CEX

BookieOnFoodStamps

L2s of btc. I would just have some patience after establishing a position. RSIC is the only one trading on a CEX (on Okx). Interface is roughhhh else where right now but that’s where I think the opportunity lies.

gopack42

I wish there was a way to have a wallet send a transaction to a CEX or any other wallet address, but have it set as a "pending" transaction that will never go through unless you put in a one time password or code into it to "release" the transaction. That way, you could give this to someone or have it in a will, etc for them to enter to have the transaction execute without them having to access the wallet or know private keys. So if I had $100k in BTC sitting in a cold wallet, I could go ahead and enter a wallet address and essentially send the amount but it would never send unless this external password was entered that would tell that one transaction to execute. You would tie that one time password only to that one transaction. I guess it would kind of be the same concept of "signing" the transaction with your cold wallet device (like a safepal QR code, etc) but it would already be signed and just need the password someone else would enter to complete the transaction. You could have the Tx ID entered into a custodial website and then the site could allow the password to be used to release it. Hell, I don't know. I'm probably way off and being completely retarded with this idea......but it never hurts to have wild or "impossible" ideas, right 😂

mel2000

> I'm not asking for legal compliance in my country at all. I'm asking about how CEXs handle situations where the source of funds is from prior crypto trading, hence there are no bank account statements to show The country can be important. In the US, the CEX will verify the source of funds to the IRS. Then the IRS will want to know the source of any windfall profits deposited into your bank account. That will usually be shown on the IRS Form 1099 created by the CEX.

Chillbizzee

The negative is you are not in any market which can be extremely negative. Since you don’t cash out to a bank the pro is you have more money available to time the bottom. You may pay taxes eventually but not on every trade, which is a significant advantage and a big reason traders have an uphill battle. If you cash out a smaller percent I believe it would be on you to report profits, I don’t see a government having any data here. Is there any way to buy or sell without having to go through a CEX while on ramping and off ramping to a DEX?

0xjellybean

SEC is against all CEX with lawsuit 1 after the other

Big-Finding2976

You bought coins on a CEX in the first place though, so your ID is linked to the wallet you withdrew those coins to. Even if you then create another wallet for the DEX and send the coins to that, there's still a link to you, and at some point you'd have to send your coins back to the CEX to sell them for fiat, so you'd have to explain where they came from and disclose all your trades, and then you'd get done for not paying tax on them.

8reticus

That’s standard among banks in the 1st world. That said, once you deposit your money into a bank, it’s no longer your money. It’s their money. You effectively get an IOU. Furthermore, after the last banking crisis, most governments authorized the use of bail-ins if there is another crisis. That means if the bank is at risk of failure they can seize the money in its users bank accounts. This includes Germany and Deutsche Bundesbank. And if that kind of crisis happens, how quickly do you think the government will restore your money? It won’t. The bank will still be solvent and your money won’t be at risk. You just won’t be able to get to it. Are CEX’s any better? Of course not. But don’t delude yourself into believing your money is safe anywhere.

EmptyReceptors

Not on a dex. The dex does not report to the IRS. You can swap all day, every day on a dex and don't have to worry about taxes. The dex doesn't even know who you are, there is not even a first name associated with your wallet address, so how could it be taxable? Only on a CEX is it taxable because you have to kyc on a CEX. They have your name, address, etc .

stunvn

Not again. Things like this have happened in the past. Specifically, it was right after the Bitcoin halving in 2016. People should move their funds out of that shitty CEX.

Skyobliwind

I'm quite interested in Bitpandas PANTOS atm. It started as a research project from some universities in coorporation with Bitpanda. It is built to be a multiblockchain project that resolves the security problems many bridging contracts often had and allows decentral switching between chains. Mainnet launch is planned for Q3-4 this year. It is not yet listed on any other CEX than Bitpanda, and other than on Bitpanda only buyable at Uniswap and HitBTC yet. When mainnet goes live together with Bitpanda onboard I think it should increase in market cap quite a lot.

BoneFire

A lot of time users don't give the full story. There is usually more going on then what they reveal. Big CEX's like Binance and Coinbase arent going to stay in business if they are constantly freezing accounts for no reason. I've never had an issue with KYC or any of the big US exchanges.

Johan544

The thing with source of funds requirements and AML triggers is that they are extremely inconsistent. Sometimes you can move relatively large amounts of $$ between CEXs, even cash out 4 figures or low 5 figures without any headache, but other times as soon as you try to cash out 3 figures the CEX will flag your account and you'll need to provide all sorts of BS to prove you're not doing anything illegal. At least you can prove you paid taxes on the money you have cashed out so far, but what about those that can't, or that haven't paid their taxes on all the crypto money they made? They're in a financial limbo pretty much, and governments, banks or CEXs have no intention of helping them. My advice would be to either use DEXs (particularly futures DEXs, which offer leverage), or to cash out some of that money you have on your bitstamp account and then purchase crypto (small amounts at first, like 4 figures at most) and declare that money in your tax returns (or keep the bank statements showing the deposits), and only cash out with Binance or any other exchange you haven't used so far once a year or so has passed. That way, even if your account gets flagged you won't go through a lot of headache because you'll have everything they could ask for.

truckstop_sushi

Yet you believe that when you need to sell you will be able to successfully use a CEX to on-ramp> off ramp into fiat? If it's NEVER a good idea, then you will never be able to sell and the price isn't real.

imadumbshit69

Each time I see a CEX delist Monero, I buy more

MusingsOfASoul

For me a motivation for leaving in CEX's would be getting some form of interest on them.

Buydipstothemoon

Not your keys not your coins. A good example why storing on CEX is never a good idea.

WR3CKONER

Read up on everything you can, buy low sell high. Don’t invest what you can’t lose, and nobody’s said it yet but not your keys not your coins. Buy on a CEX such as kraken (I don’t like Coinbase or binance personally but to each their own) and transfer your funds into a self custodial wallet, write down your seed phrase and keep it private. Read up on what are the most trusted wallets for the coins your buying. Transfer back to the CEX when you want to sell, it’s worth the security.

