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Crypto exchange AAX suspends withdrawals

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Re: Crypto exchange AAX suspends withdrawals

#811

Post by fallingknife »

humanistbot wrote: post #770
notamy wrote: post #272

Earlier quoted context omitted.

Wait, really? That sounds weirdly counterintuitive. Do you know if there's any public information about this? The only thing I could find from a quick search was [0] which doesn't provide a huge amount of info... [0] https://www.reddit.com/r/algotrading/comments/2c1r4e/how_muc...

Take a read through the 10-K for the NYSE's parent company, Intercontinental Exchange, Inc.: https://www.sec.gov/Archives/edgar/data/1571949/000157194922... OP is wrong though. Their entire data and hosting revenue is $838m, but more traditional listing and transaction fees make up the rest of their $3.8b revenue. So basically 20% data and hosting, 80% classic exchange profit: https://www.sec.gov/Archives/edgar/data/…

I read this about the NYSE in particular years ago. I make no claims about overall ICE revenue.

Re: Crypto exchange AAX suspends withdrawals

#812

Post by gruez »

ethanbond wrote: post #805
gruez wrote: post #762

Earlier quoted context omitted.

>I don’t see how it’s any different from the situation with, say, bitcoin. If you store a bitcoin, it just sits there, and its value follows that of the market. Note, that by "expensive/risky" I was talking about the physical storage of the bills (eg. risk of theft or needing to install security equipment), not the opportunity cost of not putting the money to work. The latter is a whole can of worms that I don't want…

It’s completely trivial to store and transfer money on the order of millions of dollars. What “large amount” are you talking about? Also no, there’s no risk of a bank run in the US due to other protective systems such as FDIC.

> It’s completely trivial to store and transfer money on the order of millions of dollars. What “large amount” are you talking about?

Please check the thread. We were talking about doing it in a decentralized way.

>Also no, there’s no risk of a bank run in the US due to other protective systems such as FDIC.

Again, not decentralized.

Re: Crypto exchange AAX suspends withdrawals

#813

Post by wizeman »

dmitriid wrote: post #787
wizeman wrote: post #720

Earlier quoted context omitted.

I wouldn't say that's a flaw. There are people, even today, who have no better choice but to use BTC for transactions or for storing value. The point is that if you want to (or need to), you can do it. So people now have that option, which they didn't have before BTC was created. As an example, it might be the best option for doing transactions and storing value for large amounts of people in some area, in times of c…

> 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 Internet required.

There are also ways to get around Internet blocking.

> The second can be hard to come by in times of war.

There are ways to produce your own electricity. And using Bitcoin (as opposed to mining it) doesn't require much electricity. You just need to be able to charge your mobile phone with a small portable solar panel.

There are also many, many, many examples of such crisis where people have access to both the Internet and electricity.

> Bitcoin is a first-world solution to imaginary problems.

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

You might just eat these words one day.

Re: Crypto exchange AAX suspends withdrawals

#814

Post by wizeman »

lottin wrote: post #785
wizeman wrote: post #717

Earlier quoted context omitted.

Hardware wallets, which are recommended for holding significant amounts of cryptocurrency, are designed so that even if your normal computing devices get hacked or trojaned, the software running on them cannot steal the coins. This is because the private keys are securely stored in the hardware wallet, which never reveals them to the outside world. The user has to physically confirm a transfer on the hardware wallet…

> 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.

Re: Crypto exchange AAX suspends withdrawals

#815

Post by reallythisguy »

mcrad wrote: post #526
reallythisguy wrote: post #209

Earlier quoted context omitted.

This is more misinformation than the OP - there's more criminal money flowing into republicans by far, the below is just two examples (edit: two examples) from 10 seconds of searching for an article: https://www.politico.com/news/2021/09/20/gop-operatives-char... https://www.wsj.com/articles/former-gop-donors-charged-in-in... Even if talking just about people who are later found to have acted improperly, look at the…

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 examples to counteract the commenters clearly partisan and facetious claim then it sounds like you're grasping at straws.

Please enlighten us on how we should have spent more than 10 seconds to understand that there are actually no republican donors engaged in criminal activity and the commenter was just making a factual statement we obviously don't understand.

Re: Crypto exchange AAX suspends withdrawals

#816

Post by a4isms »

memish wrote: post #778
zach_garwood wrote: post #150

Earlier quoted context omitted.

When you steal $1000 from someone, it's theft. When you steal $1000 from a million people it's "mismanaging assets".

When you're $1000 in debt, it's your problem. When you're $1M in debt it's the bank's problem.

As told in the old, old, story:

Bernice can't sleep. She tosses and turns, tosses and turns. Her partner asks, "What's the problem?"

"You know the $1,000,000 bridge loan we got from Fred's bank? It's due tomorrow and thanks to not closing the PQX deal, we don't have the money to pay."

Her partner thinks for a moment, then pulls out an iPhone and says aloud, "Hey Siri! Tell Fred that Bernice doesn't have the money to repay the bridge loan... Send!"

Bernice is aghast. "What did you do that for!?"

Bernice's partner smiles. "Now it's Fred's problem. Let him toss and turn, you can go back to sleep."

Re: Crypto exchange AAX suspends withdrawals

#817

Post by kranke155 »

bogomipz wrote: post #759
kranke155 wrote: post #551

Earlier quoted context omitted.

When Ethereum/ another crypto VM becomes fast enough, decentralised applications will be the new iPhone - stuff we can’t imagine will be built there. As far as NFTs, 90-99% of the activity is nonsense, fraud and money laundering, but there are real artists in the space. Whether that’s satisfactory for you is really a matter of perspective.

Can you say what are the current bottlenecks that are limiting the Ethereum VM? How far off into the future is decentralized apps being as revolutionary as the iPhone?

I have no idea. Potentially decades. It could also be a flop, but I made another comment with the example of how DAOs by themselves could change open source development entirely. That's probably the best articulation of what I think so far.

Re: Crypto exchange AAX suspends withdrawals

#818

Post by jandrese »

lui8906 wrote: post #681
jandrese wrote: post #385

Earlier quoted context omitted.

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" a…

Name one Crypto chain that takes hours to confirm a transaction. Bitcoin has a blocktime of 10 minutes and Ethereum is 10 to 20 seconds. More modern networks process transactions in orders of magnitude less time, eg. Solana has a slot time of 0.5 seconds and time to finality being 1 or 2 seconds.

Last time I bought something with Bitcoin (admittedly a couple of months ago) it took 7.5 hours for the transaction to clear. This wasn't with a bottom barrel transaction fee either, although it also wasn't exceptionally large. The transaction fee ended up being about 40% of what I spent on the whole thing.

Re: Crypto exchange AAX suspends withdrawals

#819

Post by eschneider »

oldgradstudent wrote: post #756
eschneider wrote: post #609

Earlier quoted context omitted.

Those of us who were around during the Saving and Loan Crisis learned that the best way to rob a bank is to own one.

There's a great book called The Best Way to Rob a Bank is to Buy by William K. Black, a former regulator during the S&L period. It is not an easy book for the uninitiated, but well worth it. It is tragic that the lessons of that period were so quickly forgotten.

Or well learned, depending on your perspective.

Re: Crypto exchange AAX suspends withdrawals

#820

Post by bornfreddy »

gjulianm wrote: post #466
bornfreddy wrote: post #378

Earlier quoted context omitted.

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?

Right now they are flocking away from them. We'll see.
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