NEver keep all your coins on an exchange - page 25.

noormcs5

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Quote from: JeffBrad12 on August 15, 2016, 10:33:05 AM

Quote from: Oralmat on August 15, 2016, 08:51:49 AM

Quote from: spazzdla on June 21, 2016, 12:14:10 PM

Gox
Cryptsy..

If you have most of your coins in Bitfinex.. there will be little mercy when they disappear.

Yes, you are right, Bitfinex has given us a lesson that we should avoid to keep our coins on the exchange. I am surprised that it is second time happen so why people are doing it. Personally i refer to safe my bitcoins into local wallet and i believe it is more than better Bitfinex.

But for the traders is want to think again, maybe not their intentions for believing with exchanges but there considering about every fee they will get in every transaction in trading they're made it.

Yeah, it is a message of Bitfinex for the traders, now if they do again that mistake so they are really senseless. Because i couldn't understand why they are not using that type of exchange which are authorize exchanges.

dothebeats

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Quote from: amiryaqot on August 15, 2016, 11:37:06 AM

Indeed, but it's impossible to take withdraw all of our coins from exchanges, especially when we are most active with trades than we could miss the opportunities regarding deposits and withdrawals each day, sometimes confirmations could take so long time there.

That could be a problem for arbitragers and traders who don't want to miss up on opportunities that could pop up anytime in the market. While the risk stands when keeping your coins in an exchange, also, the opportunity might slip if ever there would be some significant movement in the market and you don't have any coins on the site. As a personal suggestion, I think it would be better to just keep all profits in the site AND withdraw your initial investment if you deem that your profit is already enough to continue your trading operation. That is what I'd do if I was a trader.

amiryaqot

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Indeed, but it's impossible to take withdraw all of our coins from exchanges, especially when we are most active with trades than we could miss the opportunities regarding deposits and withdrawals each day, sometimes confirmations could take so long time there.

mobnepal

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Quote from: Mastsetad on August 15, 2016, 05:38:43 AM

Keeping all your coins in a exchange is always risky as we never know what happens to that exchange, like what happened to bitfinex, too many people lost their coins when the hackers hacked the exchange and took away all the coins, so such things happen sometimes that is why keeping your coins in a wallet would be the best way.

This is not always practical even web wallets were hacked several times or they were ran away scamming lots of people. And also traders have to keep some coins in exchanges to do daily trading and profit from it so even though they know it is risky they will keep almost all they have in exchangers.

goinmerry

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Quote from: pereira4 on August 15, 2016, 08:52:43 AM

This is pretty obvious for anyone that has been using Bitcoin for a while in 2016, but the people that like to do trading are forced to leave some coins on the exchanges otherwise you miss opportunities.

Yeah that is right. So what do we do. We just need to pick the right one or just have faith that it will not be the same mt.gox or bitfinex that is all we have

JeffBrad12

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Quote from: Oralmat on August 15, 2016, 08:51:49 AM

Quote from: spazzdla on June 21, 2016, 12:14:10 PM

Gox
Cryptsy..

If you have most of your coins in Bitfinex.. there will be little mercy when they disappear.

Yes, you are right, Bitfinex has given us a lesson that we should avoid to keep our coins on the exchange. I am surprised that it is second time happen so why people are doing it. Personally i refer to safe my bitcoins into local wallet and i believe it is more than better Bitfinex.

But for the traders is want to think again, maybe not their intentions for believing with exchanges but there considering about every fee they will get in every transaction in trading they're made it.

pereira4

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This is pretty obvious for anyone that has been using Bitcoin for a while in 2016, but the people that like to do trading are forced to leave some coins on the exchanges otherwise you miss opportunities.

Oralmat

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Quote from: spazzdla on June 21, 2016, 12:14:10 PM

Gox
Cryptsy..

If you have most of your coins in Bitfinex.. there will be little mercy when they disappear.

