Can I trust BTC exchanges? - page 10.

maartenhaha

sr. member

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Quote from: M28MmickT on April 21, 2015, 08:40:33 PM

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!

You feel like the money is hanging out in some nowhere zone because it is Cheesy

Never leave you bitcoin on exchanges for longer than you need to it is not safe to not control your own bitcoin there is a saying if you don't control the private key you don't own bitcoin and that is true. Any minute they could up and leave and what could you do?

there is a saying if you don't control the private key you don't own bitcoin

same aplies to gold, always always remember the goldrule, it applies to all:

if it's not in your hands, it's not yours.

etch it on your brain

lorylore

legendary

Activity: 1470

Merit: 1002

Quote from: n2004al on September 04, 2015, 09:11:20 AM

Quote from: Denker on September 04, 2015, 08:24:50 AM

Exchange is only good for one thing in my opinion. Got there buy your coins and leave! No bigger chunk of fiat money or cryptos should be placed there for a longer time!

No one are discussing this. The concern of the author of the thread is the trust to exchanges and not to leave the money there. He doubt the process of exchange and not to speak to leave the money there....

I have few bitcoins in the bter exchange and there are for more than 6 months
This exchange has been hacked in February this year and my bitcoin disappear from there.
So every 2-3month they try to cover and pay us a very little percentage until they pay the total amount of lost bitcoins.
So there is no trust in exchanges, even though bter had 7,170 btc in their "cold" wallet

rivoke

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Activity: 924

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Quote from: OBAViJEST on September 03, 2015, 11:25:47 AM

One day, no matter what, regardless of trust, the exchange will close or the site will go down

....

Even if that exchange is seems legit but can't guarantee that exchange can be last forever. For example: mintpal incident , ShareX , etc taught me bad experience for not to keep thr fund on exhanger. When the site is shutting down, you've already too late

n2004al

legendary

Activity: 1134

Merit: 1000

Quote from: Denker on September 04, 2015, 08:24:50 AM

Exchange is only good for one thing in my opinion. Got there buy your coins and leave! No bigger chunk of fiat money or cryptos should be placed there for a longer time!

No one are discussing this. The concern of the author of the thread is the trust to exchanges and not to leave the money there. He doubt the process of exchange and not to speak to leave the money there....

Denker

legendary

Activity: 1442

Merit: 1016

Exchange is only good for one thing in my opinion. Got there buy your coins and leave! No bigger chunk of fiat money or cryptos should be placed there for a longer time!

smith coins

hero member

Activity: 504

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If you understand the term "exchange" then you should understand the purpose of it, trade/exchange what you have and leave.

n2004al

legendary

Activity: 1134

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That depends from the exchanges. There are exchanges that had testify their seriousness and deserve faith. There are to many years of their activity and to many people that interact with those. With them you can act without problems. If then you go to others with dubious reputation you go there at yours own risk.

oxiyusuf

sr. member

Activity: 462

Merit: 251

Quote from: btccashacc on September 03, 2015, 11:12:56 AM

Quote from: oxiyusuf on September 03, 2015, 11:11:19 AM

Quote from: btccashacc on September 03, 2015, 10:46:39 AM

you can trust some Big Exchanger
but don't save big amount at exchanger for long time

how about MT Gox,,
can you trust them? mt gox is big exchanger, but for now? he scammed everyone
many member will not guarantee an exchanger not be scam

and how about bitcoin price without big exchanger ?

I do not say "big exchanger" always making scam, but at least do not make exchnager great degree of trust.

OBAViJEST

hero member

Activity: 714

Merit: 500

Quote from: lorylore on September 03, 2015, 11:29:56 AM

Quote from: btccashacc on September 03, 2015, 11:19:15 AM

Quote from: coinzat on September 03, 2015, 11:13:39 AM

For me I can trust any famous exchange site which has instant payout and with good feedbacks

me too im trust some bigger exchanger like bittrex, poloniex, also yobit

Poloniex and bittrex yes, but I don't think yobit is a big exchange!!! You can see the volume of the popular coins.
Btc/usd volume 0.1, - this is not big, there are some other coins that have the volume of max 9.7BTC (Vec coin)
Nothing against them i use them too but in low volume and the deposit/withdrawal is faster than poloniex.

