gbianchi (OP)
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February 06, 2015, 02:49:22 PM Last edit: February 06, 2015, 03:16:31 PM by gbianchi |
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very insightful post - thank you
I assume we all know how fishy most of the exchanges are working but I never thought directly about that possibility.
Thank. Spread the word about this problem, and remember the golden rule: DO NOT HOLD YOUR BTC ON THIRD PARTY EXCHANGES – BE YOUR OWN BANK your advice, I guess at this point of time is the only thing we can do. do you have any possbilities to estimate at which rate they are probably doing this.
I am not that deep into blockchain analysis as you are, but some of the exchanges adresses are known. I think it could be quite easy to estimate wideley they fluctuate in terms of coins. I assume they have a stock which is barely moving and even if they care, they could use at least half of this to do FRB. Do you have further information?
I am making some work about this. Edit: this obviously holds true for every off-chain transaction type, whether it be changetip, satoshi dice or every other possibility doesn't it?
Sure. every off-chain transaction expose to this problem. But BTC exchanges have on their wallets a lot of BTC....
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gbianchi (OP)
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February 06, 2015, 10:55:59 PM Last edit: February 06, 2015, 11:19:18 PM by gbianchi |
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I am not that deep into blockchain analysis as you are, but some of the exchanges adresses are known. I think it could be quite easy to estimate wideley they fluctuate in terms of coins. I assume they have a stock which is barely moving and even if they care, they could use at least half of this to do FRB. Do you have further information?
do you know where i can get an updated database of exchanges addresses ?
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countryfree
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February 07, 2015, 12:00:28 AM |
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I am not that deep into blockchain analysis as you are, but some of the exchanges adresses are known. I think it could be quite easy to estimate wideley they fluctuate in terms of coins. I assume they have a stock which is barely moving and even if they care, they could use at least half of this to do FRB. Do you have further information?
do you know where i can get an updated database of exchanges addresses ? I don't think such a thing exists. And if it does, it would need to be constantly updated, since BTC allows easy, free and unlimited addresses creation.
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I used to be a citizen and a taxpayer. Those days are long gone.
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pereira4
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February 07, 2015, 02:04:31 AM |
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What if you are a day trader and need to keep your coins on the exchange to benefit from market movements?
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justusranvier
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February 07, 2015, 02:23:37 AM |
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What if you are a day trader and need to keep your coins on the exchange to benefit from market movements?
You could always reconsider your choice of hobbies/occupations.
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acquafredda
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February 07, 2015, 08:50:15 AM |
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What if you are a day trader and need to keep your coins on the exchange to benefit from market movements?
you take the risk by trading anyway, that's up to you. I only hope you don't trade everything you have. ![Wink](https://bitcointalk.org/Smileys/default/wink.gif)
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gbianchi (OP)
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February 07, 2015, 09:50:18 AM |
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What if you are a day trader and need to keep your coins on the exchange to benefit from market movements?
how I wrote in Q&A : "Of course there are traders out there who will keep their BTC on the exchanges a little longer but for the average Joe there’s no need to use an Exchange as a wallet." the "DO NOT HOLD YOUR BTC ON THIRD PARTY EXCHANGES – BE YOUR OWN BANK" mantra is for average Joe, traders are forced to keep their BTC on exchange wallet. actually I dont know a solution for traders, only keep they BTC the shortest time they can (or change hobbies ![Wink](https://bitcointalk.org/Smileys/default/wink.gif) )
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Q7
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February 07, 2015, 11:06:24 AM |
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The concept you explained is similar like what we see in banks. If every person who holds an account decides to make quick withdrawal simultaneously at the same time how many banks can actually liquidate the assets that they hold to pay off that amount?
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gbianchi (OP)
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February 07, 2015, 11:15:16 AM |
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The concept you explained is similar like what we see in banks. If every person who holds an account decides to make quick withdrawal simultaneously at the same time how many banks can actually liquidate the assets that they hold to pay off that amount?
the answer is almost no banks can liquidate more than 2 or 3% of their deposit! In eurozone they actually have 1% of reserve requirement (was 2% before 2012), in USA some small banks can have 0% of reserve ! http://en.wikipedia.org/wiki/Reserve_requirement
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countryfree
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February 07, 2015, 04:05:45 PM |
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the answer is almost no banks can liquidate more than 2 or 3% of their deposit! In eurozone they actually have 1% of reserve requirement (was 2% before 2012), in USA some small banks can have 0% of reserve ! http://en.wikipedia.org/wiki/Reserve_requirementNote that in China, reserve requirement is 19%. It has just been reduced from 20%. Everywhere in the world, legal requirements are shrinking.
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I used to be a citizen and a taxpayer. Those days are long gone.
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gbianchi (OP)
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February 07, 2015, 09:08:54 PM |
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the answer is almost no banks can liquidate more than 2 or 3% of their deposit! In eurozone they actually have 1% of reserve requirement (was 2% before 2012), in USA some small banks can have 0% of reserve ! http://en.wikipedia.org/wiki/Reserve_requirementNote that in China, reserve requirement is 19%. It has just been reduced from 20%. Everywhere in the world, legal requirements are shrinking. People must be aware. They have the power for not replay this shit on bitcoin ecosystem... simply DO NOT HOLD YOUR BTC ON THIRD PARTY EXCHANGES – BE YOUR OWN BANK
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gbianchi (OP)
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February 08, 2015, 09:30:00 AM |
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![](https://ip.bitcointalk.org/?u=https%3A%2F%2Fi.imgur.com%2FygUagik.png&t=665&c=U_nCE4KKR0QXTw) This chart shows the growth of the addresses and transactions. As we see, the growth of the addresses is quite stable, the transaction is a bit more sluggish, but has always remained around 30% throughout 2014. Remember that the y-axis scale is logarithmic ! ![](https://ip.bitcointalk.org/?u=https%3A%2F%2Fi.imgur.com%2Fy0AlCcs.png&t=665&c=YoheGhmORYBOLA) In this chart I overlay addresses and transactions with prices and some quadratic regressions quadratic regression of 2014 has strong negative slope .... against the trend to all other phenomena that are growing significantly
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TheDreadPirateDickstein
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February 08, 2015, 10:29:45 AM |
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I'm sure they do......sure.
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gbianchi (OP)
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February 08, 2015, 01:25:36 PM |
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I'm sure they do......sure.
Spread the word about this problem, and remember the golden rule: DO NOT HOLD YOUR BTC ON THIRD PARTY EXCHANGES – BE YOUR OWN BANK
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gbianchi (OP)
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February 08, 2015, 06:26:46 PM |
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gbianchi (OP)
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February 09, 2015, 05:43:38 PM |
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Sounds like they're happy having fun with IOUs, maybe not so happy when they try to turn those IOUs to something of value and get FUs instead but that's the way of the world, fools and their money are easily parted. Could say take responsibility for the security of their funds, use cryptos built in security to ensure their safety but it would get the usual answer, "but no one trades on (transparent and verifiable exchange), I have to use (trust-based exchange with lots of unverifiable activity)". Darwin has the answer for it, just takes longer is all and lines unscrupulous pockets in the process :/
A fool and his money are soon parted...
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Trolololo
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February 09, 2015, 10:27:21 PM |
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Niche chart ! 1 million satoshis tip for you. ![Wink](https://bitcointalk.org/Smileys/default/wink.gif)
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gbianchi (OP)
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February 10, 2015, 11:19:13 AM |
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Niche chart ! 1 million satoshis tip for you. ![Wink](https://bitcointalk.org/Smileys/default/wink.gif) thank ![Wink](https://bitcointalk.org/Smileys/default/wink.gif)
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