Hunter-North

If your recipient is using CEX address maybe

ckhumanck

that's it. his inbound exchange address would be different. obviously don't send to the one you found, it's a CEX hot wallet.

misterjoego

If you want to do it legit in NY with a CEX, you can only use Coinbase and Gemini. Otherwise read up on peer-to-peer options as mentioned in other posts.

RemarkableFinger7963

I actually completely disagree, dumping this much into the market is certainly going to affect the price: https://platform.arkhamintelligence.com/explorer/entity/grayscale And to clarify, it's not moving into other ETF's, it's probably moving into Grayscale's new ETF but instead of just moving holdings over equivalent to the total value needed in the new ETF, they're dumping a ton of it on the open market which will create downward price momentum as all these ape leverage traders get liquidated and then Grayscale gets a sweet deal re buying at a lower value for their ETF. Plus they made 1.5% in fees off all those customers moving out and 0.15% to customers moving in. Not to mention they're probably trying to establish the new norm of ETF fees to be equivalent to CEX exchange fees for like Tier 3-4? I know zhao when to jail and we all hate Jerome Powell but Grayscale came to play this week.

FunWithSkooma

CEX = Evil, learn p2p

Sugar_Wan_GH

i’m actually honored you scale us to bots. that’s great and we’re actually heading the right direction. Kendu is gem to withhold this bullrun and it’s heading for Billions just like 2021 SHIB style. and you know what’s more interesting? Shytoshi Kusama- SHIB head dev is actually following KenduInu on X. and this is super bullish as all growth has been engineered organically with no paid shills calls influencer KOLs, no coins given to CEX and it’s on a great chain ETH

EitherInvestment

Those that make their money from a token, it is the former. Those with a large CEX, it is the latter. SBF was the exception to this.

ajtyeh

I can see idiots complaining, Cost 1,000 to move my 1 btc when its worth a million. It's all relative. bitcoin isnt great for L1 transactions, consolidate then move on, dont move such small amounts from CEX

disgustingquart59

P2P is filled with scammers and is honestly very time intensive to vet properly. CEX is great for onboarding onto crypo.

FunWithSkooma

Any CEX is, you will just discover that when it too late

imdabes

Phew! Came here to say this. Saylor, ETFs, and CEX’s are not our friends. There is a war going on to coop crypto. Stay vigilant.

imdabes

Phew! Came here to say this. Saylor, ETFs, and CEX’s are not our friends. There is a war going on to coop crypto. Stay vigilant.

KaydeeKaine

Allegedly. You can probably accuse any CEX of doing the same though so why is only the biggest CEX targeted?

yatoshii

It’s not a matter of using CEX, it’s that you recommended telegram out of all the MUCH safer options out there.

FunWithSkooma

I will not be answering any more questions, as they do not seem to be made in good faith or are simply trollish responses. The message has been given: buy P2P. The state of Samourai Wallet and Phoenix Wallet should be enough to show how US citizens are in big trouble regarding BTC and their privacy. Do you want to keep using CEX? Do you want to buy BTC shit ETFs? Fine, you have been warned.

SufficientNet9227

Affected by what? Binance was the greatest CEX in Canada. He never had a single issue, so he always got great support way better than what we have now.

brotherRozo

That’s what I use now! Only buy Bitcoin so don’t need a CEX, just buy BTC and they let me transfer immediately. Coinbase and binance are all 7-10 days to transfer crypto out you just bought

foks1er

I buy off of CEX and send straight to DEX…

CoverYourMaskHoles

Coinbase has zero customer support. If you have any problems, they can’t get it fixed timely. And I have seen people frantic with their funds stolen. Their security is not that great. Hackers can literally hack into your account draw money out of your connected bank account and convert it to crypto and send it off Coinbase to their wallets in a matter of seconds. And if you stop the payment from your bank Coinbase doesn’t care, they hold you responsible for the money. I honestly think it’s insiders at Coinbase doing it, seeing as the hackers regularly get past 2FA and know their targets exactly. This happens all the time. Not just a few occurrences. Then there are just the issues with Coinbase’s own servers. Blackouts during high volume times when it’s most important to trade. If anything messes up their customer support is so bad you won’t get it fixed for months. Even something as simple as your KYC getting mixed up. Kraken is the way to go. By far the best CEX.

Equal_Classroom_4707

"Like I said, they won't stop just because the code is open source." They can stop right there actually. If you look at it yourself, you'd understand why that's the case.  "Quantum computing and AI could make the cryptographic mechanisms behind bitcoin and wallets factually useless." Bitcoin would be the last issue in the world at that point because the entire security infrastructure of every bank, every security protocol is done. How has that worked previously? Security protocols get upgraded in advance of those issues. Not just in the crypto space but what the entire technological world is using. People have plenty of thoughts about these things. Just not in this forum anymore. This is a casino on Reddit filled with noobs.  Anyone can make a copycat, they already have. Networks thrive off of users. The MIC would not have anywhere near the organic users BTC does. So in a sense BTC is a naturally grown hive that fed off individual users for almost a decade before mainstream ever heard of it. Try to recreate that. And at this point, the largest threat is governments making it illegal to individually posses. What a giant obstacle that would be if you have an understanding of nodes, how the source code actually works, and have access to TOR. All of these things are extremely easy to accomplish. There's no way in hell anyone with a technical background went into or attempted to have meetings with Nakamoto or his camp without first understanding that this cannot be undone.  Would they ask him to surrender his personal holdings? To publicly say the project is dead and move to this other project with the backing of a 3 letter? To erase him? The guy or team was extremely intelligent. The fact that he disappeared around the same time could equally mean he went into hiding as opposed to them silencing him. You can refer to his awareness of the forums through his hive comment.  But again, all the things you mentioned have been covered a million times already amongst devs. At this point the only way to attack BTC, would be to offline 51% of the worldwide nodes, and simultaneously bring up 51% of the network nodes, forge the ledger into oblivion and commit double spends all over the place.  To achieve this you would need an astronomical amount of hash, infrastructure, coordination with world governments. With that last bit being highly unlikely. And all of this to say, is you're suggesting BTC is the largest threat to the world financial systems as is.  Literally the easiest and most common method of disruption they could do is to ban the individual ownership of it. Just like they did with gold. You cannot own it personally, but you can own a note that's worth x amount of Satoshi. Then incriminate violators. Bring down every CEX. Create an alternative DEX. Build in actual backdoors, lock up enough liquidity and bring down the entire crypto trading infrastructure as it is.  If they were actually as concerned as you think, they wouldn't be auditioning off the hundreds of thousands of coins they have confiscated through the years. Through American OTC CEX's, and through ETF's alone, they can perform enough price manipulation TODAY, to prevent BTC from ever becoming some 1 single ultimate currency replacement.

