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Dujith

Crypto exchange QuadrigaCX cannot access its currency due to dead owner

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53 minutes ago, The Benjamins said:

 

The value is determined based on the peoples perception, it is DUE TO the economy of the PEOPLE. The people participating in a economy inherently control the value of the currency. Their is no outside magical force that determines the value of money for humans besides humans them selves.

 

If no human has a influence on the value of a fiat currency who does?

You can't say economy because a economy is a structure that is created and determined by the mind-share of people.

Stop trying to bullshit this into being about perception. It's based on the economy which is based on the good and services provided by that country which is indeed created by people and therefore influenced by the people but the fact remains that as long as people value the goods and services provided by the economy then people will value it's currency where as with cryptocurrency there is no reason to value it. It is not a legal tender and therefore is not required to be accepted as payment anywhere. Cryptocurrency is a joke and people need to accept that it is unbacked while traditional currency is. 

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2 hours ago, Brooksie359 said:

Stop trying to bullshit this into being about perception. It's based on the economy which is based on the good and services provided by that country which is indeed created by people and therefore influenced by the people but the fact remains that as long as people value the goods and services provided by the economy then people will value it's currency where as with cryptocurrency there is no reason to value it. It is not a legal tender and therefore is not required to be accepted as payment anywhere. Cryptocurrency is a joke and people need to accept that it is unbacked while traditional currency is. 

Yes and that is my point, BTC is not stable due to it not having a big market that uses it as a currency, it has gained adoption but its in the minor leagues so events can effect it far more then other more widely used currencies.

 

But this being backed means nothing, its a false security. 


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So much for decentralization. 


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If you use fake currency, don’t be upset when you get conned. 

 

If it ain’t legal tender, it ain’t real. 


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59 minutes ago, The Benjamins said:

Yes and that is my point, BTC is not stable due to it not having a big market that uses it as a currency, it has gained adoption but its in the minor leagues so events can effect it far more then other more widely used currencies.

 

But this being backed means nothing, its a false security. 

Being backed as legal tender does means nothing? I think you don't understand what that means. The reason why the US dollar has to be accepted anywhere in the US is because it is legal tender. This ensures that the US dollar is at the very least useful in paying for any goods or services from the US. To say that means nothing is wrong on so many levels. Even if cryptocurrency had large market adoption it wouldn't matter because people could stop accepting it as payment at any point in time and there is nothing you could do about it. The same cannot be true for legal tender. 

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7 hours ago, Sauron said:

Right, good luck with that...

Losing all your money because the only person who knew the password died? No, it doesn't happen in regular banks. This is more an organizational issue than a flaw of cryptocurrency though. This was a really stupid mistake on the company's part - you don't make your entire operation depend on a single person, ever. I mean, death aside, imagine the guy just fled to another country and held the password for ransom... or he simply forgot?

Exactly.

 

Why not store the cold storage wallets in a series of safety deposit boxes at multiple banks which require multiple key holders and then lay out a clear and legal instruction, should one keyholder die?


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For those saying this kind of thing can happen with regular banks? Well, that largely depends on your country.

 

In Canada, bank accounts are insured up to $100,000. If the owner of TD Bank or BMO or Scotia Bank up and died, and SOMEHOW that meant none of the accounts were accessible from those banks? The people who owned the accounts would get their money back (up to $100K anyway).

 

Now, this is different from investing in something that tanks, of course, but that's a totally different situation.

 

Crytocurrency definitely has some advantages, but let's not pretend that these advantages outweigh a lot of the protections and guarantees inherent to a traditional banking system.

 

If I use money to buy something on ebay and get scammed? I can get my money back. If I buy something with a credit card that ends up being defective or counterfeit? I can get my money back. If someone robs my bank? I won't lose any money.

 

If I send someone BTC and they end up being a scammer? Welp. I'm fucked. If someone robs my BTC exchange? I'm fucked. If the owner of my BTC exchange dies while holding the only encryption keys? I'm fucked.

 

Crypto has a lot of benefits to be exploited - but there are also a very large number of inherent risks. And the fact that the primary use of Cryto pretty much since it's inception has been speculation? Definitely hasn't helped.

 

In my personal opinion, a new crypto that can have the same kinds of protections as a regular bank, needs to be developed, and needs to gain mainstream attraction as actual currency (not just as an investment) for buying things, before it will go anywhere at all.


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4 hours ago, Brooksie359 said:

Being backed as legal tender does means nothing? I think you don't understand what that means. The reason why the US dollar has to be accepted anywhere in the US is because it is legal tender. This ensures that the US dollar is at the very least useful in paying for any goods or services from the US. To say that means nothing is wrong on so many levels. Even if cryptocurrency had large market adoption it wouldn't matter because people could stop accepting it as payment at any point in time and there is nothing you could do about it. The same cannot be true for legal tender. 

I think there was some miss understanding, when I was talking about being backed, I mean when people say it is back by gold or whatever.

I wouldn't consider what you said as being back but a way that governments strengthen there currency. And I agree that validates the currency to many people allowing it to be more stable.


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2 hours ago, dalekphalm said:

For those saying this kind of thing can happen with regular banks? Well, that largely depends on your country.

 

In Canada, bank accounts are insured up to $100,000. If the owner of TD Bank or BMO or Scotia Bank up and died, and SOMEHOW that meant none of the accounts were accessible from those banks? The people who owned the accounts would get their money back (up to $100K anyway).

