Bitrrex to handle the chain split - page 2.

secdark

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Quote from: khufuking on July 24, 2017, 04:36:06 AM

It is already late for me some of my BTC is locked on Bittrex but since they announcement that they will handle the split chain if it happened made me not worry . From what I understand if chain split happens they will credit coins on both chains .

Well im lucky now that I just withdraw my btc in bittrex and store it in my wallet . I just got it in time last sunday and they close it in 3pm so I just send it. Now if you are locked or your btc is locked in bittrex then you should trust your bitcoin in bittrx because they can do the rest to keep your bitcoin

Omega Weapon

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Quote from: khufuking on July 23, 2017, 02:43:14 PM

I did not wanted to make new thread for this and posted it on other thread but from the look of it no one bother reading the posts . So maybe this will work .. New thread ^^

Bitrrex stated that they will credit both chains with coins if split happen . That what they claim they will do . So i guess there is no reason to worry if you have your BTC there they will do the job for you !

You do not understand, the exchanges may say they will do it and they may honor that promise, but at the end of the day you are relying on a third party to do your job, bitcoin is a way to have complete control over our funds, if you are letting someone else do this then you don’t have total and absolute control over your bitcoin that is the point and the reason why you must do this yourself.

Pajulapoiss

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Quote from: williamuk on July 24, 2017, 07:38:32 AM

Quote from: Iranus on July 24, 2017, 07:33:02 AM

Bittrex has resumed deposits and withdrawals.

If you look at your Bittrex account, you will see that next to the BTC deposit and withdraw buttons there is some information telling you that they will now require 6 confirmations to credit your transaction due to network disruption.

Quote from: Pajulapoiss on July 24, 2017, 05:11:00 AM

I have like 80% value spread to different altcoins, that are in my bittrex wallet.

What would be the safest way to go forward?

Altcoins are irrelevant. The chain splits that happen in altcoins are not related to what happens in BTC.

Quote from: Pajulapoiss on July 24, 2017, 05:11:00 AM

Or are my funds safe even If I just keep them on my bittrex wallet as they are?

Altcoins are exactly as safe as they've been the rest of the time that they were on Bittrex. When not trading you should always keep your coins off exchanges, but I don't see how an event in BTC affects your altcoins.

If anything there's probably less chance of being hacked with your coins on bittrex than on your own computer wallet. Better security, particularly if you use two step authentication.

Thanks to everyone who replied.

About 2FA, what happens when I lose my android device
I use for second authentication? or somehow else happens to it..

I've read some people have locked themselves out that way, and that there's some problems with the Google's 2FA system.

Iranus

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Quote from: williamuk on July 24, 2017, 07:38:32 AM

If anything there's probably less chance of being hacked with your coins on bittrex than on your own computer wallet. Better security, particularly if you use two step authentication.

Are you insane? Mt. Gox and Cryptsy have already proven that exchanges are not trustworthy. Regulations for altcoin exchanges haven't got better, and exchanges have a terrible history of being incompetent and/or running off with their users' funds.

I'm 100% certain that the coins in my TREZOR, with my seed in a bank deposit box and buried in a safe location, with passphrase protections for different parts of my funds and several hidden wallets, with the protection of a PIN which gets exponentially tougher to guess as an attacker tries, are much more secure than Bittrex.

A promise to "try their best" is no guarantee that they will follow through, either.

Quote from: European Central Bank on July 24, 2017, 11:54:04 AM

why the freeze so early? this is the only exchange that's doing this at this point isn't it?

They've given up on it. Read my above post.

Pettuh4

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Quote from: maokoto on July 24, 2017, 11:56:17 AM

Great, another exchange handling the split (I have read of poloniex doing so too). Best for users that are not very techy or just do not want to bother messing around and sending their coins to and fro. Is good to know.

Well if they are indeed true then it erases all the fears and we can move forward in the right direction after August 1. Many people are afraid of waking up to find out their bitcoins are now worthless or are Altcoins and so if these major exchanges are going to handle it this way then it's all the best for everyone.

maokoto

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Great, another exchange handling the split (I have read of poloniex doing so too). Best for users that are not very techy or just do not want to bother messing around and sending their coins to and fro. Is good to know.

