[PSA] Exchanges don't owe you damn thing - Part 2

A couple of months ago I wrote a post about how a Reddit user tried everything and resorted to asking anyone on Reddit that can get him in touch with a support representative from Poloniex to get his money out of the Exchange. He was offering $1,000 for any help getting in touch with someone. In the end, he was able to get in touch with someone but no update if this issue was resolved.

[PSA] Exchanges don't owe you damn thing

This is the same with all Exchanges, there are no regulations, no oversight, no contracts. It is completely their free will that they even honor their trades, and even more so if they even respond to you.

I write this because recently I tried to send money from Bitshares using open.sbd. The money never arrived and I verified the transaction 5 times to be correct and accurate. I contacted support 5 days ago, and I am still waiting. Others I have spoken to with similar problems have waited 3 weeks before the problem was resolved and some it never was.

There is no course of action to resolve this outside of making a ticket and hope they have the decency to respond. Luckily, in this case, it was only 20 SBD, and I don't need that money to feed my family or pay rent. That's not always the case, and it shouldn't matter if it was. I have a lot more money on the Exchange that makes me very uncomfortable as every transaction is a gamble.

This is the same with all unregulated cryptocurrency exchanges. This isn't changing in the new future either, not without massive regulation which will be counter to what cryptocurrencies stand for.

Many of us are so focused on the risk of a coin going up or day for the day, but many don't think about the risk of the exchange just not honoring the trade or even just handing over your coins to the government.

At this point, there really isn't anything any of us can do to prevent this, but it is something to keep in the back of your mind when you make trades.

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