DO NOT LEAVE YOUR COINS ON THE EXCHANGE.

TheMage

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Litecoin Association Director

Quote from: evergrow on September 27, 2014, 08:11:07 PM

Quote from: CryptoCurrencyInc.com on September 27, 2014, 08:06:34 PM

Has anyone experienced problem with an exchange while trying to cash out your coins? Tell everyone your story here.

Did any exchange took longer than 24 to 48 hours to deliver the coins to you?

yes, Craptsy
usually they get it done within 160 hours but my personal record is 3 weeks+
never going to use that exchange again in my life

Only exchange I ever had issues with....cryptsy. It would be ok if it was once or even twice, but I constantly had issues with them.

CryptoCurrencyInc.com

sr. member

Activity: 476

Merit: 250

It's very bad business practice for the exchange to short sell the coins.
Doing so, will cause the price of the coins to fall tremendously. Not to mention, the coin holders panic and force to sell his coins for cheap.
This is a common trap seen in the stock market, where short sellers borrow stocks from other investors and cause massive sell panic so they can buy them all back for dirt cheap.

evergrow

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Activity: 426

Merit: 256

Quote from: CryptoCurrencyInc.com on September 27, 2014, 08:06:34 PM

Has anyone experienced problem with an exchange while trying to cash out your coins? Tell everyone your story here.

Did any exchange took longer than 24 to 48 hours to deliver the coins to you?

yes, Craptsy
usually they get it done within 160 hours but my personal record is 3 weeks+
never going to use that exchange again in my life

CryptoCurrencyInc.com

sr. member

Activity: 476

Merit: 250

Has anyone experienced problem with an exchange while trying to cash out your coins? Tell everyone your story here.

Did any exchange took longer than 24 to 48 hours to deliver the coins to you?
Usually, when an exchange took that long to deliver to the coins to you is because they are busy trying to buy back the coins for cheap. They've already borrowed the coins to short sell in the previous days or weeks.

fakeshadow

sr. member

Activity: 440

Merit: 250

ppl have to learn it the hard way.

albert73

member

Activity: 79

Merit: 10

Quote from: trolek1 on September 27, 2014, 04:31:24 PM

I dont leave coins on the exchange. I lost some when coinex.pw was hacked/robbery and never again!

Did the exchange close without warning after the hack? Was there any way to contact the owners afterwards?

trolek1

full member

Activity: 131

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I dont leave coins on the exchange. I lost some when coinex.pw was hacked/robbery and never again!

Ramones

newbie

Activity: 22

Merit: 0

Quote from: ?? on ??

What about coins going missing when a coin is updated or forked?
That only happens if you have your coins in your wallet,
whereas at times like that, isn't it safer to have your coins on the exchange?
I think so.

I never thought about the exchange selling coins that are put in their trust..
I guess they aren't really supposed to do that,
but you think they might do that?

What? you're saing it's safer to keep coins on exchange?? you mad bro?

Jesse Livermore

sr. member

Activity: 462

Merit: 250

Take off the tinfoil hats. I tried persuing this a couple months ago. MintPal's reply:

We are not short-selling any coins. We never have, nor would we ever do that. When you deposit coins to us, the coins just form part of our HOT wallet and will be used up again fairly quickly to form part of a withdraw, they are not "your" coins per-se, they simply become a database entry once you have deposited them. All trading happens independently of the actual coin daemons / blockchain.

Thanks
--------------
Kind Regards,
MintPal Jason

JL

albert73

member

Activity: 79

Merit: 10

Quote from: gadado on September 27, 2014, 12:12:10 PM

Quote from: albert73 on September 27, 2014, 11:39:07 AM

Sometimes an exchange might close down with your coins still on there. Coinedup is currently closing and have given fair warning, and ample time to withdraw. However, if someone did not bother to log in for half a year they might find they have lost their coins.

Ow thank you!
I had missed that. Still had some very old coins there. Nothing of value thought.

I'm in the same boat and only found out it was closing today. It's mostly crap I have left on there, but some coins are so crap they do not seem to be listed on any other exchanges.

PenAndPaper

sr. member

Activity: 252

Merit: 250

Quote from: johncarpe64 on September 27, 2014, 12:17:00 PM

I have never had a problem with most exchanges, generally they are very trustworthy especially the old exchanges.

That's how it usually works... you don't have a problem until you have... OP though talks about price manipulation not security per se...

johncarpe64

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Activity: 420

Merit: 250

I have never had a problem with most exchanges, generally they are very trustworthy especially the old exchanges.

gadado

hero member

Activity: 965

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Quote from: albert73 on September 27, 2014, 11:39:07 AM

Sometimes an exchange might close down with your coins still on there. Coinedup is currently closing and have given fair warning, and ample time to withdraw. However, if someone did not bother to log in for half a year they might find they have lost their coins.

Ow thank you!
I had missed that. Still had some very old coins there. Nothing of value thought.

albert73

member

Activity: 79

Merit: 10

Sometimes an exchange might close down with your coins still on there. Coinedup is currently closing and have given fair warning, and ample time to withdraw. However, if someone did not bother to log in for half a year they might find they have lost their coins.

Lucky - Luciano

hero member

Activity: 711

Merit: 500

Quote from: majeis on September 26, 2014, 08:02:00 PM

Are you trying to get bonus points for your PSA?

If people don't know that in this section of the forum, they deserve what's coming to them.

Are you have ever heard of humaneness Grin

?

CryptoCurrencyInc.com

sr. member

Activity: 476

Merit: 250

This is just for the newbie to know.

majeis

sr. member

Activity: 448

Merit: 250

Are you trying to get bonus points for your PSA?

If people don't know that in this section of the forum, they deserve what's coming to them.

CryptoCurrencyInc.com

sr. member

Activity: 476

Merit: 250

Always cash out your coins to your desktop wallet.

DO NOT LEAVE YOUR COINS ON THE EXCHANGE.

This will prevent the exchange from borrowing your coins and short selling them. When an exchange borrow your coins and short selling them, they will artificially drive down the price, so they can buy them all back for dirt cheap.

The main idea of Cryptocurrency was designed to prevent short sellers from borrow your coins and short selling them.

People who use cryptocurrency must be educated the right way. In the old days of wall street. People artificially inject massive amount of unaccounted for paper currency so they can use them to short sell stocks. In the modern day, cryptocurrency was invented to prevent that fraudulent activity of short selling.

Has anyone experienced problem with an exchange while trying to cash out your coins? Tell everyone your story here.

Did any exchange took longer than 24 to 48 hours to deliver the coins to you?
Usually, when an exchange took that long to deliver to the coins to you is because they are busy trying to buy back the coins for cheap. They've already borrowed the coins to short sell in the previous days or weeks.

Topic: DO NOT LEAVE YOUR COINS ON THE EXCHANGE. (Read 1827 times)