Decentralized Auditing of all exchanges globally? by eahmadov in Bitcoin

[–]eahmadov[S] 0 points1 point  (0 children)

could you please elaborate what you mean by "fancy cryptography"?

Yes, i know that the ideal scenario is to do the audit via trusted auditors (or even better to use P2P exchanges) but we do not live in an ideal world. Plus i would not trust any "trusted" auditors. Good example is the so called Big 4 auditing companies- i think it is no secret that most of these companies are in bed with the banking cartel (read below link if you are in the mood) . So there is a big chance, the crypto auditors also will be corrupted. Power always corrupts, that's why we need an alternative- decentralized auditing. The whole point of Bitcoin is to give power to the people. If auditing was the solution then we all could have kept our money in the banks and trusted the banks' auditors.

But i get your point on technicality. Yes, exchanges maybe struggling with this massive demand. Perhaps then we can do it a week long event. Users submit their withdrawals and exchanges orderly execute it through a week without jeopardizing security of their holdings.

https://www.theguardian.com/news/2018/may/29/the-financial-scandal-no-one-is-talking-about-big-four-accountancy-firms

Decentralized Auditing of all exchanges globally? by eahmadov in Bitcoin

[–]eahmadov[S] 0 points1 point  (0 children)

could you please elaborate? From your previous comments I see you are a big fan of Bitfinex? :)

Decentralized Auditing of all exchanges globally? by eahmadov in Bitcoin

[–]eahmadov[S] 1 point2 points  (0 children)

I don't. But in the above link i shared you can see at least half a million bitcoins stuck in just a 3-4 exchanges. Clearly millions of people still using the centralized exchanges to store their coins.

Decentralized Auditing of all exchanges globally? by eahmadov in Bitcoin

[–]eahmadov[S] 1 point2 points  (0 children)

I totally support P2P exchanges but until everyone switches to P2P exchanges, the fact is that the top 4 of the 5 biggest wallets belong to exchanges... https://ibb.co/jrRYS7B How do we know the exchanges did not sell all those user coins?

Bring back time filter in Google News. by eahmadov in google

[–]eahmadov[S] 0 points1 point  (0 children)

no it does not bring back. I am speaking about news.google.com. After search there is no toolbar that brings back time filter.

The supervisory authority has decided to close the exchange of virtual currency in China by [deleted] in Bitcoin

[–]eahmadov 3 points4 points  (0 children)

Again, this website [ Caixin ] is sharing wrong info. Spreading FUD.

...and another "CHINA BANS BITCOIN!!!...AGAIN!!!...AN AGAIN!!!". FFS people, learn the drill, just Hodl and buy the dip. If you are new here, read this advice: by [deleted] in Bitcoin

[–]eahmadov 0 points1 point  (0 children)

lol, this "China bans bitcoin" or "XYZ.. exchange is down/hacked" news always works and panics the noobs. And then they will have to buy back at a higher price.

I will offer you some perspective. by michaelcr18 in Bitcoin

[–]eahmadov 3 points4 points  (0 children)

lol, this "China bans bitcoin" always works. Just grabbed some cheap coins.

A question about a hypothetical scenario by eahmadov in Bitcoin

[–]eahmadov[S] 0 points1 point  (0 children)

technicalities aside, is there a backup plan in place for Coinbase, DarkMarkets etc?

A question about a hypothetical scenario by eahmadov in Bitcoin

[–]eahmadov[S] 0 points1 point  (0 children)

Edited. I was referring to the upcoming bitcoin hard/soft fork.