Altcoins Talks - Cryptocurrency Forum
Learning & News => For Beginners => Basic Questions about Cryptos => Topic started by: CryptoBun on February 03, 2025, 07:16:03 PM
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Honestly, i had always thought the crypto world to be one of transparency, trust and stability, every now and then there’s always something exciting be it new projects or new coins with utility but lately regulatory reports keep showing up everywhere. Serious allegations such as internal corruption, bribery, money laundering is getting rampant, trust and transparency that always seemed to be there is now out of the window.
As a trader, the chances of taking profits might get slimmer when the exchange you trust your funds with are being shady. At first it was Bybit, then Kucoin and now Binance ??? …..the one exchange that’s a dominant player with high credibility, who would have thought but hopefully, the list doesn’t get longer. In the crypto world, exchanges are to bring about a reliable and secure environment for users not the one that instills fear.
From recent reports, it turned out most of them would rather fight for their pockets rather than creating a profitable environment for traders. Source; https://x.com/solananew/status/1886159203095691684. More reason traders should take DYOR seriously, listing overhyped projects seems to be the new trend whereas this could lead to a “list and dump” situation for traders.
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More reason traders should take DYOR seriously, listing overhyped projects seems to be the new trend whereas this could lead to a “list and dump” situation for traders.
Yes, this can be right...as I also noticed that big exchanges are now so easy in listing many new memecoins maybe to take advantage of the hypes surrounding the project which can mean more volume of trades and more volume of fees that exchanges are charging. These exchanges are now primarily concern on making money...yes making their profits as fatty as possible sometimes to the detriment of ordinary traders. I am hoping that we can call on these exchanges to be more prudent on what they are doing and be cautious with what they are listing though I also understand that they are primarily outfits to make money. At the end, it is the responsibility of the traders to behave according to their own interests and not be swayed by the exchanges they are working with.
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More reason traders should take DYOR seriously, listing overhyped projects seems to be the new trend whereas this could lead to a “list and dump” situation for traders.
Yes, this can be right...as I also noticed that big exchanges are now so easy in listing many new memecoins maybe to take advantage of the hypes surrounding the project which can mean more volume of trades and more volume of fees that exchanges are charging. These exchanges are now primarily concern on making money...yes making their profits as fatty as possible sometimes to the detriment of ordinary traders. I am hoping that we can call on these exchanges to be more prudent on what they are doing and be cautious with what they are listing though I also understand that they are primarily outfits to make money. At the end, it is the responsibility of the traders to behave according to their own interests and not be swayed by the exchanges they are working with.
Exactly, traders need not to trust any exchange blindly even though it might have a great track record. It seems they are taking advantage of the trust they’ve built over the years to manipulate the markets knowing fully well that traders won’t take note and i hope things change for the better very soon
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Internal corruption, bribery and money laundering are present in any centralized system and even in highly regulated markets such as the stock market. Although the market is unregulated, the percentage is still small. The impact of these centralized services does not mean a lack of transparency at the blockchain level. The Bitcoin blockchain is still transparent. On the contrary, many are calling for the importance of developing privacy tools.
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I've been reading about this situation and I hope Binance has a good explanation
To tell you the truth, after CZ was arrested it seems that Binance has changed a bit from the kind of exchange it used to be
However, one tip to protect yourself from these possible price manipulations is not to leverage yourself up and not to get desperate and sell when the price drops sharply.
They can manipulate as much as they like, but if you have your coins in your custody, without leverage, they can't liquidate you
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More reason traders should take DYOR seriously, listing overhyped projects seems to be the new trend whereas this could lead to a “list and dump” situation for traders.
Yes, this can be right...as I also noticed that big exchanges are now so easy in listing many new memecoins maybe to take advantage of the hypes surrounding the project which can mean more volume of trades and more volume of fees that exchanges are charging. These exchanges are now primarily concern on making money...yes making their profits as fatty as possible sometimes to the detriment of ordinary traders. I am hoping that we can call on these exchanges to be more prudent on what they are doing and be cautious with what they are listing though I also understand that they are primarily outfits to make money. At the end, it is the responsibility of the traders to behave according to their own interests and not be swayed by the exchanges they are working with.
It is so sad to see the recent allegations of internal corruption, bribery, and money laundering in the crypto exchange space. And it is very disheartening to see that popular exchanges like Binance and others are on these issues as they put making profits ahead of providing a secure and reliable environment for traders. I have small funds there and also have transfered all my $300 to Bybit, Bitget, and Kucoin for now.
Although, it's true that exchanges are businesses designed to make a profit, it's also essential for them to maintain a level of integrity and responsibility for once for their users.
And i like what you said that it is definitely up to traders to behave in their own best interests and not be swayed by the exchanges' actions.
Aside that, it is high time we started calling them out and also started demanding for more transparency, accountability, and a commitment to protecting users' interests. By doing that we hope to create a more secure environment for traders.
