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

281–290 of 843 posts

Re: Crypto exchange AAX suspends withdrawals

#281

Post by criddell »

300bps wrote: post #213
disruptalot wrote: post #187

Earlier quoted context omitted.

This was a failure of traditional financial institutions and people who are ok with them, not of crypto. Satoshi wouldn't be encouraging people to put their coins on a trusted third party like that. All fundamental crypto values say this.

Satoshi wouldn't be encouraging people to put their coins on a trusted third party like that. I find this sentiment of "not your coins, not your crypto" unsettling. The average person doesn't even back up the pictures on their computer or phone and they are one storage device failure away from losing all of their wedding pictures, baby pictures, etc. The big push now is for people to use hardware wallets. I guarantee…

> will lose access to 100% of their funds

Or, if you think like foreignpolicy.com thinks:

> The crypto bag-holders all actually lost their money long before, when they bought the bitcoins. In the time since, they’d been telling themselves and everyone else that their magic beans were worth money and never mind the lack of buyers. But this was not the case. The beans were always worthless, and the only way to make money from them was to sell them off before other people caught on.

Re: Crypto exchange AAX suspends withdrawals

#282

Post by more_corn »

ethanbond wrote: post #220
disruptalot wrote: post #187

Earlier quoted context omitted.

This was a failure of traditional financial institutions and people who are ok with them, not of crypto. Satoshi wouldn't be encouraging people to put their coins on a trusted third party like that. All fundamental crypto values say this.

But you realize that banks (and individuals) could have all the advantages of decentralization if they just chose to be decentralized too, right? This prompts the question: why are they so centralized? It turns out the advantages of centralization are more significant than the advantages of decentralization, and this is true even in a market with religious orientation toward decentralization . All you've gotta do to…

There are benefits to both centralization and decentralization. In fact this tension drives a lot of technological improvement.

Re: Crypto exchange AAX suspends withdrawals

#283

Post by gjulianm »

xtracto wrote: post #258
gjulianm wrote: post #206

Earlier quoted context omitted.

Precisely the failure of crypto is thinking that people will follow "fundamental crypto values" and underestimating the power of convenience and ignorance. "Traditional financial institutions" are inevitable in crypto.

I remember when WikiLeaks first decided to accept Bitcoin's for donations. Nakamoto cautioned that Bitcoin was not mature enough fr something like that. I think that the problem with the Cryptocurrencies movement has been that the use peopel want to give to it has surpassed the technological advances that it provides. At some point, the ETH network will get there, providing "trustless" alternatives for a lot of the s…

And at the point that the ETH network provides its alternatives, centralized services will have better products, more users, and more features simply because building centralized services is far, far easier and less time consuming than building decentralized ones.

Re: Crypto exchange AAX suspends withdrawals

#284

Post by xeromal »

mkagenius wrote: post #196
londons_explore wrote: post #18

Earlier quoted context omitted.

There are plenty of ways to commit fraud with fully decentralized protocols. For example, build in a well hidden backdoor, and then steal all the users funds with it (via a good VPN of course, so nobody knows it was you, and you can publicly claim you were hacked).

> you can publicly claim you were hacked 1) What 2) H Ref: https://twitter.com/SBF_FTX/status/1591989554881658880

lmao. I can't believe this is real.

Re: Crypto exchange AAX suspends withdrawals

#285

Post by olalonde »

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."

At this point? This platitude has been reposted on about every cryptocurrency thread on HN for the past decade.

In case, I'm getting downvoted because I didn't provide a source, see for yourself: https://www.google.com/search?q=rediscover+regulation+site%3...

Re: Crypto exchange AAX suspends withdrawals

#286

Post by zeroclip »

brnt wrote: post #33

So, having been around since the early bitcoin days, core to the salespitch back then was the fact you would have control. You'd have your coins in your wallet, and no need for banks etc. Apparently nobody does this anymore, and gives their wallets to these exchanges (i.e. banks) and balks when the obvious happens in pyramid schemes. People just don't get distributed currency if they promptly undistribute it. Or is i…

A lot of crypto investors are day traders or naive hodlers who have no idea what blockchain and DeFi means. But DeFi protocols like Uniswap and Aave are holding up fine and are incapable of pausing user withdrawals.

Re: Crypto exchange AAX suspends withdrawals

#287

Post by Nursie »

gruez wrote: post #267
phailhaus wrote: post #233

Earlier quoted context omitted.

> Satoshi wouldn't be encouraging people to put their coins on a trusted third party like that. All fundamental crypto values say this. You can literally say this about "regular" currency. Just don't put your money in banks! But people do, why? Once you answer that, you'll realize why people do it for crypto too. You can't complain that it's "against fundamental crypto values" when it doesn't have any mechanism for p…

>But people do, why? 1. cash is bulky and risky to keep at home 2. inflation eats away at your savings Bitcoin is designed to solve both issues.

Then it is an utter failure at both.

Re: Crypto exchange AAX suspends withdrawals

#288

Post by jmartin2683 »

gruez wrote: post #267
phailhaus wrote: post #233

Earlier quoted context omitted.

> Satoshi wouldn't be encouraging people to put their coins on a trusted third party like that. All fundamental crypto values say this. You can literally say this about "regular" currency. Just don't put your money in banks! But people do, why? Once you answer that, you'll realize why people do it for crypto too. You can't complain that it's "against fundamental crypto values" when it doesn't have any mechanism for p…

>But people do, why? 1. cash is bulky and risky to keep at home 2. inflation eats away at your savings Bitcoin is designed to solve both issues.

except it doesn't solve either, because it's still risky to keep (whether with a 'trusted third party' or at home on some physical device... at the end of the day it can't be better than physical possession.. i.e. cash). volatility is a lot worse than stable inflation, and deflation (just HODL!) is much, much worse to the point of demonstrating the degree to which bitcoin is not useful as a monetary unit of exchange.

Re: Crypto exchange AAX suspends withdrawals

#290

Post by zzleeper »

gruez wrote: post #97
garyclarke27 wrote: post #35

2nd largest gone https://financefeeds.com/aax-ranked-worlds-second-largest-sp... Binance next???

"second largest"? Did they pop out of nowhere? Today is literally the first time I heard of them.

Same here; never heard of them and aren't even in the list in coingecko: https://www.coingecko.com/en/exchanges
Post reply on HN