You're correct, YoBit is a very small exchange right now, but good for new coins being released...good to see some coins flourish there (and other scamcoins perish) Grin

hoian0809

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you can trust Cryptsy. I mine scrypt on Multipool as well and exchange them on Cryptsy.

Love Cryptsy or hate Cryptsy, they have been around for a long time.

lorylore

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Activity: 1470

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Quote from: btccashacc on September 03, 2015, 11:19:15 AM

Quote from: coinzat on September 03, 2015, 11:13:39 AM

For me I can trust any famous exchange site which has instant payout and with good feedbacks

me too im trust some bigger exchanger like bittrex, poloniex, also yobit

Poloniex and bittrex yes, but I don't think yobit is a big exchange!!! You can see the volume of the popular coins.
Btc/usd volume 0.1, - this is not big, there are some other coins that have the volume of max 9.7BTC (Vec coin)
Nothing against them i use them too but in low volume and the deposit/withdrawal is faster than poloniex.

OBAViJEST

hero member

Activity: 714

Merit: 500

One day, no matter what, regardless of trust, the exchange will close or the site will go down

Always understand this if you keep your $/BTC/alts on such a site Grin

btccashacc

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Activity: 1120

Merit: 1000

Quote from: coinzat on September 03, 2015, 11:13:39 AM

For me I can trust any famous exchange site which has instant payout and with good feedbacks

me too im trust some bigger exchanger like bittrex, poloniex, also yobit

coinzat

sr. member

Activity: 434

Merit: 250

Young but I'm not that bold

For me I can trust any famous exchange site which has instant payout and with good feedbacks

btccashacc

legendary

Activity: 1120

Merit: 1000

Quote from: btccashacc on September 03, 2015, 10:46:39 AM

you can trust some Big Exchanger
but don't save big amount at exchanger for long time

how about MT Gox,,
can you trust them? mt gox is big exchanger, but for now? he scammed everyone
many member will not guarantee an exchanger not be scam

and how about bitcoin price without big exchanger ?

oxiyusuf

sr. member

Activity: 462

Merit: 251

Quote from: btccashacc on September 03, 2015, 10:46:39 AM

you can trust some Big Exchanger
but don't save big amount at exchanger for long time

how about MT Gox,,
can you trust them? mt gox is big exchanger, but for now? he scammed everyone
many member will not guarantee an exchanger not be scam

lorylore

legendary

Activity: 1470

Merit: 1002

Quote from: TinEye on September 03, 2015, 10:11:24 AM

Quote from: lorylore on September 03, 2015, 06:03:25 AM

Quote from: addy boy on September 03, 2015, 04:43:46 AM

yes you can trust when there is no other options in your hand but I won't until I get the full controls on my coins that means having a private key

Can you suggest an exchange that they give you the private key?
Until now i haven't seen at least one exchange?
Some that i had experience are Cryptsy, bter, YoBit, poloniex and they dont give you access to private key

you can definitely use one that do not hold your coins, like coinimal, there is an auto conversion buil in like circle, so basically your money are directly send to the recipient without sitting there
this can avoid being scammed but them or hacker, very convenient

How I haven't heard before for this exchange? it seems interesting
Also ATM in Australia, so many good features will join now and experimenting with it.
If you have any referral link send me in PM( i think is allowed ) so i can help you as a gift

btccashacc

legendary

Activity: 1120

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you can trust some Big Exchanger
but don't save big amount at exchanger for long time

TinEye

hero member

Activity: 639

Merit: 500

Quote from: lorylore on September 03, 2015, 06:03:25 AM

Quote from: addy boy on September 03, 2015, 04:43:46 AM

yes you can trust when there is no other options in your hand but I won't until I get the full controls on my coins that means having a private key

Can you suggest an exchange that they give you the private key?
Until now i haven't seen at least one exchange?
Some that i had experience are Cryptsy, bter, YoBit, poloniex and they dont give you access to private key

you can definitely use one that do not hold your coins, like coinimal, there is an auto conversion buil in like circle, so basically your money are directly send to the recipient without sitting there
this can avoid being scammed but them or hacker, very convenient

sinaninkisi

full member

Activity: 210

Merit: 100

Only use them for the minimum time required, then transfer the Bitcoins back to your wallet.

Topic: Can I trust BTC exchanges? - page 10. (Read 21741 times)