Savinox

So all the assets you can buy using this service are actually assets owned by stripe? Or they go through a pool DEX or CEX in order to process the payment?

MaximumStudent1839

The reality is, USDC is the best form of transactional money in crypto. Neither of the two chains provide easy access to USDC - I checked on Coinbase and Kraken. So they aren’t useful payment rails for the avg user. And no. The native tokens are too volatile for ppl to treat them as transactional money. It is a degen larp narrative. As far as I understand, both don’t really have an on-chain ecosystem. So if you can’t be a good stable payment rail and have no other solid on-chain activity, you are basically not much better than a ghost chain. I think this is one of the best development in crypto. What dictate price growth should be decided by on chain users’ activities, not ppl who just hodl and do nothing with them in CEX. The only exception is BTC because ppl really just treat it as a SoV CEX coin.

gowithflow192

This is what limits my crypto investing. Imagine the hassle when it comes to withdrawing from CEX they may cry 'where did your money come from, prove it isn't proceeds or crime!'. I keep records of all my deposits to prove my eventual withdrawals are simply appreciation of my deposits.

keum5

This. And it is not just being cheap and fast. In the case of nano there isn't many CEX disponible and the ones where you can trade and the nodes suck. The case of algo is a bit different, but I guess there is really good competence, now that ETH is POS and have pretty good and easy to use L2.

OfWhomIAmChief

Localmonero may be a honeypot, but atomic swaps exist for BTC <> XMR. I find the timing of the Samourai devs arrest to be interesting. They recently incorporated atomic swaps into their wallet for Monero then less than a month later they get arrested/seized. DEXs such as serai and Moner native Haveno are on the horizon but retail is still light yeara behind and rely on CEX's to get Monero, the last of which is Kraken.

imdabes

We desperately need more censorship resistant fintec innovation. All the CEX’s and ramp providers have caved. I haven’t found a single ramp service that allows annon buying and selling. Kinda odd considering crypto is only “property” when it benefits the gov. If it were “property” then why do I have to show ID to buy or sell it?

OMFGROFLMAO2

It means the moment anything not tied to a KYC account, for example moons, hits a CEX, it'll be flagged and frozen until you can prove the origin of funds.

roastedbagel

Seriously XLM is offered on every major CEX and as someone who can log into like 8 right now I can't find Nano anywhere. Sorry yall but everyone in here astroturfing the fuck outta some no-name coin really gives it a bad look.

roastedbagel

What makes it better than say XLM which literally every major CEX supports whereas non of them support NANO?

roastedbagel

What major CEX allow offramping or even swapping Nano? I'm on the top 6 or so and don't see it anywhere - no offense but the amount of NANO astroturfing going on in this thread (everyone just spamming "Nano" without being able to give any details) is making it look worse for the coin 😬

macetheface

Have to imagine any would be criminal is not stupid enough to use a CEX with KYC. But then again, people are stupid.

Jaded_Band6440

Lol everyone that is worried about that clearly needs to stay on a CEZ (not recommend) DeFi is decentralized even if the officials speculate what your wallets are they can't prove it. Just be smart a out it. If your a developer don't create contracts that are purely for the intent to rug or and malicious purposes. The only way they could speculate what your wallets are is through your CEX and patterns. They have software for this. Anyways good luck out there 👍

masidriver

I think a lot of large institutional holders use CEX cold storage solutions

Elegant_Support_8082

CEX = centralized Exchange. A lot of times if you want to end up converting crypto into your local cash currency and or send it to your bank, you’d have to end up using a CEX like Coinbase or Kraken to cash out. LTC has Litewallet which has some options to cash out using gift cards and Among other options

Jesushelpher

Dogecoin, now hear me out. It is the grandson of bitcoin itself, being it is a fork of litecoin, doge has very fast almost instant transactions (1 minute block time). A lot of people have probably heard of this crypto and it has a reputation of being a friendly, easy to use crypto without all the other noise in smart contracts and such. I’d go out on a limb and say dogecoin is accepted in most if not all CEX’s and a lot of DEX’s. Most CEX’s charge between 1-10 Dogecoin to withdraw so it isn’t that high on the fees either. Be safe potential future shibe, and always DYOR when it comes to coins and taxes!

conedpepe

appreciate it man. I guess my next question is what CEX should i use? i was thinking of signing up for a coinbase one account to mitigate the transaction fees and just set up a biweekly autobuy of 625 every two weeks, unless there is a better way im not seeing? but that seems to be the most simple and straightforward. I would transfer off coinbase monthly to my cold storage wallet.

axius7

Never bridge back to mainnet unless it's a lot such as a few hundred or more. You would have been better off to bridge to another L2 such as base or arbitrum and then deposit it into a CEX and withdraw to mainnet if needed. There might have been some bridges which required less fees.

