Crypto exchange AAX suspends withdrawals • Hacker News Board

Re: Crypto exchange AAX suspends withdrawals

#381

Post by skinnymuch » Mon, Nov 14, 2022, 4:20 PM UTC

hotpotamus wrote: post #86

flanked-evergl wrote: post #42

Earlier quoted context omitted.

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 indi…

It would seem that there are other failures and frauds predating Bankman-Fried, wouldn't it? While I'm told that the ideological and technical underpinnings of crypto are designed to avoid government regulation, I hope that he is prosecuted thoroughly for any crimes he may have committed. But further, I hope that this high profile Democratic donor drives Republicans in the House and Senate to support strong regulatio…

Republicans are about de-regulation. Whatever they may do for optics temporarily means nothing for their actual focus and goal. Democrats are not much better but I’m not hoping only one of the two parties is going to do legit sustained regulation against the way they actually behave in the medium and long term.

Why are you only looking to the Repub party? Ilhan Omar for example doesn’t care much if Biden was given corrupt money. She’s not going to suddenly do everything centrist Biden does. Biden has more in common with your average neoliberal Repub than a progressive Democrat, who themselves are normally only center-left.

> And in fact stronger regulation on the financial industry generally.

Both parties and neoliberals across the board have done the opposite since Reagan has been in power. Republicans specifically are publicly about deregulation while Dems will flip how they talk but are also about de-regulation and keeping class divides.

Look at the top donors on both sides. They are all non-working class. They all make more money via de-regulation and a capitalist society where the rich have more power than others. They already show their hands. They vote for the establishment to maintain their money and power.

Re: Crypto exchange AAX suspends withdrawals

#382

Post by rossdavidh » Mon, Nov 14, 2022, 4:20 PM UTC

bilbo0s wrote: post #238

justoreply wrote: post #234

Earlier quoted context omitted.

Do you know what are you talking about? Banks don't have all the funds. Are they Ponzi scheme? No.

Banks are not exchanges. Those two entities have two different functions in any financial system. You should not be using your exchange like a bank. Even more importantly, your exchange should not be using your assets as a bank would.

If only we had some kind of electronically transferable currency, in which there was government regulation to guarantee this kind of thing, and secure your deposits...

Re: Crypto exchange AAX suspends withdrawals

#383

Post by megous » Mon, Nov 14, 2022, 4:21 PM UTC

Victerius wrote: post #295

jmartin2683 wrote: post #288

Earlier quoted context omitted.

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.

Bank robberies are no longer a thing in the 21st century. No one loses their savings because of thieves.

Of course it's still a thing, both regular robberies and digital ones. And people lose savings to online thieves and cheats who take control of their accounts, or manage to perform transfers on their behalf.

Re: Crypto exchange AAX suspends withdrawals

#384

Post by roland35 » Mon, Nov 14, 2022, 4:21 PM UTC

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.

1. Bitcoin may not be bulky but there are still many risks. Losing the wallet, forgetting a password, or theft are still issues!

Re: Crypto exchange AAX suspends withdrawals

#385

Post by jandrese » Mon, Nov 14, 2022, 4:21 PM UTC

anticristi wrote: post #109

Pardon for living under a rock, but why are crypto exchanges affected by the mood in the crypto market? I thought that a crypto exchange functions like a currency market: I put an offer to sell 10,000 EUR for 1 BTC and someone else puts an offer to buy 10,000 EUR for 1 BTC. When orders cross, a transaction happens and the exchange gets a fee, whether in currency or crypto units. What are crypto exchanges fundamentall…

The thing that you are missing is that crypto transactions are slow and expensive. When I say slow I mean hours to complete a single transaction. That's why people keep their money on the exchange, it's far more efficient and usable. Of course it's also risky because exchanges do rug pulls all the time. Knowing when to pull your crypto and bail is a trick. If you're seeing news articles about "minor irregularities" and "temporarily suspended trading" it is too late. Your money is gone.

Re: Crypto exchange AAX suspends withdrawals

#386

Post by cm2187 » Mon, Nov 14, 2022, 4:21 PM UTC

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."

Mostly agree. But not all those regulations. The power given to Trudeau to freeze the bank accounts of his political opponents does not serve any public good. Those regulations are also being abused all over the place at various degrees. Doesn’t mean there shouldn’t be any regulation but over regulation is a thing.

Re: Crypto exchange AAX suspends withdrawals

#387

Post by [deleted] » Mon, Nov 14, 2022, 4:23 PM UTC

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."

[deleted]

Re: Crypto exchange AAX suspends withdrawals

#388

Post by zmgsabst » Mon, Nov 14, 2022, 4:23 PM UTC

spywaregorilla wrote: post #154

zmgsabst wrote: post #112

Earlier quoted context omitted.

SBF spent 99.9% Dems and 0.1% Repub, according to your first link. You’re telling untrue facts according to your own sources — to minimize that the second largest Dem donor was a criminal stealing customer funds. Your comparison to Repubs is unfounded as none of their donors engaged in organized crime like SBF. Why are you spreading election misinformation?

Ok buddy, look, one. You're right, it was a mistake. I misremembered something. I cited a source containing the right information and you pointed it out. Thanks. > Why are you spreading election misinformation? Two, Fuck off. This is needlessly passive aggressive. There is no need to throw in a worst-faith assessment of my motivations for posting all of this.

No post body was provided.

Re: Crypto exchange AAX suspends withdrawals

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Post by SV_BubbleTime » Mon, Nov 14, 2022, 4:23 PM UTC

alextheghost wrote: post #343

MichaelCollins wrote: post #260

Earlier quoted context omitted.

Print your private key on paper and lose it all when your house burns down. vs Give your private key to an exchange, and enrich the shitheads running the exchange when they run away with your money. First option seems preferable. If you're going to lose your money, better for the money to be truly lost than to enrich a thief.

You do know there are fireproof safes that you can keep in your home right?

FYI, there is a world of BS around "fire proof" anything. It's all about the time it's around fire.

If your house burns to the ground and collapses in on itself, the extreme majority of fire proof safes, aren't. If the fire dept shows up and it's out in an hour and it wasn't buried, your things will probably be alright.

I dealt with a guy's gun collection stored in his $10,000 "fire proof" safe stored in his garage. Almost everything was garbage. Saved a handful of parts here and there.

Re: Crypto exchange AAX suspends withdrawals

#390

Post by [deleted] » Mon, Nov 14, 2022, 4:23 PM UTC

speakfreely wrote: post #32

> Due to the failure of our third-party partner, some users' balance data were found abnormally recorded in our system. Hence, limiting our services to prevent further risks, the technical team has had to manually proofread and restore the system to ensure maximum accuracy of all users’ holdings. "Abnormally recorded" ... "prevent further risks" ... "manually proofread" ... "maximum accuracy". Wow.

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