Altcoins Talks - Cryptocurrency Forum
Cryptocurrency Ecosystem => Crypto Exchanges => Topic started by: Akinwale Akinkunmi on February 15, 2025, 05:27:35 PM
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In today's world, people have increasingly more confidence in investing in crypto through exchanges without panicking. If we were to go back 5-6 years, telling people that your money was stored or saved to increase on an exchange would have raised concerns and warnings about potential scams, with advice to withdraw funds immediately. And now even major players in the banking sector are now heavily involved.
Now talking about growth, I believe that excessive growth can also have disadvantages if not managed properly. For instance, look at what's currently happening with Binance, which is facing allegations of corruption, similar to OKX and other reputable exchanges. However, I don't blame them entirely, considering the massive amount of money flowing in and out of these exchanges.
Just yesterday, Bitget announced achieving an all-time high protection fund valuation of $690 million in January 2025 alone, similar to other exchanges like bybit. The influx of funds is substantial. With all this analysis how can our exchanges be trusted with large sums of money or do you think the government should be involved?
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its not up to us in how should our government regulate its growth but they will find a way to do it. but i think they are done doing it since there are already ETFs are approved and institutions are already getting into crypto like they are buying everything.
and if there are tons of money flowing out of the exchanges, its all up to them on how to regulate it. but an exchange as small as bitget, they will not mind it, they focus more on bigger ones. countries today are banning exchanges for operating illegally, they'd allow them to have license to operate if they share data to the government.
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its not up to us in how should our government regulate its growth but they will find a way to do it. but i think they are done doing it since there are already ETFs are approved and institutions are already getting into crypto like they are buying everything.
and if there are tons of money flowing out of the exchanges, its all up to them on how to regulate it. but an exchange as small as bitget, they will not mind it, they focus more on bigger ones. countries today are banning exchanges for operating illegally, they'd allow them to have license to operate if they share data to the government.
Your opinion is great but to me the exchange used as an example is not a small exchange although I didn't know how you arrived into the conclusion, but to me the government can go against any exchanges if they dedect imbalance or corruption. Okx and Bybit once had their own share of government checking them out.
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Even if we say no, do you think governments will just accept it and move on? They won't let a market as big as crypto (although some believe it's still niche compared to other markets) go without supervision, especially if it affects their image or tax earnings. Some even went as far as banning anything crypto-related due to ideological beliefs. If we're talking about exchanges, unfortunately having regulation or control over them is better since retail traders won't be able to verify anything. They can choose which exchange to use but they can't dictate liquidity. CMIIW.
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Unfortunately, governments do not need anyone to allow them to make regulations. They just do.
Some regulations are necessary and welcome, such as regulations over exchanges (as we all know, there are some exchanges which commits crimes, such as FTX, and governments help users to get funds back).
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To me, I feel like exchanges' adaptation is similar to when banks first emerged. Back then, lots of people didn't readily accept them, but with time, many gained trust. As you've pointed out, exchanges are now implementing more safety measures to protect users.
Exchanges like Bitget have managed to gain users' trust by providing monthly reports. They started the year strong, maintaining growth in line with market movements and the BTC price surge, reaching an all-time-high value of over $690 million on January 22nd. With this, I feel we might see even more trust coming to CEX.
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its not up to us in how should our government regulate its growth but they will find a way to do it. but i think they are done doing it since there are already ETFs are approved and institutions are already getting into crypto like they are buying everything.
and if there are tons of money flowing out of the exchanges, its all up to them on how to regulate it. but an exchange as small as bitget, they will not mind it, they focus more on bigger ones. countries today are banning exchanges for operating illegally, they'd allow them to have license to operate if they share data to the government.
Your opinion is great but to me the exchange used as an example is not a small exchange although I didn't know how you arrived into the conclusion, but to me the government can go against any exchanges if they dedect imbalance or corruption. Okx and Bybit once had their own share of government checking them out.
how should the users fully trust the OKX and bybit once again if there are deals about sharing data to the government of a country they operate?
to me binance is more repuable because the data still is safe inside them and are not bending their terms or privacy to our government that they will be banned in our country for this reason.
