Can I trust BTC exchanges? - page 9.

smith coins

hero member

Activity: 504

Merit: 500

Quote from: bitcoinmar on September 05, 2015, 05:24:53 PM

Quote from: smith coins on September 04, 2015, 05:14:34 PM

Quote from: bitcoinmar on September 04, 2015, 05:05:19 PM

Quote from: smith coins on September 04, 2015, 04:29:07 AM

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

Now I understand this and doing because 2 time big scams hit me and I lost big amount which was heartbreaking for me but now I am doing only exchange and leaving them

May i know for which big scams are talking about? Being scammed is the most terrible feeling, but recovering makes you more stronger

First cryptorush and then Mintpal almost kill me because I have very big shock in Mintpal I was thinking may be they give something back but they are out of front and then bter is also they are giving back but support is very bad and withdraws are more bad

Glad that i didn't hear about that before, i know that feeling of being scammed so let's hope these current exchange doesn't scam, even though there is a scam report for cryptsy.

Pro_Crypto_Marty

member

Activity: 88

Merit: 10

Bitcoin promoter. Pro Crypto tee wearer. Nice guy.

After trying some of them out, though the exchanges I used didn't screw me over, I ended up having to wait one or two weeks to get my fiat transfered to my bank account.

The only truly reliable alternative I've found is to go directly to an office (in my case the Bitcoin Embassy in Montreal) and do the exchange in person. That way I get my money right away and I don't have to stress out about the online exchange not having enough liquidity or being hacked while the money is being transfered.

vendetahome

hero member

Activity: 658

Merit: 500

i dont think you can trust the exchanges as they might have problems or be a scam i wouldnt keep my money in exchanges if i were trading anything

Kagekatsu

member

Activity: 84

Merit: 10

The only right answer for the OP question is NOPE.
Today it could be the best exchange in the world, but tomorrow someone very skilled will attack it, and the exchange will fall.

marky89

hero member

Activity: 756

Merit: 502

CryptoTalk.Org - Get Paid for every Post!

Quote from: kalfin on September 05, 2015, 05:45:22 PM

I used to use coinbases wallet for storing all my bitcoin and never had a problem a lot of people just over hype the risks

I suppose that depends on the level of risk that you take. The problem, of course, is the "central point of failure" issue. Remember, many, many people were using MT Gox in a similar manner as you -- as their primary wallet. Some stored hundreds and hundreds of bitcoins there on a permanent basis (and I'm not talking about traders, some of whom had thousands of coins on there).

IMO, if you're gonna keep your coins with a 3rd party, at least spread your risk around a bit. Don't keep all your eggs in one basket, and all.

Hexcoin

hero member

Activity: 504

Merit: 500

Quote from: kalfin on September 05, 2015, 05:45:22 PM

I used to use coinbases wallet for storing all my bitcoin and never had a problem a lot of people just over hype the risks

there is no problem yes, for now. but hopefully there wont come a time that you break any rules againsts their ToS of your account will be banned and lost yours coins

pooya87

legendary

Activity: 3472

Merit: 10611

Quote from: kalfin on September 05, 2015, 05:45:22 PM

I used to use coinbases wallet for storing all my bitcoin and never had a problem a lot of people just over hype the risks

well, a lot of bitcoin users have done the same thing in coinbase or any other exchanger and never had any problems like you. but at the same time a lot of others had encountered some problems.
i mean it is not "over hype", you always have to be careful what service you use and never use it with large amounts if you are afraid of losing it. you are trusting a third party after all.
you can do a little search to find out the issues that users had over the years with different exchangers.

kalfin

newbie

Activity: 1

Merit: 0

I used to use coinbases wallet for storing all my bitcoin and never had a problem a lot of people just over hype the risks

slipstream4727

newbie

Activity: 1

Merit: 0

You can never trust another entity 100% with your money. that might be due to personal greed or because of something out of their control code cock up or hacking for example only you can be trsuted 100% precent

bitcoinmar

hero member

Activity: 812

Merit: 500

Quote from: smith coins on September 04, 2015, 05:14:34 PM

Quote from: bitcoinmar on September 04, 2015, 05:05:19 PM

Quote from: smith coins on September 04, 2015, 04:29:07 AM

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

Now I understand this and doing because 2 time big scams hit me and I lost big amount which was heartbreaking for me but now I am doing only exchange and leaving them

