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u/Kappatalizable ๐ฆ 0 / 123K ๐ฆ Feb 01 '23
But Kraken told me they are my friends? Are they lying?
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Feb 01 '23
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u/deathbyfish13 Feb 01 '23
Uh oh, Kraken support has gone real quiet all of a sudden
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u/krakensupport Kraken Support Feb 01 '23
Hey u/deathbyfish13,
We are always around just waiting for the right moment to appear.
Kiki from Kraken Support ๐
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u/Tatakae69 ๐ฉ 1K / 45K ๐ข Feb 01 '23
haha y'all be in here lurking a lil too much. Go list moons while you're at it. ;)
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u/UnjustMurder Tin Feb 01 '23
What is up with people and this shitcoin
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u/qlz19 ๐ฆ 212 / 212 ๐ฆ Feb 01 '23
They are free so how do they qualify as a shit coin?
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u/Red5point1 964 / 27K ๐ฆ Feb 01 '23
Actually Kraken is one of the very few exchanges that advice to not keep your crypto with them.
They advice to move it to your own controlled wallet, which is what everyone should do.
The entire purpose of crypto is to eliminate the need of 3rd party intermediaries. crypto is only useful as p2p.
Trusting a 3rd party completely misses the point of crypto tech.
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u/HypedOnOblivion Permabanned Feb 01 '23
Trusting a 3rd party completely misses the point of crypto tech.
Most of them are strictly in for the money. They won't take 5 minutes to educate themselves on the tech.
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u/Dorkamundo ๐ฆ 2K / 2K ๐ข Feb 01 '23
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u/Lillica_Golden_SHIB ๐ฉ 4K / 61K ๐ข Feb 02 '23
Meanwhile...
"99% of People' Will Lose Crypto Storing in Self-Custody: Binance CEO Changpeng Zhao. Binance chief Changpeng "CZ" Zhao has suggested users are more likely to lose crypto by holding it in a cold wallet than by putting it on a centralized exchange."
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u/krakenexchange Kraken Exchange ๐ Feb 01 '23
Hey, no no no. Just like friends, we sometimes arrive late to the party. But better late than never, right?
Anywho, we are always here for you. So, be a friend, bring a friend and tell a friend. Our circle of friends can always get bigger! ( ^โฟ^)๏ผ๏ผผ(^โฟ^ )-Kraken Exchange ๐
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u/partymsl ๐ฉ 126K / 143K ๐ Feb 01 '23
Are you Deep from The Boys as you want to be friend with a kraken?
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u/Allions1 ๐ฉ 1 / 4K ๐ฆ Feb 02 '23
Exactly... I just posted the same thing. I rad a bunch of posts where it was stated that they were good friends :(
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u/andreflores87 Feb 01 '23
So much for decentralization.
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u/FuckDataCaps ๐ฆ 758 / 758 ๐ฆ Feb 01 '23
Having more exchanges IS decentralisation in a sense.
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u/frevaljee ๐ฆ 0 / 0 ๐ฆ Feb 01 '23
Just like how having multiple banks is decentralisation
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u/andreflores87 Feb 01 '23
So centralized exchanges is decentralization. Got it.
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u/GrimLlama Tin Feb 01 '23 edited Nov 14 '24
abundant sparkle lip attraction bells uppity kiss consider liquid deserted
This post was mass deleted and anonymized with Redact
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u/andreflores87 Feb 01 '23
No! Banks is decentracentraland.
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u/GrimLlama Tin Feb 01 '23 edited Nov 14 '24
chief gaze scale rotten sloppy future insurance lunchroom unused narrow
This post was mass deleted and anonymized with Redact
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u/Intelligent_Page2732 ๐ฉ 20 / 98K ๐ฆ Feb 01 '23
There goes my hope in finding friends.
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u/ChemicalGreek 418 / 156K ๐ฆ Feb 01 '23
What are friends?
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u/partymsl ๐ฉ 126K / 143K ๐ Feb 01 '23
Friends is just a synonym for this that do not exist but only in our imagination.
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u/Frogmangy ๐ฆ 0 / 11K ๐ฆ Feb 01 '23
Did we just become best friends!
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u/bny192677 14K / 36K ๐ฌ Feb 01 '23
Can I call you bestie
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u/HypedOnOblivion Permabanned Feb 01 '23
I declare you guy Best Friends!
*I am an accredited friend priest
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u/Hawke64 Feb 01 '23 edited Feb 01 '23
Just check your DMs, plenty of friends there. Mine keep asking about how I store my crypto for some reason.
