Quote from: siruiiuris on July 19, 2019, 01:10:31 PM

Hi, I want to share my ideas about crypto currency exchanges. I think that there are some problems. And I am wondering people are agree with me or disagree?

Today's available exchanges have really big influence over crypto currency investors:

They can appropriate the invests of investors.
If they are attacked and lost the invests to hackers, there are not any legal regulation so you can not ask about your invests to anyone.
They can stole the invests and can say that hackers has stoled the invests and anybody can not say not 'it was you'. Like Mt, Gox.

Please stop exemplify about Binance. It was their initiative and good for them. But not every exchange like them.

So how can you trade securely? Do you feel comfortable?

How do you see the future of decentralized and centralized exchanges?

Quote from: sheenshane on July 19, 2019, 02:05:20 PM

Quote from: bitmover on July 19, 2019, 01:32:24 PM

snip-
The best practice is to always keep your funds out of exchanges. Do not leave any money there. Always move it to your wallet, no matter how much you are paying in withdrawal fees.

The safest way is this advice because once you are not holding your private key in storing your fund it means that is not yours. Just like in leaving your fund the wallet of some exchanges platform whether that is a centralized or decentralized exchange as long as they are holding your fund and they are a third party who holds your fund.

Quote from: bitmover on July 19, 2019, 01:32:24 PM

The problem with exchanges is the lack of strict regulations, and usually you are sending your money to other countries with different laws which you probably do not understand and/or have difficult to reclaim your rights. Especially cryptoxcrypto exchanges, which are usually physically located in remote locations with convenient laws (for them).

That's right and the crypto market space are now struggling on these kinds of organizations had.

Google credit

Hi guys, I am one of the GM's of Nova Exchange.
Nova Exchange is owned by Goobit AB, which also runs BT.CX since 2012. We are early adopters of Bitcoin and Blockchain as a technology.

That was for the marketing part of our exchange...

I would like however to throw my insights, from what I am hearing, and observing, as an individual that works in an exchange...

By all means, I am not much more an expert than you are, so what I am about to write below, does not certainly apply to everyone, as in overall, I believe that the industry is much more secure and healthy today than from what it was 1 or 2 years ago.

First of all, let me say that this thread is a very nice initiative, and I hope that it has more reads, comments and insights from also other leaders in the space, not from a marketing perspective (I am the best and bla bla), but from an honest point of view, in order to bring the mainstream adoption that we are all looking for, and bring that adoption with a certain level of awareness and responsibility...

From my perspective, the reason that yet the industry is involved with many scammers and hacks, is due to a couple of things, however, the main reason, I believe, has to do with....

"personal development" / owners of the exchange
the values of the organization behind it
and the developers of the exchange.

I have noticed, that scammers have no ethical values, their development is made in a quick way (1-5 months) only for the "eyes" of the public (focusing on the interface of it so that traders like it).... Then they spend a couple of Bitcoins on marketing, they hire fake volume bots, and once there is a certain amount of traders/real volume gathered, they disappear with the funds. All this must happen within a short period of time in order for authorities to not react and catch them, so where there is too much of a buzz, be sure to question well!.

I personally, in many Bitcoin meetups, heard crypto exchange owners from 2015-17, "pleasing" themselves that they coded alone a crypto exchange within 3-5 months.
But can u trust your money to a code that has been developed for such amount of time? Especially when there was NO BACKGROUND or experience at all (how many exchanges these guys have previously coded in order to "master" the prototype??).

Almost no-one had coded an exchange before Bitcoin era, and the ones that did, worked for banks, nasdaq, NYSE, LSE etc...

Exchanges are complex by nature, and they require a huge amount of time and a large team behind them (serious, smart and GOOD developers, good management, even greater lawyers, and lastly, marketing), in order to be competent and to at least stand up on their feet.

I would personally, before trusting my money on an exchange, check the team behind it.
Who are the owners that are managing my hard-earned funds?
Then I would contact the exchange by sending an email to their support, asking some basic questions, see how the reply looks like, get a basic feeling of it.

Then GOOGLE the exchange, and try to find as much data as possible (is the exchange organic, does it have real users?)

Lastly, it is illegal for someone to promise you profit because in the money game there is no guarantee. So if someone promises that you will win money by giving him money... stay away!

Where I would personally trade?

Only at exchanges that require KYC (and I am being serious here, despite I value the anonymity that crypto is all about, and if someone wants to "illegally" trade funds, then he should not blame the exchange the illegally exit scammed him)!
The reason for that, is because KYC brings a level of security and protection, as the exchange knows who traded what, there is no wash trading behind it, and hackers stay away from such exchanges...

Exchanges that require KYC, are trying to become fully regulated and clean (if not already). Also, if an exchange has at least a KYC requirement above a certain level, it means that it spent money for verification, something that an exit scammer would most probably never do, as it will involve him with much paperwork and time, that a scammer would by nature want to avoid.

I would also suggest, to NEVER keep all your funds in exchanges, but only the funds that someone will be trading with, and that should only be a small portion of what someone is holding. This because:

YOUR KEYS = YOUR MONEY! NOT YOUR KEYS = NOT YOUR MONEY!

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