Quote from: clrpod on January 06, 2018, 07:19:26 PM

Quote from: zephyr88 on January 06, 2018, 06:45:49 PM

I'm having a difficult time in trusting any of these online exchanges, what is to keep them from pulling out and doing an exit scam? The solution seems to be physical wallets like the Ledger or Trezor, but what is to keep the developers from putting a backdoor into the software that drains all coin once it reaches a certain amount, or to take fractions of a coin without leaving a history of such? If only have 1-2k in it thats not a gigantic hit, but lets say you have millions in coin. Is there nothing more secure one could do?

I mean other than the fact that it's highly illegal and they'll like be sent to jail for a very long time for fraud - pretty much nothing. Oh also the fact that they make an absolute fortune already so is there really any need? Exchanges biggest threat is being hacked, the likelihood of them combusting of their own doing is far less likely and would only really occur with some malpractice.

Remember big Vern who ran the USA based cryptsy exchange? He wiped the database clean and moved to China. The USA government doesn't have an extradition treaty with China so they can't touch him unless he returns.

I no longer trust any exchange because of that. Use them if you have to make a trade, but withdraw your coins to a wallet you control immediately afterwards. It's a gamble trusting any exchange with your coins. Once they have them you might never get them back.