement of the CEO itself. It was not the first of its kind, remember Mt. Gox, and yet, many people haven't learned their lessons yet.
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Ahli38
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April 13, 2024, 02:56:42 AM |
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Does this concern you ?
Obviously this is always a worry for me as a daily trader who has to deal with the market every day on the stock exchange. Especially on centralized exchanges. It's just that as long as an exchange has a clear proof of reserve that we can always monitor. then I think the worry is a little less. Especially Binance which has SAFU. Proof of Reserve also began to be implemented on every exchange after the events that occurred in the FTX bankruptcy tragedy. And after that every trusted exchange implements Proof Of Reserve. So my worries are reduced. The problem is that we must always remember that Cex is not for storing our money or our assets. it's just a trading place. After we finish trading, we must immediately move our assets back to our personal wallet.
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Strongkored
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April 13, 2024, 05:39:46 AM |
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Does this concern you ?
Not so, because I only have a few assets left in the exchange and it is not withdrawn because it will only be detrimental if later intend to sell it because the cost of the network could have risen when the market is bullish. Many exchanges have failed, because of problems from outside and also from inside the exchange, for example from inside the stock exchange, is a mistake in managing how the owner is involved in illegal actions that should not be done by the exchange owner, the increasingly fierce competition of exchanges as well as the regulations of the government make the exchange failed, but what often happens is due to management mistakes and tells the public because of hackers.
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slaman29
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April 13, 2024, 09:30:59 AM |
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Does this concern you ?
Not so, because I only have a few assets left in the exchange and it is not withdrawn because it will only be detrimental if later intend to sell it because the cost of the network could have risen when the market is bullish. Many exchanges have failed, because of problems from outside and also from inside the exchange, for example from inside the stock exchange, is a mistake in managing how the owner is involved in illegal actions that should not be done by the exchange owner, the increasingly fierce competition of exchanges as well as the regulations of the government make the exchange failed, but what often happens is due to management mistakes and tells the public because of hackers. Yep, same here. I never leave my Bitcoin on exchanges, I hardly ever use them but if I do immediately it's to sell and withdraw. But of course over the years I lose lots and lots of shitcoins mainly because they're way too small to exchange due to fees and minimum withdraws. I think tho if I calculate all my lost shitcoins on exchanges maybe its in 100s of dollars. 10 exchanges who failed and kept all my shitty coins, x 20 or 30 shitcoins lol I bet they make money like that from thousands of users like me.
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Huppercase
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April 13, 2024, 07:52:23 PM |
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It happen with all and it can happen with Current ones e.g the last one KuCoin like 7 Days ago two of its founders were charged with violating anti-money laundering laws by U.S. Be smart and keep your assets SAFE always use a Cold Wallet Your Keys Your Coins
Does this concern you ?
If users deposit money into an exchange and that exchange keeps the user money and don't tempered with it, how will that exchange ever fail? It's like given somebody money to hold for you and when the time is right that you need your money back, they give you exactly how you you gave them and everything settle. As for the exchange, they benefits when you want to withdraw because they charge you more than they asked you for withdrawals and also gains from fees. The exchanges that we see collapsed most often tempered with customers money and when something goes wrong, they don't know a way out because nobody will help them out with the money, not even a fellow exchange will want to lend them because they don't have money on their own in the first place, it's all customers money and given it out will jeopardize their trust with customers as well. When exchange put greed before anything, they will likely fail.
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shield132
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April 14, 2024, 09:47:41 AM |
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There are many reasons why they fail and I think that some exchanges fail intentionally, it's part of their plan. Some exchanges don't invest money in security and become victims of software bugs, they don't implement good practices of how to securely store coins, and some of them store too many coins in a hot wallet and hold small reserves in a cold wallet, which is totally dumb. Some exchanges invest too much money in different cryptocurrencies, ignoring the necessity of having users' reserves stored securely. Then when the price of these coins fall, they lost too much money. Exchanges promise you that your deposit is backed by real coins but behind the scenes they manage your funds as they wish, they invest in coins to pump and dump prices to make even more money but sometimes they fail in this game and go bankrupt.
