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Crypto exchange AAX suspends withdrawals

trends.aax.com

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Re: Crypto exchange AAX suspends withdrawals

#21

Post by bestcoder69 »

djbebs wrote: post #10
lbriner wrote: post #7

Forgive my ignorance but it seems that one major problem with crypto-exchanges is that they don't necessarily have any assets other than the crypto that has been deposited there, which means all overheads (which I am assuming for some of these guys is $Ms/year) can only come from trading crypto unless they are charging reasonable money for the privilege of using their exchanges. In the FIAT world, banks make tonnes o…

There is nothing wrong with this, and indeed it's a good thing.

Said by the dog in the burning house meme.

Re: Crypto exchange AAX suspends withdrawals

#23

Post by ta988 »

glerk wrote: post #16
lbriner wrote: post #7

Forgive my ignorance but it seems that one major problem with crypto-exchanges is that they don't necessarily have any assets other than the crypto that has been deposited there, which means all overheads (which I am assuming for some of these guys is $Ms/year) can only come from trading crypto unless they are charging reasonable money for the privilege of using their exchanges. In the FIAT world, banks make tonnes o…

> unless they are charging reasonable money for the privilege of using their exchanges If the trading volumes they are claiming are real, these exchanges should be printing money from transaction fees alone.

That's the money that the owners take and hide for when they are out of jail.

Re: Crypto exchange AAX suspends withdrawals

#24

Post by djbebs »

jakelazaroff wrote: post #14
djbebs wrote: post #10

Earlier quoted context omitted.

There is nothing wrong with this, and indeed it's a good thing.

Is this… sarcasm? It’s a good thing that crypto exchanges are streaming their customers’ money?

I'm 100% serious.

Exchanges are not and should not be banks. They should not be comingling their assets with client assets.

Re: Crypto exchange AAX suspends withdrawals

#26

Post by benjaminwootton »

lbriner wrote: post #7

Forgive my ignorance but it seems that one major problem with crypto-exchanges is that they don't necessarily have any assets other than the crypto that has been deposited there, which means all overheads (which I am assuming for some of these guys is $Ms/year) can only come from trading crypto unless they are charging reasonable money for the privilege of using their exchanges. In the FIAT world, banks make tonnes o…

They should make money in the same way that the New York Stock Exchange does - by taking a small fee from every trade.

Re: Crypto exchange AAX suspends withdrawals

#27

Post by londons_explore »

glerk wrote: post #16
lbriner wrote: post #7

Forgive my ignorance but it seems that one major problem with crypto-exchanges is that they don't necessarily have any assets other than the crypto that has been deposited there, which means all overheads (which I am assuming for some of these guys is $Ms/year) can only come from trading crypto unless they are charging reasonable money for the privilege of using their exchanges. In the FIAT world, banks make tonnes o…

> unless they are charging reasonable money for the privilege of using their exchanges If the trading volumes they are claiming are real, these exchanges should be printing money from transaction fees alone.

Nearly all trading platforms are fee-free for any big player who asks nicely...

The platforms themselves like big players making their order book deeper and bumping up the volume figures.

I would be surprised if even 10% of the trades paid the advertised fees.

Re: Crypto exchange AAX suspends withdrawals

#28

Post by [deleted] »

lbriner wrote: post #7

Forgive my ignorance but it seems that one major problem with crypto-exchanges is that they don't necessarily have any assets other than the crypto that has been deposited there, which means all overheads (which I am assuming for some of these guys is $Ms/year) can only come from trading crypto unless they are charging reasonable money for the privilege of using their exchanges. In the FIAT world, banks make tonnes o…

[deleted]

Re: Crypto exchange AAX suspends withdrawals

#30

Post by sidewndr46 »

nadieyninguno1 wrote: post #4
IceWreck wrote: post #2

7-10 days for a so called "system upgrade" lol

I've had a store credit card (via Comenity Bank) having "system maintenance issues" since early June, refusing to pay out the money owed per their rewards scheme. No one at either the store's corporate office can tell you anything nor will the backing bank say anything other than "We value you as a customer and appreciate your patience." It's a common industry tactic, sadly, to scapegoat IT operations for internal fa…

Comenity is probably one of the scummiest organization's I've ever dealt with. I got one card with them & never will again. They actively charged me late fees on a closed account for months until I called them and suddenly they 'fixed the problem'
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