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Listing new projects is now like a competition for these exchanges and they don't care if the project will be used to scam people. They prefer making money than keeping to their reputation currently. The cryptospace is becoming a place of personal interest alone and those centralized services are suppose to use their services to prevent such shady actions.
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Exactly, traders need not to trust any exchange blindly even though it might have a great track record. It seems they are taking advantage of the trust they’ve built over the years to manipulate the markets knowing fully well that traders won’t take note and i hope things change for the better very soon
These exchanges are here for the money they can get from the cryptocurrency market and that is one big point we should not forget when dealing with these platforms. Though many of them can already be classified as trustworthy, we as users and traders should be careful while doing business with them. Our own interest should be our own paramount concern as these exchanges really don't care with us individually. And I am sure this will be the trend from now on...as the Pandora's box is now clearly open for all to see.
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More reason traders should take DYOR seriously, listing overhyped projects seems to be the new trend whereas this could lead to a “list and dump” situation for traders.
DYOR really is very important when it comes to investing, but when it comes to meme coins especially those new ones, doing research is pretty much useless because anytime, the project can just go down and get abandoned.
As for listing projects, it would be the exchanges that will decide whether the coin can be listed or not. As for the traders especially those futures traders, they can maximize these new listings especially those who started as an airdrop token. Overall, I believe that expert traders know what they're doing, and I believe that they will not trade newly listed tokens as well.
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This is the problem with the trust based platform because it's controlled by an individual or group of people so we have to trust they will never have I'll intention or better not to keep any amount in the exchange wallets, move them immediately once you done trading. Day traders have no option they have to take that risk which is why it's always recommended to day trade with a small amount from your trading capital so in case if things go wrong you only lose some not everything.
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I'm curious what folks here think of Kraken?
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As a trader, the chances of taking profits might get slimmer when the exchange you trust your funds with are being shady. At first it was Bybit, then Kucoin and now Binance ??? …..the one exchange that’s a dominant player with high credibility, who would have thought but hopefully, the list doesn’t get longer. In the crypto world, exchanges are to bring about a reliable and secure environment for users not the one that instills fear.
With bull run coming, there comes a rise in number of newbies and money in the hands of investors too this money has to be placed on exchanges therefore exchanges create an environment for them where they could be phished to those exchanges besides the trust factor and liquidity factor.
Bribery and other dirty works are happening in almost every crypto exchange because they all are somehwere doing something wrong and not according to the rules this will get them banned in that specific zone the best exchanges to trade in are the ones which fully comply with authorities of USA.
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I've been reading about this situation and I hope Binance has a good explanation
To tell you the truth, after CZ was arrested it seems that Binance has changed a bit from the kind of exchange it used to be
Please explain, what is happening right now with Binance... I have searched the internet with the keyword "binance news today" but did not get any bad news on Google... I do not know what is happening at Binance right now, even though I store some assets there...
Even I searched for news about Binance on cointelegraph but there was nothing.. I typed in the search field for the exchange, did not find any negative news but why is this discussion more inclined towards negative discussions about Binance? What is really going on?
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Most exchanges are not thinking to maintain their reputation because they are making money by using hype. This year several telegrams gaming projects have been listed in various top exchange, but now the price and volume of those projects has died. The point you think that most investors have been damaged in a lot of money. Most exchanges are now cheating with people and for it they are following any hype. If you want to find out that top exchange like binance has many tokens that are really harmful.
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Most exchanges are not thinking to maintain their reputation because they are making money by using hype. This year several telegrams gaming projects have been listed in various top exchange, but now the price and volume of those projects has died. The point you think that most investors have been damaged in a lot of money. Most exchanges are now cheating with people and for it they are following any hype. If you want to find out that top exchange like binance has many tokens that are really harmful.
I agree most of the meme coins not worthy of lisiting on Binance got listed their but it is just a matter of money if they project want to do their listing on Binance and have enough funds then why would Binance not list that token and if that token also have some popularity too.
Exchanges are not making money by charging projects for listings but they are making the most of their money from future liquidiations therefore they should not chase money by listing useless token but till now I have seen very few meme tokens only getting listed on Binance and Binance is not the best exchange there are many so we should avoid making it the OG here.
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From recent reports, it turned out most of them would rather fight for their pockets rather than creating a profitable environment for traders. Source; https://x.com/solananew/status/1886159203095691684. More reason traders should take DYOR seriously, listing overhyped projects seems to be the new trend whereas this could lead to a “list and dump” situation for traders.
This is really not acceptable but it was all transparent and still no case opened against Binance guess it was their money and they can do whatever with it, but remind me next time they do it, I will follow their trail haha as we know the time they start doing it market from that point to know has dumped only and maybe out of 20 influencers I am following and none of them saw these dump coming I should follow Binance's moving their funds to see the market trend haha. Just in case.