Yes, you are right, Bitfinex has given us a lesson that we should avoid to keep our coins on the exchange. I am surprised that it is second time happen so why people are doing it. Personally i refer to safe my bitcoins into local wallet and i believe it is more than better Bitfinex.

Mastsetad

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Keeping all your coins in a exchange is always risky as we never know what happens to that exchange, like what happened to bitfinex, too many people lost their coins when the hackers hacked the exchange and took away all the coins, so such things happen sometimes that is why keeping your coins in a wallet would be the best way.

rezilient

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Quote from: spazzdla on June 21, 2016, 12:14:10 PM

Gox
Cryptsy..

If you have most of your coins in Bitfinex.. there will be little mercy when they disappear.

That is freaky prediction right there dude, 1 month and a bit later and boom. Who is running next? lol

dinda22

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sometimes people feel lazy to keep their bitcoin wallet, and prefer to put on the exchanger, because there are moments when the price falls chance it could go very quickly. I also always put more money in exchange.
but did we have to learn from some of the events of hacker exchanger, if one day you do not want to regret losing all your money.

Mauser

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Quote from: Rusmintan on August 15, 2016, 01:49:32 AM

Quote from: darklus123 on August 15, 2016, 01:02:39 AM

Yes it is really adviceble to always withdraw your earnings to your wallet for safety purpose because anytime, anything could really happen so you better be safe for your self than sorry.

I have a few bitcoins in the exchange for doing the trade. I trade the bitcoin with other altcoins such as Ethereum or Dash. Most of my coins are in my own wallet.

That makes sense. A deposit or withdrawl on an Exchange normally takes a few minutes. There is no reason to leave large sums of coins on an Exchange. Better to store them in an online or Desktop wallet.

Fatanut

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Quote from: Betwrong on August 15, 2016, 03:14:27 AM

I don't know, maybe one day they will invent something whcih will make impossible to hack an exchange, but for now you are absolutely right. Btw IMO even if such a thing will be invented they still can be hacked from the inside so, yeah, it's better to not keep much coins on an exchange, ever.

TL;DR: Nothing is unhackable. Wink

Quote from: Cereberus on August 15, 2016, 01:24:00 AM

What country do you live in my friend ? I hope you are not living in a very poor country but still even there anyone can buy a PC with old parameters now like a Core2duo with 2 to 4 GB of ram. Even if you have a shared PC with other people you can create a user for yourself and set up your own desktop wallet there. Just make sure to install Mulitbit HD or Electrum and keep the seed safe and you should have no problems. Leaving the coins on the exchange is a very bad idea after so many "hacks" happening lately.

Well, it's never safe to store your coins in an exchanging site. After all, the people are all anonymous and they could use the "hack" card to just run away together with people's fortune. But tbh, one shouldn't store his coins in a single 'basket'. Some people that I talked with suggests that I store 1/3 of my coins in exchanging site, 1/3 in a gambling site, and then 1/3 in my wallet. The reason they suggest that is so that even if any of those 3 gets hacked, only 1/3 of your coins will be gone and not all of them at once.

NorrisK

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Quote from: ObscureBean on August 15, 2016, 02:45:44 AM

Quote from: danherbias07 on August 15, 2016, 12:40:27 AM

Quote from: mindrust on June 21, 2016, 01:17:49 PM

Exactly. If you are a bitcoin holder, hold them in your core wallet installed in your own pc. That's the best option. If that's too heavy for your system, use electrum. If you don't trust electrum, use paper wallet. Exchanges come and go. You never know which one will be goxed next.

Not all of us have their own PC so they are forced to just trust this online wallet sites for them to profit in the movement of bitcoin. Are there any more suggestions? We know some just rely on their smartphones.

You can keep your Bitcoins online if you don't have a PC, just don't leave them on exchanges. Use a dedicated online wallet service instead. Of course your Bitcoins are still not going to be 100% safe but dedicated wallet sites like Coinbase offer better protection than exchanges. For example with Coinbase, you'll get the option to store your Bitcoins offline and your coins will also be insured against hacks and theft.