May i know for which big scams are talking about? Being scammed is the most terrible feeling, but recovering makes you more stronger

First cryptorush and then Mintpal almost kill me because I have very big shock in Mintpal I was thinking may be they give something back but they are out of front and then bter is also they are giving back but support is very bad and withdraws are more bad

JLynn171

sr. member

Activity: 406

Merit: 250

you can trust only big exchangers but not for big amounts .. i would recommand you using localbitcoins when you want to sell/buy BTC it will work faster

smith coins

hero member

Activity: 504

Merit: 500

Quote from: mrsalve on September 05, 2015, 01:59:04 PM

If you wanna use exchange then I suggest use one in your country of recidency. It's much easyer then exchange internationally.

What if in my country there are no local exchange for bitcoin? I should search internationally. And the trust depends on exchange

mrsalve

sr. member

Activity: 263

Merit: 250

If you wanna use exchange then I suggest use one in your country of recidency. It's much easyer then exchange internationally.

lorylore

legendary

Activity: 1470

Merit: 1002

Quote from: Mickeyb on September 05, 2015, 03:06:36 AM

Quote from: lorylore on September 04, 2015, 04:41:59 PM

Quote from: Mickeyb on September 04, 2015, 04:34:16 PM

Quote from: lorylore on September 04, 2015, 10:50:19 AM

Quote from: n2004al on September 04, 2015, 08:11:20 AM

Quote from: Denker on September 04, 2015, 07:24:50 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

Exactly. And I am sure that you will never again leave your coins on the exchanges after the BTER bust. People always think that it won't happen to them, but s**t happens to everybody.

You see, I have missed that BTER hack, very luckily. This was a main NXT exchange and I was trading for over 18 months on BTER. I loved trading NXT since it had strong fundamentals so I always knew that the value won't drop to 0, which is the most important thing when you are trading any alt. A night before hack, I have withdrawn 2 BTCs from BTER. Next morning, when I saw that the site is unavailable and when I realized that they are hacked, I have felt like I lost these 2 BTCs. I was very lucky. After this, I decided not to trade anymore. It was just not worth anymore. And I was happy since I just "earned" 2 BTCs that I didn't lose in the hack.

I just wasn't unlucky that morning because i had open orders and i slept
I was selling my doge for btc, so i left the pc and slept until next morning i didn't know if i sold or not
So after a day or two i understood that btc were stolen, and after re-activation of the website i understood that i had gotten btc by selling doge and that hurts. So no more leaving in exchange but it can happen everytime.

Yes, you were also unlucky that your order has gone through before the alleged hack. If you stayed in Doge, it would be possible for you to withdraw it some time after when they reopened the exchange.

But in all honesty, who knows what happened. Maybe they have manually made all orders go through, in that way they pumped up the BTC amount that they stole. Since I strongly believe that this hack was an inside job and nothing else. Oh well..

Correct, i made an order to sell doge to a very high price because i went to sleep,
and i think it was pumped so hard to get as much bitcoin as possible and steal all of them
And hacking a cold wallet is really hard and it can be done 99% from their employees

Mickeyb

hero member

Activity: 798

Merit: 1000

Move On !!!!!!

Quote from: lorylore on September 04, 2015, 04:41:59 PM

Quote from: Mickeyb on September 04, 2015, 04:34:16 PM

Quote from: lorylore on September 04, 2015, 10:50:19 AM

Quote from: n2004al on September 04, 2015, 08:11:20 AM

Quote from: Denker on September 04, 2015, 07:24:50 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

Exactly. And I am sure that you will never again leave your coins on the exchanges after the BTER bust. People always think that it won't happen to them, but s**t happens to everybody.

You see, I have missed that BTER hack, very luckily. This was a main NXT exchange and I was trading for over 18 months on BTER. I loved trading NXT since it had strong fundamentals so I always knew that the value won't drop to 0, which is the most important thing when you are trading any alt. A night before hack, I have withdrawn 2 BTCs from BTER. Next morning, when I saw that the site is unavailable and when I realized that they are hacked, I have felt like I lost these 2 BTCs. I was very lucky. After this, I decided not to trade anymore. It was just not worth anymore. And I was happy since I just "earned" 2 BTCs that I didn't lose in the hack.

