Can I trust BTC exchanges? | Bitcointalksearch.org

randy8777

legendary

Activity: 896

Merit: 1000

Quote from: smith coins on October 28, 2015, 12:25:52 PM

Quote from: frank26 on October 28, 2015, 11:26:18 AM

Not Every time you can trust on btc exchange but it is trustable.But this will be quiet beneficial that you will make safe btc in your wallet where it will always be safe.

Our bitcoins are only safe when only we control them.
By sending the bitcoins to somebody else in this case exchanges then they control our bitcoin.
They decide to give us back or not, and some of exchanges has been 'hacked' many times and the clients were mostly affected.

that's why people should never store their coins in exchanges as the risk of a hack or theft is simply too big. best is to only send coins to an exchange if you are willing to sell them. otherwise just keep them offline.

smith coins

hero member

Activity: 504

Merit: 500

Quote from: frank26 on October 28, 2015, 11:26:18 AM

Not Every time you can trust on btc exchange but it is trustable.But this will be quiet beneficial that you will make safe btc in your wallet where it will always be safe.

Our bitcoins are only safe when only we control them.
By sending the bitcoins to somebody else in this case exchanges then they control our bitcoin.
They decide to give us back or not, and some of exchanges has been 'hacked' many times and the clients were mostly affected.

frank26

newbie

Activity: 56

Merit: 0

Not Every time you can trust on btc exchange but it is trustable.But this will be quiet beneficial that you will make safe btc in your wallet where it will always be safe.

Supercrypt

legendary

Activity: 1554

Merit: 1054

Quote from: lumeire on October 27, 2015, 11:12:47 AM

Quote from: twister on October 27, 2015, 08:35:36 AM

Quote from: prodigy8 on October 26, 2015, 11:18:51 AM

Quote from: catlove on October 26, 2015, 04:28:49 AM

You can believe: btc-e, bittrex, cryptsy.

Well i wouldn't so sure about believing these exchanges.
For example we can see here that there are many accusation about cryptsy.
Where they block/disable their users accounts, isn't this the worst situation about trusting or not the exchanges!

It is and you just can't, if you must use one then just go there do your thing and get out and hope that nothing happens for the time you're there, as short as it might be. I don't truly believe the exchanges who were so called got "hacked" in the past, I think it was all a cover up, it was a perfect crime, wait for the moment when there are a lot of public funds and then bam! go offline abruptly with a story that one of our employees did this this.. and we were hacked. And since there are no legal tie ups, sell the bitcoins slowly and then start again.

That's a hell lot of accusation, we know Gox was an inside job like you are saying, but there are also legitimate exchanges that closed entirely due to external factors. Look at MintPal, if it hasn't been bought by the Moolah scammer, it would have been a much more established exchange than Bittrex.

Yes there are various external factors for the failure of most of the bitcoin exchanges. I should not call it failure, it is just shutting down of exchanges. Recently Yacuna is going to close their operations after several months of successful operations for Dogecoin and Clamcoins.

lumeire

legendary

Activity: 1848

Merit: 1009

Next-Gen Trade Racing Metaverse

Quote from: twister on October 27, 2015, 08:35:36 AM

Quote from: prodigy8 on October 26, 2015, 11:18:51 AM

Quote from: catlove on October 26, 2015, 04:28:49 AM

You can believe: btc-e, bittrex, cryptsy.

Well i wouldn't so sure about believing these exchanges.
For example we can see here that there are many accusation about cryptsy.
Where they block/disable their users accounts, isn't this the worst situation about trusting or not the exchanges!

It is and you just can't, if you must use one then just go there do your thing and get out and hope that nothing happens for the time you're there, as short as it might be. I don't truly believe the exchanges who were so called got "hacked" in the past, I think it was all a cover up, it was a perfect crime, wait for the moment when there are a lot of public funds and then bam! go offline abruptly with a story that one of our employees did this this.. and we were hacked. And since there are no legal tie ups, sell the bitcoins slowly and then start again.

That's a hell lot of accusation, we know Gox was an inside job like you are saying, but there are also legitimate exchanges that closed entirely due to external factors. Look at MintPal, if it hasn't been bought by the Moolah scammer, it would have been a much more established exchange than Bittrex.

jt byte

hero member

Activity: 994

Merit: 500

There are good exchanges in the market,
But these good can one day scam their clients as few of them did already in the past.
I have a bad experience with exchanges in the past but we have no other choice to trade and make a little profit.

StarofBTC

hero member

Activity: 1148

Merit: 528

Quote from: Pro_Crypto_Marty on April 21, 2015, 08:32:42 PM

Howdy,
I've been using one for a couple months now and it's given no reason to mistrust it. But it seems weird to me sending my money to an intermediary that's neither a wallet nor a bank and is entirely online. Feels like the money is hanging out in some nowhere zone that isn't completely under my control...

Dies any one else feel this way or do I just not understand this stuff well enough yet?

Thanks!

yeah you can trust most of bitcoin exchanges like localbitcoins.com etc. but there are some who may get away scamming coins so stay attached to forum and always get up to date reading posts about in scam accusations if any relates in.

Hellacopter

hero member

Activity: 742

Merit: 500

Quote from: ranochigo on October 27, 2015, 08:39:29 AM

Quote from: Hellacopter on October 26, 2015, 07:29:47 PM

Quote from: MrsHash on October 26, 2015, 03:33:34 PM

Frankly speaking everything could be hacked and exchange is not an exception. But if they would be so unsafe, nobody use them at all. If you need to be 100% sure, make small tradings and then withdraw your money as someone have already told here earlier

the security against hacking is nowadays better and financial sites including the exchangers used this security tools usually , it's not easy for hackers to attack this sites currently..always we have just to choose the trusted exchangers because there is a lot of scammers online

It is still quite a relevant threat for my exchanges despite using cold storage and hot wallets. Bitstamp was hacked quite recently and it was quite a major one. Hot wallets can be easily compromised by means of social engineering to the servers. Even though hot wallets are much more hackable than cold storage, cold storage can also get compromised if not generated securely.

