Crypto Investing #30 – Why I Don't Trust Any Cryptocurrency Exchanges – By Tai Zen

this is a ties in again I'm broadcasting from Starbucks in the city of Boston Massachusetts okay in the state of Massachusetts it's in the northeastern coast of the United States in case you're not familiar with the US okay guys in this video I I want to talk to you guys i got my buddy JW behind the camera and we were talking about how the exchanges operate and i just want to share with you guys my thoughts on why I don't trust any of the crypto currency exchanges I don't care if they have a license I don't care what they say about it okay we are still in the early ages the early stages of cryptocurrency investing and trading and what happens is you have like let's say if you look at if you guys look build a coin market camp calm and you go to the markets into the etherium market and you look at it Polonia axe has 56% 57% of the trading volume of ëthere IAM and then you have the other exchange which is called kraken and they control 20% of the volume the trading volume of etherium on their exchange so if you add up just those two exchanges alone they control about seventy five seventy seventy-five percent of all the etherium trading in the world on just those two exchanges okay and it's a six hundred million dollar asset oh yeah yeah it's a 600 million dollar asset but that I don't really care about but I do care about is this what I do care about is this is that there's nobody overseeing them there's no laws no regulations overseeing them so what happens is this I want you guys to think about this for a minute these exchanges are put together by guys that want to make money that's the only reason why they open these exchanges okay there's no they're not doing it for charity they're not doing it for non profit they're not doing it because they want to change the world okay they're doing it for purely for profit reasons okay now what you guys think about this if you want an exchange that controls right I want you guys let me change this right here there was 18 million dollars worth of etherium traded today imagine you're an exchange that is responsible for half that volume now at the peak if Tyrion was trading at thirty thirty-five million dollars worth a day a volume imagine you in exchange that's responsible for you know even at the low right now of eighteen million and at the high of like around thirty five million that's between if you take half of that volume that's nine million to about eighteen seventeen eighteen million dollars worth of aetherium being traded every day I want you guys to imagine a exchange that's controlling that much volume right and what happens is this is that anytime they can buy or sell at any time okay they can buy or sell at any time they get to see everyone's orders in the order books you and I don't but they see everyone's orders they can see where everyone stops around and they can trigger it just so that they can collect the transaction fees from you and and that's you might call that a conspiracy theory from me but in my opinion I don't see any evidence of why they would not do it okay if trading is slow the mark is not very volatile they can easily go in there and look on their books to see where everyone stop orders are at or buy orders at or limit orders at and they can artificially they have enough aetherium in their inventory to go out there and create an individual account outside let's just say that I'm one of their shields or I conspire with them and i collude with them and nobody knows that and they give me you know millions of ethers and I go on there and purpose and sell it and push the price there and run everyone stops you guys would not know that okay now obviously I'm gonna tell you right now I would never do something like that to hurt other people's accounts but you know there are people out there that will do that for money they'll do that okay so you always have to keep that in mind and I just want to share that really quick with you guys they're closing up the Starbucks here so I gotta in this video so just remember that guys that we use these exchanges and everything but don't ever for one think that they have your best interests in mind okay they don't want to be seen as fraudulent or scam me or anything like that but every chance that they can that they have to make money off of the the customers because they make it off the transaction fees they're gonna do that okay so don't ever for once think that Polonia acts or a crack in or coinbase exchange or any of BitFenix any of these are out there to serve you they are there to make money okay now they're not gonna do anything that they can be caught on so that they won't get in trouble but just always keep that in the back of their mind that they can see everyone's orders and there's absolutely no reason why they don't profit off of it okay so thanks for watching this video guys I'll see you guys in the next video I gotta catching out of here because they're closing up to Starbucks so I'll see you in the next video

15 thoughts on “Crypto Investing #30 – Why I Don't Trust Any Cryptocurrency Exchanges – By Tai Zen”

  1. I’ve only been dealing in Cryptocurrency for about 3 months now. But, I totally agree. None of the exchanges are truly safe!

  2. Tai !
    Help !! My account at COINBASE……. worked just FINE for 1 solid month – for which I am very grateful. Now there is a hold on my account. PLEASE could you recommend reputable Crypto Exchanges that are not a headache to sign up with.
    Many Thanks…Keep doing the great videos. I am a FAN.

  3. Tai

    Thank you for the help, I did download the Ethereum wallet, once the download completed I noticed 4 accounts were already generated. I did not have to create a password. I then transferred all my ethers to the first wallet my main account wallet. Only thing is now I cannot send any ethers because it keeps saying wrong password. I think I messed up Tai huge learning lesson. Thank you

  4. Tai

    Great Video so true profit driven definately not the Pareto principle WIN WIN

    In some despirate need to figure out my ether password before the DAO starts rising. I purchased my ethers from shapeshift then i moved it to my mist wallet. It is in my main account wallet. I am not able to purchase DAO tokens because of my password issues. I usually write down all my passwords but i dont have this one for some odd reason. I did not get an email from ethereum to confirm password was created. Do i need to set it up within my ether wallet. Any help would be awsome. Thank you

  5. on the same side of the coin, of it wasn't for these exchanhes, we wouldn't have a cryoto market like we do today.

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