Post
Topic
Board Announcements (Altcoins)
Re: [ANN][USB] USBCoin - POS. Listed on Bittrex. No IPO, No Premine, No instamine
by
elkrisi
on 29/07/2014, 10:50:23 UTC
What's it going to be?

a) Exchanges will list any shit coin they come across and traders bear ALL risk?
or
b) Exchanges will take all sorts of measures so when a coin is listed traders can TRUST that this coin is legit and exchange bears part of the risk?

I have lost a little bit on USB scam but I trade in full knowledge that crypto world is in (a) status.

Is (a) acceptable? Is bittrex a scam operation itself? Can we do better?

I say this is crypto... We assume huge risks playing here and every player should realize this. USB lasted 2 days but does this mean coins that last 2 months are better? We are in the very early days of crypto currencies. The market is testing a thousand variations per day. 999% are either outright scams or just plain stupid me-too attempts at riches and glory.

And let's face it: we are at scamrex because the guy who took 10,000 BTC for a pizza is now sitting on 6 million USD... so we too hope the same will happen to us with USB or URO or any letter combination thereof. And that comes at a price.

If you want triple auditing trails, Sarbanes Oxley reports and regulated exchanges, you can always buy APPLE at NYSE or any other letter combination out there.

Does this mean things will stay as is and the next coin going to da moon is 199% certain it's going there with YOUR money?
Well, that's the big BIG challenge for bittrex or other exchanges: if there is any future in crypto coins, then the clever exchanges will / MUST get better at protecting their traders.
The exchanges that will survive will be the ones that really pick up very carefully the coins to be listed there and put clever risk management systems in place.

Until that day, I say goodbye to my btc risked on USB scam and look for a more serious exchange than bittrex.