is there an actual way to keep bitcoins safe? I mean, that's the price you pay for all the benefits bitcoin brings and not having a centralized from of control.
People there took that risk and now they are paying for it, plain and simple. if you want your money to be "safe" you should use a bank instead.
Topic: [Bitfinex Hacked] So , learned the lesson ? - page 12. (Read 10601 times)
Lesson learned, don't use exchange, don't trade bitcoins, put all your money in the bank.
Exchanges are fine. Just understand the inherent risk of having your coins in a wallet to which you don't have some key access.
If you don't have the key, you don't have the coins.
Lesson learned, don't use exchange, don't trade bitcoins, put all your money in the bank.
I predict that must be bitcoin lose trust, not totally, but for some people for sure. But the problem was not in bitcoin, the problem was in the site's security and it only shows us that to hold our bitcoins online is not so saved. Does anyone have USB wallet? Not so long time ago my friend received it by post from some campaign he took part in. Maybe that way is more saved, it has some personal security protection that you create yourself. If anyone have it say your opinion, please.
People are too addicted to margin and liquidity to listen. Bitfinex is a special case though considering how many times they've ballsed up and as far as I know they've never compensated people who were margin called purely because of Bitfinex's fuckup.
Bitcoin does need active traders. Without them not a great deal happens. But there has to be a way they can trade safely.
Ye Bitcoin does need active traders, and that's what all these 'I told you so! You deserve to lose your Coins!' sayers don't understand. Bitcoin does need active traders. Without them not a great deal happens. But there has to be a way they can trade safely.
Bitcoin IS speculation, Bitcoin IS trading.
If you take away the speculation from Bitcoin, you have two guys purchasing alpaca socks left.
But then we could also stop the blocksize debate, as there would simply no transactions at all, that's a good thing I guess.
- Never used Bitfinex - lost no funds.
The VERY small amount of transactions are simply when you give your BTC to the exchange (yes you are giving it to them) or get some of it back (or in this case none)
As I don't have numbers for this asumption I might be wrong, but I doubt that it is only a VERY small amount of transactions.
Do you have any suggestion on how to margin trade without keeping the coins on the exchange? Please don't answer "don't margin trade" 
Unfortunately, no. I wouldn't know a good way to do this if you're a trader. Users can and should stay away from both web wallets and exchanges (and other online services), as in they shouldn't keep their coins there. As far as 'normal' trading is concerned, the only good(?) alternative seems to be (I haven't tested it myself): Bitsquare. I guess (and hope) that this event will further evolve the systems that are being used by exchanges.
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gladly never save any money on exchanger because it's like gambling,you can lose anytime even it's rarely happening
trade only the necessary, can you use api to send fund automatically, after you take profit?
well this is not going to work,every withdrawal need confirmation and every confirmation need time,and trading don't tolerate you about the time
trade only the necessary, can you use api to send fund automatically, after you take profit?
I'd say no. The people who had lost considerable amounts of money there, are at fault, not Bitfinex. Nothing is unhackable, and online exchanges are generally valuable targets for various hackers. It seems like the people in question (who suffered losses) have learnt nothing from Mt.Gox, Cryptsy and so on.
Do you have any suggestion on how to margin trade without keeping the coins on the exchange? Please don't answer "don't margin trade"
trade only the necessary, can you use api to send fund automatically, after you take profit?
Trading and taking profit is not like going shopping and then leaving the shop until next week. You enter again to shop more. You spend more time inside the shop than outside. At the time of the hack my position was 10.70 BTC short. How can one be short while having their coins in their personal wallet?
I'd say no. The people who had lost considerable amounts of money there, are at fault, not Bitfinex. Nothing is unhackable, and online exchanges are generally valuable targets for various hackers. It seems like the people in question (who suffered losses) have learnt nothing from Mt.Gox, Cryptsy and so on.
Do you have any suggestion on how to margin trade without keeping the coins on the exchange? Please don't answer "don't margin trade"
trade only the necessary, can you use api to send fund automatically, after you take profit?
People are too addicted to margin and liquidity to listen. Bitfinex is a special case though considering how many times they've ballsed up and as far as I know they've never compensated people who were margin called purely because of Bitfinex's fuckup.
Bitcoin does need active traders. Without them not a great deal happens. But there has to be a way they can trade safely.
Ye Bitcoin does need active traders, and that's what all these 'I told you so! You deserve to lose your Coins!' sayers don't understand. Bitcoin does need active traders. Without them not a great deal happens. But there has to be a way they can trade safely.
Bitcoin IS speculation, Bitcoin IS trading.
If you take away the speculation from Bitcoin, you have two guys purchasing alpaca socks left.
But then we could also stop the blocksize debate, as there would simply no transactions at all, that's a good thing I guess.
- Never used Bitfinex - lost no funds.
The VERY small amount of transactions are simply when you give your BTC to the exchange (yes you are giving it to them) or get some of it back (or in this case none)
I'd say no. The people who had lost considerable amounts of money there, are at fault, not Bitfinex. Nothing is unhackable, and online exchanges are generally valuable targets for various hackers. It seems like the people in question (who suffered losses) have learnt nothing from Mt.Gox, Cryptsy and so on.
Do you have any suggestion on how to margin trade without keeping the coins on the exchange? Please don't answer "don't margin trade"
People are too addicted to margin and liquidity to listen. Bitfinex is a special case though considering how many times they've ballsed up and as far as I know they've never compensated people who were margin called purely because of Bitfinex's fuckup.
Bitcoin does need active traders. Without them not a great deal happens. But there has to be a way they can trade safely.
