Forks just encourages holders before the fork to keep bitcoins on exchanges - page 2.

The_Dark_Knight

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Quote from: very_452001 on August 03, 2017, 01:03:16 PM

Instead of keeping them in cold storage/private wallets because they get to dump the free coins earlier at the best price. Otherwise holders in private wallets will encounter many delays that will result in dumping the free coins for pennies/free.

I read everyone saying keep bitcoins in private wallets instead of exchanges as exchanges are riskier but when it comes to forks the exchanges are at a speed advantage.

What can be done in the future to prevent this and make it fair?

There is nothing to be done about it, and if you are a true holder then you do not care that an altcoin based on bitcoin is trading on exchanges, a holder is not going to risk his coins being seized or confiscated just to earn a few more cents that is not the mentality that a holder has.

Diablesfunis

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That's only the case if the exchange where you store your bitcoin support the fork. If it is not supported then you have to keep it in your wallet or move it somewhere else. And i don't trust exchange to hold my bitcoin in case something bad happen.

Minecache

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Quote from: very_452001 on August 03, 2017, 01:03:16 PM

Instead of keeping them in cold storage/private wallets because they get to dump the free coins earlier at the best price. Otherwise holders in private wallets will encounter many delays that will result in dumping the free coins for pennies/free.

I read everyone saying keep bitcoins in private wallets instead of exchanges as exchanges are riskier but when it comes to forks the exchanges are at a speed advantage.

What can be done in the future to prevent this and make it fair?

How do you know the best price?

LTU_btc

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Slava Ukraini!

First of all, big part of exchanges decided to not credit BCH to their users. This is why people had to move their btc out from exchange.
And personally, I wouldn't risk to keep all my bitcoins on exchange just to get free coins and dump it. Especially, shutdown of btc-e made me worried. We don't know what can happen to exchange, no matter how trusted it is.

Iranus

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Absolutely nothing will prevent this.

As a general rule, people who are not idiots will decide to keep their coins in a wallet where they safely control the private keys.

If they are idiots or they're willing to lose their money, they can freely store their coins on barely regulated exchanges for as long as they like. But don't come crawling back when Bitfinex steals loads of your BCH.

oblivi

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Quote from: very_452001 on August 03, 2017, 01:03:16 PM

Instead of keeping them in cold storage/private wallets because they get to dump the free coins earlier at the best price. Otherwise holders in private wallets will encounter many delays that will result in dumping the free coins for pennies/free.

I read everyone saying keep bitcoins in private wallets instead of exchanges as exchanges are riskier but when it comes to forks the exchanges are at a speed advantage.

What can be done in the future to prevent this and make it fair?

Good point. The fact that all the trading for BCash is being done in exchanges only proves the insanity of the situation. Rushed amateur hour coders and their works are the laughing stocks of cryptocurrency.

This could be a thing that interest exchanges in the future. They will list any fork just to get the fees, and they will get more and more people depositing the coins there in-beforehand to be able to trade. I didn't think of this before. Exchanges must be so happy to list the segwit2x scam in the future if the morons involved in NYC actually go through with their stupid plan.

So not only we will face a big price crash, but we will see a lot of people risking their coins in exchanges.

Grrizz

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I think it goes both ways, some people dont mind a bit of risk to get the reward of being able to trade first by keeping their coins on an exchange but at the same time a lot of people just want to take control over their private keys to ensure they are safe no matter what happens.

E.g. I took the risk thinking I was going to be OK because Bitfinex said they would have BCH support but in the end it came late and they credited at a rate of 1:0.85, I rolled the dice and lost, if I had of gone to Bittrex I would have done much better but thats all hind sight... at least I still have all my BTC.

hatshepsut93

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You don't need to hold your coins on exchange all the time to get benefits of early trading, you can just deposit shortly before the fork. Still, it's a risk vs reward, because other forks, especially those without replay protection, can cause technical difficulties that might lead to loss of funds of some users. I personally preferred to sell my airdrop BCH at lower price and not endanger my Bitcoins by keeping them on exchange, even though most people haven't encountered any problems this time.

exstasie

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For many people that wanted to collect on the airdrop, they had no choice but to withdraw. Coinbase and Bitstamp, for instance, didn't credit people. So sure, if you had some coins on HitBTC or Bittrex, you could sell (on low volume only) for $1000 if you were lucky. But how much of your bitcoin are you really willing to risk in exchanges like that?

PoorLad

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That was wrong on the ETC split and wrong now. People joining the trade now earn more dumping than the people who had BTC on exchanges and dumped as quickly as they could.

very_452001

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Instead of keeping them in cold storage/private wallets because they get to dump the free coins earlier at the best price. Otherwise holders in private wallets will encounter many delays that will result in dumping the free coins for pennies/free.

I read everyone saying keep bitcoins in private wallets instead of exchanges as exchanges are riskier but when it comes to forks the exchanges are at a speed advantage.

What can be done in the future to prevent this and make it fair?

Topic: Forks just encourages holders before the fork to keep bitcoins on exchanges - page 2. (Read 1062 times)