Can I trust BTC exchanges? - page 5.

troleybüs

legendary

Activity: 1424

Merit: 1001

Quote from: Proxiebuier on October 06, 2015, 11:31:58 AM

if you not trust exchanger, so how to buy and sell your bitcoin ?

and who will determine the price of bitcoin?

Not everybody use exchanges. There are a lot of Bitcoin trading in OTC.
In exchanges speculators determine the price of Bitcoin, but you don't have to follow their prices. Exhanges are highly manipulative. Yo can see different prices in each exchanges.

Proxiebuier

sr. member

Activity: 364

Merit: 250

if you not trust exchanger, so how to buy and sell your bitcoin ?

and who will determine the price of bitcoin?

coinplus

legendary

Activity: 1386

Merit: 1058

Quote from: smith coins on October 04, 2015, 12:49:29 PM

Quote from: Preen on October 04, 2015, 02:57:13 AM

I think we've mostly past the worst of the exchange problems akin to mt.gox. The remaining exchanges have a certain level of competitive edge seeing as they are the ones that survived the onslaught.

Early technology much like the internet itself is full of risks and pirates everywhere, but eventually things will improve for the better.

The security is the main part of every new exchange.
It is the most sensitive part and we have seen many hacks that have been made these past few years.
I also don't trust much the current exchange, but i leave on them a small amount to trade in alt coins.

I also have very small amount of bitcoin in more than two exchanges. I do not want to rely on a single exchange as I'm aware of the old popular exchange stories. So, it will some what secure of bitcoins if we have accounts in more than one change and having our bitcoins split ted across many exchanges.

smith coins

hero member

Activity: 504

Merit: 500

Quote from: Preen on October 04, 2015, 02:57:13 AM

I think we've mostly past the worst of the exchange problems akin to mt.gox. The remaining exchanges have a certain level of competitive edge seeing as they are the ones that survived the onslaught.

Early technology much like the internet itself is full of risks and pirates everywhere, but eventually things will improve for the better.

The security is the main part of every new exchange.
It is the most sensitive part and we have seen many hacks that have been made these past few years.
I also don't trust much the current exchange, but i leave on them a small amount to trade in alt coins.

Preen

full member

Activity: 131

Merit: 100

I think we've mostly past the worst of the exchange problems akin to mt.gox. The remaining exchanges have a certain level of competitive edge seeing as they are the ones that survived the onslaught.

Early technology much like the internet itself is full of risks and pirates everywhere, but eventually things will improve for the better.

tech_solutions

hero member

Activity: 504

Merit: 500

I totally agree that using exchanges is highly risky, it is much better you use hardware wallet and save everything their where ever you trade save in your desktop wallet. because exchanges can be hacked and then they will not respond and tell that their site is hacked and they cannot help.

bitsat alien

full member

Activity: 121

Merit: 100

Honestly, you should never keep your coins in an exchange. The whole point of Bitcoin is that you don't have to trust anyone with your money.

smith coins

hero member

Activity: 504

Merit: 500

Quote from: gentlemand on September 28, 2015, 05:48:08 PM

Quote from: smith coins on September 28, 2015, 05:39:54 PM

I have many bitcoins stucked there, and only a small percentage was refunded.
I was exchanging Doge coin to bitcoin and for a much higher price that was that day but i think the price was pumped and the exchange was "hacked" from any of their employee. It's simple impossible to think that the "cold" wallet 7,000BTC+can be hacked, since then i don't trust exchanges.

I think they admitted that the CEO's email was hacked and it had the same password as the servers. That's possibly more pathetic than an internal theft.

I don't know how their back end server works but it just does not make sense to be stolen 7,100+ bitcoins
Which are worth in millions of dollars, but that was a bad experience. My balance is still on pending hope to be get my money back asap.

gentlemand

legendary

Activity: 2590

Merit: 3015

Welt Am Draht

Quote from: smith coins on September 28, 2015, 05:39:54 PM

I have many bitcoins stucked there, and only a small percentage was refunded.
I was exchanging Doge coin to bitcoin and for a much higher price that was that day but i think the price was pumped and the exchange was "hacked" from any of their employee. It's simple impossible to think that the "cold" wallet 7,000BTC+can be hacked, since then i don't trust exchanges.

I think they admitted that the CEO's email was hacked and it had the same password as the servers. That's possibly more pathetic than an internal theft.

smith coins

hero member

Activity: 504

Merit: 500

Quote from: gentlemand on September 28, 2015, 05:37:08 PM

Quote from: smith coins on September 28, 2015, 05:34:13 PM

I think that CryptBid has not understand well my post, glad that you understand

To bter for altcoins it is ok but it was/is not ok to send bitcoins there as their "cold" wallet was hacked this February.
There is no trust in exchange as the refund process mostly is not possible or takes years to be fully refunded.

Bter is marginal these days. Node coin users have had transactions stuck for weeks. Support is either not responding or brushing them off. I don't think the bter operators have a great deal of incentive to keep it running properly any more. The damage is done.

I have many bitcoins stucked there, and only a small percentage was refunded.
I was exchanging Doge coin to bitcoin and for a much higher price that was that day but i think the price was pumped and the exchange was "hacked" from any of their employee. It's simple impossible to think that the "cold" wallet 7,000BTC+can be hacked, since then i don't trust exchanges.

gentlemand

legendary

Activity: 2590

Merit: 3015

Welt Am Draht

Quote from: smith coins on September 28, 2015, 05:34:13 PM

I think that CryptBid has not understand well my post, glad that you understand

To bter for altcoins it is ok but it was/is not ok to send bitcoins there as their "cold" wallet was hacked this February.
There is no trust in exchange as the refund process mostly is not possible or takes years to be fully refunded.