CointestMod

#DEX Con-Arguments Below is a DEX con-argument written by Nostalg33k. > # DEX: A contradiction to mass adoption. > > DEXes are a big part of the crypto economy, yet they have a lot of problems. I will present the main problems with dexes: The complexity of the legal ramifications, the liquidity problems and finally the lack of on-ramp system. > > # Introduction: > > Decentralized exchanges are systems allowing people to directly swap a cryptocurrency for another cryptocurrency. > > Main examples include PancakeSwap, SushiSwap, UniSwap and RcpSwap. These platforms mostly work through Liquidity providers (LP) and Yield Farming through transactions fees. > > While they can be usefull depending on your use of cryptocurrencies, they can also have issues which aren't going to be fixed anytime soon. > > &#x200B; > > # 1) The obvious legal problems > > &#x200B; > > There are obvious legal problems inherent to P2P trading. You don't know who will be using your P2P system. Since Dexes don't comply with KYC they can work with unlawful parties such as but not limited with sanctionned countries, organized crime, terrorists, hackers and your shady government officials. > > As a liquidity provider, are your lending your money to offer trading services? Are you offering banking services to people if you allow them to lend money to others. There are far reaching implications raised by Dexes. One can only wonder how long until they are regulated out of existence because they seem like the dark alley of the crypto space. > > &#x200B; > > # 2) Liquidity providers, the true bag holding strategy. > > Liquidity providers are the key to the inner working of Dexes. In order to have enough tokens to allow trading, you need to have enough liquidity in both sides of the pair. Obviously you can use more complex paths (A token for B, B for C and C for D when the custommer wanted to do A to D) if there is no liquidity in a given pair. > > Liquidity providers can see a pool be drained of one side of the tokens and the other side can depreciate leaving people with massive losses. > > Lastly a pool can be drained because of an exploit. > > All these risks are faced solely by the liquidity providers. While CEXes are also vulnerable to exploits, they are more safely managed through assurance and reserves in multiple assets (non crypto assets) > > # 3) Dexes will never popularize enough. > > Dexes are a niche tool, yes they have a looooot of value locked in their liquidity pools BUT a lot of our tokens aren't really liquid (Spoiler: there is not a trillion dollars in crypto currencies, the market cap is far from reflecting the liquidity of our assets). I'd argue that their big numbers are a trap. They are actually incapable of becoming popular for the common man. > > Most people will not want to have to go through multiple plateforms to check prices and liquidity; they don't want to worry about slippage and they just want a smooth experience. > > While CEX are not protecting them from these problems, they allow for a smooth ride and for people without technical knowledge to buy and send cryptocurrencies. > > The lack of on-ramp to transform USD or EUR into crypto is the final nail in a sturdy coffin. > > &#x200B; > > # Conclusion: DEXes are only good for power users. > > I'd argue that in this small essay I haven't provided reason to turn your back to Dexes. But the lack of simplicity means that the average investor may not need to know much about Dexes and can stay using CEX and their own wallet to really own their crypto (not your seed not your coins) > > If you have to use a DEX ask yourself, could you do the same in a CEX? If the answer is yes, then most people in your situation would prefer the simplicity of a CEX. ***** Would you like to learn more? Check out the [Cointest archive](/r/CointestOfficial/wiki/cointest_archive#wiki_DEX) to find submissions for other topics.

CointestMod

#DEX Pro-Arguments Below is a DEX pro-argument written by excalilbug. > The biggest advantage of Decentralized Exchanges is already mentioned in the name – they are **decentralized**. What does it exactly mean? If an exchange is truly decentralized it: > > &#x200B; > > * Does not store your assets or personal data = it is **private** and people control their funds. You yourself are responsible for your finances > * There is no one individual or small group of individuals who have full control of the exchange and there is no one point of failure = just like in (healthy) democracy everyone has a say in every decision and the **exchange can't be shut down so easily** (because its "servers" are spread around the world) > * There is **free access** = you don't have to go through KYC, so not only it is more private than centralized exchanges but also no one can stop you from accessing the exchange from anywhere you live. No KYC also keeps you **save from personal data leaks**. If CEX is hacked, your personal data might be leaked. And since you upload your ID there together with a lot of personal data such leaks are very dangerous > * There are **no middlemen** = all transactions are made directly between buyers and sellers > > &#x200B; > > The last point gives decentralized crypto exchanges a big advantage because – let's be honest – what people care most about is not decentralization or privacy – it is money. By removing the middleman DEXes can take much **lower fees**. DEXes can also save money on customer support, lawyer teams, marketing and many other things. That is why using DEXes is usually cheaper. Of course it all depends on liquidity of assets. But with time – as DEXes become easier to use and more popular (hopefully) – the liquidity will stop being a problem for most assets > > And it is hard to overstate the other important aspect of decentralized exchanges – **TRANSPARENCY**. > > Centralized Exchanges - especially the big ones – can manipulate the market. For example today most trades take place on Binance. This is very, very bad. Because if Binance isn't transparent (and it isn't) it can easily manipulate the market when it generates as much as 70% of total volume (n the case of Bitcoin Binance exchange is responsible for 98% of all spot trading volume - [https://cryptoslate.com/binance-takes-over-98-of-all-bitcoin-spot-trading-volume/](https://cryptoslate.com/binance-takes-over-98-of-all-bitcoin-spot-trading-volume/) \- whenever I'm reminded of Binance dominance I just wish it was Binance that collapsed instead of FTX. The market would crash much harder but in long term it could be very positive – see: Mt Gox). > > In the case of DEXes everyone is equal. Everyone can see all the trades that were made. Everyone can see market orders. **Everyone has the same data available**. CEXes can give only part of that data or even hide much of it. Then they can use it to their advantage (market manipulation, inside trading). > > Another important thing we need to remember is that Decentralized Exchanges are still a new concept. This might of course mean that it will all go to trash. But I prefer to think positively – I believe that there are many incredible **innovations awaiting us** and the concept of DEX and Decentralized Finance (DeFi) will succeed. I believe there will be many talented developers and visionaries who will come up with wonderful ideas and more and more people will start using DEXes. Eventually all centralized exchanges (both crypto and traditional) will be finally challenged and there will be more balance in the world of finance… > Let's keep our fingers crossed > > **TL;DR** – no middleman, no KYC, no centralized power who can freeze your assets whenever it wants, privacy, transparency, lower fees, innovative, the more popular, the more secure, can bring more balance to the world of finance, harder to manipulate the market because everyone has access to the same amount of information > > &#x200B; > > Sources: > > [https://cointelegraph.com/defi-101/what-are-decentralized-exchanges-and-how-do-dexs-work](https://cointelegraph.com/defi-101/what-are-decentralized-exchanges-and-how-do-dexs-work) > > [https://www.coinbase.com/pl/learn/crypto-basics/what-is-a-dex](https://www.coinbase.com/pl/learn/crypto-basics/what-is-a-dex) > > And other Cointest arguments (both pro and con) ***** Would you like to learn more? Check out the [Cointest archive](/r/CointestOfficial/wiki/cointest_archive#wiki_DEX) to find submissions for other topics.

