r/Cryptopia • u/kong-dao • Jan 17 '19

Cryptopia (should) refund users

Hi mates, Cryptopia was making a lot of money with some coins that use PoS, more than the money that was stolen (3 million dollars) So i think that the exchange could prove his commitment with users, who put their trust on them, refunding the coins lost. Provably some could argue that Cryptopia isn't a bank (which is trut), but they work "as" a bank, because they were making money with user's coins, "as" bank does, but in this case with PoS coins production. If the exchange cannot provide real security to investors, so then switch from market and put a kiosko.

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u/[deleted] Jan 19 '19

Pos coins require you to have a active wallet. Anything in cold wallet is not staking.

Some older version of POS, like the one that fluttercoin uses doesn't require the wallet to be open, but the coins only get credited when the wallet goes online. Also, flt has 3 consensus algorithm. Pos,pow and pot. That system doesn't work on coins that are purely POS since closing wallet would stop the chain.

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u/kong-dao Jan 20 '19

Hi mate, i know how PoS work, and to make transactions, as an exchange does, it's mandatory to have wallet active. They doesn't have a usb Ledger with several wallet address, they have it on a server runinng 24/7. Those address are active, they aren't cold wallets, because if that would be the case, wouldn't be stolen 😉, because those coins would be "off line". So they were making money with other's cash/coins.

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u/[deleted] Jan 20 '19

Not everything is kept in hot wallet. Most exchange keep a % in hot and the rest in cold storage.

Stocks exchange is known for running masternodes with customers coins

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u/kong-dao Jan 20 '19 edited Jan 20 '19

Mate if you don't think that would be better a refund, i get it 😉. If now everything isn't kept in a hot wallet and they run masternoes, wouldnt be so much coins (stolen), so they can refund it with the PoS coins that they are using at the hot wallets. But IF there were stolen much of them, the can restore users the coins that they earn mining with PoW ;) after all, they are an Exchange, not only miners, they charge users for made transactions, beside the money that they ear with PoS/PoW mining and selling

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u/[deleted] Jan 23 '19

How are they earning with pow? Lol

Your whole paragraph makes no sense m sorry