Centralized Exchanges are “Honeypots for Thieves”, Says Expert
Hackers exploit the middleman in centralized exchanges which is a central point of failure. No hacker can penetrate Bitsquare’s decentralized platform as they did with Bitfinex because of the presence of a middleman figure, says Mihail Mihaylov, Bitsquare’s Chief Decentralist. Mihaylov says to CoinTelegraph: “Traditional centralized exchanges are honeypots for thieves. With a single hack or through social engineering, a crook can get their hands on large sums of coins and a wealth of user data. This has already happened numerous times.” He explains ways in which Bitsquare is different from....
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The Centralized Bitcoin exchanges seem to coordinate their prices across continental divides. One goes down - they all go down. The question is why the public tolerates their scam. If they were useful or desirable, they'd consider the very people who sustain the Bitcoin network, namely Bitcoin miners who, below $400, likely operate at a loss. Exchange clients and miners get whatever is happening in the busiest exchange. The exchanges' arbitrage-bots equalize prices between one another. Miners - you're the backbone of this innovation. Cryptomonkeys - you think you're trading - but your....
Bitcoin's price is trending up after a dip while traders are moving ether off from centralized exchanges.
Analysts predict Ether may soon hit a new all-time high after ETH reserves on centralized exchanges fell by 27% in two days. The amount of Ether held on exchanges has plunged over the past two days, with CryptoQuant data indicating that just 8.1 million ETH is currently sitting in the reserves of centralized exchanges.The acceleration of ETH being taken off exchanges was highlighted by Nuggets News’ Alex Saunders, who noted a 10% drop in Ether reserves on centralized platforms on Jan.14 — from 11 million to 10 million over 24 hours. “Exchanges will run out of ETH in 10 days at current....
As security of cryptocurrency exchanges is being increasingly questioned in the wake of the recent Bitfinex hack, the developers at Blocknet are calling for an exodus to leave centralized exchanges behind. ‘It’s Time to Remedy the Problem’ – Blocknet. This year there has been quite a few breaches of cryptocurrency exchanges. Platforms such as Gatecoin,....
In a provocative social media post on X (previously Twitter), market expert MartyParty has raised alarm bells, claiming that two of the world’s largest cryptocurrency exchanges Coinbase (COIN) and Binance, are engaged in a fierce competition that allegedly threatens the integrity of the sector. According to the expert, the roots of this so-called “conflict” may […]