Do you trust your Bitcoin exchange? | Bitcointalksearch.org

Kakmakr

legendary

Activity: 3542

Merit: 1965

Leading Crypto Sports Betting & Casino Platform

Actually no because hack or scam are always possible here in crypto so that's why i always activate 2fa and my password have number with big letters then long for much better although this is very risky i think to avoid or we can low the chance of hack or scam another thing i'm ready or i can accept if this happen to me then i will start again after that because that's all i can despite all this hack or scam still trading site here in crypto is so reliable we can still trust them with our money

Your password means nothing, if the gatekeepers have full access to the private keys of your coins. The key thing is the private keys and who has "administration" rights to the software/database that are run on these exchanges. These centralized organizations have several weak links and "bad" employees are just one of them.

If the developers of the software that are used on these exchanges are "corrupt" or the code being used is "weak", then your bitcoin is very vulnerable. You will never know if it is, because most of the software is not Opensource or people do not have the IT knowledge to know if it is good or bad. Roll Eyes

Oilacris

hero member

Activity: 2996

Merit: 609

Quote from: Kakmakr on July 04, 2018, 12:54:33 AM

In recent years we have seen several Crypto currency exchanges being hacked. Do you trust these companies to secure your coins?

Do you feel that we need other alternative platforms to trade coins? < Not just decentralized exchanges >

A lot of people use exchanges as their Wallet and they store all their coins on these platforms. <24/7> This is definitely not the way to use Crypto currencies.

Some people will deposit some coins on the exchanges when they want to trade and then they will withdraw the coins or the fiat to reduce their loss, when these exchanges gets hacked. Take Note, I said when these exchanges gets hacked, because it is always just a question of time, when it will happen and not if it will happen.

So please, indicate where you stand on this and if there are a better solution to trade or exchange coins?

Do we need these services or should we keep to Person2Person trading?

When it comes to security P2P wont guaranty safety anytime and theres always a risk behind on it thats why we do deal up with centralized exchanges inspite of the risk.Im well aware and all of us on whats the possible risk. Some do neglect it or not paying attention since they do trust up their exchange that being used or just gambling it out to store his holdings inside it. Depositing in and withdrawing out is safe but when you do actively trade this would really be a hassle thing thats why some choose up not to do such habit and embrace up the risk.

Rahar02

hero member

Activity: 910

Merit: 523

Trust it but not 100%, maybe 80% as everything always going smoothly all the time, in fact, I have stored 85% of my btc in the local exchange. I consider it's different between exchange and trading platform which the exchange mostly serve only for bitcoin to fiat money and vice versa or listed some famous altcoins.
We always heard: exchanges isn't an ideal place to store your bitcoin for a long time due to the risk of being hacked.
However, many people do the same thing all over the exchanges, but don't trust the trading platform to store coins, just get in and cash out immediately.

Kakmakr

legendary

Activity: 3542

Merit: 1965

Leading Crypto Sports Betting & Casino Platform

Quote from: Rath_ on July 05, 2018, 04:05:56 AM

Quote from: Kakmakr on July 05, 2018, 02:45:58 AM

There must be a better way or strategy to reduce the risk for people to lose large amounts of money, when these exchanges gets hacked. Huh

What about advising people that they should withdraw their funds if they are not going to trade in the next few days? I have noticed that many signature campaign participants used exchanges because of high transactions fees back then. Currently, exchanges have extremely high withdrawal fees. Was it the only reason? Aren't some people just too lazy to do a research and choose a proper wallet?

Also, recommending splitting the investment among a few different exchanges at the same time might be a good idea but not everyone will follow this advice due to lack of funds.

Every exchange is different, but my exchange charge "withdrawal" fees with every withdrawal you make, be it fiat or bitcoins and some even charge deposit fees. So you have to keep that in mind.

Using several different exchanges makes you even more vulnerable. The chance of you getting hacked, increase if you distribute your money onto a lot of different exchanges, but it reduces the amount of money that you might lose.

magneto

hero member

Activity: 1666

Merit: 753

Decentralised exchanges are obviously way better, but I don't see at the moment any that would work on a large scale.

I wouldn't say that the exchanges I use (Binance mainly, shapeshift etc.) are untrustworthy at all. But if you deposit money, you are essentially handing over control of your coins, and there are many factors outside of even the exchange when it comes to securing your funds such as government regulations, hacks, etc.