I just wasn't unlucky that morning because i had open orders and i slept
I was selling my doge for btc, so i left the pc and slept until next morning i didn't know if i sold or not
So after a day or two i understood that btc were stolen, and after re-activation of the website i understood that i had gotten btc by selling doge and that hurts. So no more leaving in exchange but it can happen everytime.

Yes, you were also unlucky that your order has gone through before the alleged hack. If you stayed in Doge, it would be possible for you to withdraw it some time after when they reopened the exchange.

But in all honesty, who knows what happened. Maybe they have manually made all orders go through, in that way they pumped up the BTC amount that they stole. Since I strongly believe that this hack was an inside job and nothing else. Oh well..

John Lemon

full member

Activity: 183

Merit: 100

You need to trust eventually. But not for a long time (for speaking of exchanges).
There were lots of robbery under the name of "we've been hacked" etc.

smith coins

hero member

Activity: 504

Merit: 500

Quote from: bitcoinmar on September 04, 2015, 05:05:19 PM

Quote from: smith coins on September 04, 2015, 04:29:07 AM

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

Now I understand this and doing because 2 time big scams hit me and I lost big amount which was heartbreaking for me but now I am doing only exchange and leaving them

May i know for which big scams are talking about? Being scammed is the most terrible feeling, but recovering makes you more stronger

bitcoinmar

hero member

Activity: 812

Merit: 500

Quote from: smith coins on September 04, 2015, 04:29:07 AM

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

Now I understand this and doing because 2 time big scams hit me and I lost big amount which was heartbreaking for me but now I am doing only exchange and leaving them

lorylore

legendary

Activity: 1470

Merit: 1002

Quote from: Mickeyb on September 04, 2015, 04:34:16 PM

Quote from: lorylore on September 04, 2015, 10:50:19 AM

Quote from: n2004al on September 04, 2015, 08:11:20 AM

Quote from: Denker on September 04, 2015, 07:24:50 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

Exactly. And I am sure that you will never again leave your coins on the exchanges after the BTER bust. People always think that it won't happen to them, but s**t happens to everybody.

You see, I have missed that BTER hack, very luckily. This was a main NXT exchange and I was trading for over 18 months on BTER. I loved trading NXT since it had strong fundamentals so I always knew that the value won't drop to 0, which is the most important thing when you are trading any alt. A night before hack, I have withdrawn 2 BTCs from BTER. Next morning, when I saw that the site is unavailable and when I realized that they are hacked, I have felt like I lost these 2 BTCs. I was very lucky. After this, I decided not to trade anymore. It was just not worth anymore. And I was happy since I just "earned" 2 BTCs that I didn't lose in the hack.

I just wasn't unlucky that morning because i had open orders and i slept
I was selling my doge for btc, so i left the pc and slept until next morning i didn't know if i sold or not
So after a day or two i understood that btc were stolen, and after re-activation of the website i understood that i had gotten btc by selling doge and that hurts. So no more leaving in exchange but it can happen everytime.

Mickeyb

hero member

Activity: 798

Merit: 1000

Move On !!!!!!

Quote from: lorylore on September 04, 2015, 10:50:19 AM

Quote from: n2004al on September 04, 2015, 08:11:20 AM

Quote from: Denker on September 04, 2015, 07:24:50 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

Exactly. And I am sure that you will never again leave your coins on the exchanges after the BTER bust. People always think that it won't happen to them, but s**t happens to everybody.

You see, I have missed that BTER hack, very luckily. This was a main NXT exchange and I was trading for over 18 months on BTER. I loved trading NXT since it had strong fundamentals so I always knew that the value won't drop to 0, which is the most important thing when you are trading any alt. A night before hack, I have withdrawn 2 BTCs from BTER. Next morning, when I saw that the site is unavailable and when I realized that they are hacked, I have felt like I lost these 2 BTCs. I was very lucky. After this, I decided not to trade anymore. It was just not worth anymore. And I was happy since I just "earned" 2 BTCs that I didn't lose in the hack.

Topic: Can I trust BTC exchanges? - page 9. (Read 21764 times)