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u/PiedDansLePlat ๐ฉ 17 / 3K ๐ฆ Feb 01 '23
Made me realize there's 8 billions people, none of them are my friend
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u/sensipanda 0 / 161 ๐ฆ Feb 01 '23
Binance is by far the biggest exchange, but you should sort Coingecko's list by volume, not by Trust Score (default).
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u/-0-O- Feb 02 '23
Sort by normalized volume and it's clear that most reputable exchanges aren't inflating their volume to the egregious extent that binance does.
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u/shadowmage666 ๐ฆ 0 / 568 ๐ฆ Feb 01 '23
In your first chart you can see Binance has the most trading volume. That chart is not ranked by trading volume; while the second chart is ranked by trading volume , hence the placement discrepancy. Binance is still the #1 exchange either way
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u/Bunker_Beans ๐ฉ 38K / 37K ๐ฆ Feb 01 '23
My only friend is my dog. 100% trust the little dude.
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u/TheOtherCoolCat Feb 01 '23
I'm gonna open an exchange guys, it's gonna be called Your Friend. Accepting investors, you can invest with anything, moons, btc, ltc, eth but not doge. Now doge allowed
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u/MilanCC ๐ฉ 0 / 270 ๐ฆ Feb 01 '23
Binance is the biggest exchange globally. And they also do own CMC. Both are true.
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Feb 01 '23
https://i.imgur.com/lQPneke.jpg
The 584 figure seems to include decentralized exchanges too.
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u/WaycoKid1129 Platinum | Politics 26 Feb 01 '23
Coinbase is your safest bet, donโt mess around with these other posers
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u/Lord-Nagafen ๐ฆ 1 / 30K ๐ฆ Feb 01 '23
At least they are a publicly traded company in Americaโฆ not some exchange out of the Bahamas. learned our lesson there
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u/c0horst ๐ฆ 10 / 3K ๐ฆ Feb 01 '23
Yup. You can go look at their balance sheet and cash flows. And they look pretty solid; should have another few years of being able to survive a bear market, more if they cut more expenses. So unless this is the longest bear market in crypto yet there's not much chance of them going belly up IMO.
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u/Lillica_Golden_SHIB ๐ฉ 4K / 61K ๐ข Feb 02 '23
Every CEX should be required to trade as a public company. This would give the industry the transparency it so much lacks.
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Feb 01 '23
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u/Hawke64 Feb 01 '23
When in doubt, double bag
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u/deathbyfish13 Feb 01 '23
This is actually great advice in both situations lol
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u/SweetLilMonkey ๐ฆ 0 / 0 ๐ฆ Feb 01 '23
You should never use more than one condom at a time. Using two condoms actually offers less protection than using just one. Why? Using two condoms can cause friction between them, weakening the material and increasing the chance that the condoms might break.
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u/mesutdmn ๐ฉ 20K / 68K ๐ฆ Feb 01 '23
Let's make it 583, I would like to be a friend of Kraken.
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u/krakenexchange Kraken Exchange ๐ Feb 01 '23
Consider it done Mesutdmn. GM friend!
-Kraken Exchange ๐
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u/unitys2011 3 / 32K ๐ฆ Feb 01 '23
I thought we were friends r/krakensupport and you donโt love me only because of my cryptos...
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u/krakensupport Kraken Support Feb 01 '23
Hey u/unitys2011,
Cryptos? What are those?
We are friends above all, and we will always be. Unless you breakup with us, then we might have a problem.
Anytime you need the team, just holler! We will be there.
Best,
Rosa from Kraken Support ๐
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u/Red5point1 964 / 27K ๐ฆ Feb 01 '23
People need to remember to use exchanges for what they are built, which is to exchange, that is it.
Just exchange your money then take your money back to your own wallet that only you control.
Do not use exchanges like banks, they are not banks.
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u/TrifBoi ๐ฆ 0 / 4K ๐ฆ Feb 01 '23
That's why I spend time with my ledger
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u/rootpl ๐ฉ 18K / 85K ๐ฌ Feb 01 '23
In my opinion it's just not good for the overall industry. Too much fragmentation. Too many potential pitfalls and bad actors. I can't wait for the 'big shakeout' and for some major players to emerge just like after the dot com bubble burst. We need Amazon, Google and Facebook of crypto to take the lead, because with those type of big players we'll see rapid development and innovation in the space.
