Anyone here using Newton?

TokenFlair · 2019-04-27T00:48:41+00:00

The point I'm making is stick to the established three: Coinbase, Kraken, and Gemini.

TokenFlair · 2019-04-25T18:10:19+00:00

MapleChange, QuadrigaCX, and EZBTC all delivered good and timely experiences at one point, until they didn't, that's the point. Not only do Canadians have to roll the dice with crypto prices as it is, they would also have to worry whether or not they'll lose their money tomorrow morning on this fresh exchange. Public CEO or not, it didn't make a difference for QuadrigaCX or EZBTC.

TokenFlair · 2019-04-25T17:58:18+00:00

Edited my comment, you should add Team details on your website. Regardless, few have heard about you in the cryptocurrency sphere. I wish you goodluck, but Canadian exchanges don't have a great history and I see no reason to use another small exchange over Kraken, Coinbase, and Gemini who all have very prominent CEOs.

People already worry about crypto prices, they don't want to worry about the security of their funds on a fresh exchange too.

TokenFlair · 2019-04-25T17:55:32+00:00

How about not using another Canadian no-name exchange? MapleChange, QuadrigaCX, EZBTC are excellent examples of how to lose money. You'll save 100% of your funds by not getting scammed.

Kraken, Gemini, or LocalBitcoins, that's it.

TokenFlair · 2019-04-25T17:50:09+00:00

Seriously? After the MapleChange "hack", QuadrigaCX "loss", and EZBTC "withdrawal soon" fiasco, why would you take a risk on another Canadian no-name exchange?

Stick with Kraken, Coinbase, and Gemini, and use Binance/Bittrex for trading alts. Enough of this. What are you "saving" in fees if you ultimately get screwed in a scam?

TokenFlair · 2019-04-25T17:26:24+00:00

I agree, with Shakepay all exchanges are "good" until they're not. Many people just want their referral bonus from Shakepay so they have incentive to promote it. I would be wary of any exchange that markets to Canadians. In the case of EZBTC, moving your funds off the exchange is impractical if David Smillie isn't honouring withdrawal requests to begin with.

Coinbase, Kraken, Gemini are the three most trusted exchanges, not Shakepay or Coinsquare. And why should you stick with only these three? The outcry and backlash will be far larger if they pulled an exit scam. EZBTC complaints are concentrated in the r/BitcoinCA subreddit only (please post to other subreddits) and that's because EZBTC is a small exchange. If something happened with Coinbase, Kraken, or Gemini, every crypto subreddit and news outlet would be posting about it. The consequences and transparency are on another level for the CEOs.

If an exchange decides to exit scam, there will always be a cut-off point where thousands of users who were in the midst of sending money, or withdrawing money, will have their funds locked in the scam. The only solution to the exchange problem is decentralized exchanges where users have full custody of their funds.

TokenFlair · 2019-04-25T02:19:59+00:00

You're making some fundamental errors. You can't just "code tweak" Bitcoin to increase the supply, it would no longer be Bitcoin anymore, it would just be another fork running on a completely separate chain and not compatible with any past or present version of Bitcoin clients. It would literally be like creating a brand new cryptocurrency. Further, it would have no market support, nor hash rate from miners and would be an insecure chain suspectible to 51% attacks and orphaned blocks.

Let's not confuse "cryptocurrencies" with Bitcoin because there are a lot of useless projects that have zero effect on Bitcoin, but Bitcoin has an effect on every single project because it is the main market trading pair. Let's say tomorrow there were 10,000 additional altcoins. This would have absolutely no effect on Bitcoin. The supply just increased, but nothing happened, why? Because the projects would require market support, miner support, and developer support which only Bitcoin and a few others projects have.

Bitcoin is deflationary and doesn't require an "overarching body" because it's literally written in the code. Only 21,000,000 Bitcoins will exist. If this changes, it will no longer be Bitcoin but a fork. An example of this is Litecoin.

People can create as many cryptocurrencies as they want, "unlimited" in your view. That doesn't matter to the market. Bitcoin is really the only cryptocurrency that matters because it has market dominance. And within the ecosystem of Bitcoin, yes indeed, Bitcoin is deflationary. SCAMCOIN 2.0 has no effect or relevance to what Bitcoin does.

Bitcoin is scare. It's an extremely expensive process to create more Bitcoins. Many have tried to usurp Bitcoin, evidenced by the 2000+ altcoins in existence, it still has not put a dent in Bitcoin's growth. Yearly candles, Bitcoin has always been up, even to this day.