Ye Bitcoin does need active traders, and that's what all these 'I told you so! You deserve to lose your Coins!' sayers don't understand. Bitcoin does need active traders. Without them not a great deal happens. But there has to be a way they can trade safely.
Bitcoin IS speculation, Bitcoin IS trading.
If you take away the speculation from Bitcoin, you have two guys purchasing alpaca socks left.
But then we could also stop the blocksize debate, as there would simply no transactions at all, that's a good thing I guess.
- Never used Bitfinex - lost no funds.
https://web.archive.org/web/20160324083244/https://www.bitfinex.com/pages/security
Multi-sig Hot wallet
- Provided by BitGo (BitGo FAQ)
- Only holds minimal amounts (~0.5% of customer funds)
I am a bit confused by their statement: does the hot wallet only hold 0.5% of customer funds? Where are the remaining? (99.5%)
Thank you for that. I haven't visited Bitfinex often so I would not know myself. This is interesting, and from what I can gather:Multi-sig Hot wallet
- Provided by BitGo (BitGo FAQ)
- Only holds minimal amounts (~0.5% of customer funds)
I am a bit confused by their statement: does the hot wallet only hold 0.5% of customer funds? Where are the remaining? (99.5%)
1) This information was false to begin with (their staff member on reddit claims that there's no cold storage layer).
2) Something/someone made them change the way that they hold their coins which ultimately led to this.
ok just confirmed that the cold storage thingie was there before the migration to bitgo in mid 2015
So the information on the website was just outdated? I am holding my bitcoins on Yobit, now I am afraid a bit for my money there. Planing to withdraw everything I have there, just waiting a bit to the price rise a bit. By the way, when the price for bitcoin gone down yesterday, the price on Yobit stayed on pretty high level, like official was 529$ and on Yobit it was 585$. I wander why?
Thats an easy question, yobit has less volume daily, the biggest exchanges handling more then 5000 bitcoin daily reacted to the news, yobit members didnt droped their bitcoins as some people made if not the hacker already dumping the coins. I trust blockchain i dont wanna be forced to install an wallet into computer again, but if something similiar this happens again it will be the way to protect my portfolio. 
Condolences to you guys who use Bitfinex, I myself almost wanted to do a trading on that site. I already interested to do that, I even have signed up there. But don't know why, I just felt like I don't want to do it that time. Luckily my hunch was correct, so my Bitcoin saved from this incident.
Just the same thing. Created an account but didn't move any coins there, still not sure why.
And then on Jul 27 they posted such news:
Jul 27, 2016
Platform issues
Resolved - We have got everything fixed and back to normal, the maintenance page has been taken down and trading is live.
Jul 27, 02:34 UTC
Update - We're currently running some last tests before bringing everything back online, hope to be back soon. Will have another update here shortly.
Jul 27, 02:23 UTC
Update - Positions will be the same as when trading was halted. We're currently working on returning everything back to normal. In the meantime we've put up the maintenance page. We'll continue to post updates here and on twitter (@bitfinex)
Jul 27, 00:18 UTC
Identified - We have identified the issue and are currently working on a fix.
Jul 26, 23:59 UTC
Investigating - We are actively investigating issues with the platform. We will keep everyone updated on here and twitter @bitfinex as we know more.
Jul 26, 23:56 UTC
So after that I thought it would be unreasonable to move any funds there...
As we can see now, it often happens like this - a major problem causing some "maintenance" together with freezing all the trades and withdrawals, then a post of joy like "we have fixed it!", and then the end of story. The same scenario as it was with Cryptsy only that it was during a longer time frame there.
Anyone shouldn't have deposited or even traded there after Jul 26, at least for a while, but wait and see what would happen next.
Prior to the recent breach, Bitfinex was claiming that they were using secure cold storage and multisig.
They claimed that they had used cold storage? Source?Source: https://webcache.googleusercontent.com/search?q=cache:UvrqjyGeBZYJ:https://www.bitfinex.com/posts/30
But I've also read a couple of articles that claim they were not using any cold storage.
ok just confirmed that the cold storage thingie was there before the migration to bitgo in mid 2015
I am holding my bitcoins on Yobit, now I am afraid a bit for my money there. Planing to withdraw everything I have there, just waiting a bit to the price rise a bit. By the way, when the price for bitcoin gone down yesterday, the price on Yobit stayed on pretty high level, like official was 529$ and on Yobit it was 585$. I wander why?
Condolences to you guys who use Bitfinex, I myself almost wanted to do a trading on that site. I already interested to do that, I even have signed up there. But don't know why, I just felt like I don't want to do it that time. Luckily my hunch was correct, so my Bitcoin saved from this incident.
People are too addicted to margin and liquidity to listen. Bitfinex is a special case though considering how many times they've ballsed up and as far as I know they've never compensated people who were margin called purely because of Bitfinex's fuckup.
Bitcoin does need active traders. Without them not a great deal happens. But there has to be a way they can trade safely.
Bitcoin does need active traders. Without them not a great deal happens. But there has to be a way they can trade safely.
People will never learn! Biggest examples are mt gox, mintpal,, cryptsy and still they leaving coins in the exchanges, if met people where leaving also pos coins on a exchange! Not for trading note that!
In been lost money from trading and even from back door wallets for shitty coins! But no even once btc! Because I'm keeping my funds to my cold wallet! It is easy but for some people it's just not worth the effort? 💵💰.
In been lost money from trading and even from back door wallets for shitty coins! But no even once btc! Because I'm keeping my funds to my cold wallet! It is easy but for some people it's just not worth the effort? 💵💰.
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