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Comment by CaptainZapp | Hacker News Reader

By no more accepting deposits?

I can transfer cryptocurrency to any address of yours right now, and there's absolutely nothing you can do to prevent it.

Hadn't really thought about it before. But sounds like a good way to frame someone for a crime.

You can even add turbocash to the mix lol

I don’t think you have a choice to accept a deposit or not, do you? You can’t stop people sending you coins. And sending them back costs you money so you wouldn’t do that.

What address do you think people would send to? You can't send to some random address that you think is owned by an exchange and have it show up in your account. They give you an address to send to when you say you want to make a deposit. How did you think it worked?

> They give you an address to send to when you say you want to make a deposit. How did you think it worked?

And then people can keep sending to the same address. The way crypto works there’s no way to stop someone doing that I’m afraid - just how it works.

They could send it back (spending money) but you can’t stop it being sent.

They can either send it back or add it to their ledger. You are conflating sending to an address with an exchange keeping a balance. A cryptocurrency and an exchange are two very separate things.

Most users will have stored their deposit addresses in other exchanges and wallets rather than look them up and enter them each time.

many other exchanges and wallets force users to store an address book of addresses associated with them. this user experience will result in deposits to their old addresses at FTX. there is nothing FTX can do to prevent that.

They can send it back just as easily

yes, could. in practice even functioning exchanges opt not to bother. it is a poor practice we should call out, this is definitely something that a regulatory framework could address and carve out procedures for. (people could do spam attacks, so there is a line on how much to bother)

Once there are regulations that are penned and enforced by a centralised authority what is the use of cryptocurrency?

running and using an exchange to custody assets is entirely optional and also not the point of cryptocurrency

the regulations apply to people that chose to do that and don't apply to people that use cryptocurrency

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