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MajesticWaterBuffalo t1_ixmss36 wrote

Reply to comment by AcidShAwk in Reuters: Global regulators to target crypto platforms after FTX crash by Globalist2

They need the exchanges to sell to the greater fool.

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[deleted] t1_ixnmuh4 wrote

[deleted]

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newnamesam t1_ixnwjju wrote

You missed the point or don’t understand what you’re gambling on.

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dudeedud4 t1_ixo54jn wrote

Huh? I've never used an exchange and just make a thread on forums going like "[H]$50 paypal [w]$45 eth/btc/whatever"

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TheNewGirl_ t1_ixo6xq3 wrote

ah yes because thats so much better than normal money

when you have to do all that bs anytime you want to convert your shit into a form you can actually spend on goods and services ...

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Liraal t1_ixpydd8 wrote

It's actually funnier than that - most if not all cryptocoins don't have escrow or exchange mechanisms built in, only give/send, at most swap for other crypto. If someone goes on a forum and asks for "paypal for XXX $ElonCumRocket," there is absolutely 0 guarantee of not getting stiffed, without a trusted 3rd party that they explicitly reject. Absolutely hilarious when you consider this.

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t-poke t1_ixqns2x wrote

You’re not doing anything to defend crypto’s safety and security with this post.

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dudeedud4 t1_ixqoevy wrote

The security is the anonymity for this. Way safer than a crypto bro exchange.

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t-poke t1_ixqoraw wrote

Safer until you send a completely anonymous stranger on the internet 50 bucks on PayPal then they ghost you.

Not to mention in this example, if it goes well, you’re losing 10% in value.

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dudeedud4 t1_ixqozge wrote

The example is just that, an example. The lower amount coming in is an incentive and based odd the fees/time it took years ago. And I've never had a problem doing it this way. Always used trusted members on forums.

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in-game_sext t1_ixn0tb6 wrote

There are exchanges that can't be regulated (called DEX's)

If there is crackdown on centralized exchanges then more people will just start using DEX's.

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Agent_Angelo_Pappas t1_ixnhw2c wrote

If they opted for a “centralized” exchange in the first place that suggests they’re not interested in those. A regulatory crackdown probably won’t be good for Bitcoin like you think

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in-game_sext t1_ixni3ek wrote

People use what they prefer until its no longer a choice. Then they use the next option available.

I didn't realize that was difficult for people to grasp.

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Agent_Angelo_Pappas t1_ixniq01 wrote

Virtually no one “prefers” being responsible for their own financial security. Most people aren’t IT security experts and are human and subject to make errors. It’s not rational to take on all that risk yourself

I suspect most people getting burned by these exchanges are just going to go back to banks, not an even worse version of those exchanges. i DiDnT rEaLiZe tHaT wAs DiFiCuLt FoR yOu To GrAsP

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newnamesam t1_ixnx9hd wrote

That’s all well and good until they get banned at the DNS level, by ISPs, and by banks. Yes, there are workarounds but Ponzi schemes like crypto depend on new blood primarily from the uneducated. They’re not the kind to use IPs as addresses and intermediaries.

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Myss-Cutie t1_ixn0elg wrote

Not true. It makes it easier but it’s perfectly legal and common to sell to local currency without exchanges.

−38

ItIsYourPersonality t1_ixna03k wrote

It’s so funny to see people so uneducated about a subject trying to take a victory lap over things they do not understand.

Crypto bros are rejoicing that scams they pointed out years ago are finally proving to be scams. Centralized exchanges are simply taking customer money and buying other things with it instead of backing customer assets. That why Not Your Keys = Not Your Crypto.

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celtic1888 t1_ixnbrz2 wrote

And the goal posts are dragged even further by the crypto bros………

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Aazadan t1_ixnxwat wrote

Naa. I’m as anti crypto as you can get, and exchanges are still a good deal more sketchy than even the more speculative coins out there.

Exchanges exist primarily to let people bypass blockchain limitations, when it’s those very limitations that are what allow crypto to deliver on any promised benefits. Basically, whether you agree that there are benefits to crypto or not, the benefits of all transactions being on a ledger, security, and so on rely on the blockchain actually being used.

A market where such an idea can prove successful or not can’t exist with exchanges in the picture, and it never could.

That said, a lot of people like them for the convenience. Despite the fact that every single one of them has proven to be a scam.

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UsedToBsmart t1_ixojfsb wrote

It’s the circle of life, a scam trading platform for a scam investment.

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ItIsYourPersonality t1_ixnbuq1 wrote

You’re really highlighting your knowledge on the subject.

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celtic1888 t1_ixncldk wrote

Yes…. The cry of the crypto bros

‘You don’t understand our genius’

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ItIsYourPersonality t1_ixnd0ur wrote

If you don’t understand that giving someone you don’t know all of your money in exchange for pixels on a webpage is stupid, then no you don’t understand my “genius” (I’d call it common knowledge personally, but it’s apparently not common to you).

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Agent_Angelo_Pappas t1_ixnid1h wrote

Most my money exists digitally in a ledger. 30 years on still have it. Turns out you can safely store your savings digitally if you just know who to give it to take care of it(in my case a regulated federally insured bank)

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t-poke t1_ixqo8b7 wrote

I have no problem giving my bank all my money in exchange for pixels on a webpage because they’re highly regulated and the government insures it if something does go wrong.

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TheNewGirl_ t1_ixo77oz wrote

so its worse than normal money and normal banks

because I can put my money in a bank to utilize whatever services or purchuse any goods I desire and it is still my money even if I leave it there for years ...

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ElectronicOcelot3251 t1_ixpagq6 wrote

Nope not even close. The whole point of crypto is self custody and you actually own your assets. A CEX is more like a bank. They don't actually have your money.

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t-poke t1_ixqo1pq wrote

Imagine if after a bank collapse, instead of the FDIC covering everyone’s loss, a bunch of obnoxious internet bros blamed the victims by saying “nOt yOuR CaSh, NOT YoUr MOnEy!”

Crypto is a shit stain on the underwear of humanity.

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