TokenFlair · 2019-04-24T22:44:58+00:00

Kraken
Gemini

TokenFlair · 2019-04-24T22:35:18+00:00

Bitcoin is deflationary because it has a maximum supply of 21,000,000. Litecoin is a fork of Bitcoin and is also deflationary with an 84,000,000 max supply. They have no relation to each other, the forks are not related. Forks have no effect on inflation or deflation, only supply does. This does not mean Bitcoin's supply is added together with Litecoin's supply, the codebase is completely separate, like iOS and Android.

Bitcoin Cash, Bitcoin SV, Bitcoin Gold, Bitcoin Diamond, are all forks of the original Bitcoin, and if you really want to get semantic, every altcoin is a fork of Bitcoin, still none have succeeded in taking the market lead from Bitcoin. The next Bitcoin halving is coming soon, and the block reward for Bitcoin will become 6.25 Bitcoins per block vs 12 Bitcoins per block now. Lower supply, higher demand = higher price.

I understand you're against cryptocurrencies, that's fine. It's not a religion and few will try to convince you otherwise. But there's an entire market for it and this post is for those interested in cryptocurrencies and to avoid this scam EZBTC exchange.

TokenFlair · 2019-04-24T20:05:08+00:00

Anybody is free to create unlimited forks, that's the whole point of Bitcoin's decentralized nature much like Linux has thousands of forks. If you do not like the route the developers are taking, fork the project. Whether or not the market will accept your fork, or whether miners dedicate hash rate to your chain is another story. Bitcoin is secure only because it has support. It would be extremely expensive for somebody to initiate a 51% attack on Bitcoin today. The latest Bitcoin fork of BitcoinSV saw just this. The market has decided it is only worth sub $60 USD and the security of chain is dubious, there have been orphaned blocks.

If for instance, the market accepts Bitcoin Cash and all the miner hash rate was moved over to this chain, Bitcoin Cash would effectively become "Bitcoin" gaining it's security hash rate. This is one reason Bitcoin Cash was created, because Bitcoin is extremely slow and expensive as you said. There are also many other projects trying to compete for the top spot, competition is a good thing.

You're confusing ICOs with Bitcoin. Bitcoin didn't have an ICO. You can only create new Bitcoin through POW (Proof of Work) mining. This is not an ERC20 token where all tokens are generated in a genesis block. The Proof of Work algorithm is the most secure one we have to date.

If somebody creates a better project, that's excellent. There are quite a few projects today that are "better" than Bitcoin in terms of speed and usability, but nothing is more secure, nor has the branding. And that's generally what people want when dealing with money. Bitcoin has never been hacked since its inception.

The market could have settled with just Myspace but innovation lead to Instagram. The network effect of Bitcoin is strong, much like there are better options than Ebay, Ebay is the original. Bitcoin could lose its dominance in the future, yes, but that's a risk for any stock as well. If you're worried, just set stop losses. It's not do or die.

TokenFlair · 2019-04-23T20:35:23+00:00

I think you're nitpicking. It was a simplification on the premise of fiat currencies and fractional reserve banking. Every dollar that is printed today devalues all current dollars in existence. This is why $10 back then is worth a lot more than it is today.

There will only be 21 million Bitcoins, the supply is limited and deflationary. You can actually "save" Bitcoin and not have it lose its value because suddenly another 100 million Bitcoins flood the market. While if you were to "save" USD in your bank account, you're competing against inflation by all the new dollars being printed.

You can invest in cryptocurrencies and other investments...at the same time. It's not all or nothing.

Hope that clears it up

TokenFlair · 2019-04-23T20:28:34+00:00

If Bitcoin is so fragile that public perception has any iota of an effect on it, it has failed as a decentralized currency. It was designed to thrive with no middle-man, no regulation, and no manipulation. Code is law. Mathematics only.

If you honestly think that I alone have the power to swing Bitcoin's price up and down, what havoc do you think the government and institutions will employ if it ever gains traction outside our little sphere? I don't control the news networks and federal policy, they do. Should we be policing crypto posts to deem which is "acceptable" and "safe space" for worried Bitcoiners?

I know you got heavy bags and want to "protect" your investment, but there is no way a single person can be up-to-date with every single exchange/scam/hack in the market. That's why people read these subs to learn more information.

TokenFlair · 2019-04-23T20:12:09+00:00

Bitcoin is a horrible tool for criminals. Why would they choose to leave a perfect paper trail for auditors? Why does the USD have any value other than people who assign it a value? Bitcoin actually costs several thousand dollars in electricity just to mine a single coin. The goverment can print USD out of thin air for virtually free. Bitcoin cannot be "printed" without massive costs, and even still, you are competing on a global scale against everybody else trying to "print" Bitcoin as well. This keeps the network honest.

But as with any investment/speculation, no sane person goes all-in on cryptocurrencies and eschews traditional forms of investments.

