I really don't get it.. why were people leaving their coins online @ Gox anyway? - page 2.

jl2012

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Quote from: virtuexru on March 26, 2014, 10:31:28 AM

I only learned about Bitcoin late last year so I know I'm late to the game. I bought my first BTC in December from CoinBase. I immediately withdrew it and now keep a few copies in an offline wallet (usb sticks and an external HD). I understand some people 'trade' and things like that, but why did so many people lose coin? What is the advantage of keeping coins on Gox other then trading? Converting back into fiat?

Just curious as to why, after all the security issues and dubious signs of Gox's incompetence did people still trust them to hold their BTC balances that were at one point worth over $1,200/each?

Greed, ignorance, and laziness

odolvlobo

legendary

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ignorance, laziness, and naivete.

virtuexru

member

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litecoin!

Quote from: S4VV4S on March 26, 2014, 10:44:51 AM

Quote from: virtuexru on March 26, 2014, 10:38:38 AM

Quote from: Stratobitz on March 26, 2014, 10:34:02 AM

People leave buy and sell orders open. Same as any exchange. Coins or stocks.

Yea but exchanges that deal in stocks/options/forex are usually multiple times more secure than any BTC related exchange because the technology behind them has been tested & audited and proven to work/be secure because the volume of money is in order of magnitudes larger than the BTC market.

Erm, NO.
BTC is more secure, it just depends on who you trust your coins with.

I think you misread what I wrote. You are saying BTC exchanges are more secure than stock/option exchanges? Because that is false.

Polycoin

sr. member

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You can leave your bitcoin with me, I'll triple it in 1 hour.

S4VV4S

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Quote from: virtuexru on March 26, 2014, 10:38:38 AM

Quote from: Stratobitz on March 26, 2014, 10:34:02 AM

People leave buy and sell orders open. Same as any exchange. Coins or stocks.

Yea but exchanges that deal in stocks/options/forex are usually multiple times more secure than any BTC related exchange because the technology behind them has been tested & audited and proven to work/be secure because the volume of money is in order of magnitudes larger than the BTC market.

Erm, NO.
BTC is more secure, it just depends on who you trust your coins with.

virtuexru

member

Activity: 75

Merit: 10

litecoin!

Quote from: Stratobitz on March 26, 2014, 10:34:02 AM

People leave buy and sell orders open. Same as any exchange. Coins or stocks.

Yea but exchanges that deal in stocks/options/forex are usually multiple times more secure than any BTC related exchange because the technology behind them has been tested & audited and proven to work/be secure because the volume of money is in order of magnitudes larger than the BTC market.

Stratobitz

legendary

Activity: 1022

Merit: 1010

People leave buy and sell orders open. Same as any exchange. Coins or stocks.

virtuexru

member

Activity: 75

Merit: 10

litecoin!

I only learned about Bitcoin late last year so I know I'm late to the game. I bought my first BTC in December from CoinBase. I immediately withdrew it and now keep a few copies in an offline wallet (usb sticks and an external HD). I understand some people 'trade' and things like that, but why did so many people lose coin? What is the advantage of keeping coins on Gox other then trading? Converting back into fiat?

Just curious as to why, after all the security issues and dubious signs of Gox's incompetence did people still trust them to hold their BTC balances that were at one point worth over $1,200/each?

Topic: I really don't get it.. why were people leaving their coins online @ Gox anyway? - page 2. (Read 1401 times)