Of course there is always this risk of hacking the site despite the DDoS security against attacks, because simply hackers develop every day their methods and we can't secure the site hundred per cent. But i think if the site's manager use this security tools it will be safest method and make the hackers work harder

ranochigo

legendary

Activity: 3038

Merit: 4418

Crypto Swap Exchange

Quote from: Hellacopter on October 26, 2015, 07:29:47 PM

Quote from: MrsHash on October 26, 2015, 03:33:34 PM

Frankly speaking everything could be hacked and exchange is not an exception. But if they would be so unsafe, nobody use them at all. If you need to be 100% sure, make small tradings and then withdraw your money as someone have already told here earlier

the security against hacking is nowadays better and financial sites including the exchangers used this security tools usually , it's not easy for hackers to attack this sites currently..always we have just to choose the trusted exchangers because there is a lot of scammers online

It is still quite a relevant threat for my exchanges despite using cold storage and hot wallets. Bitstamp was hacked quite recently and it was quite a major one. Hot wallets can be easily compromised by means of social engineering to the servers. Even though hot wallets are much more hackable than cold storage, cold storage can also get compromised if not generated securely.

twister

hero member

Activity: 672

Merit: 502

Quote from: prodigy8 on October 26, 2015, 11:18:51 AM

Quote from: catlove on October 26, 2015, 04:28:49 AM

You can believe: btc-e, bittrex, cryptsy.

Well i wouldn't so sure about believing these exchanges.
For example we can see here that there are many accusation about cryptsy.
Where they block/disable their users accounts, isn't this the worst situation about trusting or not the exchanges!

It is and you just can't, if you must use one then just go there do your thing and get out and hope that nothing happens for the time you're there, as short as it might be. I don't truly believe the exchanges who were so called got "hacked" in the past, I think it was all a cover up, it was a perfect crime, wait for the moment when there are a lot of public funds and then bam! go offline abruptly with a story that one of our employees did this this.. and we were hacked. And since there are no legal tie ups, sell the bitcoins slowly and then start again.

Hellacopter

hero member

Activity: 742

Merit: 500

Quote from: MrsHash on October 26, 2015, 03:33:34 PM

Frankly speaking everything could be hacked and exchange is not an exception. But if they would be so unsafe, nobody use them at all. If you need to be 100% sure, make small tradings and then withdraw your money as someone have already told here earlier

the security against hacking is nowadays better and financial sites including the exchangers used this security tools usually , it's not easy for hackers to attack this sites currently..always we have just to choose the trusted exchangers because there is a lot of scammers online

bitcoinmar

hero member

Activity: 812

Merit: 500

Quote from: catlove on October 26, 2015, 04:28:49 AM

You can believe: btc-e, bittrex, cryptsy.

In last few days many issues with Cryptsy and btc-e is also never been trusted as they also have many issues in past and in last few days

MissionPhailed

hero member

Activity: 583

Merit: 503

I'm keeping a small amount of BTC on BTC-e.com. Risky, I know. I should really get myself a decent wallet incl. password.

MrsHash

full member

Activity: 140

Merit: 100

Frankly speaking everything could be hacked and exchange is not an exception. But if they would be so unsafe, nobody use them at all. If you need to be 100% sure, make small tradings and then withdraw your money as someone have already told here earlier

prodigy8

hero member

Activity: 532

Merit: 500

Quote from: catlove on October 26, 2015, 04:28:49 AM

You can believe: btc-e, bittrex, cryptsy.

Well i wouldn't so sure about believing these exchanges.
For example we can see here that there are many accusation about cryptsy.
Where they block/disable their users accounts, isn't this the worst situation about trusting or not the exchanges!

number_46

newbie

Activity: 33

Merit: 0

Quote from: catlove on October 26, 2015, 04:28:49 AM

You can believe: btc-e, bittrex, cryptsy.

but you still need to be carefully with your assets

Tstar

legendary

Activity: 1176

Merit: 1005

Decentralized Asset Management Platform

Quote from: catlove on October 26, 2015, 04:28:49 AM

You can believe: btc-e, bittrex, cryptsy.

I don't like the word belief: sometimes it implies blind acceptance. We don't have to believe in exchanges: we only need to know that they work.

catlove

full member

Activity: 168

Merit: 100

You can believe: btc-e, bittrex, cryptsy.

number_46

newbie

Activity: 33

Merit: 0

Quote from: Hellacopter on October 25, 2015, 09:03:02 AM

Quote from: number_46 on October 24, 2015, 09:28:16 AM

i don't think so

i lost around 1 btc when bter hacked.

and right now, after trading, if wanna go around, just WD my coin

Trading is risky always, but in the same time we can't judge every exchange system as not trusted
I think there is some trusted exchange platforms however we have always to take care and choose the safest ones

Yes you right.

DiamondCardz

legendary

Activity: 1134

Merit: 1112

Quote from: gentlemand on October 25, 2015, 05:41:21 PM

Quote from: crairezx20 on October 25, 2015, 11:44:44 AM

Bro did you try this changer.com ? i will use it for exchanging my usd to bitcoin or bitcoin to usd.. and its easy to manage it...

Hidden whois, check. 'Contact details' consists entirely of one email address, check. That isn't really in the spirit of this thread.

Exchange barely anyone has actually heard of or used, check.

Yeah...I think I'll pass...

Bitstamp is good enough for me.

Topic: Can I trust BTC exchanges? (Read 21741 times)