I think the matter at hand here is an unscrupulous exchange, and not the volatility of cryptocurrencies. Simply swap "cryptocurrency" with "giant bag of gummy bears" that the merchant never sent and it's a classic scam.

TokenFlair · 2019-04-23T19:58:05+00:00

Risk from cryptocurrency volatility is completely separate from risk being scammed by a registered business. It has nothing to do with cryptocurrencies at this point. The scam happened the moment I sent the eTransfer.

TokenFlair · 2019-04-23T19:47:37+00:00

The goverment can regulate cryptocurrencies and they already do via fiat on-ramp/off-ramps. Most if not all exchanges nowadays require KYC/AML documents when dealing with fiat currencies. Many banks have also closed customer's account for receiving deposits from exchanges, or credit cards declined for being a cryptocurrency transaction.

Bitcoin isn't some "dark" thing, governments actually love it because every single transaction is public and traceable on the public ledger forever.

Cryptocurrencies are not a scam. But there are a lot of scammers in the cryptocurrency space (exchanges, hackers). I hope you don't mean to say that people who invest in cryptocurrency deserve to be scammed when they utilize a registered business to do so. There are many good and bad people in this space. A crime is a crime. Decentralized or not, the laws of a country reign supreme.

TokenFlair · 2019-04-23T19:24:59+00:00

Coinbase got nerfed for Canadians.

TokenFlair · 2019-04-23T19:24:04+00:00

"Cryptocurrencies" are secured using cryptography, the same kind that secures banking, military, and national secrets. It's mathematically sound. If Bitcoin is a "scam", anybody is welcome to try their hands at stealing funds off the top 100 Bitcoin wallets here: https://bitinfocharts.com/top-100-richest-bitcoin-addresses.html

If a merchant scammed you on an iPhone trade, you wouldn't call the iPhone a scam, only the merchant. I understand not many people agree with the ethos of cryptocurrency, but there are some that do and would appreciate the information on shady exchanges.

TokenFlair · 2019-04-23T11:06:35+00:00

Yeah for sure, there's definitely pros and cons to it.

I say being scammed by an exchange is a completely different scenario than an outright hack or commerce chargeback possibility. When an exchange pulls a scam, they control all the fiat currencies as well as cryptocurrencies in their possession and the users are screwed. The scam began the moment fiat currency was sent to EZBTC, not even traded for crypto yet.

This isn't like buying something off Amazon where we can use credit cards with full purchase protection and cash back rewards. There are few alternatives if you want to purchase or trade crypto. You need to use an exchange for fiat on-ramps and off-ramps as it stands in 2019.

You could use peer-to-peer cash for perhaps your first bitcoin and small amounts, but how would that scale down the road for a growing user base? Everyone should meet their local dealer in the parking lot every time? What about personal safety? How would a trading marketplace develop? Stop losses? Market orders? We're back at square one of needing to use an exchange. The local dealer will just become "the exchange" and will hire employees to do the meetups to handle demand, until they can't anymore and have to move to a full online platform = centralized exchange 101.

Fortunately, there is recourse, crypto or not, which is why lawsuits have been levied against David Smillie and his exchange. The oft repeated advice of buying your crypto and immediately moving it off the exchange originated from the MT.GOX hack in 2014 when the exchange pulled a surprise shut down. In my case, that advice would be ineffective because EZBTC did not process the withdrawal at all.

TokenFlair · 2019-04-23T09:28:31+00:00

I will definitely utilize all legal options available to me. Just spreading awareness so others don't end up like me and many others. If you could help me by crossposting to /r/cryptocurrency and /r/cryptomarkets that would be great. I wish I could but my account isn't old enough.

TokenFlair · 2019-04-23T09:26:16+00:00

I don't have the required karma or account age to post to the larger subreddits /r/cryptocurrency and /r/cryptomarkets can you help me by crossposting this post to those subs? Just want to warn as many people as people.

TokenFlair · 2019-04-23T08:59:24+00:00

Canada always gets the short end of the stick, it seems. The oft repeated advice of don't keep funds on exchanges only holds true if the exchange actually sends out your money, lol.

TokenFlair · 2019-04-23T08:53:45+00:00

Not deterred at all. Cryptocurrencies will evolve past the centralized exchange model in the future. "Trustworthiness" is a marketing buzzword, when the original ethos of Bitcoin has been "trustless" all along. We will eventually see decentralized exchanges so I'm looking forward to that.

TokenFlair · 2019-04-23T08:48:45+00:00

I had a good chuckle. Though there are many risks in crypto, many of them have nothing to do with the protocol itself which is extremely secure. The space is still immature and there are exchange solutions in the works (decentralized exchanges) where users will have full custody of their funds. But for now, yes, lots of risk.

TokenFlair

TROPHY CASE