I was on Twitter earlier and came across a post where a user deposited funds into HitBTC and when trying to withdraw were told he wasn't allowed to due to country restrictions.
HitBTC responded but were not too accommodating responding if there are any questions of their policies just look at their legal pages.
~~~ embed:1295129228149653504 twitter metadata:aWxjcmVhdGlvbnN8fGh0dHBzOi8vdHdpdHRlci5jb20vaWxjcmVhdGlvbnMvc3RhdHVzLzEyOTUxMjkyMjgxNDk2NTM1MDR8 ~~~
You should always make sure you are in good hands before putting a large amount of money in any exchange or service. Crypto is the wild west and losing thousands of dollars or even hundreds is common and no one seems to really care. You need to take as many steps as you can to be sure your funds are safe.
I've written about this in the past, exchanges do not owe you a thing, they will take and freeze funds like it is nobody's business.
This goes for games and services as well, crypto does not allow for mistakes. Don't give anyone the opportunity to steal your money, take your time and test everything.
Posted Using LeoFinance
You are right that is why I am parking my monies in Bittrex because I can't help giving them the benefit of the doubt @themarkymark
Posted Using LeoFinance
To put things in perspective, Bittrex is holding 23.4M Steem hostage. Just saying.
I hope that guy wasn't taught an expensive lesson...
And don't store coins on centralized exchanges - keep them in your wallets.
At some point you likely need to use an exchange.
In this quarter, AtomicDEX will be launched on Comodo - by the way, we can immediately list Hive there - the fee is very small - atomic swaps between blockchains will be soon - I suggest you familiarize yourself with https://atomicdex.io/
These types of exchanges typically have almost no liquidity and it takes forever or a very large shift in price to buy/sell.
There will be liquidity providers - and wait a bit, as soon as the exchanges start blocking trade and freezing accounts under various pretexts during the burlane, people will use atomic swaps.
Test alpha version
I think a lot of sites are using KYC laws to screw users too. I've lost a tiny amount of crypto to a couple exchanges due to that. I'm talking smaller smaller shitcoin exchanges, that are holding peoples deposits until they KYC. They should of warned users ahead of time so they could withdraw their funds.
I'm not a fan of KYC, and I get it's the law, but I don't want my ID sent to some small exchange located in some banana republic. For this reason, I think KYC is more dangerous to individuals than the problems it is trying to protect us from.
That's the thing: KYC isn't really meant to protect individuals. It's mostly a way for governments to track the flow of money.
Always my concern when trying a new place. Some are quite sneaky in trying to hide it.
I always do a test .... deposit $100 and then withdraw $100 .... if it works I’m good.
We must never ever forget that, never cease to warn newcomers, indeed it should motivate us to stand out as one of the very few exceptions. After all, not only might we help someone to keep from losing money, we might even get them making more of it here!
Cheers
Every time I transfer more than lunch money, I frantically look back and forth, address, amount, address, amount, address, amount to make sure because I know once I hit ok, that shit is gone.
I don't care how experienced you are, shit happens.
🤣
I do exactly the same.
I do a small amount, in and out from a place first. Because, yes... stuff happens. Thanks for the reminder!
!tip
This Old House@dswigle wrote lately about: Feel free to follow @dswigle if you like it :)
Sending tips with @tipU - how to guide.
🎁 Hi @themarkymark! You have received 0.1 HIVE tip from @dswigle!Indeed, a very good bit of advice to old and new users of cryptocurrencies and exchanges. One must always be very craeful when making transactions!
I wonder if this is something a VPN would be useful for if there was too strict of an initial verification process.
VPN's certainly work but you put yourself at great risk. You are by passing their terms and conditions and potentially even laws, and if they figure it out you don't stand a chance of getting your money back.
Oh for sure. But if you have coins stuck in an exchange that has this issue, then Id think it could be worth the risk. Another reason not to hodl too much in an exchange.
Scams
You're very much right. You always have to remember that with crypto, YOU are the owner of them and that means that you hold the ultimate responsibility of whatever happens to them if something were to happen to them. There's no bank that you run to like with Fiat for example, the buck stops with you.
In the meantime I have become very careful about all the Exchanges. I have had too many problems in the last few years, be it only temporarily frozen wallets, which sometimes raise suspicions of price manipulation.
But at this point I have to agree with the user, it is simply stupid to restrict the account so that users run into this potential problem. Works on me almost already deliberately.
Hello, in general I am not listening to spam bots... You know why? They do not deliver any value.
With Steem, it's also your keys not your crypto when they steal right from your wallet.