European Central Bank

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why the freeze so early? this is the only exchange that's doing this at this point isn't it?

Pfizer

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I still couldn't decide if I have to move my btc funds to electrum wallet instead of trusting bittrex exchange. Afer a chain split, if they say we couldn't protect your funds, what can we do? We can't do nothing. Offline wallets are still looking more safe than bittrex.

CryptosapienZA

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This is fantastic new, I guess Coinbase has a lot to learn.

haroldtee

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Quote from: savon2k on July 23, 2017, 03:28:36 PM

Quote from: khufuking on July 23, 2017, 02:43:14 PM

I did not wanted to make new thread for this and posted it on other thread but from the look of it no one bother reading the posts . So maybe this will work .. New thread ^^

Bitrrex stated that they will credit both chains with coins if split happen . That what they claim they will do . So i guess there is no reason to worry if you have your BTC there they will do the job for you !

I sure hope so ,but if you don't want to go through weeks of support processing I recommend you still move your BTC to your wallet

I guess that is too late now that they have disabled withdrawals and deposits within the platform until after the whole thing ends. I don't know much about how Bitrrex has faired in the past most especially during ethereum split but I guess they may want to use the opportunity to create a name for themselves by doing the right thing to benefit their users.

YOYOY

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Quote from: khufuking on July 23, 2017, 02:43:14 PM

I did not wanted to make new thread for this and posted it on other thread but from the look of it no one bother reading the posts . So maybe this will work .. New thread ^^

Bitrrex stated that they will credit both chains with coins if split happen . That what they claim they will do . So i guess there is no reason to worry if you have your BTC there they will do the job for you !

Yeah they do that, but can we really trust them? Well, for me I trust them because they make it early to tell the public of the possible impact of the incoming Segwit and they hold all the bitcoins we have them not to have malicious transactions and they even make it longer to implement until August 3, so for me it is the best way to secure our account and our coins too. So for now I'll observing what would be really happens next week.

BillyBobZorton

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Quote from: NUFCrichard on July 24, 2017, 09:12:26 AM

It makes sense for Bittrex to credit account with BCC, they will certainly add BCC for trading immediately, even if it flops, it will be a big altcoin for a while, and they have plenty of small altcoins listed already.
Coinbase on the otherhand probably won't ever list BCC, so don't want to open BCC wallets, just to allow withdrawls. It makes them no money, but is work for them.

If BCC really trades at 17% of BTC, I will be amazed! It will be heavily traded at the start, really people who don't have their coins on exchanges like Bittrex won't be able to trade them, if say 15% of the miners started mining BCC (I expect less) then blocks will be generated once an hour, so moving coins from offline wallets to exchanges will take ages!

If you have any relevant amounts of BTC, you don't want to keep them on exchanges, let alone locked in on there, I don't care if it's Bittrex or some random chinese crap exchange, don't ever trust exchanges.

If you want to instadump BCC for some free BTC that's ok, but don't do it with all of your BTC if you have many.

Just transfer your coins from your wallet once BTC/BCC trading pairs are added then dump stupid BCC for real BTC and enjoy the free coins. They will probably pump it before the dump so waiting a bit is not that bad anyway.

NUFCrichard

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It makes sense for Bittrex to credit account with BCC, they will certainly add BCC for trading immediately, even if it flops, it will be a big altcoin for a while, and they have plenty of small altcoins listed already.
Coinbase on the otherhand probably won't ever list BCC, so don't want to open BCC wallets, just to allow withdrawls. It makes them no money, but is work for them.

If BCC really trades at 17% of BTC, I will be amazed! It will be heavily traded at the start, really people who don't have their coins on exchanges like Bittrex won't be able to trade them, if say 15% of the miners started mining BCC (I expect less) then blocks will be generated once an hour, so moving coins from offline wallets to exchanges will take ages!

ss890

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"Bittrex will take all reasonable steps in case of chain split" and that is why it is my second most popular exchange site. But I'm guessing that happening of split has got very less chances and there won't be any need to worry about. It is good that our beloved exchangers are taking care of our money (they benefit too) and we don't need to struggle for moving it out of the exchanger. Nice thread as it was important to know what's going on in the market.