Lets say binance,us cooperate with the government. why should they chose binance.us when its all the same when they just sign up under coinbase.
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Regulations for crypto are legal and systematic structures that the government formulate to create various aspects of digital resources. The regulations of cryptocurrencies in various judicials may be directly banned from the detailed rules created to support blockchain users. In the united states the regulator is not specific to land and it is constantly developing. Various federal organizations treat digital resources differently based on their own evaluation of crypto properties. Lawmakers can also consider and states can establish their own rules.
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its not up to us in how should our government regulate its growth but they will find a way to do it. but i think they are done doing it since there are already ETFs are approved and institutions are already getting into crypto like they are buying everything.
and if there are tons of money flowing out of the exchanges, its all up to them on how to regulate it. but an exchange as small as bitget, they will not mind it, they focus more on bigger ones. countries today are banning exchanges for operating illegally, they'd allow them to have license to operate if they share data to the government.
Your opinion is great but to me the exchange used as an example is not a small exchange although I didn't know how you arrived into the conclusion, but to me the government can go against any exchanges if they dedect imbalance or corruption. Okx and Bybit once had their own share of government checking them out.
how should the users fully trust the OKX and bybit once again if there are deals about sharing data to the government of a country they operate?
to me binance is more repuable because the data still is safe inside them and are not bending their terms or privacy to our government that they will be banned in our country for this reason.
Lets say binance,us cooperate with the government. why should they chose binance.us when its all the same when they just sign up under coinbase.
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Did you forget to write your reply? You just quoted another post without adding anything new. You can simply edit your post instead of deleting it if you forget to post the correct reply. I know it's a few days late as a reminder but better late than never.
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Since governments are the reason a country operates and makes the country work and grow, they can be part of the process and maybe facilitate the growth of crypto in a particular country. I believe if the government in their country increases activity, the confidence of lay people who don't know how to use it will grow. Plus, if the banking sector in that specific country becomes crypto-friendly, it will also add to that increase.
I am a little bit concerned about the growth of this because a lot of people are also trying to scam people on it. If it grows, there won't be any trust anymore.
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The reality is that the government does not need any permission to regulate any industry doing business under its jurisdiction...maybe the question should be: how the government should regulate this specific industry which is cryptocurrency. Ideally, cryptocurrency must not be regulated but the problem is human nature...without some form of a regulation there will be bad players that will victimize other people by abuses, scams and other similar tricks to suck out money from innocent people. I am then rooting for an acceptable (not design to kill business) regulatory framework so that we can do business with some fairness and a high level of accountability can be established. No regulations means we would remain in the Wild, Wild West era which can affect the long-term growth potential of the industry.
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I am then rooting for an acceptable (not design to kill business) regulatory framework so that we can do business with some fairness and a high level of accountability can be established. No regulations means we would remain in the Wild, Wild West era which can affect the long-term growth potential of the industry.
I second this. While I don't think the government can do everything it wants nowadays because social media can spread information faster, some decisions can be skewed to one over the other. Especially if lobbying or stuff like that is allowed. I don't know how it works in other countries, but my country introduced so many new ineffective regulations that get reverted because of protests and whatnot. I believe crypto community can do the same thing if it's large enough to influence the government income.
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Just yesterday, Bitget announced achieving an all-time high protection fund valuation of $690 million in January 2025 alone, similar to other exchanges like bybit. The influx of funds is substantial. With all this analysis how can our exchanges be trusted with large sums of money or do you think the government should be involved?
I think with the fallout from the $1.5 billion hack of the bybit exchange that is running crypto right now there is no longer any trust in centralized exchanges even if governments are involved.
Although bybit, the US government and everyone knows that the criminal Lazarus group is the one who did the theft but they can't do anything because they are under the protection of the North Korean lunatic that no one dares to approach.