 

Now, this is different from investing in something that tanks, of course, but that's a totally different situation.

 

Crytocurrency definitely has some advantages, but let's not pretend that these advantages outweigh a lot of the protections and guarantees inherent to a traditional banking system.

 

If I use money to buy something on ebay and get scammed? I can get my money back. If I buy something with a credit card that ends up being defective or counterfeit? I can get my money back. If someone robs my bank? I won't lose any money.

 

If I send someone BTC and they end up being a scammer? Welp. I'm fucked. If someone robs my BTC exchange? I'm fucked. If the owner of my BTC exchange dies while holding the only encryption keys? I'm fucked.

 

Crypto has a lot of benefits to be exploited - but there are also a very large number of inherent risks. And the fact that the primary use of Cryto pretty much since it's inception has been speculation? Definitely hasn't helped.

 

In my personal opinion, a new crypto that can have the same kinds of protections as a regular bank, needs to be developed, and needs to gain mainstream attraction as actual currency (not just as an investment) for buying things, before it will go anywhere at all.

On the flip side Craigslist scammers try and get you to send the product then get PayPal to refund the transaction to scam the seller, BTC would prevent this.

 

Each system has it's own flaws, and strengths.

 

The insurance on bank accounts is a double edge sword, in the USA banks don't care about security as much due to the insurance, credit card fraud does not make them loss money so why secure it.

 

I also prefer how with BTC you don't have to trust the merchants to keep my information safe, which is a huge issue in credit card fraud. BTC solves this, it more or less makes electronic transactions act as if it were cash putting the security responsibility on to the person, not  the merchant or banks.

 

So who should be responsible for your money, you or someone else?


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18 hours ago, PacketMan said:

They should take bank actions: don't tell the owners and just give them imaginary currencies they don't even have anymore

No one cares about our banks not having all our money, as long as they don't let the customers down, let's see what will happen to the exchange now

You just described the entire earths monetary system.

 

Seriously.

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1 hour ago, CUDAcores89 said:

You just described the entire earths monetary system.

 

Seriously.

Yeah, simple yet effective

We are not forced to trust banks but to use them, while in many countries not being able to place bets as most banks do

Silly of us lol

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It's hilarious how people are putting a centralized exchange at the same level as a bank.

Also, most (if not all) issues listed here can easily be fixed with Smart Contracts and actually writing the backend necessary to prevent those edge outcomes.

 

Why is it the currencies fault if the one implementing the system is a troglodyte?

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What a retarted way of keeping all your funds. Put it in the hands of only one person which can release it. Yes its great for security but what happens when that person dies or forgets or something else happens to that person. Oh wait it did lol. 

 

Unless they can hack his laptop, say goodbye to your funds lol. 

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@Dujith

 

Some interesting developments
 

https://medium.com/@zeroresearchproof/quadrigacx-chain-analysis-report-pt-1-bitcoin-wallets-19d3a375d389

"After completing the analysis, it is the author’s opinion that QuadrigaCX has not been truthful with regards to their inability to access the funds needed to honor customer withdrawal requests. In fact, it is almost impossible to believe that this is the case in lieu of the empirical evidence provided by the blockchain."


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29 minutes ago, rcmaehl said:

@Dujith

 

Some interesting developments
 

https://medium.com/@zeroresearchproof/quadrigacx-chain-analysis-report-pt-1-bitcoin-wallets-19d3a375d389

"After completing the analysis, it is the author’s opinion that QuadrigaCX has not been truthful with regards to their inability to access the funds needed to honor customer withdrawal requests. In fact, it is almost impossible to believe that this is the case in lieu of the empirical evidence provided by the blockchain."

It is possible (however hard to believe), that they would be moronic enough to have the owner hold the only encryption keys.

 

But I'm gonna give that article a read through.

 

I used to use Quadrigacx (though this was under their old name) - glad I haven't used them in years now.


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Posted · Original PosterOP
31 minutes ago, rcmaehl said:

@Dujith

 

I'll read that. Tho i will only update if i see some facts, so far is "the authers opinion", "it appears", ect ect

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And folks, this is among MANY reasons why you don't gamble your money away on speculation!


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Has anyone tried '12345'? 

 

Honestly though, it really would be better to ensure that any source of investment you go into (including purchasing Crypto) is something that you can retain personal access to...

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2 minutes ago, PocketNerd said:

And folks, this is among MANY reasons why you don't gamble your money away on speculation!

If you've got disposable income? Sure, go for it. Put some money into speculation. But you're literally gambling.

There are better, more reliable investments that don't rely on random gambling and speculation.


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I wonder how much real currency went into it?

 

 


QuicK and DirtY. Read the CoC it's like a guide on how not to be moron.  Also I don't have an issue with the VS series.

Sometimes I miss contractions like n't on the end of words like wouldn't, couldn't and shouldn't.    Please don't be a dick,  make allowances when reading my posts.

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@dalekphalm trouble is that is the stated POINT of cryptos, not to be like normal banking with regulations. So either you want crypto free wheeling and dealing or you want a bank pick one. Block chain tech could evolve to great things but crypto currency is a fools errand.  This and other disasters and hacks KEEP happening but people keep thinking wide spread adoption is on the way. It's not. It's for idiots and morons and some con artists. Governments will demand control or ban it and in some places they already have. 

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This is literally trusting your savings to a stranger's laptop. This is irresponsible on so many levels it borderlines meme status.


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