Overall I don't think these exchanges if only take money from traders, they really don't care about traders but for each other they really do as Bybit lost huge amount of eth in a recent exploit and AFAIK Binance and Kucoin both gave half of the amount as in support to Bybit. This is another level of monopoly friendship then hehe we can call it that but TBH this shows the need of Defi and Web 3.
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I don't think there will be free support and most of the support will be in the form of low interest loans (if you're lucky) and this support may be the reason for preventing the negative impact of what happened with Bybit, $1.5 billion is not a problem but panic can easily lead to liquidity withdrawal of more than 10 billion.
As for traders, they will most likely be the last to be compensated if bankruptcy occurs.
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This is about business, and whatever can benefit them optimally, they will do it. which is wrapped in various concepts that can attract the attention of its users, but it turns out that behind it all, there are big things that they do for our benefit. And in the end? We ourselves must choose, want it or not. If you still use the platform, it means that you have agreed with the various things in it. and if not, use another. Maybe that's what's on various platforms now. Because basically, optimal profit is what they are looking for, that's all. it's just that, maybe each exchange is different, depending on how they package it and make it seem as if the users are not aware of getting it.
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This is about business, and whatever can benefit them optimally, they will do it. which is wrapped in various concepts that can attract the attention of its users, but it turns out that behind it all, there are big things that they do for our benefit. And in the end? We ourselves must choose, want it or not. If you still use the platform, it means that you have agreed with the various things in it. and if not, use another. Maybe that's what's on various platforms now. Because basically, optimal profit is what they are looking for, that's all. it's just that, maybe each exchange is different, depending on how they package it and make it seem as if the users are not aware of getting it.
In other words, we now have many choices available and so if one is doubting a certain crypto platform then maybe it is time to move on to the next best one. In fact, I think this is what many traders are doing...shopping for crypto exchange that can give them the optimal environment for possible profits. We can never deny that these exchanges are here for money and they are offering products primarily based on that mindset and then they make sure that their users are also doing good business but then again there is no perfect platform...we can only look for one that is more suited to our own interest.
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In other words, we now have many choices available and so if one is doubting a certain crypto platform then maybe it is time to move on to the next best one.
a way to judge a platform is by looking at the bigger picture if someone said that this one platform is bad you wouldn’t want to immediately believe just this one person because he may just be the extremity of what otherwise if pretty average general rating so you need to gather more reviews
but then again there is no perfect platform...we can only look for one that is more suited to our own interest.
very well said… even if 100 other people told you this one platform is the best but you don’t like it it doesn’t suit your preference and doesn’t meet your expectations then it’s not the one for you
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This is about business, and whatever can benefit them optimally, they will do it. which is wrapped in various concepts that can attract the attention of its users, but it turns out that behind it all, there are big things that they do for our benefit. And in the end? We ourselves must choose, want it or not. If you still use the platform, it means that you have agreed with the various things in it. and if not, use another. Maybe that's what's on various platforms now. Because basically, optimal profit is what they are looking for, that's all. it's just that, maybe each exchange is different, depending on how they package it and make it seem as if the users are not aware of getting it.
In other words, we now have many choices available and so if one is doubting a certain crypto platform then maybe it is time to move on to the next best one. In fact, I think this is what many traders are doing...shopping for crypto exchange that can give them the optimal environment for possible profits. We can never deny that these exchanges are here for money and they are offering products primarily based on that mindset and then they make sure that their users are also doing good business but then again there is no perfect platform...we can only look for one that is more suited to our own interest.
Exactly, there are still several other options, just adjust it to our needs and our consideration of some of the pluses and minuses. As you said, there is no perfect platform, there must be pluses and minuses, there are pros and cons. It's just a matter of which side we will consider more for our interests.
But what is certain is, still choose a platform that does have a high reputation and trust. Because if we don't think about that, then our funds will also be threatened, even worse, avoid fake platforms or scams.
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As a trader, the chances of taking profits might get slimmer when the exchange you trust your funds with are being shady. At first it was Bybit, then Kucoin and now Binance ??? …..the one exchange that’s a dominant player with high credibility, who would have thought but hopefully, the list doesn’t get longer. In the crypto world, exchanges are to bring about a reliable and secure environment for users not the one that instills fear.
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If you look at the tokens listed on Binance, all of them did not increase at the beginning of the listing, but after a few days the tokens increased and for all the tokens, they were Dumped, but there are also those that have survived until now and have increased in price on the market.
Polygon Matic = https://coinmarketcap.com/currencies/polygon-ecosystem-token/
So, not all exchanges give a bad image, but in fact Binance also provides good token launches like Polygon Matic.
Although there are also many tokens listed on Binance that end up Dumping and even Delisting, at least Binance provides a few examples of coins with good prices like Polygon Matic.