A question about Mt Gox: is it safe to store your coins there?

Lohoris

hero member

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Bitgoblin

Quote from: kingcrimson on December 10, 2012, 09:20:14 PM

If you use 2-pass, yubikey and a complex password, is it safe to store your coins in Mt Gox?

No.
I asked my self this same question, and I got a very good answer.
The most compelling reason is that keeping your money there, they have your money and might decide to do anything with it (fractional reserve, closing your account, anything); you would thus cancel many of the pros of using Bitcoins in the first place!
Just grab a good e-wallet and use that instead.

Yuhfhrh

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I would say its safe, but as mentioned above, if you aren't going to be using them for awhile you should go ahead and move them to cold storage.

nobbynobbynoob

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Annuit cœptis humanae libertas

It depends how you define safe. If you're not actively trading with the funds, why risk leaving them even with a seemingly trustworthy third party (and look at the exchanges that have already been hacked!) when it's fairly simple with just a little time and effort to create a super-secure offline (or "cold") wallet to store your BTC free from the influence of larcenous hackers?

I've got nothing personal against Mt Gox as it happens; I use them too.

Killer19

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sure.

kingcrimson

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If you use 2-pass, yubikey and a complex password, is it safe to store your coins in Mt Gox?

Topic: A question about Mt Gox: is it safe to store your coins there? (Read 442 times)