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Crypto exchange AAX suspends withdrawals

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Re: Crypto exchange AAX suspends withdrawals

#41

Post by nannal »

flanked-evergl wrote: post #34
benjaminwootton wrote: post #26

Earlier quoted context omitted.

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

I'm not aware of any crypto exchange that does not charge some manner of fees.

There are some 0 fees exchanges, often requires significant volume or occasionally it's for limited periods and/or on a small list of pairs, but I wouldn't be suprised that someone's running fractional reserve with an exchange and offers 0 fees because they make money elsewhere.

Re: Crypto exchange AAX suspends withdrawals

#42

Post by flanked-evergl »

oneoff786 wrote: post #31
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…

In the fiat world banks are regulated and can’t do crazy shit with their reserves.

In the real world all organizations are regulated and fraud is illegal. But sadly something being illegal does not prevent if from happening, and greasing political palms always help:

https://fortune.com/2022/11/10/sam-bankman-fried-ftx-joe-bid... (https://archive.ph/BBpQN#selection-417.0-424.0)

> The 30-year-old Bankman-Fried has been a major force in Democratic politics, ranking as the party’s second-biggest individual donor in the 2021–2022 election cycle, according to Open Secrets, with donations totaling $39.8 million. That ranks only behind George Soros (about $128 million) but ahead of many other big names, including Michael Bloomberg ($28.3 million). What’s more, he had promised to spend far more on Democrats moving forward, predicting in May that he’d fund “north of $100 million” and had a “soft ceiling” of $1 billion for the 2024 elections.

Re: Crypto exchange AAX suspends withdrawals

#43

Post by numlock86 »

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…

> If this is true, how does it get fixed?

The root problem is people buying to pyramid schemes (read as: crypto).

Re: Crypto exchange AAX suspends withdrawals

#44

Post by LatteLazy »

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…

The issue here is that crypto exchanges DO make a tonne of cash from trading: the fees are high and the spreads are wide.

Yet they have ALSO been "dipping in" to customer money to make "loans" of questionable quality with...

Re: Crypto exchange AAX suspends withdrawals

#45

Post by nadieyninguno1 »

kkielhofner wrote: post #37
nadieyninguno1 wrote: post #4

Earlier quoted context omitted.

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…

Somewhat unrelated but unless it's absolutely dire circumstances do not EVER get a "store credit card". They have obscenely low limits which adversely affects your credit score as relatively small purchases can end up using a substantial portion of the available credit. Balance vs total credit (available credit) is a very important factor in calculating scores and credit worthiness. The interest rates are extremely h…

> They have obscenely low limits which adversely affects your credit score as relatively small purchases can end up using a substantial portion of the available credit. Balance vs total credit (available credit) is a very important factor in calculating scores and credit worthiness.

I would say this was my experience with them - having large credit limits elsewhere, I could only get an initial 300 later increased to 1500.

I was stupidly lured in by an initial 25% off a 4-figure purchase and 5 cents on the dollar reward.

Ultimately, I was a responsible pay-off-the-balance customer so one wonders if this wasn't a way of ridding themselves of an unprofitable consumer...

Hard lessons learned there, sadly.

Re: Crypto exchange AAX suspends withdrawals

#46

Post by codetrotter »

realce wrote: post #13

I believe in Crypto, but have less than zero faith in "Big Crypto" The whole point of the tech is that centralized players are simply not needed. Why did an engineer design a system where they're not needed? Because they commit fraud whenever given a chance. Greed and ignorance is what reinstalled them into the stack.

I have USD or EUR. I want BTC or ETH. To sell my USD or EUR in exchange for BTC or ETH, I use a centralised exchange. Then I immediately transfer the BTC or ETH that I bought to a wallet that I control.

Centralised exchanges are useful.

Re: Crypto exchange AAX suspends withdrawals

#47

Post by tibbydudeza »

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…

Nothing is really "free" - somebody is always paying for it usually via some clever marketing budget allocation from the store - they probably realized that too many people are redeeming their rewards (usually 20% don't bother) and it is costing them actual money.

Re: Crypto exchange AAX suspends withdrawals

#48

Post by endorphine »

rapsey wrote: post #36
slaw wrote: post #20

Earlier quoted context omitted.

I recommend going off all crypto, not only on exchange.

Crypto has really only lived in a zero interest rate policy world and it is shitting the bed majorly now when rates are going up. It is likely far from the bottom.

Why do you believe that is the case? How is this hypothesis explained?

Re: Crypto exchange AAX suspends withdrawals

#50

Post by DebtDeflation »

benjaminwootton wrote: post #26
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.

Crypto exchanges are more like a bank grafted onto a hedge fund that happens to also do some exchange stuff on the side.
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