Do you trust MtGox? | Bitcointalksearch.org

Portnoy

legendary

Activity: 2030

Merit: 1000

My money; Our Bitcoin.

Quote from: RodeoX on August 20, 2012, 01:06:09 PM

I like to keep only my day-trading coins there and the rest are maintained as securely as a suitcase of cash.

+1

MtGox, and any of the exchanges, are not meant to be a places to store ones money.
Only keep as much there as you plan to trade near-term.

archiecoby

newbie

Activity: 5

Merit: 0

yep move to a personal wallet I think

ovoon7

newbie

Activity: 6

Merit: 0

Mt. Gox wouldn't be safe at a certain point. It wouldn't be worth the risk.

Brainwallet seems pretty safe.

1455

newbie

Activity: 27

Merit: 0

What about this brainwallet thing?

gollum

sr. member

Activity: 434

Merit: 250

In Hashrate We Trust!

Bitcoin will be wild west as long as we cant trust bitcoin-banks/exchanges as much as fiat-banks/exchanges.

Its ironical that bitcoin might become publicly accepted and trusted when some big fiat-banks accept bitcoin as a currency and use their infrastructure to keep the bitcoins safe. Bitcoin came into existance for the purpose of getting away from the banks in the first place.. but it seems we need them.

The biggest concern of bitcoin today is that you dont have any good place to keep your bitcoins:
-Mtgox they have a good intention but they are not as safe as fiat-banks
-Offline wallets are secure but you might lose the wallet-file, or the drive might get corrupted, or the paper printed might get lost, or the password associated might be forgotten.. and so on...
-Online wallets, same problems as offline wallets but less secure.

RodeoX

legendary

Activity: 3066

Merit: 1147

The revolution will be monetized!

I trust Mt.Gox. Then again I trust my Mom, but I would never put her in charge of all my bitwealth. As good as they are, Gox could get hacked and drained. I like to keep only my day-trading coins there and the rest are maintained as securely as a suitcase of cash.

Coincomm

newbie

Activity: 28

Merit: 0

Never will. The whole point of Bitcoins is to have control over your money.

merlinthe

newbie

Activity: 3

Merit: 0

I had mine 30% in MtGox, 40% in blockchain.info, 30% in my offline walled (it's secure, but I'm always scared that I made a mistake & won't be able to recover the coins).

It worked great when coins spiked to $15 (I sold what I had on MtGox), and when the crash began (by the time I moved a part from blockchain back to the gox), so I sold the rest around $10.

Now I'm holding just the dollars, waiting for the price to stabilize or to get down to $5.

gollum

sr. member

Activity: 434

Merit: 250

In Hashrate We Trust!

Quote from: hamdi on August 20, 2012, 12:11:19 PM

always move to offline wallet,

downside: in case of a crash or market spike it takes over an hour to get funds into mtgox

If bitcoinica existed and was trustworthy you could have had
10% in MtGox ,
80% offline,
10% in bitcoinica and go short in bitcoinica to protect your other 90% of assets in case of crash. and your 80% was protected against Zhou Tong and MtGox.

Insurance is not free.

hamdi

hero member

Activity: 826

Merit: 500

always move to offline wallet,

downside: in case of a crash or market spike it takes over an hour to get funds into mtgox

malevolent

legendary

Activity: 3472

Merit: 1724

Quote from: gollum on August 20, 2012, 12:03:23 PM

If you had thousands of dollars in bitcoin, would you trust MtGox to hold it or would you move most of the bitcoins to offline wallets?

Keep in offline wallets, ofc. MtGox was already hacked, there is a veeeery little possibility that I get hacked too, there are often problems with sending or withdrawing money on MtGox (a not only there, some banks and payment processors don't like bitcoin) - too high of a probability to risk.

URSAY

legendary

Activity: 1974

Merit: 1010

Goxxxed again. Cool

gollum

sr. member

Activity: 434

Merit: 250

In Hashrate We Trust!

If you had thousands of dollars in bitcoin, would you trust MtGox to hold it or would you move most of the bitcoins to offline wallets?

Topic: Do you trust MtGox? (Read 3648 times)