chainer3000

Usdc on polygon chain. All CEX support it. Costs next to nothing to send. I use it often for transacting

Zealousideal_Ad7063

#MEXC #SCAM #FRAUD #FINANCE #CRYPTO #EXCHANGE #BITCOIN #CEX #MXC #PRIMEBLOCK #MOCOR #AML #MONEYLAUNDERING #CORRUPTION #SEYCHELLES #SINGAPORE #HONGKONG #RISKCONTROL #FROZEN #MOLOR #MEXCPIONEER #REVIEW #MEXCVENTURES #MX #MEXCGLOBAL #ERIKYANG #CAOHINH #PRIMEBLOCKVENTURES #JOHNCHEN #KATHERINEDENG #ANDREWWEINER #MVENTURESLAB #MEXCкриптобиржа #MECX #抹茶交易所 #mexcбиржа

Zealousideal_Ad7063

#MEXC #SCAM #FRAUD #FINANCE #CRYPTO #EXCHANGE #BITCOIN #CEX #MXC #PRIMEBLOCK #MOCOR #AML #MONEYLAUNDERING #CORRUPTION #SEYCHELLES #SINGAPORE #HONGKONG #RISKCONTROL #FROZEN #MOLOR #MEXCPIONEER #REVIEW #MEXCVENTURES #MX #MEXCGLOBAL #ERIKYANG #CAOHINH #PRIMEBLOCKVENTURES #JOHNCHEN #KATHERINEDENG #ANDREWWEINER #MVENTURESLAB #MEXCкриптобиржа #MECX #抹茶交易所 #mexcбиржа

INeverSaySS

Not your keys, not your crypto. If you just withdraw to a hardware wallet the risks are close to zero. Doesn't matter if they have KYC requirements or not, if they don't have your crypto you can never have them steal your crypto. And since deposit>sell/buy>withdraw cycles are usually just a few minutes you're very unlikely to have the CEX crash in those few minutes. Everyone who got burnt from a CEX closing and stealing your funds is responsible for that. The entire reason crypto exists is to not need a bank, so if you're not taking advantage of that what are you even doing here.