Bter is marginal these days. Node coin users have had transactions stuck for weeks. Support is either not responding or brushing them off. I don't think the bter operators have a great deal of incentive to keep it running properly any more. The damage is done.

smith coins

hero member

Activity: 504

Merit: 500

Quote from: gentlemand on September 28, 2015, 05:31:42 PM

Quote from: CryptBit on September 23, 2015, 11:42:55 AM

Quote from: smith coins on September 23, 2015, 11:34:25 AM

There is absolutely no trust in exchanges if you want to leave your bitcoins there for a long time.

Many good exchanges that i personally use are yobit poloniex cryptsy(not recently) and they do their job for what they are.

FUD..
Don't listen to this guy.

Balls.

If everyone took that advice there'd be some considerably more cheerful people around.

I've never left coins on an exchange and never would. For alts I've used bter, mintpal and yacuna. Guess what would've happened in every single case if I'd left my coins on any of those exchanges?

I think that CryptBid has not understand well my post, glad that you understand

To bter for altcoins it is ok but it was/is not ok to send bitcoins there as their "cold" wallet was hacked this February.
There is no trust in exchange as the refund process mostly is not possible or takes years to be fully refunded.

gentlemand

legendary

Activity: 2590

Merit: 3015

Welt Am Draht

Quote from: CryptBit on September 23, 2015, 11:42:55 AM

Quote from: smith coins on September 23, 2015, 11:34:25 AM

There is absolutely no trust in exchanges if you want to leave your bitcoins there for a long time.

Many good exchanges that i personally use are yobit poloniex cryptsy(not recently) and they do their job for what they are.

FUD..
Don't listen to this guy.

Balls.

If everyone took that advice there'd be some considerably more cheerful people around.

I've never left coins on an exchange and never would. For alts I've used bter, mintpal and yacuna. Guess what would've happened in every single case if I'd left my coins on any of those exchanges?

SerenaL

full member

Activity: 126

Merit: 100

There have been reputable exchanges that "lost" bitcoins and got away with it. You should always transfer your bitcoins to your own personal wallet after you are done exchanging.

DiamondCardz

legendary

Activity: 1134

Merit: 1118

There is absolutely no reason you should need to trust a BTC exchange other than the short period your BTC or fiat money is in the exchange while you're exchanging. If you're keeping a significant amount of cash in the exchange, it's a bad idea. There's a reason you have a Bitcoin wallet, y'know Wink

Gyfts

legendary

Activity: 2828

Merit: 1515

Meh, more or less. I think it's best to trust exchanges with small amounts of BTC for short amounts of time. I would never use an exchange as my personal wallet for incoming and outgoing transactions. I'd only trust the most popular exchanges like Coinbase. Even then, I would still not leave a large amount of BTC on it. You never know what's going to happen, like them locking you out of your account and asking for "verification" or something.

eternalgloom

legendary

Activity: 1792

Merit: 1283

Never keep any coins in an exchange for too long, also if you're trading i wouldn't put your entire bankroll on one exchange.
Seems obvious, though I have known people who do this without thinking about it.

smith coins

hero member

Activity: 504

Merit: 500

Quote from: randy8777 on September 24, 2015, 07:08:36 PM

Quote from: smith coins on September 23, 2015, 11:34:25 AM

There is absolutely no trust in exchanges if you want to leave your bitcoins there for a long time.

Many good exchanges that i personally use are yobit poloniex cryptsy(not recently) and they do their job for what they are.

for btc trading i would only use large exchanges like bitfinex, bitstamp, kraken. other small exchanges like poloniex and cryptsy aren't for serious bitcoin trading.

Well i have never been on bitfinex or bitstamp neither kraken,
But i would not consider as a small exchange poloniex neither cryptsy they have pretty large volume of bitcoin and alt coins.
What i consider as a small exchange is YoBit, they have been around 1 year and it is still be beginning but i do trust them for now.

randy8777

legendary

Activity: 896

Merit: 1000

Quote from: smith coins on September 23, 2015, 11:34:25 AM

There is absolutely no trust in exchanges if you want to leave your bitcoins there for a long time.

Many good exchanges that i personally use are yobit poloniex cryptsy(not recently) and they do their job for what they are.

for btc trading i would only use large exchanges like bitfinex, bitstamp, kraken. other small exchanges like poloniex and cryptsy aren't for serious bitcoin trading.

smith coins

hero member

Activity: 504

Merit: 500

Quote from: Amph on September 24, 2015, 01:25:49 AM

Quote from: smith coins on September 23, 2015, 04:15:52 PM

Quote from: CryptBit on September 23, 2015, 11:42:55 AM

Quote from: smith coins on September 23, 2015, 11:34:25 AM

There is absolutely no trust in exchanges if you want to leave your bitcoins there for a long time.

Many good exchanges that i personally use are yobit poloniex cryptsy(not recently) and they do their job for what they are.

FUD..
Don't listen to this guy.

I wrote no trust in exchanges if you want don't leave your bitcoins there for a long time.
Because everything can happen you can see the last hack in mt.gox, bter hack etc.
The mtgox hack was one of the terrible story? will millions of lost for users.

you need to leave always a small amount of coins for trading, or you may lose the opportunity for a good profit

mtgox was a joke exchange, i'm sure that the more we go ahead the more secure exchange will be

It should be more secure every time, but holding in exchanges your bitcoins for a long time is no reasonable if you do not trade.

I understand that we should hold there if we want to trade but after your do the trade i recommend to leave.

Topic: Can I trust BTC exchanges? - page 5. (Read 21764 times)