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RE: EVERYONE NEEDS TO START USING BITSHARES!!! POLONIEX: The Scourge Of The Cryptocurrency Exchange Space Is At It Again . . .
Really 3 secs? I will give it a try. Just started crypto a month ago but started with bittrex. Thx for your very clear answer. How was the Greece trip? followed you. you must be one Lucky guy to be part of this community. keep sharing.
I´m using Bittrex as well. Never had any issues with them. Bitshares doesn´t have that many coins so it´s very limited in use-cases. If they would add more coins I would use it but so far not really an option. Just my opinion ;)
You are going to work hard, spend innumerable hours trading, face down countless risks with equanimity and grow your net worth to a distinguished level making you a pillar of our crypto society! You will keep it on a trusted centralized exchange because the liquidity and trading choice is larger and you become complacent to the risk over time.
...................................................and then it's gone!
Have you no sense of history? Even the very short history of centralized crypto exchanges? No exchange overcomes the temptation to fractionally reserve in the long run as investors and shareholders clamor for more profits.
Just as no fiat currency has ever, in the long term, not been printed into oblivion by the lust for power in men's souls.
Now that's a statement I will put in CAPITAL in my notes. So decentralised is to only way to go from now to the future. I just started and started really small so I put no attention to it. But I can imagine that when you worked hard and it is gone at once you are really want to do something !!**&% thx for your fantastic upvote, I am flabbergasted. !! this will make me more enthousiastic. and also to make my once i a lifetime dream holiday with the kids.
wise words. i'm glad i read this before i actually made my first deposit on either of the centralized exchanges i created my accounts on. looking at my feed from the past couple of hours, i can see the amount of annoyance/problems caused from the steem/SBD disabling by poloniex. you might have actually saved me a bunch of trouble. thanks, and followed!
Yeeeeeeeeeeep . . .
We need to create a Mt. Gox holiday that reoccurs on a monthly basis, hell maybe even a weekly or daily basis so people don't forget the dangers of trusting centralized exchanges.
Besides all the problems with decentralized money on a centralized exchange, and yes history has shown there is a big risk, also you have to think about a potential evolution in those exchanges. I am having right now 2.5 btc on poloniex for lending purposes. I thought quite some time about the risk of those exchanges, and although its there i think they became much more mature, then they have been just 1 or 2 years ago. Poloniex was even hacked, once, about 10% of their btc was stolen, but poloniex managed to pay everything back. They dont want to be hacked, and they dont want to steal their own coins because its not easy to get away with that...They want to continue operation, why? Because: they have right now 400,000,000 $ volume (24h), which means they make in a single day about a million with order fees. Thats a profitable and scalable business, you dont want to lose. I can afford to lose all my btc without getting into financial problems, so i would advise anybody! Think of it like this: First Phase: nobody cares or sees a problem with cryptos on exchanges. Second Phase: People became aware, and many professionals in the scene are warning about it. But i think the risk is maybe lower then expected.
If they're making a million dollars a day, then why in the seven hells does it take them weeks to verify users and answer support tickets? Alarm bells are going off...
Not sure what do you want to tell me? I think you can use this exchanges, not all of them are bad. Of course, you shouldn´t let all the money on it. I´ve never had any issues with them so I can´t complain. It´s better to have a decentralised exchange that´s right but if they don´t have the coins you want to trade? I never used Poloniex, because of the bad news. I think if you're using it, it´s your own fault. Don´t get on a boat which is sinking....
He's trying to tell you that Fools, and their Money, eventually and inevitably go their own separate ways :-)
okay ^^
I agree, but believe me that world of crypto in the beginning is not easy. you fall and need to stand up again. learn from it. let your wounds heal and continue.. But I love the lessons here.. no trolls. I have seen honest comment. and thats whats matters
"But I love the lessons here.. no trolls."
I think this really matters here on steem, I hope that this will continue!
right..
Amen... and I lost a small fortune in mtgox scam, @ckcryptoinvest all these exchanges one day will vanish ( due regulations, scams, hacks ). I am back to crypto after several years and right now everything look much better, but I will never trust any centralized exchange ever.
and from the latest news
The largest bitcoin and ether exchange in South Korea by volume, Bithumb, was recently hacked. Monetary losses from compromised accounts have started to surface, and are quickly reaching into the billions of won.
BitShares has more coins without liquidity than with, it's a bit of a chicken or the egg problem. The only way liquidity will increase is if people use it - so we have our work cut out for us.
Even OpenLedger IOUs are better than using a centralized exchange. The risk of a hack is much lower, because thanks to the DEX OpenLedger's attack surface is much smaller than a centralized exchange
Bittrex FTW! Use it as well.