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Crypto exchange AAX suspends withdrawals

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Re: Crypto exchange AAX suspends withdrawals

#821

Post by dmitriid »

wizeman wrote: post #813
dmitriid wrote: post #787

Earlier quoted context omitted.

> storing value for large amounts of people in some area, in times of crisis (e.g. financial crisis, war, oppressive governments, etc). > Bitcoin is available and can be used whenever such events happen. Except the fact that bitcoin needs continuous internet access and electricity. The first can be blocked by oppressive government. The second can be hard to come by in times of war. Bitcoin is a first-world solution t…

> Except the fact that bitcoin needs continuous internet access and electricity. > The first can be blocked by oppressive government. First of all, bitcoin users don't need continuous internet access. At best, they need intermittent internet access. It's also possible to use Bitcoin without internet access. Nowadays you can send and receive Bitcoin transactions over satellite, SMS and I think even over radio, no Inte…

> It's also possible to use Bitcoin without internet access. Nowadays you can send and receive Bitcoin transactions over satellite, SMS and I think even over radio, no Internet required.

All of these mean: continuous easily available connection at any point. And to send anything through SMS or radio? Again. First. World.

"To send Bitcoin (or any cryptocurrency) over ham radio you need to download the apps TxTenna and Samourai wallet, sync your phone with a goTenna mesh device, and then you’ll be set up to send and receive Bitcoin via a mesh network "

Ah yes. Apps. And readily available proprietary mesh devices.

> There are ways to produce your own electricity.

And all that is surely available and instantly accessible to people living with oppressive governments and in times of war. Instead of, you know, actual cash, barter, and storing valuables in actual valuables.

> You really are completely oblivious to the many crisis around the world that have happened in recent decades, aren't you?

It's precisely because I know of these crises that I find "generate your own electricity to just charge a mobile phone to just send bitcoin transactions over satellite or radio in times of war/oppressive government" laughable.

> You might just eat these words one day.

See, I lived through at least one of these crises in the 90s [1], after the fall of the Soviet Union. The idea that your bitcoin fantasy would survive a single brownout (or a blackout) when you need things like potable water or food now and not when "intermittent internet access is available" shows how much you understand about "the many crises around the world".

And that's without war or an oppressive government.

[1] Now delegated to a single paragraph on Wikipedia https://en.wikipedia.org/wiki/History_of_independent_Moldova...

Re: Crypto exchange AAX suspends withdrawals

#822

Post by roflyear »

imtringued wrote: post #793
roflyear wrote: post #264

Earlier quoted context omitted.

back in the day (as in like 30-60 years ago) a popular scam was to create a situation where frontrunning trades was really easy. there are a million examples of similar things. i don't think regulation is a good thing when a single person is trading with a single person. but, at some point an exchange becomes so big (they deal, seemingly fairly and with honestly, with many people) where people start to trust it. ther…

There are two problems and they are intertwined. We need to have regulation that allows startups to open mini exchanges and banks with easy compliance and unconditional licensing but with heavy restrictions on per customer funds and total funds they are allowed to manage. The problem is that if you want to open an exchange in say Germany that is practically impossible. You can't get equity or loans for a bank if you…

i do think there is a separate problem entirely that regulations are often really hard to follow, i think limiting the involvement in lobbyists may help there, or at least some lobbyists...

(like, turbotax really should not have a say in how i file my taxes... or how hard it is...)

Re: Crypto exchange AAX suspends withdrawals

#823

Post by [deleted] »

krzyk wrote: post #662
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…

> An exchange shouldn't count deposited crypto as their asset. It is an asset of their customer. But banks do, multiple times. (one dolar produces n dollars in loans). A test with Bank run can confirm it.

[deleted]

Re: Crypto exchange AAX suspends withdrawals

#824

Post by banannaise »

benj111 wrote: post #58
itake wrote: post #15

Earlier quoted context omitted.

> Is there any reason someone would take out a loan in crypto and pay interest on the repayments? People want to increase their exposure to crypto via leverage. For example: 1. Collatorize BTC to get USDT 2. Use the USTDT to buy ETH. 3. Use ETH to collatorize to get USDT 4. Use USDT to buy sh*tcoin 5. wash, rinse, repeat If everything goes up, you can make a ton of money. If things go down... you lose everything.

