How not to fall for the Scam project, burglary, damage from state regulation? Advice from experienced professionals.
Artem Abaev — founder of projects Soundchain and MasterCash on the basis of the blockchain
Currently the program works with any cryptocurrency exchange solely on trust
Are three major risks to users of the exchange. The first exchange will be hacked and stolen money from customers ' accounts. The second project is a member "Scam," which, having collected a large sum, will disappear in an instant. The third actions of the exchange will be deemed illegal, and its activities will be covered by the regulator. The money in the accounts of the exchange will be used to cover fines.
To understand whether it makes sense to cooperate with one or another exchange, will be focusing on several aspects.
Aspects of a reputational nature
The lifetime of the project. It is easy to guess that the more functions the exchange, the higher the degree of credibility.
The maximum information about the creators. If you have information about who developed the project, and the creators are the well-known personality, there can be no doubt that the exchange is a reliable project to invest money.
The presence of feedback from owners, as well as mentions on online forums and in cryptobooster.
Exchange work with large corporate clients. No company will work with the project without having reliable information about its creators, the purpose and level of security. The presence of large corporate clients is a significant advantage of the exchange.
Aspects of the technical plan
Two kinds of wallets available — the "cold" and "hot". On the first stored cryptocurrency customers. The second — the funds that are being used.
Audit of the exchange. Now do not resort to this, but if in the future the exchange will be checked by independent experts, it will positively affect the level of trust in customers.
Multisig — the application of a number of signatures to obtain access to funds for purses.
Aspects of a legal plan
The state of incorporation. They should be a country with a developed economy and hard law. For example, Germany, Switzerland or Japan.
Full incorporation of the project. It is possible to control the work of the founders of the exchange.
Open access to corporate structure. Undesirable the presence of the structure, which includes a lot of individuals. most Likely, the exchange is trying to evade taxes and work with it, at least, inappropriate.
Permits and licenses for carrying out financial activities, including work with cryptocurrencies. If they occur, it means that the state has no claims to the exchange and its developers. License and permits indicate that the project employs highly qualified professionals, has a share capital, and stock exchange pay taxes.
"Ultimate anonymity". The anonymity of the creators and customers in our days are not welcome. This suggests that the exchange can wash money. Her controller is guaranteed to impose a penalty sooner or later. The fine will be paid from the funds of the clients.
Drawing attention to the creators, is to say about three options:
Developers are persons who are very well known in the IT field. They do not hide their involvement in the creation of the project and claim that it's perfectly safe.
The exchange was registered as a legal entity. In this case, information about the developers of the project is hidden, but you can find, digging in the registers, as well as licenses authorizing the work with cryptocurrencies.
About the exchange and the creators of no information. Cooperation with the customer entirely at your own risk. Usually, these projects have incriminating information in major IT publications immediately after their closure.
Nikolai Legkodimov — head and partner of the consulting division at the advanced technology KPMG
Alas, to date, has not been invented mechanisms to determine the reliability of the exchange. But, there are significant indicators. They are few, but to clarify the situation they allow.
The first step is to focus on the legal component of the exchange. For example, a reliable stock exchange in this regard is Gemini. It belongs to brothers Winclass.
Gemini is not a little known project that could stop working tomorrow, and exchange under their local laws. Its creators has a lot of information in the network. In addition, it successfully passed the verification process and with frequent intervals is subject to examination by the regulator.
Fraudulent transactions on the stock exchange are unacceptable. Every transaction is public and has information about all of its participants. It is possible to conduct analysis of the "hot wallets" on the subject of fraud.
Check "hot" wallets similar to the analysis of banking operations. Information about all transactions recorded in the blockchain and stored indefinitely. Accordingly, information can be taken for analysis and verified through the chain of transfers that have been sanctioned by various users of the cryptocurrency.
To assess the level of reliability, it is possible to pay attention to the certificate information security. One of them has recently been established overseas — FIPS PUB 140-2.
Vladimir Popov, a lawyer in the field of information technology and one of the founders of the project itsynergis
Mentally fast forward to 2013. It was at this period came the decline of the era of centralized anonymity systems: the case of LibertyReserve. At the time of the Russian FSB and American regulators announced that this scheme no longer exists. Recently, a Commission to deal in US securities, said that such can be observed in the field of ICO.