ZealousidealMonk1728

Has nothing to do with CEX and their fees

CointestMod

#Polygon Pro-Arguments Below is a Polygon pro-argument written by a deleted user. > ####**High Efficiency** > > **Very Fast network** > > The main benefit of using the Polygon PoS network is that it's an Ethereum scaling solution that provides much faster and cheaper transactions. > > * **High Throughput**: Current throughput is 350 TPS for 21k gas transfers and ~150 for ERC-20 tokens. It can go faster as a [7200 TPS test with 122 validators has shown](https://cryptoslate.com/matic-testnet-just-powered-ethereum-eth-to-7200-tps-dapps-next/), but Polygon decided to keep the limit at 30M gas per block to combat spam and storage bloat. > * **Fast Block Times**: It has very-fast [2-second average block times](https://polygonscan.com/chart/blocktime). Though due to its finality being probabilistic and high chance of reorgs, you would want to wait ~32 blocks or 1 minute before assuming finality. > > **Lower Fees than L2** > > * Fees are extremely cheap, so much that [validators have been colluding to set the priority fee at 30 Gwei](https://cryptoslate.com/polygon-matic-to-raise-gas-fee-to-30-gwei-to-prevent-spam-transactions/) to combat spam ever since [Polygon co-founder Sandeep's recommendation for it in Oct 2021](https://forum.polygon.technology/t/recommended-min-gas-price-setting/7604). > * Even with the artificially-inflated fees, Polygon transfer fees still only cost $0.001 while competing L2 rollup transfer fees are usually 10x to 100x more expensive in the [$0.02 to $0.20 range](https://l2fees.info/). > * A lot of games like Decentraland and The Sandbox moved to Polygon because they are able to airdrop NFTs to thousands of players at negligible costs. > > ####**Benefits from a synergistic relationship with Ethereum** > > There is a lot of overlap between the Ethereum and Polygon communities, and they both benefit from it. > > While Polygon is technically a sidechain, it helps offload a lot of traffic off Ethereum L1 and thus helps scale it. Thus, it's filling in the same role as an L2. > > * Polygon copies a lot of Ethereum's code and updates. For example, Polygon's London update for EIP-1559 is copied from Ethereum's London update. > * Nearly any wallet that works for Ethereum also works for Polygon. > * Polygon and Ethereum both use EVM for smart contracts, so it's easy for Ethereum's large number of devs to work on Polygon. Their blockchain explorers are also almost identical, so it's easy to audit transactions between them. > * Polygon's Bor block producer layer runs a version of Geth (the Go implementation of Ethereum), so they share similar consensus clients. > * Polygon generates hundreds of thousands of dollars of transactions fees for Ethereum through [MATIC Token transfers](https://etherscan.io/token/0x7d1afa7b718fb893db30a3abc0cfc608aacfebb0), [PoS Bridge transfers](https://etherscan.io/address/0xa0c68c638235ee32657e8f720a23cec1bfc77c77), and their [Root Chain Proxy](https://etherscan.io/address/0x86e4dc95c7fbdbf52e33d563bbdb00823894c287) checkpoints every 30-45 minutes. > * Ethereum provides security for Polygon PoS through [their checkpoints](https://wiki.polygon.technology/docs/pos/heimdall/checkpoint/), which are necessary as Polygon bridge proofs. MATIC tokens are also [staked on the Ethereum network](https://wiki.polygon.technology/docs/faq/staking-faq/). > > ####**High TVL and app support** > > * **Top 10**: Polygon's TVL has declined greatly in the bear market [to $1.2B](https://defillama.com/chains), but it's still enough to hang onto its Top 10 spot. Its market cap is also still in the [top 10 at $10B](https://www.coingecko.com/en/coins/polygon). > * **Many dApps** like OpenSea, AAVE, Curve, and Uniswap support Polygon. **Reddit's Collectible Avatars** launched on Polygon PoS, which gave it a lot of social media publicity. > * **CEX support**: Most of the largest CEXs like Binance, Coinbase, and Kraken now support the Polygon network for withdrawals. > * **Metaverse**: The 2 largest metaverse games, Decentraland and The Sandbox uses Polygon for their player item NFTs. > > ####**Upcoming Polygon zkEVM** > > The whole Ethereum community is very excited for zkEVMs. > > Polygon was the first to launch a [public zkEVM testnet](https://polygon.technology/blog/polygon-zkevm-public-testnet-the-next-chapter-for-ethereum) in Oct 2022. They already have a [mainnet launch date of March 27, 2023](https://polygon.technology/blog/to-ethereum-with-love-announcing-polygon-zkevm-mainnet-beta-on-march-27th), and everyone is looking forward to it. > > #####**Nakamoto Coefficient is increasing** > > Polygon has a [limit of 100 validators](https://wiki.polygon.technology/docs/maintain/validate/validator-responsibilities/). While this is still quite low, it actually has a bigger Nakamoto Coefficient than both Bitcoin and Ethereum. The more important thing is that it's increasing. Only several months ago, it only took 5 validators to reach 50% stake of the network. Now it has increased to [7 staking validators](https://polygonscan.com/stat/miner?range=14&blocktype=blocks) of MATIC. You can track the identities of the validators, and they all seem to be distinct organizations. > > This is partially thanks to how its [staking website](https://staking.polygon.technology/validators) encourages delegates to stake with smaller validators. Validators with large stakes are hidden on the website while only the smaller ones are shown. There is also a message at the top saying: "To distribute power on the network, please delegate to other top performing validators." > > ####**Great user experience** > > I personally complain a lot about Polygon's centralization and lack of transparency. But I still use Polygon PoS more than any other network. > > Ultimately what matters to me is that it is fast, cheap, has a huge amount of dApps, has good CEX adoption, and has a great blockchain explorer. And those combined lead to a great user experience. > > For new users who don't have MATIC gas tokens, there is a [Polygon Wallet Suite](https://wallet.polygon.technology/polygon/gas-swap) where you can use meta transactions to convert bridged ETH to MATIC without first needing MATIC. > > ####**Long-term Economic Sustainability** > > - The MATIC token is used for staking, and those rewards come from both a token pool and from transaction fee. The [1.2B token pool allocated to Validator Rewards is expected to run out in 2023](https://docs.polygon.technology/docs/maintain/validator/rewards/), after which there will be no more supply inflation. Fifth year validator rewards from the 12% pre-allocated supply will total $150M. After the 5th year, validators are meant to survive on transaction fees alone. > - Currently, [transaction Fees generate $70M annually, with $40M of it burned](https://tokenterminal.com/terminal/projects/polygon). This equates to $300K per validator annually. That's more than enough to run a validator annually. So besides Ethereum, this is one of the few networks with an economically-sustainable security model without inflation. ***** Would you like to learn more? Check out the [Cointest archive](/r/CointestOfficial/wiki/cointest_archive#wiki_Polygon) to find submissions for other topics.

TheExpensiveGoogle

Not really. You can get up to 30x I think. For higher leverage you would need a CEX, that’s for sure.

xti14

Does this not matter? Does this hurt the chart or maybe help it? Will holders/community care? Comparing to CEX? Etc….

TheExpensiveGoogle

I don’t think any CEX is doing that now but in the future it will become standard practice for sure. The beauty of liquidity pools on blockchains is that anyone can access them through smart contracts.

borg_6s

That is why the government wants you to use only verified CEX /s

Mattie_Kadlec

Is it possible for a CEX to utilize on-chain liquidity somehow? While thinking about this subject it seems like a good source of liquidity when you are low on your own supply.

Smiling_Jack_

We've got Ice T playing a cop on TV, and Eminem as a spokesperson for a CEX. This timeline sure got weird.

jventura1110

There was a post recently about how someone complained that their $100 was stuck on coinbase because it would cost $15 to transfer to their metamask wallet, and people in the comments were saying sarcastically "the future of finance." Meanwhile onchain fee to transfer was less than 50 cents. A lot of people conflate the exchange fee with the onchain fee, but really its just the CEX holding your money ransom and calling it "custody".

Synthetic451

>While the onchain cost is 33 cents. What? When has onchain ever been that low for ETH? I've only see $1.5 at the minimum, but mostly its around $3 or $5. When I withdraw from CEX, they're largely in-line with what I see for on-chain transaction fees. I just transferred some of my ETH out of Gemini for $1.5 two days ago.