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Regulation is important for some aspects of the crypto industry. Centralized exchanges have to be regulated, if not many of them will rugpull their customers with impunity. Cryptocurrencies like memecoins also need to be regulated and the reason is obvious. Regulation comes with certain disadvantages, but it is necessary for some aspects of the industry.
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They will, there's no debate or like we have a say in that.
Regulations are not bad as long as they are doing it to protect people but what government does is just tax them on the profits they made and nothing else, which I don't call as regulations and this the reason why people not to reveal their crypto assets and pay taxes for that.
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They will, there's no debate or like we have a say in that.
Regulations are not bad as long as they are doing it to protect people but what government does is just tax them on the profits they made and nothing else, which I don't call as regulations and this the reason why people not to reveal their crypto assets and pay taxes for that.
Yeap, Keeping people in control of themselves or only collecting taxes from people in the name of regulation seems to me to be nothing but hypocrisy.
However, I would also applaud the government's efforts to create regulations to help trace criminals and ensure that they receive appropriate punishment.
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Now talking about growth, I believe that excessive growth can also have disadvantages if not managed properly. For instance, look at what's currently happening with Binance, which is facing allegations of corruption, similar to OKX and other reputable exchanges. However, I don't blame them entirely, considering the massive amount of money flowing in and out of these exchanges.
Just yesterday, Bitget announced achieving an all-time high protection fund valuation of $690 million in January 2025 alone, similar to other exchanges like bybit. The influx of funds is substantial. With all this analysis how can our exchanges be trusted with large sums of money or do you think the government should be involved?
Growth is one thing every business anticipate after they set out to serve the public with their services, for growth the occur there is this relationship it always have with the law of demand and supply, the higher the demand the higher the the influx of cash and the more valuation the company providing that service in the demand gets. in the last two to three years, the evolution in the crypto industry is one which has been on the increase with a very higher demand due to the more adoption of crypto in other industries.
the higher the demand of crypto the more people demand for platforms to buy and sell there assets and that's how the exchanges begins to gain all of the market valuation and increase in their assets and all of other market capping. in as much as at some point regulation will become necessary around the exchanges it will also be challenging to get the government involved as that will be interfering with the decentralized nature of cryptocurrencies. I don't support the idea of the government interferance but i think the crypto inductry has got a way of regulating itself if the need arise.
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However, I would also applaud the government's efforts to create regulations to help trace criminals and ensure that they receive appropriate punishment.
Such an application would be very useful to track down fraudsters so that the funds they stole cannot be taken and every registered exchange is compliant with the government.
The government has authority when the Exchange is under government regulations and of course crypto will grow over time with the assistance of the government. This is a positive step from the government unless it does not prohibit it.
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Regulation is important for some aspects of the crypto industry. Centralized exchanges have to be regulated, if not many of them will rugpull their customers with impunity. Cryptocurrencies like memecoins also need to be regulated and the reason is obvious. Regulation comes with certain disadvantages, but it is necessary for some aspects of the industry.
I don't think CEXs need to be regulated, they just need to cooperate with governments in the tax filing process and criminal investigations related to crypto. CEXs don't need to be guided by governments to operate, because I believe that most governments don't fully understand crypto, even though they've tried very hard.
Some governments are even naive enough to want to introduce and manage their own CEXs to collect taxes and transaction fees from users. I see that as monopolistic behavior in the market. The crypto community needs freedom and transparent cooperation, not control like how many governments run loss-making state-owned enterprises.
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However, I would also applaud the government's efforts to create regulations to help trace criminals and ensure that they receive appropriate punishment.
Such an application would be very useful to track down fraudsters so that the funds they stole cannot be taken and every registered exchange is compliant with the government.
The government has authority when the Exchange is under government regulations and of course crypto will grow over time with the assistance of the government. This is a positive step from the government unless it does not prohibit it.