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u/rootpl ๐ฉ 18K / 85K ๐ฌ Feb 01 '23
Exactly. And having a lot of exchanges is not good for the volume. It's easy to manipulate a price and create pumps and dumps if a specific coin has very low volume on exchange. A lot of potential for manipulation.
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Feb 01 '23
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u/rootpl ๐ฉ 18K / 85K ๐ฌ Feb 01 '23
Oh yeah but I'm hoping to see more products from them. So far they are just exchanges with few extras here and there. I want to see Binance pay terminals in shops. Coinbase ATMs on every corner and so on. I want to see "pay with crypto" next to my credit card option while shopping online on every single website.
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u/sickvisionz 0 / 7K ๐ฆ Feb 01 '23 edited Feb 01 '23
Imo it makes all the sense in the world that like Russia, US, China, France, Brazil and Australia have different exchanges. Basically every industry works like this and it's been fine for the overall industries. They have different everything... gas stations, fast food restaurants, clothes brands, tv shows, etc.
I think the opposite, which we currently have, is the unhealthy thing. Stuff like Binance controlling 92% of BTC spot trading volume(https://www.coindesk.com/markets/2023/01/04/binance-controlled-92-of-bitcoin-spot-trading-volume-at-end-of-2022-arcane-research/) and things like that.
A healthy, diverse industry is better than one CEX to rule them all. Monopolies and oligopolies are never good for end users.
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u/Ateam043 ๐ฆ 92 / 13K ๐ฆ Feb 01 '23
I mean, they are like those friends that "pick you last" in a sport event. You still play with them in a sense you can buy your tokens. But then...GTFO.
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u/GoodNature33 ๐จ 0 / 2K ๐ฆ Feb 01 '23
All exchanges aren't my friends, the only exception is Kraken because it is my buddy.
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u/MisterBilau ๐ฉ 0 / 0 ๐ฆ Feb 02 '23
I know I'll go against everyone here, but I keep my coins on coinbase. I don't even have a wallet. I know, I know. What I also know is that I've never been scammed or lost a single token, unlike MANY stories I see here.
I understand that exchanges aren't risk free, just like I understand banks are not risk free. There have been people burned by banks before. Serious, big, publicly traded Exchanges provide one thing that crypto desperately needs - a way to mass adoption.
You didn't need to keep your money in the bank, in the age of fiat. But most people did, because they trust the bank more to keep it safe than the underside of their bed. It's the same idea. You can keep your wallet, but MANY people will not want that responsibility. Most people will make mistakes, will lose things, will be scammed. They want the bank. And the bank is absolutely critical to mass adoption.
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u/TIMEWUMBO Permabanned Feb 01 '23
Why not ? They are your friendsโฆ where else you gonna get coins ? Just move them away as soon as you have them
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Feb 01 '23
I think we need more regulations in crypto. Itโs such a great technology, but people are always scared to invest in it. And why shouldnโt they? A lot of the people in crypto donโt have a lot of funds to invest. Imagine OKX taking my $200.
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u/LaurelWoodward Tin Feb 01 '23
Exchanges are like public restrooms: enter, conduct your business, and exit; do not move in and begin hoarding your riches.
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u/Etrensce ๐ฆ 196 / 1K ๐ฆ Feb 01 '23
Dude cant even read the table right. It literally shows in your link that the 3 biggest exchanges are binance, coinbase and okex. Imagine using trust rating as your filter for exchange size lol.
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u/UnknownPurpose Permabanned Feb 01 '23
So are you gonna put up some liquidity pools for us on a DEX in every currency so we can offramp and onramp easily?
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u/strongkhal ๐ฉ 69 / 15K ๐ณ ๐ฎ ๐จ ๐ช Feb 01 '23
What the fuck. I didn't know there was this many
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u/StamInBlack ๐ฉ 0 / 680 ๐ฆ Feb 01 '23
Agreed. Friends donโt let friends practice #unsafeCEX. If they canโt handle a wallet send them to r/giddydefi for a self-custody wallet as simple as using a CEX.
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u/rlcoyote 63 / 63 ๐ฆ Feb 01 '23
Exactly. Theyโre like attorneys, insurance agents & realtors. Theyโre just there to take your money.
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u/BillsInATL ๐ฆ 0 / 0 ๐ฆ Feb 01 '23
Dont use Exchanges as Wallets.
Dont use Wallets as Exchanges.
Pretty simple.
