Why the Crypto space is a low-trust society from a personal, not technology, perspective.
Posted on January 10, 2019 8:06 PM
A lot of questions we get here on MoonTrade are about the various ways we have protected both buyer and seller in any transactions, equally, we get a lot of compliments on the removing of conditions that unduly burden a trader on an OTC exchange. Some of which are: • No Deposit Fees• No Deposit Required to list BTC ads• Lower fees than LBC• No ad limits based on volume etc
While we appreciate both the questions and the compliments, we do understand that there is an undercurrent of anxiety.
The Blockchain in itself is trust-less, once a transaction is completed it is not reversible by any parties. However, the lack of trust comes from the human component of Blockchain tech. This usually comes in the form of one party cheating the other party using the monetary system of the banks that is set up to reward bad behavior. They do this by reversing their payment via Banks, PayPal, Western Union etc. etc. They get their money back but you cannot get your crypto back. MoonTrade also implements security measures to combat this but this is a big weakness when combining the decentralised crypto world with the centralised banking world.
A further complication is also present in the form of scammers. Scammers are people without vision, for whom making a quick buck by cheating the other party seems much more profitable than putting in effort into building a business or even a solution like MoonTrade that aims to be a long term growth machine. The rewards are much bigger but so is the work involved, as an example, MoonTrade has been developed over 12 months of painstaking research and in development with many people in many countries.
These are people, who have taken time out from their life, to join together to build MoonTrade.org, a new and improved version of an OTC exchange that is an alternative to existing OTC exchanges that have punished the innocent, destroyed the livelihood of traders and their families and rewarded the scammers and cheaters.
The reason that the block chain world is full of scammers is that these are people with very little minds and tiny dreams who are content to cheat for a few dollars but do not want to use their gifts to build something that could be worth millions or billions. And unfortunately the people who do OTC trading are so dependent on their business that they never diversify. Thus, once they get burned they turn bitter instead of learning from the mistake and moving on.
As an example, one of the traders on the website, Magicew, told us that when she started her Crypto OTC trading business she made a lot of money in a very short time but she lost almost half of her net worth within the first two weeks of trading because of scams. This would have destroyed anyone else but instead of giving up she decided not to get bitter but she expanded her knowledge and learned more and more ways to protect herself, now she is diversified and obviously successful as you can see by the number of trades she has in our brand new exchange in a short period of time.
The difference between traders like Magicew and traders who ultimately fail is that some people choose to never learn. Instead they become bitter. Successful traders learn to accept that in all businesses, there will be losses. They learn to become resistant to damages to their business.
You will never become stronger in anything by hiding yourself but only by making yourself stronger and developing good business practices to be able to take any blows that come your way .
Many people who are in the cryptocurrency world will at one point or the other suffer a loss, don’t let this put you off the entire new world of new money. Instead, do something that you may not have done before:
1. Don't Panic!2. Pause and analyze where you went wrong.3. Get familiar with the various scams in your business. 4. Make sure that the next time you are cheated you can absorb the losses.
The block chain is trust-less, but people are the weak part of this new financial system; however, as humans, we can choose to become stronger and more resistant.
How we do this will be addressed in Part II two of the series, The Lack of Trust in CryptoWorld.
For now you can make a small move into becoming more resistant, more daring and growing yourself, click on the login button on the top right, make an account on MoonTrade and try to do a trade.
Remember, we are the only exchange that has your back.
Only the person who do accept mistakes will surely progress later on compared to those people who do easily give up on his first trials and suffer loss.
Mistakes are the best teacher and with these things you will really be mold into a better person.
I noticed the negativity on bitcointalk back in 2010. Relentless snark and FUD, accusations, just awful. There is always low trust in any money service type of business and the internet makes it very easy for bad players to hurt others.