Can I trust BTC exchanges? - page 11.

lorylore

legendary

Activity: 1470

Merit: 1002

Quote from: randy8777 on September 03, 2015, 06:54:24 AM

Quote from: ikydesu on September 03, 2015, 06:48:58 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

I definetely don't trust any exchanger service, because mostly their not give a private key. What an exchanger which can give you a private key?

exchanges will probably never give us a private key as our deposited coins directly get sent to several wallets in a mixing process and eventually end up in their cold or hot wallets.

That's how the exchanges work, our bitcoin goes to their wallet
And in their web app we "play" with numbers to exchange coins from one to other.
Then when we make the withdrawal request the bitcoin comes from their hot wallet, there is no room to trust your money in exchanges.

randy8777

legendary

Activity: 896

Merit: 1000

Quote from: ikydesu on September 03, 2015, 06:48:58 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

I definetely don't trust any exchanger service, because mostly their not give a private key. What an exchanger which can give you a private key?

exchanges will probably never give us a private key as our deposited coins directly get sent to several wallets in a mixing process and eventually end up in their cold or hot wallets.

ikydesu

hero member

Activity: 686

Merit: 500

fb.com/Bitky.shop | Bitcoin Merch!Premium Quality!

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

I definetely don't trust any exchanger service, because mostly their not give a private key. What an exchanger which can give you a private key?

lorylore

legendary

Activity: 1470

Merit: 1002

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

addy boy

full member

Activity: 182

Merit: 100

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

Mickeyb

hero member

Activity: 798

Merit: 1000

Move On !!!!!!

Quote from: ObscureBean on September 01, 2015, 11:02:55 AM

I know exactly what you mean, I'm never really comfortable leaving my coins on exchanges. However over time, I've come to trust a couple that I feel are safe enough (for me), Bitstamp for Bitcoin and Bittrex for altcoins. It's just too much hassle to have to move coins to and from wallets if you trade everyday. Plus it is possible that you miss price spikes and buying opportunities if you have to wait for coins sent from your wallet to confirm.

Well for the people trading, this is just considered as an additional risk on the top of the risk of trading, a risk that the exchange can go bust and you can lose all your coins. When you take a look at all of the exchanges that were hacked and where people have lost their coins in the last 2 years, it's hard to dodge a bullet and not get caught in one hack.

So the best is to withdraw your coins or not trade at all. I know it's a hassle and honestly after some time, you get tired of it and stop trading all together, at least I did.

lorylore

legendary

Activity: 1470

Merit: 1002

Quote from: oxiyusuf on September 01, 2015, 10:02:23 AM

Quote from: lorylore on September 01, 2015, 09:32:42 AM

In February this year there was a huge hack in the bter exchange where were stolen 7,170 BTC around 1.75 Million Dollar

It is always risky to hold your funds in exchange, even if it is large or small amount of BTC Sad

Source: http://www.coindesk.com/bter-bitcoin-stolen-cold-wallet-hack/

Well this is because we do not have all control over the wallet in the exchanger, but if it wants to keep in the exchangertry intalling 2FA and other security features

When you send your money in this case bitcoins you will not have control of it?

The 2 factor authentication has nothing to do in this case because doesn't stop the exchange owner to take your money.

But it is a security factor to prevent other users to access your account. Good luck.

Nami

full member

Activity: 168

Merit: 100

Quote from: ObscureBean on September 01, 2015, 11:02:55 AM

I know exactly what you mean, I'm never really comfortable leaving my coins on exchanges. However over time, I've come to trust a couple that I feel are safe enough (for me), Bitstamp for Bitcoin and Bittrex for altcoins. It's just too much hassle to have to move coins to and from wallets if you trade everyday. Plus it is possible that you miss price spikes and buying opportunities if you have to wait for coins sent from your wallet to confirm.

It sounds like a hassle, but its worth it for being safe if you plan to trade everyday.

Good habits, always tends to pay off. But, I dont usually leave coins exchange either, its like expecting your friend to pay you back a hit or miss.

