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Crypto exchange AAX suspends withdrawals

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Re: Crypto exchange AAX suspends withdrawals

#461

Post by unilynx »

alana314 wrote: post #413
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.

Put it on encrypted distributed backup that you control. I don't know why more people don't do this.

How do you manage the keys to this encrypted backup ?

Re: Crypto exchange AAX suspends withdrawals

#462

Post by JackFr »

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 funny part of that is that you literally cannot have $1000000 in a crypto wallet, because that's not how dollars work. Oh, you've got something in your crypto wallet, but it ain't dollars.

Re: Crypto exchange AAX suspends withdrawals

#464

Post by alasdair_ »

notch656a wrote: post #451
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.

I'm amazed how many people think the average person can't memorize a 12 word phrase. Most people I know can memorize their social security number, address, at least one if not more passwords, their own phone number as well as the phone number of at least one loved one for emergencies, the DOB of their children and their own DOB. Most of that is a gobligook of numbers rather than words. Absolutely no one needs to be p…

>I'm amazed how many people think the average person can't memorize a 12 word phrase.

The question is if you can reliably remember it in ten or twenty years without ever using it in the interim.

Re: Crypto exchange AAX suspends withdrawals

#465

Post by memish »

Apocryphon wrote: post #396
memish wrote: post #241

Earlier quoted context omitted.

Totally, if only they had been regulated and too big to fail as a result of regulatory capture, which is how our system works, the taxpayers would get to bail them out and award SBF a multimillion dollar bonus. Bailing out the banks and execs in 2008 to perpetuate this was just great. Would you be surprised to learn that SBF was the champion for regulation, was advising congress and a top political donor?

Does regulation inevitably lead to too big to fail?

That's a good question. I would hope it's not inevitable, but you would need a system that is vigilant about avoiding regulatory capture.

Re: Crypto exchange AAX suspends withdrawals

#466

Post by gjulianm »

bornfreddy wrote: post #378
gjulianm wrote: post #283

Earlier quoted context omitted.

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.

Well yeah - but they still won't be decentralized. If that proves to be important in the long run is something that we will see in the future, of course.

> Well yeah - but they still won't be decentralized.

But people don't care too much about that. If so many crypto users, who we can assume are more informed and care more about decentralization than the average person, massively flock to centralized exchanges, why would the general population use decentralized services if they're worse?

Re: Crypto exchange AAX suspends withdrawals

#467

Post by gureddio »

dvngnt_ wrote: post #416
horsawlarway wrote: post #342

Earlier quoted context omitted.

Can we acknowledge that both of those options are utter trash compared to conventional banking, though? The system that the crypto advocates hate on, but provides 250k per person + per bank + per account type as insurance by default to all registered financial institutions?

I've never seen it as a replacement, but a supplement with it's own pros and cons

Well it can't be a replacement anyway. You can't really spend it anywhere

Re: Crypto exchange AAX suspends withdrawals

#468

Post by dmitrygr »

logicalmonster wrote: post #460

Every new form of money and trade had the people learning important financial concepts and took many, many years to start to iron out their weaknesses through better technology or best practices. For instance, when barter and basic trade was used, people had to figure out new methods to do accounting and record-keeping: whether through sticks, tablets, papyrus, etc. It seems simple now, but these basic methods were i…

> there can be no circumstance that changes the fact that Bitcoin only ever has 21 million units and cannot ever be inflated

Yes it is deflationary, which is worse for a currency. Why buy anything with a currency whose value will always rise? Better to just hold it. Thus it fails as a currency

Re: Crypto exchange AAX suspends withdrawals

#469

Post by [deleted] »

logicalmonster wrote: post #460

Every new form of money and trade had the people learning important financial concepts and took many, many years to start to iron out their weaknesses through better technology or best practices. For instance, when barter and basic trade was used, people had to figure out new methods to do accounting and record-keeping: whether through sticks, tablets, papyrus, etc. It seems simple now, but these basic methods were i…

[deleted]

Re: Crypto exchange AAX suspends withdrawals

#470

Post by tablespoon »

alasdair_ wrote: post #455
tablespoon wrote: post #424

Earlier quoted context omitted.

> Can we acknowledge that both of those options are utter trash compared to conventional banking, though? Yes, yes we can. The only things that ever justified the use of cryptocurrency were ideological fantasies and speculative gambling. Every other justification is just hype created as a post-hoc rationalization for one of those two things. If you look at any of them closely, they completely fall apart when compared…

Buying drugs online was a real use case that actually worked, as was being able to smuggle wealth out of a country with exit restrictions. As for legal uses, yeah, there are not many at the moment. Maybe some day there will be a DAO-type org that is worth being invested in or something but not today.

> Buying drugs online was a real use case that actually worked,

Kinda sorta. Wasn't that back when people assumed cryptocurrency provided the same kind of privacy that cryptography does, which was (in retrospect), pretty dumb?

> as was being able to smuggle wealth out of a country with exit restrictions.

That one doesn't make much sense either. How are you supposed to get your cryptocurrency to smuggle out in such a country? Wire your money to a foreign exchange?

> As for legal uses, yeah, there are not many at the moment. Maybe some day there will be a DAO-type org that is worth being invested in or something but not today.

I agree the "best" actual use cases involve illegal activity, but I think even those are sketchy. Most of the ideas don't actually work unless cryptocurrency is ubiquitous, but that doesn't matter since it will never become ubiquitous without compelling use cases. And given the illegal activity it enables, even if it did have compelling use cases, it would probably be made illegal if it was on its way to becoming ubiquitous (which would instantly marginalize it in a way it could never overcome).

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