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Bitbuy crypto exchange registered with OSC
July 24, 2022
8:06 pm
AllanB
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A friend bought crypto thru Bitbuy while she is down the site is one of the better ones apparently registered with the Ontario Securities Commission. They were bought out by a small public company in January Wonderfi which counts Sam Bankman and Kevin O`Leary as strategic partners. Is there a chance they could go out of business leaving their crypto holders with little. There is no deposit insurance for crypto unless they have a corporate plan. Would creditors have first right on all crypto assets entrusted to them if things went bad.

July 24, 2022
11:40 pm
mmlt
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Canadian exchanges have a poor history. I would not keep any crypto or fiat on them unless its small amounts you can afford to lose.
QuadrigaCX had a good reputation till the owner "died" and people's money disappeared.
Cryptocurrencies are the wild west with little government/legal oversight. There are 0 guarantees your assets are safe even with a famous name attached.

July 25, 2022
3:31 pm
RetirEd
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Aren't cryptocurrency assets valued independently of any particular exchange or registry? Isn't that the idea of a distributed ledger system, and why "bitcoin machines" exist?

Please correct me if I'm wrong, and explain if possible. I've never dabbled in that murky pool.

RetirEd

RetirEd

July 25, 2022
4:38 pm
mmlt
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It's the conversion from fiat-to-btc and btc-to-fiat where they getcha.

July 25, 2022
4:50 pm
Norman1
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That's correct.

Can't pay one's property tax bill, utility bill, or credit card bill with bitcoin, potatoes, gold, beef, or collectible stamps. Need to find someone who will buy those and give Canadian dollars in return.

July 25, 2022
11:06 pm
Norman1
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RetirEd said
Aren't cryptocurrency assets valued independently of any particular exchange or registry? Isn't that the idea of a distributed ledger system, and why "bitcoin machines" exist?
…

No. It is the ownership of cryptocurrencies that is recorded independently, not their value. Owning something doesn't make something valuable.

July 26, 2022
8:35 am
Dean
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.
FWIW (pun intended sf-wink), BTC continues to float in the $20K USD area . . .

My son is still thanking his Lucky Stars he Didn't buy into it 6 months ago.
But two of his friends weren't so lucky ... for them, BTC has gone from
'Darling' to 'Devil'. sf-frown

    Dean

sf-cool " Live Long, Healthy ... And Prosper! " sf-cool

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