Hacker News Board Hacker News, browsed like a classic message board
Live data from Hacker News

Crypto exchange AAX suspends withdrawals

trends.aax.com

Post reply on HN
Print view View original

141–150 of 843 posts

Re: Crypto exchange AAX suspends withdrawals

#141

Post by x86_64Ubuntu »

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…

I think a rewards program is far less priority compared to processing actual transactions. If a credit card provider can't process transactions, it's essentially a dead company. Same for these exchanges stopping withdrawals.

Re: Crypto exchange AAX suspends withdrawals

#142

Post by [deleted] »

tinco wrote: post #108
constantcrying wrote: post #85

Earlier quoted context omitted.

An exchange shouldn't count deposited crypto as their asset. It is an asset of their customer. I do not think the actual problem here is crypto exchanges being unprofitable. Even if a crypto exchange goes under, it could (and frankly should ) still be able to go under gracefully, e.g. letting all customers withdraw their assets for a month (and E-Mailing private keys as a last resort). The issue here is crypto exchan…

You can say that, but when MtGox went bankrupt, and also lost 4 fifths of its stored crypto, the court just heaped together all assets into one big pile and all creditors into one big pile and let them fight it out. So now there's a bunch of assholes including but not limited to Peter Vessenes, that are suing the bankrupt entity for billions (completely frivolous of course) and all the depositors have waited for 8 ye…

[deleted]

Re: Crypto exchange AAX suspends withdrawals

#143

Post by coffeebeqn »

stingraycharles wrote: post #17
f0e4c2f7 wrote: post #9

In the current climate, I'm left wondering who still has their crypto on exchanges. Which maybe thats the problem - people withdrawing funds causing even more bank runs.

People usually have crypto on exchanges for leverage, which is a valid reason. People do this with many stock brokers as well, e.g. for option trading.

That’s probably a fairly small minority who really really like gambling. I had some ETH on coinbase until earlier this year when I sold it because that was the easiest method.

Re: Crypto exchange AAX suspends withdrawals

#145

Post by knorker »

eternalban wrote: post #122
knorker wrote: post #79

Earlier quoted context omitted.

You're not taking crazy pills. It's become abundantly clear that the vision of everybody being their own bank will never work. People don't want to be their own bank, just like they don't want to be their own bakery, or their own farmer. Sure, some people do bake their own bread, but they do it either because they have to, or because they enjoy it. So the people who control their own keys need to have a reason to do…

> Basically: If you already have a bank, why would you not just use it? Basic corollary: if you already use a bank, why not just use money? > If there were FDIC for tokens at your real bank, redeemable in same number of tokens, then any general public that wanted to use cryptocurrency would likely just use that. Because outside of fringe LARPing nobody wants to run their own bank. So the only remaining question is wh…

> So the only remaining question is why would normies who say (according to you) amen to all above would need crypto

Exactly. They don't. Not as a currency. It's gambling. And "normies" don't want to run a bank just to gamble.

> money backed by a world power and all its resources, and protected by ICBMs

And e.g. in the US the USD is not just protected from outside threat (ultimately) by ICBMs, but also internally by the fact that tax is due in USD.

There are cryptocurrency advocates who say that the USD is backed by nothing. Which is a very odd thing to say because as long as the US has tax laws there will be demand for the USD (under penalty of prison), to pay your taxes. Demand for a thing creates value for that thing.

Anyone who thinks that backing is not real is likely to feel the physical effects of its reality.

Re: Crypto exchange AAX suspends withdrawals

#146

Post by ineedasername »

gzer0 wrote: post #119

"At this point I'm convinced Satoshi Nakamoto was actually a public administration professor trying to teach kids why financial institutions have the rules in place that they do. Given enough time, the entire crypto space will have reinvented every regulation they tried to get rid of and understood why they existed in the first place."

It’s like the thing schools used to do, give kids an egg they had to carry around for a week without breaking.

Re: Crypto exchange AAX suspends withdrawals

#147

Post by rickreynoldssf »

These morons didn't think to stage whatever massive change/upgrade they did and then toasted user data forcing them to manually restore data. Yeah I can totally trust them with my assets.

...or they're flat out lieing and are rug-pulling before they join SBF and friends in Argentina.

Re: Crypto exchange AAX suspends withdrawals

#149

Post by kinnth »

danaris wrote: post #118
tinco wrote: post #108

Earlier quoted context omitted.

You can say that, but when MtGox went bankrupt, and also lost 4 fifths of its stored crypto, the court just heaped together all assets into one big pile and all creditors into one big pile and let them fight it out. So now there's a bunch of assholes including but not limited to Peter Vessenes, that are suing the bankrupt entity for billions (completely frivolous of course) and all the depositors have waited for 8 ye…

And that's largely because of the lack of regulation that so many cryptocurrency fans tout. If it's not legally regulated as a currency, or a security, or anything of the sort, then why would it be considered to belong to you, and not Mt Gox, once you've given it to them? All you have is a digital account that's basically the legal equivalent of an IOU on a napkin. Welcome to your libertarian utopia.

Defi is not this. In defi exchanges you place your coins into a smart contract or have them always on your account.

If anything a crypto exchange is a misnomer as it's not even needed. The only reason it exists is because smart contracts didn't exist when they first started.

Re: Crypto exchange AAX suspends withdrawals

#150

Post by zach_garwood »

oldgradstudent wrote: post #121
constantcrying wrote: post #85

Earlier quoted context omitted.

An exchange shouldn't count deposited crypto as their asset. It is an asset of their customer. I do not think the actual problem here is crypto exchanges being unprofitable. Even if a crypto exchange goes under, it could (and frankly should ) still be able to go under gracefully, e.g. letting all customers withdraw their assets for a month (and E-Mailing private keys as a last resort). The issue here is crypto exchan…

> The issue here is crypto exchanges severely mismanaging the assets of their customers. "Severely mismanaging" is a euphemism for fraud and theft, right?

When you steal $1000 from someone, it's theft. When you steal $1000 from a million people it's "mismanaging assets".
Post reply on HN