ObscureBean

legendary

Activity: 1148

Merit: 1000

I know exactly what you mean, I'm never really comfortable leaving my coins on exchanges. However over time, I've come to trust a couple that I feel are safe enough (for me), Bitstamp for Bitcoin and Bittrex for altcoins. It's just too much hassle to have to move coins to and from wallets if you trade everyday. Plus it is possible that you miss price spikes and buying opportunities if you have to wait for coins sent from your wallet to confirm.

oxiyusuf

sr. member

Activity: 462

Merit: 251

Quote from: lorylore on September 01, 2015, 09:32:42 AM

In February this year there was a huge hack in the bter exchange where were stolen 7,170 BTC around 1.75 Million Dollar

It is always risky to hold your funds in exchange, even if it is large or small amount of BTC Sad

Source: http://www.coindesk.com/bter-bitcoin-stolen-cold-wallet-hack/

Well this is because we do not have all control over the wallet in the exchanger, but if it wants to keep in the exchangertry intalling 2FA and other security features

dre1982

sr. member

Activity: 770

Merit: 284

★Bitvest.io★ Play Plinko or Invest!

Maybe you can trust them but for your own safety you shouldnt do that.

Do you remember Mintpal. It was one of the biggest exchange, until this happend:
https://www.cryptocoinsnews.com/mintpals-3700-stolen-bitcoin-likely-in-hands-of-alleged-scammer-alex-green/

Lot's of people lost a lot of BTC. So just use a exchange to exchange your coins and withdraw them immediately.

worhiper_-_

hero member

Activity: 700

Merit: 500

As of now, large bitcoin exchanges built their business model based on trust. Regardless if they use multisig or technologies of such fashion I think that whenever there's fiat involved in an online transaction you're relying on other parties so trust is vital. However, if the exchange has been handling a lot of trades without issues for a long time then I think they can be trusted. Still, you should leave your funds with them for the minimum period of time.

wicks

newbie

Activity: 28

Merit: 0

Depends on which exchange want to use

lorylore

legendary

Activity: 1470

Merit: 1002

In February this year there was a huge hack in the bter exchange where were stolen 7,170 BTC around 1.75 Million Dollar

It is always risky to hold your funds in exchange, even if it is large or small amount of BTC Sad

Source: http://www.coindesk.com/bter-bitcoin-stolen-cold-wallet-hack/

smith coins

hero member

Activity: 504

Merit: 500

Exchange what you have to exchange and withdraw all your bitcoin.
But sometimes we want to trade more and more and time by time it gets risky to hold there.

uniton

full member

Activity: 134

Merit: 100

Quote from: Nowi on August 02, 2015, 11:55:36 AM

Just buy and sell on good exchanges. I have tried coinomat, and it is really simple and safe, you can get there by my signature.

nice,i just wondering about it
Could you make a review for me about coinomat,and may i know do you used the debit card?

yummyransom

member

Activity: 70

Merit: 10

Quote from: jbrnt on April 21, 2015, 08:39:18 PM

Depends on which exchange you are using. I generally do not trust exchanges. They can be hacked at any time. Your money is not safe there. Do small trades and withdraw all your cryptos to your own wallet as often as possible.

Yes! That's a good advice.

Nowi

full member

Activity: 140

Merit: 100

Just buy and sell on good exchanges. I have tried coinomat, and it is really simple and safe, you can get there by my signature.

newflesh

hero member

Activity: 630

Merit: 500

Not really, I put minimal trust in exchanges. Even using well established sites like btc-e and cryptsy is risky imho, especially if you're intending to keep substantial amounts of btc on them. I've always exchanged currencies and then immediately withdraw funds to my own wallets.

Blawpaw

legendary

Activity: 1596

Merit: 1027

It's always a question of faith...
But today you can find trusted digital currency exchanges. I've always used Bitstamp and Kraken and never had any problems.
So... in a way, It is safe to tell you that these 2 exchanges can be trusted.

Topic: Can I trust BTC exchanges? - page 11. (Read 21741 times)