The seriousness of this statement can be understood, remembering the market's reaction to the message controller about Winklevoss ETF. Banning was not the question, but the registration was denied. At first glance, this information that does not relate, but the expertise says otherwise.
Centralized exchanges unites their presence is under attack. Accordingly, only a decentralization and nothing else.
You can understand:
Any state may, at one point close to a centralized exchange. She may be people's Bank Malaysia, or the notorious startup. For example, the exchange Exmo, based in Spain, was banned in our country by court order. Truth be told, what was the reason for the ban, and failed to understand until now.
Attacks will be subject to the standard system of centralized type. Hacking into the stock exchange need disappears. Just to perform the attack on its website. Examples of such attacks are many — bithumb. com and blockchain. info. The first one had a hacked admin's computer, and the second was launched by hackers to change the DNS, but it failed.
Remember the "Japanese syndrome". One of the creators can take a moment and take all the money. He was simply tired of constantly pinch off a bit from the "pie" commissions.
5 signs that the project is reliable
Jurisdiction. The people's Bank of China tried to influence the exchange rate of bitcoin and several other cryptocurrencies. But a ban on cryptocurrencies, was the cause of the insane growth rate of the ether.
No state can guarantee a high level of protection from the factors of subjective nature. Speaking of jurisdiction, it is necessary to take into account how the location of the exchange and the location of the trader.
Traders who started to work on cryptocurrency exchanges, and, with experience on conventional exchanges, the habit of evaluate the volume of trades. But, you should take into account that some exchanges "shoulder" occurs and in others it is absent. For example, on BTC-E use conventional dollars and even rubles and Poloniex — pseudomallei.
The question arises, what is a more reliable factor is ensuring or volume? It is easy to guess that it was a real support. The volume is better used to understand the number of participants, the amount of work and details of the technical plan.
He can only reflect the confidence of investors, which the common people called speculators, in a certain period of time. Not to forget that the lion's share of work is done by bots, and that certain speculation. It is not about trust, but a reasonable approach: where allowed — there and work.
A special role in krypterade team plays. Here there is a paradox. On the one hand finances should be open, and with another — the blockchain needs to be anonymity. Such a paradox has caused a lot of questions to NiceHash and Poloniex, with its periodic "break-ins".
Over time, this criterion will become more popular. Already the idea of the blocks indicates the presence of reputation and its evaluation of any tool or person.
Component of the technical plan. On most markets there are lock output after specifying other authorization data, safety Deposit box, two-factor authentication and different means of protection used for a long period of time.
Financial structure. If you want to start working on major on major exchanges, it is necessary to understand the chain of intermediaries. Who is making Wire? Who provides a Bank card or a Bank account? Do you have exchange partners? If Yes, in which countries are they registered?
We should note one remarkable fact. There are people, and more specifically, novice traders who do not hesitate to send all your money to the Bank project, about which they have little or no information.
Details is the most important
The information above is current time, and has value. But in reality it is simply excuses. The details were most important. The downside is that to carry out their systematization is not possible. If it failed, then there is a tool through which to evaluate not only the exchange, but the exchange.
Statistics API and the project. Of particular interest are projects that have been subjected to stagnation. "Frozen state" should arouse some suspicion, especially if this technological field.
Up-time: check specialized service and enable ping. Large bills, and p2p exchange points, before closing, ceased to exist on the web. At first glance, this is the problem of Registrar, technical support or hosting. But, it really is a Wake-up call, because a few stocks are on the "alerts".
News on the project. It turns out that you need to pay attention to them. They are placed by the editors of the project at regular intervals. If the new article had not appeared, then most likely, the exchange begins to curtail their activities.
Affiliate program. To the earnings of the partners were less exchanges begin to split hairs with affiliate programs. You should not assume that projects with partner programs should not be considered for work, but still be careful with it.
This is an incomplete set of important details. Their list is several thousands.
Eduard Saifutdinov — head Blockchain invest
Not difficult to distinguish unreliable from reliable exchange, based on the technical aspects. Among them are behavior problems, existence, experience, and trading volume.
To understand that exchange has problems, in complexity of withdrawal. Look for feedback on the project, which would like to start working. The risk of loss of funds increases if they are stored on the exchange. So try to reduce the likelihood of this, putting money in 2-3 sites.
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