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Crypto exchange AAX suspends withdrawals

trends.aax.com

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Re: Crypto exchange AAX suspends withdrawals

#441

Post by tablespoon »

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 make tonnes of money from things like loans and mortgages so they can handle some risk by holding onto cash.

Also, IIRC, conventional stock exchanges make their money from transaction fees on trading volume. Are there cryptocurrency exchanges not doing that? I suppose even if they are, they're probably in trouble, since once the bubble bursts there will be a lot less trading activity going on.

Re: Crypto exchange AAX suspends withdrawals

#443

Post by jmartin2683 »

gruez wrote: post #429
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.

>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). I'm not sure how you can conclude that password protected, geographically distributed (eg. 2 of 3 multisignature) storage "can't be better than physical possession.. i.e. cash".

I mean a realistic use case that a normal person would actually do… people who are used to just tapping their iPhone twice to pay for things. My mom has absolutely no clue what you’re talking about… at best she might have a ledger nano one day

Re: Crypto exchange AAX suspends withdrawals

#444

Post by zukzuk »

sydd wrote: post #415
SV_BubbleTime wrote: post #371

Earlier quoted context omitted.

The venn of arts and crafts, paranoid delusions, and blockchain.

Heh I would not call them paranoid after all these crypto collapses. Say I'd have $100000 in a crypto wallet, I'd etch it too and keep it in a safe instead of giving it to a website with no state backed guarantees.

The paranoia pertains to burying metal plates underground, preparing for a post-collapse future. As if bitcoin will be a viable currency when we're all trying to figure out food and shelter.

Re: Crypto exchange AAX suspends withdrawals

#445

Post by rglullis »

Filligree wrote: post #422
rglullis wrote: post #414

Earlier quoted context omitted.

Have you seen how much wealth was destroyed in 2008?

2008 doesn't seem like a good argument for "Re-running the entire history of finance scams, up to and including 2008 if we can get that far".

2008 wasn't caused by a finance scam. It was caused by an already heavily-regulated banking industry, supported by governments addicted to growth.

Not that different from what is happening now with the crypto "exchanges", by the way.

Re: Crypto exchange AAX suspends withdrawals

#446

Post by xur17 »

jjulius wrote: post #364
xur17 wrote: post #318

Earlier quoted context omitted.

But at least in crypto I have the OPTION of storing it myself. Also, if I do decide to use a custodial provider, I can choose to use a provider that publishes proof of reserves [0], giving me more confidence in the provider. [0] https://www.kraken.com/proof-of-reserves

>But at least in crypto I have the OPTION of storing it myself. ... what do you call putting cash in your wallet?

The equivalent of writing my seed phrase down and storing it in 1 location.

With crypto I can:

* lock my cash on a device behind a pin (with forced reset after a few attempts)

* back it up in multiple physical locations, and require n of the m recovery locations to be accessed for recovery

* memorize the seed phrase before escaping from an oppressive regime

None of this is possible with cash in my wallet.

Re: Crypto exchange AAX suspends withdrawals

#447

Post by 0xAFFFF »

narrator wrote: post #352
0xAFFFF wrote: post #235

Earlier quoted context omitted.

Satoshi was advocating for "digital cash", i.e. something you could do mundane transactions with, yet it's utterly unfit for that puropose. It's 2022, nobody gives a damn about what Satoshi was advocating for and especially not people believing in Bitcoin.

You obviously haven't heard of the lightning network.

If your comment is a joke, nice one. If not, yes I have heard about it and it's unreliable, doesn't scale and is nowhere near close to make Bitcoin "digital cash", but nice try.

Re: Crypto exchange AAX suspends withdrawals

#449

Post by dotnet00 »

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…

"Not your keys, not your coin" is a popular adage, but it doesn't really seem like many people follow it. Thus the popularity of coins with high transaction fees.

The original crypto culture which emphasized privacy (although speaking of a public list of all transactions ever performed on the network as privacy oriented is pretty hilarious), control and decentralization has for the most part been lost to crypto's eternal September.

Re: Crypto exchange AAX suspends withdrawals

#450

Post by lawn »

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…

That's because nobody really cares about what crypto can do anymore, and only cares about making fast money.

If you internalize this fact, then it explains why people just keep their coins on exchanges, why they buy centralized "cryptocurrencies" , why they leap at the chance of buying the latest Paris Hilton NFT and why they keep defending Tether as legitimate.

Fundamentals are thrown out of the window unfortunately.

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