JohnBitCo

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Quote from: khufuking on July 23, 2017, 02:43:14 PM

I did not wanted to make new thread for this and posted it on other thread but from the look of it no one bother reading the posts . So maybe this will work .. New thread ^^

Bitrrex stated that they will credit both chains with coins if split happen . That what they claim they will do . So i guess there is no reason to worry if you have your BTC there they will do the job for you !

Just to mention there is no split happening this august, so all these steps are meaning less. We are moving towards the softfork and there is no any danger of coin split or on to handle the two chains of bitcoin. A sign of relief not only for the users but also for the Exchanges Wink

iamTom123

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Quote from: khufuking on July 24, 2017, 04:36:06 AM

It is already late for me some of my BTC is locked on Bittrex but since they announcement that they will handle the split chain if it happened made me not worry . From what I understand if chain split happens they will credit coins on both chains .

We should be trusting Bittrex because the way I see they know what they are doing though many find it too early for the lock-in however members do understand why Bittrex did it. Hopefully, after August 1 and when things can get normal and smooth, things can get back to their feet again. Though there are already assurance that there can be no split, still precautionary measures have to be adopted because Bittrex has a name and reputation to protect and they want their members' funds to be safe and sound. I understand that there can be some vulnerability by the time technical changes have to take place due to BIP-91 and the SegWit2x protocol.

williamuk

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Quote from: Iranus on July 24, 2017, 07:33:02 AM

Bittrex has resumed deposits and withdrawals.

If you look at your Bittrex account, you will see that next to the BTC deposit and withdraw buttons there is some information telling you that they will now require 6 confirmations to credit your transaction due to network disruption.

Quote from: Pajulapoiss on July 24, 2017, 05:11:00 AM

I have like 80% value spread to different altcoins, that are in my bittrex wallet.

What would be the safest way to go forward?

Altcoins are irrelevant. The chain splits that happen in altcoins are not related to what happens in BTC.

Quote from: Pajulapoiss on July 24, 2017, 05:11:00 AM

Or are my funds safe even If I just keep them on my bittrex wallet as they are?

Altcoins are exactly as safe as they've been the rest of the time that they were on Bittrex. When not trading you should always keep your coins off exchanges, but I don't see how an event in BTC affects your altcoins.

If anything there's probably less chance of being hacked with your coins on bittrex than on your own computer wallet. Better security, particularly if you use two step authentication.

maku

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Good news which bolsters people's confidence in the reliability of cryptocurrency exchanges.
Let's just hope that Bitrex will keep their words and there won't be any problems with bitcoin after potential split.
Bitrex is now sealed shut so you cannot withdraw your bitcoins, let's just hope they will honour this statement to the end.

Iranus

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Bittrex has resumed deposits and withdrawals.

If you look at your Bittrex account, you will see that next to the BTC deposit and withdraw buttons there is some information telling you that they will now require 6 confirmations to credit your transaction due to network disruption.

Quote from: Pajulapoiss on July 24, 2017, 05:11:00 AM

I have like 80% value spread to different altcoins, that are in my bittrex wallet.

What would be the safest way to go forward?

Altcoins are irrelevant. The chain splits that happen in altcoins are not related to what happens in BTC.

Quote from: Pajulapoiss on July 24, 2017, 05:11:00 AM

Or are my funds safe even If I just keep them on my bittrex wallet as they are?

Altcoins are exactly as safe as they've been the rest of the time that they were on Bittrex. When not trading you should always keep your coins off exchanges, but I don't see how an event in BTC affects your altcoins.

eSportsCoins

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That's very good news.

Bittrex has proven to be so reliable over the years, despite its devs being anonymous.

Topic: Bitrrex to handle the chain split - page 2. (Read 2247 times)