Yes, this should be the main purpose because otherwise the number of negative sites of web3, scam and fraudulent, will increase and it will not be possible to bring them under punishment.
But if the government wants to regulate crypto to commit hypocrisy, then I don't think it will ever be good for this crypto space. In other words, it will directly affect the financial freedom that people are supposed to get here.
And that is why privacy ethustian peoples use de-centralized wallets from the beginning instead of using centralized exchanger wallets.
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But if the government wants to regulate crypto to commit hypocrisy, then I don't think it will ever be good for this crypto space. In other words, it will directly affect the financial freedom that people are supposed to get here.
And that is why privacy ethustian peoples use de-centralized wallets from the beginning instead of using centralized exchanger wallets.
Yes, the government will indeed have full authority over the CEX and that makes us not free in the sense that it will remain under the government, remain centralized. If you want to be truly free and decentralized then using a secure personal wallet such as a hardware wallet is the most secure without any interference from third parties, financial freedom will be everything for those who care deeply about privacy.
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Just yesterday, Bitget announced achieving an all-time high protection fund valuation of $690 million in January 2025 alone, similar to other exchanges like bybit. The influx of funds is substantial. With all this analysis how can our exchanges be trusted with large sums of money or do you think the government should be involved?
The government has a duty to protect its citizens, and they will not let their citizens be abused and get scammed by online companies, so their duty is to regulate this exchange to avoid people suffering from losing their hard-earned money and their well-being.
By regulating cryptocurrency-based systems, they encourage people to use cryptocurrency. The government will have a hard time controlling cryptocurrency, but they can on cryptocurrency-based companies.
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Yes, the government will indeed have full authority over the CEX and that makes us not free in the sense that it will remain under the government, remain centralized. If you want to be truly free and decentralized then using a secure personal wallet such as a hardware wallet is the most secure without any interference from third parties, financial freedom will be everything for those who care deeply about privacy.
Even if a person cannot afford these hardware wallets, I still think they can achieve financial freedom by using a decentralized wallet instead of a centralized wallet.
In this case, it would be best to use wallets that have the Hierarchical Deterministic feature. Moreover, there are better mixer wallets like coinomize to further enhance privacy.
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I believe it is important to get the government to have regulations because many people wouldn’t invest if there were no proper policies or safeguards for their investments. If there is a balance, there shouldn’t be a problem with it, in my opinion.
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I believe it is important to get the government to have regulations because many people wouldn’t invest if there were no proper policies or safeguards for their investments. If there is a balance, there shouldn’t be a problem with it, in my opinion.
That is right and that's why SEC is there to make guidelines. But not all of the guidelines are in favor of us, people who are into crypto. And if they decided to regulate it, we can't do anything about it but to tolerate and just follow what they are setting for the guidelines that they'll create. It is needed to make safeguards for the safety of everyone who's interested to invest to this market and to help avoid scams too.
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Even if a person cannot afford these hardware wallets, I still think they can achieve financial freedom by using a decentralized wallet instead of a centralized wallet.
In this case, it would be best to use wallets that have the Hierarchical Deterministic feature. Moreover, there are better mixer wallets like coinomize to further enhance privacy.
Yes you can still have financial freedom without using a hardware wallet, but using a Decentralized Wallet like Electrum that is used specifically for Bitcoin.
But if you say Mixer Wallet like Coinomize, I think you are wrong because Coinomize is not a Wallet but a service that provides Bitcoin mixing services to secure Bitcoin transactions made so that it remains private.
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Even if a person cannot afford these hardware wallets, I still think they can achieve financial freedom by using a decentralized wallet instead of a centralized wallet.
In this case, it would be best to use wallets that have the Hierarchical Deterministic feature. Moreover, there are better mixer wallets like coinomize to further enhance privacy.
But if you say Mixer Wallet like Coinomize, I think you are wrong because Coinomize is not a Wallet but a service that provides Bitcoin mixing services to secure Bitcoin transactions made so that it remains private.