For that reason, I personally only use an exchange to exchange funds, not store funds for long periods of time. But still, a lot of people don't take that advice and still continue to do that.

I think that instant exchanges such as shapeshift currently are probably the best to use, if you're not able to get verified. A lot of the times, your funds are actually at risk due to extensive compliance procedures instead of hacks.

Potato Chips

hero member

Activity: 2786

Merit: 902

yesssir! 🫡

Quote from: stomachgrowls on July 05, 2018, 12:04:20 PM

Quote from: Potato Chips on July 05, 2018, 11:12:52 AM

It isn't really hard to choose up an exchange yet we can easily make a research about exchangers and we would able to spot out which one is on the top and we can already presume that they are really good when it comes to security but as being said its not a guarantee but you will able to build confidence. Risk management should always be followed.

I agree that people do trust out because of that "reimburse" thing but those are just applicable for exchange on top which they will definitely do because they do need to protect their ranking and they know they can able to break even when people do still use up their service.

Before I give my opinion, can you clarify something first? What do you mean by the word "top" in both of your statements? Is it in terms of volume or what?

stomachgrowls

hero member

Activity: 3010

Merit: 794

Quote from: Potato Chips on July 05, 2018, 11:12:52 AM

Quote from: BitHodler on July 05, 2018, 09:43:09 AM

The only thing I don't like is how people nowadays just assume that an exchange wil reimburse them in case there is a hack or other forms of coin loss. It's almost seen as a form of insurance.

The last few exchanges that were hacked are planning to do the same as far as I know, and that comforts people too much. It's great that exchanges do this and it's the only right way, but it's not guaranteed to happen.

You said it! It's one of the reasons why some people are using exchanges in a laid back attitude, like nothing can go wrong. This is not hacking but coinsmarkets.com run away with their user's money, apparently despite being new (registered in 2017-03-09) people still deposited huge amounts of money. Risk assessment/precautionary measures shouldn't be optional but obligatory.

Quote from: Kakmakr on July 05, 2018, 02:45:58 AM

There must be a better way or strategy to reduce the risk for people to lose large amounts of money, when these exchanges gets hacked. Huh

Others have already suggested some of it which is surprisingly what I do too but I believe the most crucial part of these is picking an exchange, it starts with that.
Before we assume the hacking, let's first assess the odds of it happening first. Pick an exchange where there's a low chance; competent.

Then again these measures isn't something that guarantees your fund's safety, it will only alleviate risks.

It isn't really hard to choose up an exchange yet we can easily make a research about exchangers and we would able to spot out which one is on the top and we can already presume that they are really good when it comes to security but as being said its not a guarantee but you will able to build confidence. Risk management should always be followed.
I agree that people do trust out because of that "reimburse" thing but those are just applicable for exchange on top which they will definitely do because they do need to protect their ranking and they know they can able to break even when people do still use up their service.

Potato Chips

hero member

Activity: 2786

Merit: 902

yesssir! 🫡

Quote from: BitHodler on July 05, 2018, 09:43:09 AM

The only thing I don't like is how people nowadays just assume that an exchange wil reimburse them in case there is a hack or other forms of coin loss. It's almost seen as a form of insurance.

The last few exchanges that were hacked are planning to do the same as far as I know, and that comforts people too much. It's great that exchanges do this and it's the only right way, but it's not guaranteed to happen.

You said it! It's one of the reasons why some people are using exchanges in a laid back attitude, like nothing can go wrong. This is not hacking but coinsmarkets.com run away with their user's money, apparently despite being new (registered in 2017-03-09) people still deposited huge amounts of money. Risk assessment/precautionary measures shouldn't be optional but obligatory.

Quote from: Kakmakr on July 05, 2018, 02:45:58 AM

There must be a better way or strategy to reduce the risk for people to lose large amounts of money, when these exchanges gets hacked. Huh

Others have already suggested some of it which is surprisingly what I do too but I believe the most crucial part of these is picking an exchange, it starts with that.
Before we assume the hacking, let's first assess the odds of it happening first. Pick an exchange where there's a low chance; competent.

Then again these measures isn't something that guarantees your fund's safety, it will only alleviate risks.

[email protected]

newbie

Activity: 82

Merit: 0

Unfortunately, if you don't believe them, who else can you trust? Believe in etherdelta? The only place we can complete the transaction quickly is the exchange, and now these exchanges are unregulated. The only option is to go to some well-known exchanges, at least they have the ability to compensate for your losses.