Creme-Waste

I will make an effort and go through the links: 1. This post accuses CDC of an imminent rug bc of a likeness to another product (specifically crypto credit cards). Meanwhile, today, almost every exchange offers cards in some shape or form. I guess all of the other companies offering cards are also scamming. Kris Marszalek also answers the criticism directly under the post and explains the differences between the two products (namely, the whole exchange side of things). [https://np.reddit.com/r/ethtrader/comments/6dbkui/scam\_warning\_monaco\_ico/](https://np.reddit.com/r/ethtrader/comments/6dbkui/scam_warning_monaco_ico/) 2) The second link, I assume (it has since been deleted), accused CDC of scamming because they advertised heavily. I do not understand why an advertisement would be a red flag; neither did the post expand on this. The post received 22 upvotes. Meanwhile, the most upvoted comment with 200 upvotes calls out the OP, stating, "Please provide more than just inflammatory opinion." Also, CDC clearly was not a scam. It is still here despite this post from 4 years ago, after surviving a bank run and a multi-year bear market. [https://np.reddit.com/r/CryptoCurrency/comments/6cfw8y/warning\_monaco\_scammers\_aggressively\_advertising/](https://np.reddit.com/r/CryptoCurrency/comments/6cfw8y/warning_monaco_scammers_aggressively_advertising/) 3) The third link is a comment being discontent about the MCO conversion to CRO, which is a fair opinion. But it has been since discussed why Monaco was open to potential litigation while CRO is more detached from the CEX and thus less sus. You can disagree with this assessment, but that is your own subjective value judgment. [https://np.reddit.com/r/CryptoCurrency/comments/79zyye/seems\_like\_mco\_token\_is\_now\_dead\_sad\_story/](https://np.reddit.com/r/CryptoCurrency/comments/79zyye/seems_like_mco_token_is_now_dead_sad_story/) 4) This link accused the CDC of possible scamming in the future bc some card issuer making crypto cards went under or stopped business? Idk the whole post is weird. Only 3-4 sentences concern [Crypto.com](http://crypto.com/), making assumptions (mentioning Bitconnect and that Satoshi Nakamoto would not like crypto card ICOs). Retrospectively, it was clearly wrong. CDC did not rug; it is still here with a large user base that transacts with their cards all around the world on a daily basis. [https://np.reddit.com/r/CryptoCurrency/comments/a5b4hz/let\_the\_scams\_flow\_out\_of\_the\_window\_monaco\_and/](https://np.reddit.com/r/CryptoCurrency/comments/a5b4hz/let_the_scams_flow_out_of_the_window_monaco_and/) 5) This link calls CDC a scam bc they listed DOGE and SHIB. I guess you could call this a value judgment based on dislike for meme coins, but not sure why you included it here, supposedly proving CDC is a scam. Does that mean Binance, Kraken, and Coinbase are scamming too bc they list DOGE and SHIB? [https://np.reddit.com/r/CryptoCurrency/comments/nfyhss/fuck\_you\_cryptocom\_for\_preying\_on\_newbies\_in\_this/](https://np.reddit.com/r/CryptoCurrency/comments/nfyhss/fuck_you_cryptocom_for_preying_on_newbies_in_this/) 6) This link is a bit more complex with several points bundled together, alleging scamming bc of: * a supposed delay in the distribution of cards to the US, as they were launching first in SG and progressively in other parts of the world (possible, but not relevant anymore, I assume, with hundreds of thousands of cards out there and millions of users of the CDC App globally); * rebrand to [Crypto.com](http://crypto.com/) (IMO obviously better name than Monaco... companies rebrand similar to the company from link1 rebranding to Monolith); * MCO conversion (see my comment to link 3); * and the prior business activity of the CEO Kris Marszalek (I will comment on this a bit further below to avoid repeating myself). [https://np.reddit.com/r/CryptoCurrency/comments/biaud9/monaco\_mco\_raised\_26\_million\_in\_ico\_and\_promised/](https://np.reddit.com/r/CryptoCurrency/comments/biaud9/monaco_mco_raised_26_million_in_ico_and_promised/)

Creme-Waste

Coinbase has higher fees than CDC Exchange. If you are talking abt the App then yes, CDC blue app has a high spread, but Exchange is one of the cheaper in the game (cheaper than Kraken and CB). Do not have to trust me, look at the CEX comparison by Investopedia: "Crypto.com is the clear winner, with lower fees and extensive array of earning opportunities." [https://www.investopedia.com/crypto-com-vs-coinbase-5188428](https://www.investopedia.com/crypto-com-vs-coinbase-5188428)

zuperzumbi

Well CEX have their uses (if you want to use fiat currency, you kinda need them), but yes i do agree that they abuse a lot on the network fees, and im surprised kraken is one of them... I checked mycelium wallet, last Updated in January 2021 uff kinda gonna skip there...

uncapchad

we have had similar here in the UK since 2022 but they use the banks to block any transaction from any unauthorised payment service. You're basically only able to fiat on/off ramp via a registered CEX or through a registered broker.

conceiv3d-in-lib3rty

Are you new bro? This has forever been a thing. CEX’s have always charged their own set price for withdrawals. That’s how they make money on non traders.

CryptoScamee42069

Because it’s the same giveaway without the mandatory conditions. As someone who didn’t feel like racing into opening another CEX account and doing KYC just for a giveaway, this is an improvement for me. 😂

Big-Finding2976

Dirty ETH, or BTC, doesn't stop being dirty just because it gets sent to another wallet. It's still traceable back to the hack or whatever made it dirty, and if you send it to a CEX to sell it for fiat it's liable to be seized, regardless of whether they can show that you knew it was dirty.