Oh shit.
I don't know if I was in sleeping when I wrote my post, because I myself know very well that Coinomize is not a wallet, because I already know a lot about them and also you can see I am promoting them through my signature. ::)
This was a typo mistake dude. I was probably trying to say how to get the most out of a decentralized hot wallet without using a hardware wallet by using the coinomize service .
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This was a typo mistake dude. I was probably trying to say how to get the most out of a decentralized hot wallet without using a hardware wallet by using the coinomize service .
What is getting the most out of it?
Privacy or for other needs?
Because of Coinomize's Mixing service that provides a high level of privacy on the transactions made.
But if you talk about a wallet other than a hardware wallet, then Electrum is the first wallet that can be used for all the devices you have, Free and Open Source.
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Just yesterday, Bitget announced achieving an all-time high protection fund valuation of $690 million in January 2025 alone, similar to other exchanges like bybit. The influx of funds is substantial. With all this analysis how can our exchanges be trusted with large sums of money or do you think the government should be involved?
If the government decide the want to regulate this exchanges, they don't need our permission to, this is a fact I think you should or already know, but outside of this, I would also like to say that exchanges don't need government regulation to be trustable and reputable, an exchange can be reputable and trustworthy in all their dealing and report even without the government being there to regulate or oversee to the affairs and running of the exchange.
And personally, I prefer that crypto exchanges operate without government interference, all we have to do is ensure to not turn this exchanges into our private wallet where we store our long term investments, atleast, this practice helps us stay safe just incase anything happens to the exchange.
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Just yesterday, Bitget announced achieving an all-time high protection fund valuation of $690 million in January 2025 alone, similar to other exchanges like bybit. The influx of funds is substantial. With all this analysis how can our exchanges be trusted with large sums of money or do you think the government should be involved?
When it comes to the exchanges, I think the government is one way or the other involved already as they’re centralized exchange and their mode of operations can be well tracked by the government if situation for it warrants. So they will most likely be trusted by their mode of operation and how not often the government will want to clamp down on their affairs, because that’s only when they now become a threat to the public using them. Exchanges are not a place to store money, so even using them for a long time as a place to store your money, it becomes risky and trust or reputation won’t be needed in that regard.
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To an extent governments are regulating the centralized crypto entities but to be frank, we may not like it if they have full control over regulating everything about crypto, of which we also know that they cant do that, because bitcoin in cryptocurrency cannot be regulated, even if others are, then coming back to the government regulation, not all will be in our favour if they do so, because they are going to impose inflationary charges upon every user as long as they are in charged, but this is all about decentralization and p2p which has limited them to some certain extent.
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if they have full control over regulating everything about crypto, of which we also know that they cant do that, because bitcoin in cryptocurrency cannot be regulated, even if others are, then coming back to the government regulation, not all will be in our favour if they do so
It's true that Bitcoin is decentralized, and it's true that governments cannot control it. However, they can regulate it and enact the necessary laws for various legal and legitimate Bitcoin transactions in any country.
Of course, they won't be able to impose a ban or censorship on Bitcoin, but they can impose this on third-party services, such as centralized exchanges and third-party payment services, forcing them to comply with government regulations and impose KYC and AML on their users.
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Give government access to anything that has finances and let it participate in regulation, it will "eat" this sector fully and will turn it into milking how, killing every single opportunity to earn. Allow government to regulate crypto and we will never see 100% growth anymore. I also think that if government regulate crypto, it will kill any competition among projects. We wont get so much creativity as we have now. And I dont understand how will government let cryptocurrency operate parallels banks.
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I also think that if government regulate crypto, it will kill any competition among projects. We wont get so much creativity as we have now.
It is not in our place to dictate whether government will regulate crypto or not. Governments will surely regulate crypto services if they want to offer their service in their jurisdiction. They say regulation is to protect investors and it is very necessary for shitcoins and shit services, if not many of them will scam people with impunity.