View this post on Hive: [PSA] Exchanges don't owe you damn thing - Part 2
[PSA] Exchanges don't owe you damn thing - Part 2
7 years ago by themarkymark (78)
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Nice, you got a 36.0% @peaceandlove upgoat, thanks to @themarkymark
It consists of $10.56 vote and $-0.84 curation
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I just got into cryptocurrency in the last month because I had a stash of ecr20 tokens I just found out about that was worth something. I had signed up for a lost of exchanges a year before after finding Steemit. So when I showed up a year later, a few were like wait a minute and locked my account down. I fought with a few for a while, then realized when I did get access, the whole process scared me away and I won't use them. So I got a hardware wallet, my first bitcoin purchase and have used it, ShapeShift and Gemini for the last month until I have time to do in-depth research. It's exciting, but also stressful because all of the stories I've heard.
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Yikes. I have never tried to get money out of an exchange. Kind of a lack of due diligence on my part I suppose. I don't plan on trading any of my cryptos for cash and getting that cash off the exchanges any time soon but it is something to think about for when that time comes.
I have never used Poloniex and I haven't really heard anyone say anything particularly good about them. As of now Coinbase is my gateway for turning dollars into Bitcoin or Ether. I usually get Ether because it's faster to transfer and I usually turn right around and transfer it to other exchanges that offer a much wider array of coins or I send it here through @blocktrades and power it up.
I did make about a $150 mistake with Bittrex one time when I accidentally sent Bitcoin to my BCC wallet address instead of a BTC address. Their policy states that they won't necessarily commit to investigating and recovering botched transactions under $5,000 (yes FIVE THOUSAND).
So I received a form email saying yeah we'll look into it and maybe we'll get back to you and maybe we won't (not in those words but you get the gist of it). That was a couple of months ago and I've long since written that off as a loss. It was my mistake and I accepted the risk of losing it all when I put it into cryptos in the first place.
I now triple check the deposit address and make sure it's the right wallet for every single transaction.
As far as regulations go, I don't know that I want the industry heavily regulated bc the US govt seems to destroy everything they touch but it would be nice to have some type of assurance that our money / coins are safe and the exchanges are accountable.
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This isn’t even pulling money out of the exchange in the sense of going to fiat. Eventually if you live long enough you have to pull money out at some point.
In my case I was going from Bitshares to Steem.
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A little late to the game but:
Do they offer return addresses when something goes wrong like you said?
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so far I have only put money into Steemit and not tried to take any out
But is a good warning and good to know for the future and to be aware of
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This is exactly why decentralized exchanges like bitshares are so important as well as atomic swaps. Hopefully the centralized exchanges will be obsolete in the not too distant future.
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Bitshares is exactly what I am talking about. That’s where I lost the $20 as others have.
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This is the biggest issue with crypto currently. Loose your key or password and millions can vanish over night with little to no hope of recovery.
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A lot of crypto fans see a future where crypto is mainstream and replace centralized currency.
If that is the case, that means crypto will be used to pay for food, rent, and everything else.
What if you lose your key, get hacked, or any of the numerous other scenarios? Should you become homeless without food or shelter? Should your kids starve as well?
Ok. Let’s say you answer no? So we add some sort of recovery fail safe option. How do we do that? The answer will take us back to centralization.
Now let me run another scenario. Have you considered what it would take for your mother or grand mother to be able to use crypto on a daily basis without losing their keys every other day? The solution to this is simplication. Basically credit card type of system, and here we are again, back to centralizion.
There are a lot of issues to resolve and currently exchanges are bailing left and right on US citizens and any mistake by your or them is generally your loss.
I’m a big fan of crypto but it isn’t as pretty as it is made out to be.
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Congratulations! This post has been upvoted from the communal account, @minnowsupport, by Malcolm Reynolds from the Minnow Support Project. It's a witness project run by aggroed, ausbitbank, teamsteem, theprophet0, someguy123, neoxian, followbtcnews/crimsonclad, and netuoso. The goal is to help Steemit grow by supporting Minnows and creating a social network. Please find us in the Peace, Abundance, and Liberty Network (PALnet) Discord Channel. It's a completely public and open space to all members of the Steemit community who voluntarily choose to be there.
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I'm new to all of this but have already heard scary stories. I don't pretend to know what the answer is. :(
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