BitHodler

legendary

Activity: 1526

Merit: 1179

Quote from: Rath_ on July 05, 2018, 04:05:56 AM

Also, recommending splitting the investment among a few different exchanges at the same time might be a good idea but not everyone will follow this advice due to lack of funds.

Well, what you consider to be a small amount can be big for others. In the end everyone is equal to each other in the way that when you lose everything you have on an exchange, all other users lose everything as well.

The only thing I don't like is how people nowadays just assume that an exchange wil reimburse them in case there is a hack or other forms of coin loss. It's almost seen as a form of insurance.

The last few exchanges that were hacked are planning to do the same as far as I know, and that comforts people too much. It's great that exchanges do this and it's the only right way, but it's not guaranteed to happen.

Rath_

legendary

Activity: 1876

Merit: 3139

Quote from: Kakmakr on July 05, 2018, 02:45:58 AM

There must be a better way or strategy to reduce the risk for people to lose large amounts of money, when these exchanges gets hacked. Huh

What about advising people that they should withdraw their funds if they are not going to trade in the next few days? I have noticed that many signature campaign participants used exchanges because of high transactions fees back then. Currently, exchanges have extremely high withdrawal fees. Was it the only reason? Aren't some people just too lazy to do a research and choose a proper wallet?

Also, recommending splitting the investment among a few different exchanges at the same time might be a good idea but not everyone will follow this advice due to lack of funds.

Kakmakr

legendary

Activity: 3542

Merit: 1965

Leading Crypto Sports Betting & Casino Platform

Quote from: carlfebz2 on July 05, 2018, 02:28:46 AM

Quote from: Kakmakr on July 05, 2018, 01:03:08 AM

Wow, I am amazed at the current result of the poll, so far. 30 Voters and 40% of them trust exchanges 100%. Shocked

This explains why so many people lose, so much money when these exchanges gets hacked. We are conditioned by the "trust" relationship that we have with centralized fiat systems like Banks and we expect that these exchanges will have the same level of "trust".

How many people have actually met any employee working at these exchanges? How do you know that these people are trustworthy? I had several meetings with my Bank manager and Bank consultants, so I know who to slap around when they fail me. ^joke^ < I cannot say that I have such a relationship with my local Bitcoin exchange employees >

We should seriously educate people more about the dangers of these exchanges. Roll Eyes

Even shocked too that the result of the poll people do trust 100% on exchangers? Are they kidding me? I assume those people are just newbie ones which doesnt know too much on exchangers and doesnt able to know or experience on what do usually happen with these platforms.
No exchange is 100% which anyone do exist do have the risk on getting hacked or do experienced problems. Nothing on this market is unhackable therefore if you dont like to suffer possible loss then dont make an exchange wallet to be your main and dont store up too big amounts.

My point exactly. If these are "newbies" who are trusting exchanges like this, then we have our work cut out for us to educate them. A lot of old traders are saying that you have to trust them, because of the way that the buy/sell orders work, so this is also a problem.

Back in the days of MtGox both "newbies" and "old-timers" lost money and we see that with all the exchanges that gets hacked.

There must be a better way or strategy to reduce the risk for people to lose large amounts of money, when these exchanges gets hacked. Huh

carlfebz2

hero member

Activity: 2926

Merit: 722

DGbet.fun - Crypto Sportsbook

Quote from: Kakmakr on July 05, 2018, 01:03:08 AM

Wow, I am amazed at the current result of the poll, so far. 30 Voters and 40% of them trust exchanges 100%. Shocked

This explains why so many people lose, so much money when these exchanges gets hacked. We are conditioned by the "trust" relationship that we have with centralized fiat systems like Banks and we expect that these exchanges will have the same level of "trust".

How many people have actually met any employee working at these exchanges? How do you know that these people are trustworthy? I had several meetings with my Bank manager and Bank consultants, so I know who to slap around when they fail me. ^joke^ < I cannot say that I have such a relationship with my local Bitcoin exchange employees >

We should seriously educate people more about the dangers of these exchanges. Roll Eyes

Even shocked too that the result of the poll people do trust 100% on exchangers? Are they kidding me? I assume those people are just newbie ones which doesnt know too much on exchangers and doesnt able to know or experience on what do usually happen with these platforms.
No exchange is 100% which anyone do exist do have the risk on getting hacked or do experienced problems. Nothing on this market is unhackable therefore if you dont like to suffer possible loss then dont make an exchange wallet to be your main and dont store up too big amounts.