Or the opposite. Short bitcoin or whatever

The old adage definitely applies here: The market can remain irrational longer than you can remain solvent.

Re: Crypto exchange AAX suspends withdrawals

#825

Post by mcrad »

reallythisguy wrote: post #815
mcrad wrote: post #526

Earlier quoted context omitted.

10 seconds of searching is where your argument falls apart, good luck with that. Anyway you are justifying this destructive behavior with more destructive behavior? It's no wonder you don't take more time to understand these things.

No one is justifying any behavior, criminal activity is criminal activity and the money needs to be out of politics in general. My comment is only calling out the commenter for making an obviously biased statement without even taking half a second to see if it's even conceivably true. The argument falls apart because two examples were quick to find? If all you can complain about is that it was too easy to find two ex…

Nobody is unbiased in their opinions about what politicians do with the money, nor should they be. But if you really want to spend more than 10 seconds I'd say reference something more academic that what google spits out as fast facts. Yes, I am partial to books and history in assessing this situation, and see no issue with complaining about you minions taking their latest "internet research" so seriously.

Re: Crypto exchange AAX suspends withdrawals

#826

Post by mcrad »

skinnymuch wrote: post #703
mcrad wrote: post #526

Earlier quoted context omitted.

10 seconds of searching is where your argument falls apart, good luck with that. Anyway you are justifying this destructive behavior with more destructive behavior? It's no wonder you don't take more time to understand these things.

I'll reiterate my comment to the original OP. Billionaires donating may generally be legally doing their business. That doesn’t make it moral or ethical or completely legal. If the entire billionaire system is corrupt, pointing all fingers at the corrupt Dem party when the Repub party is just as corrupt, if not more so, is weird, uniformed, and biased. Are you spreading election misinformation?

It's not illegal but totally immoral to call out corruption only when it's who you previously deemed your political opponent.

Re: Crypto exchange AAX suspends withdrawals

#827

Post by codedokode »

diogenescynic wrote: post #773
codedokode wrote: post #351

Earlier quoted context omitted.

As I understand, the interest rates for deposits in developed countries are too low to compensate inflation.

Gold is not even keeping track with the S&P500 vs inflation. You're also conflating a savings/checking account with investing. Totally different issues. This is why people really shouldn't listen to random users for financial advice.

> You're also conflating a savings/checking account with investing

As I understand, investing is a risk because you can lose everything and nobody will compensate you. Investments are not covered by FDIC insurance or similar systems in other countries.

But as for gold, your gold will stay with you unless the government decides to confiscate it.

Re: Crypto exchange AAX suspends withdrawals

#828

Post by drexlspivey »

surfsvammel wrote: post #508
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…

I know nothing about the world of crypto currencies, but I do know finance. The exchange does not hold the trades instruments/currencies/securities as assets. The business of a normal exchange is normally risk free (just matching buyers to sellers). Some exchanges step in as middle man in the trades, a process that I believe is called novation of the trade. The original trade between the buyer and the seller is novat…

> The business of a normal exchange is normally risk free (just matching buyers to sellers)

tell that to RobinHood

Re: Crypto exchange AAX suspends withdrawals

#829

Post by zoklet-enjoyer »

dragontamer wrote: post #739
fragmede wrote: post #732

Earlier quoted context omitted.

"Only". Retail price of 32 ETH is about $40k USD which seems like a lot to me.

I remember the cash number as being much higher, but I guess 32 ETH is not worth as much as it used to be a few months ago... One benefit to this crashing price. It makes these kind of set numbers easier to hit I guess.

It also used to be a lot lower. I had considered taking out a $20k loan to buy 32 ETH

Re: Crypto exchange AAX suspends withdrawals

#830

Post by lottin »

wizeman wrote: post #814
lottin wrote: post #785

Earlier quoted context omitted.

> The user has to physically confirm a transfer on the hardware wallet And once the user has confirmed the transfer, the software could send the coins to a different address, right?

> And once the user has confirmed the transfer, the software could send the coins to a different address, right? No, the destination address and amount to send need to be confirmed on the hardware wallet. The hardware wallet cryptographically signs the entire transaction with the private key, so the software in the user's computer or mobile phone cannot change the transaction without the signature becoming invalid.

The software in the user's computer can't, but the software in the hardware wallet can. It's probably more secure than running the software on a conventional computer, this I can see.
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