Post
Topic
Board Economics
Re: Why can't we have a good cryptocurrency exchange?
by
avikz
on 14/05/2019, 02:45:21 UTC
Ima be blunt, based on the fact that loads of people are still without exchanging trade pairs because the likes of binance and such have decided to close deposits indefinitely (gcse computer science and business for us teaches how to develop disaster recovery regimes) so the fact that high profit exchanges can't do it is just off.

Most of these exchanges do stuff with customers money too while on there especially if they haven't withdrawn for a long time. Coinbase, poloniex, bitmex and binance I believe will all be susceptible to this, as well as bitfinex who have already proven how great their money management strategies are (I luckily only had a dollar on there at the time of that hack)...

Hacking doesn't have to do anything with the reputation of an exchange. Any and every exchanges are prone to hacking no matter how stringent information security mechanisms they have! The reputation matters when an exchange gets hacked and how they manage the entire scenario to get back online and refund their customers.

On the recent hack on Binance, I believe they are trying really hard to get the situation under control. The owner is being upfront in communicating their plans and they have created a fund called SAFU to deal with such unforeseeable events. That's where the reputation comes from!