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senyorito123
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April 14, 2024, 01:25:05 PM |
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Of course this gives me a huge and serious concerns that we should be keen enough to buy specific asset without any doubts that i makes us drown with regrets in the near future. With that scenario with kucoin, it brought a huge impact to the entire market that would bring a huge fear to lots of holders on particular cryptocurrency. However we should generalize all those active and promising trading sites, because I still believe that everything happens for a reason. The most important thing is we should move on and make it as good lesson not to engage into something doubtful with respect to asset choice. Volatility is the main reason, we should be careful of that.
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AakZaki
Legendary
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zknodes.org
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April 14, 2024, 07:52:20 PM |
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I reckon, hardware wallets are the best if we're going to store crypto and won't touch it for years than the exchanges.
Certainly the best at the moment and I've been using it for about 5 years now. It provides good enough security for my main crypto assets to remain untouched by the internet and be a wallet that only I can use. But the most important thing is to keep the seed phrase in the safest place.
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Patrol69
Sr. Member
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Axioma Holding - Axioma Pay Crypto Card
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April 16, 2024, 02:05:48 PM |
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Those who entered the market with the plan of staying permanently in the exchange market but tried a lot and if after trying they disappeared from the market, it is not their failure. Rather, when an exchange gets popular and after getting popular, when the owner of that exchange embezzles all the money and declares the exchange bankrupt, we can consider that as a crime. Many exchanges have not gained popularity so they have disappeared from the market but many exchanges have struggled so much that they are currently at the top position in terms of popularity. We should be satisfied with the ones that have managed to get a good place in the market without worrying about those that have not made it into the market.
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Yamifoud
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April 19, 2024, 01:12:09 PM |
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Those who entered the market with the plan of staying permanently in the exchange market but tried a lot and if after trying they disappeared from the market, it is not their failure. Rather, when an exchange gets popular and after getting popular, when the owner of that exchange embezzles all the money and declares the exchange bankrupt, we can consider that as a crime. Many exchanges have not gained popularity so they have disappeared from the market but many exchanges have struggled so much that they are currently at the top position in terms of popularity. We should be satisfied with the ones that have managed to get a good place in the market without worrying about those that have not made it into the market.
Popularity matters a lot in the crypto space but this won't assure everything that they won't fail. However, the chances of survival is quite high because traders build their confidence and stay in an exchange that gives them a better earning opportunity. Huge volume exchanges make traders agree to stay there and get the favor or earning compared to those who have low trading volume. These are the assets that most traders are looking for an exchange to use, plus the security level. Traders build confidence when the hear positive feedback making popular exchanges become more famous than others( especially new sites).
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Miles2006
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April 20, 2024, 09:17:12 PM |
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This is just normal and I'm not surprised, it's left for you to make wise choice when dealing with digital assets. Wise choice like knowing the right wallet to save a coin, aside exchange failing over and over, keeping money in an exchange is wrong and it can easily attract scammers so from my thought an exchange is not a trusted place to store coins. Exchange which crash are mostly referred to as a scam and developers of such exchange are scammers as they build an exchange with different motives and they work accord to such aim. It's always advisable to go for trusted exchange even if scammers will come or not don't store coins on an exchange, I read similar topic in my LB and from my opinion storing coins in an exchange is just similar to saving money in an open space where everyone can see, secondly using KYC wallet to store your coin is wrong cause it's no longer an annoymous act.
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TheUltraElite
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So anyway, I applied as a merit source :)
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May 10, 2024, 05:04:12 PM |
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Exchanges failing have a multitude of reasons, hacks and scammers running from the background are very common while government crackdown are rare but more like the ultimate nail in the coffin.
If the trader base is good and the exchange is having a good customer support, they will continue to operate without any obstacles. People gain the faith on the exchange through long term use and their responsiveness.
To be safe, dont use the exchange wallet as place to hold your live savings and use known exchanges.
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