Monkeyinchief

You got it right. As long as you send it to a third party wallet you control, CEX's are ok with it. The moment you receive crypto from a third party (vendor) or send it to a third party (purchase) from a cex wallet, the CEX is in trouble. Use any hot wallet. I would suggest electrum (open source), blue wallet (open source) and if you need lightning support the moon wallet.

skorpyn

That’s what Memeinator (MMTR) is for…listing on multiple CEX’s soon…

uncapchad

It does already happen. Exchanges are not always accepting (or perhaps not permitted to accept) untraceable coins or coins that come from "illegal activities" e.g. crypto-gaming is illegal in the UK so I could be prevented from depositing coins from such a casino onto a UK-registered CEX. Well they don't prevent, they just see oh this deposit came in from such and such, please leave our exchange immediately and take your stinky coins with you, or please fill in these 15 forms before we can keep you as a customer. Sometimes this only happens much later, so no issue with deposit but they run analytics when you try withdraw(coins or cash) and so there are holds, delays and many tears and CEX-rage here in Reddit. Govt loves blockchain for this 1 simple reason.

JerryLeeDog

Nope. Bitcoin as an asset is not insured unless you buy an ETF through an SIPC insured vehicle like IBIT etc. Every CEX or platform that holds Bitcoin on it does not have any obligation to even pay you back for lost or stolen BTC. They can completely stiff you and it's happened her many times.

KateR_H0l1day

My eldest son asked me to look at the Helium white paper, as part of my work I read many white papers and he knew I’d also written a few over years. Allowed a week and we had a conference call including my youngest son. Next day I bought two miners, then proceeded to buy more, set up a small company for the three of us. I alone funded it but 100% of profits came to me until the investment was paid off. After that it was a one third split each, once I’d made the initial purchase, I knew I needed to look more into crypto. Picked a CEX based on they had to have HNT. Started reading more crypto white papers and looking for projects, today have a three tier portfolio with ~ 30 coins/tokens. The portfolio is 100% mine, the mining is still a three way split/business

0xJarod

Are you mainly on CEX or DEX?

eetaylog

To be fair, he also says '*..if not, THE cheapest place to buy bitcoin*'. Jack's a beast and I love what Strike are doing, but this seems a bit disingenuous to me. Ill carry on using Coinbase and Kraken for now as its irrelevant to me that they trade shitcoins, and its still cheaper for me to do my DCA with them. If Strike ever made par with the CEX fees id switch over in a heartbeat though, so I hope they decide to compete a bit more in the stacking arena.

Dark_Raiden_

That one's a tough one given the fake news. I had a similar experience with AKT 2 days ago, the logical part of my brain was yelling sell in the $6's coz CEX pumps always end in dumps, and then my emotions and PTSD from selling Arweave early got the better of me.

OcelotWarm8822

XRP, ik it's a CEX scam coin ;) but ADA, maynot be the moon but still we can consider it as a real crypto right?

Grymninja

I've only ever held my crypto in a CEX before (coin base) because wallets and Defi have seemed daunting with scammers and what not. But there's a project I'm really wanting to invest in early that's going to be on the Solana blockchain. What's a good wallet to get that has that compatibility? I was looking at Metamask but it looks like that's on ETH's chain. If this is a dumb question is there a resource somewhere on the sub for questions like this? I couldn't find one

1-760-706-7425

Where do you find information on airdrops? Been staking for years now and, as far as I can tell, got nothing. For what it’s worth, not staking on a CEX.

Quixote0630

and airdrops! Usually won't qualify if you're staking on a CEX.

Funnyurolith61

Absolutely true. Can vouch for this statement. ATOM should not be kept on an exchange. Withdraw out of it, provide liquidity on Osmosis, lend on Mars protocol, stake natively via Keplr, liquid stake on Stride and then farm on stAtom/Atom pair There's a ton of ways to make money on Atom, keeping on a CEX is a loosing game my friend

Funnyurolith61

you kidding me bro? Get your atoms out of there, send to Keplr wallet and stake it with a NON-CEX validator and you're good to go. Choose Stakecito, PHMN and other good validators

dannygladiolas

I only use XRP to transfer between CEX without fees, 100% uptime unlike other centralized blockchains.

ewhim

Put simply (for me imho), Zhao doesn't get a lot of sympathy from me by pushing greed above principles/operating with a moral compass. There is a reason for KYC compliance procedures in a CEX. I am surprised binance.us is even still allowed to operate. BNB seems to be chugging along just fine either way.

Redditsucksasstok3n

Found The chad.  Binance is ran by The CCP that's why it's a CEX so he could funnel money to The CCP. 

BrocoliAssassin

I always love the part where every case is like "you should have read the TOS!!!" . FTX has it in their TOS that the crypto wasn't theirs. All of a sudden TOS doesn't mean shit. This isn't a CEX issue, it's more of a rich people never get punished so they will use any business to keep robbing people.

flarept1

They've done a lot of shady shit over the years to gain market share, there's no doubt about that. CZ has done a lot of dodgy deals. Just use CEX to cashout you're right

gr8ful4

I know Binance very well. They were hanging by the threat and they managed to shift this around (for now). Use it as a easy on and off ramp in small chunks and you will be fine. That's what a CEX is for.

gr8ful4

Found the noob. On a long enough time line every CEX will scam you.

gr8ful4

Dumb people using CEX are to blame. Dumb people also pay their taxes. Dumb people do all sorts of dumb things.Dumb people also vote for the lesser evil. As much as I despise CZ, as he suppressed prices of Monero for years. Jail time is an ancient tradition that is often abused to proclaim power in times of collapse, enforcing compliance and fear in the population. I say: Let them run free. Let them scam people. So people get the chance to become wiser. Thank people like CZ for showing you your own mis-takes. No one forced you to use FTX or Binance or Mt. Gox. You did it all to yourself.

hastaluegobaby

Consider crypto a casino, it fun to gamble in an app (CEX) but it’s way more fun to actually play in the casino (DEX)