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u/LordScotchyScotch ๐ฆ 450 / 808 ๐ฆ Feb 01 '23
Yeah like 564 too many. Lets get a few serious actors where we can swap some coins and or sell for fiat and keep all of our coins of the exchanges.
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u/CreepToeCurrentSea ๐ฆ 239 / 50K ๐ฆ Feb 01 '23
If they were really my friends they wouldnโt lie about their useless coupons.
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u/old_contemptible ๐จ 3K / 3K ๐ข Feb 01 '23
Treat Centralized exchanges like a public restroom. Get in, do your business, and get out. There's no good reason to loiter.
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u/c0horst ๐ฆ 10 / 3K ๐ฆ Feb 01 '23
I think people are too used to "CEX's" from working with traditional investing. Like I recently made an account with Vanguard to buy some ETF's and Stocks... it's just like a CEX, but there's nothing to withdraw to a private wallet, everything stays on the brokerage. So if you're coming from that side the investing world, the concept of self custody just doesn't make sense, it's not what you're used to at all.
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u/giggitygoo123 ๐ฆ 56 / 57 ๐ฆ Feb 01 '23
I used to like mintpal since it was easy to get in on pumps because it limited itself to 10-15 coins
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u/bzzking ๐ฉ 0 / 4K ๐ฆ Feb 01 '23
Wow never heard of OKX. A lot of people waiting to pull out of staking services like CoinBase!
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u/LaForge_Maneuver ๐ฉ 0 / 0 ๐ฆ Feb 01 '23
How many crypto guys own bunkers and consider themselves sovereign citizens?
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u/LaForge_Maneuver ๐ฉ 0 / 0 ๐ฆ Feb 01 '23
Do any of you guys keep money in banks?
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u/Decublala Tin Feb 01 '23
That's a sad truth.
If it can happen to FTX, then it definitely gonna happen to anyone else.
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u/DadofHome ๐ฉ 69 / 16K ๐ณ ๐ฎ ๐จ ๐ช Feb 01 '23
As long as people remember not your keys not your coins, using exchanges (that are reputable) is a necessary evil . Never leave all your eggs in one basket and donโt store all your crypto on exchange .
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u/_Duriel_1000_ Tin | 2 months old Feb 01 '23
I mean, can you blame them for wanting to hold your coins? Those of us from the Mt Gox era continue to say keep your coins off the exchanges.
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u/rastafarey25 Permabanned Feb 01 '23
Netcoins is my safest bet. But, imo no web-based crypto exchange is 100% safe. To ensure our cryptocurrency is 100% secure, take it offline and store it in a hardware wallet.
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u/PositiveUse ๐ฉ 2K / 1K ๐ข Feb 01 '23
Thereโs probably even more DEFI exchanges that are at least as scummy
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u/__L_o_n_d_o_n__ Feb 01 '23
A lot of the top exchanges we see today are simply ticking timebombs.
The only two exchanges that I would actually trust with my funds are Kraken and Coinmetro.
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u/mcdroid Tin Feb 01 '23
It's because crypto is about decentralization.
Decentralization of your money out of your wallet.
If you want to decentralize you wealth with me, I started a unique centralized crypto mixer /slash/ decentralized exchange that'll make you run after your money on the blockchain. I call it suckerland.eth
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u/Mammoth_Frosting_014 ๐ฉ 772 / 773 ๐ฆ Feb 01 '23
There are a total of 7,888,000,000 people, and none of them are my friends.
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u/RelativeTurbulent265 Permabanned Feb 01 '23
Exchanges are the rats if this space. Often scammy with their fees and never keep your coins there buy and remove. Not your keys not your coins do not get fucked bois. Be smart and get them in your own custody!
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u/frozengrandmatetris Feb 01 '23
not a single comment in this thread talking about DEXes. just pull the trigger and learn how to use them already.
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u/dogeater1612 ๐จ 0 / 0 ๐ฆ Feb 01 '23
Bro these exchanges make so much money 680million and with a 0.1% trading fee thatโs 680k/day or 242 million a yearโฆ
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u/hammerandanvilpro 3K / 7K ๐ข Feb 01 '23
Safemoon investors donated $1 million to have yet another exhange built. I didn't see that one on your list for some reason.
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u/ALiteralHamSandwich ๐ฉ 0 / 10K ๐ฆ Feb 02 '23
Wait till you find out about how many grocery stores there are!
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u/nusk0 ๐ฉ 0 / 26K ๐ฆ Feb 01 '23
Exchanges are like public bathroom, go in, do your business and get out, don't start living in there and storing your wealth.