The biggest issue I have and the reason why I leave some coins on exchanges is that I don't want to run 100 altcoin wallets and risk getting trojans while executing the wallet..

My major coins like bitcoin, litecoin and some others are always safe in their wallets and transfered when needed (except a few that are used for trading).

But in the end, I'm not willing to run a wallet for random coin x, while I still may want to trade them.

Betwrong

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I stand with Ukraine.

I don't know, maybe one day they will invent something whcih will make impossible to hack an exchange, but for now you are absolutely right. Btw IMO even if such a thing will be invented they still can be hacked from the inside so, yeah, it's better to not keep much coins on an exchange, ever.

electronicfactura

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I use exchanges whenever I have to trade some part of my coins otherwise I keep them in my own possession in my computer. I really don't trust any exchange anymore after recent hacking events. Since exchanges hold lot of coins and volumes are at hackers list to have some good outcome as individual user chances are less to be hacked. A good antivirus with strong password protected wallet work well.

ObscureBean

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Quote from: danherbias07 on August 15, 2016, 12:40:27 AM

Quote from: mindrust on June 21, 2016, 01:17:49 PM

Exactly. If you are a bitcoin holder, hold them in your core wallet installed in your own pc. That's the best option. If that's too heavy for your system, use electrum. If you don't trust electrum, use paper wallet. Exchanges come and go. You never know which one will be goxed next.

Not all of us have their own PC so they are forced to just trust this online wallet sites for them to profit in the movement of bitcoin. Are there any more suggestions? We know some just rely on their smartphones.

You can keep your Bitcoins online if you don't have a PC, just don't leave them on exchanges. Use a dedicated online wallet service instead. Of course your Bitcoins are still not going to be 100% safe but dedicated wallet sites like Coinbase offer better protection than exchanges. For example with Coinbase, you'll get the option to store your Bitcoins offline and your coins will also be insured against hacks and theft.

darklus123

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Quote from: Rusmintan on August 15, 2016, 01:49:32 AM

Quote from: darklus123 on August 15, 2016, 01:02:39 AM

Yes it is really adviceble to always withdraw your earnings to your wallet for safety purpose because anytime, anything could really happen so you better be safe for your self than sorry.

I have a few bitcoins in the exchange for doing the trade. I trade the bitcoin with other altcoins such as Ethereum or Dash. Most of my coins are in my own wallet.

Thats good sir only put some of those altcoins that you can always afford to lose. Whats worst is that most of the traders do actually do a mass transferring of their profits because of the fees so this may lead to a painful lose if ever.

Rusmintan

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Quote from: darklus123 on August 15, 2016, 01:02:39 AM

Yes it is really adviceble to always withdraw your earnings to your wallet for safety purpose because anytime, anything could really happen so you better be safe for your self than sorry.

I have a few bitcoins in the exchange for doing the trade. I trade the bitcoin with other altcoins such as Ethereum or Dash. Most of my coins are in my own wallet.

Cereberus

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Quote from: danherbias07 on August 15, 2016, 12:40:27 AM

Quote from: mindrust on June 21, 2016, 01:17:49 PM

Exactly. If you are a bitcoin holder, hold them in your core wallet installed in your own pc. That's the best option. If that's too heavy for your system, use electrum. If you don't trust electrum, use paper wallet. Exchanges come and go. You never know which one will be goxed next.

Not all of us have their own PC so they are forced to just trust this online wallet sites for them to profit in the movement of bitcoin. Are there any more suggestions? We know some just rely on their smartphones.

What country do you live in my friend ? I hope you are not living in a very poor country but still even there anyone can buy a PC with old parameters now like a Core2duo with 2 to 4 GB of ram. Even if you have a shared PC with other people you can create a user for yourself and set up your own desktop wallet there. Just make sure to install Mulitbit HD or Electrum and keep the seed safe and you should have no problems. Leaving the coins on the exchange is a very bad idea after so many "hacks" happening lately.

Topic: NEver keep all your coins on an exchange - page 25. (Read 25791 times)