Kakmakr

legendary

Activity: 3542

Merit: 1965

Leading Crypto Sports Betting & Casino Platform

Wow, I am amazed at the current result of the poll, so far. 30 Voters and 40% of them trust exchanges 100%. Shocked

This explains why so many people lose, so much money when these exchanges gets hacked. We are conditioned by the "trust" relationship that we have with centralized fiat systems like Banks and we expect that these exchanges will have the same level of "trust".

How many people have actually met any employee working at these exchanges? How do you know that these people are trustworthy? I had several meetings with my Bank manager and Bank consultants, so I know who to slap around when they fail me. ^joke^ < I cannot say that I have such a relationship with my local Bitcoin exchange employees >

We should seriously educate people more about the dangers of these exchanges. Roll Eyes

richardsNY

legendary

Activity: 1232

Merit: 1091

I didn't trust exchanges before, but I decided to put force behind my words and to ditch them completely. I currently use a local exchange service that works perfectly fine. I can pay through internet banking and have the coins be sent to my wallet near instantly. The only downside is that trading as we do it through exchanges isn't possible, and the fees are a bit steeper, but it's all fine with me. I'm not into day trading anyway, so it won't hurt me that much since slow trading work perfectly fine. Best thing is that the support offered by local services is extremely fast, which can't be said about most of today's exchanges. I'm good.

DunnDy

member

Activity: 132

Merit: 12

I use the Poloniex exchange. I think that it's quite reliable. Commissions are not too high, which makes it attractive for the user. It's relatively well-run and there have been no major complaints about it. The only thing that can discourage the future user is the fact that the stock exchange required verification of the ID document. However, I can honestly recommend it to all of you because it is really good compared to others.

Rath_

legendary

Activity: 1876

Merit: 3139

Quote from: Kakmakr on July 04, 2018, 12:54:33 AM

So please, indicate where you stand on this and if there are a better solution to trade or exchange coins?
Do we need these services or should we keep to Person2Person trading?

I don't really see any point in creating new exchanges, the volume is one of the most important factors for an exchange to succeed. Probably, you know a service called ShapeShift which allows for direct exchanges between limited number of cryptocurrencies. Face-to-face transactions are great for cashing out without worrying about the tax office, I have never traded crypto-to-crypto with another person. I am going to test Bisq (decentralized exchange) in the near future but the low volume discourages me a bit.

1Referee

legendary

Activity: 2170

Merit: 1427

I don't trust anything that requires me to hold coins on their platform, but I choose to do occasionally because I am using it for trading purposes.

I however always cash out all my coins once I'm done with my trading acitivities. The only value that always remains on-exchange is fiat, but I'm not too worried about that. I accept all potential negative outcomes and that's the most important thing. Unlike other people, I know what risks I expose myself to and accept them. Bitstamp has been my main exchange for years and I'm still loving it. The most stable and neutral BTC/USD exchange in today's crypto world.

tegarp90

full member

Activity: 546

Merit: 100

Quote from: Kakmakr on July 04, 2018, 12:54:33 AM

In recent years we have seen several Crypto currency exchanges being hacked. Do you trust these companies to secure your coins?

Do you feel that we need other alternative platforms to trade coins? < Not just decentralized exchanges >

A lot of people use exchanges as their Wallet and they store all their coins on these platforms. <24/7> This is definitely not the way to use Crypto currencies.

Some people will deposit some coins on the exchanges when they want to trade and then they will withdraw the coins or the fiat to reduce their loss, when these exchanges gets hacked. Take Note, I said when these exchanges gets hacked, because it is always just a question of time, when it will happen and not if it will happen.

So please, indicate where you stand on this and if there are a better solution to trade or exchange coins?

Do we need these services or should we keep to Person2Person trading?

Not 100% only several exchanges has a very good services.
Many of them oftenly hacked or something bad happened.
That's why i'm more trust to decetralized exchange

sormin

member

Activity: 151

Merit: 10

I think I believe in some Exchangers, Not all I can trust just like that. Because as we know there are some Exchangers that look very suspicious. As long as I save my password and backup my password or authenticator. I do not feel the negative effects of the exchanger.

Topic: Do you trust your Bitcoin exchange? (Read 423 times)