NEver keep all your coins on an exchange - page 27.

yndye

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Quote from: coindancer on August 07, 2016, 03:08:38 AM

Quote from: ASHLIUSZ on August 07, 2016, 02:03:20 AM

Still it is not a good idea to keep money in a bitcoin exchange as the bitfinex hack had put the entire, fragile, bitcoin ecosystem at risk.

but how much would be ok to keep at an exchange? if i want to trade should i always deposit and withdraw the coins? this will cost a lot or not? i i wont be able to buy/sell quickly.

It would depend on you on how much coin you can afford to loss. You may base it on how many percent of your total bitcoin would you risk in depositing it to an exchange like 10 or 20 or 50% of your total coin. When you put money into something there is always risk so to reduce, minimize or spread the risk, don't put all you coins in one exchange or as what they say don't put all your eggs in one basket.

coindancer

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Quote from: ASHLIUSZ on August 07, 2016, 02:03:20 AM

Still it is not a good idea to keep money in a bitcoin exchange as the bitfinex hack had put the entire, fragile, bitcoin ecosystem at risk.

but how much would be ok to keep at an exchange? if i want to trade should i always deposit and withdraw the coins? this will cost a lot or not? i i wont be able to buy/sell quickly.

ASHLIUSZ

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Still it is not a good idea to keep money in a bitcoin exchange as the bitfinex hack had put the entire, fragile, bitcoin ecosystem at risk.

Decoded

legendary

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Quote from: entrepmind23 on August 07, 2016, 01:29:53 AM

It's the same as the saying goes "Never put your eggs in one basket". With what is happening recently exchanges being hacked, it's not safe to put your coins in just one exchange. It's better to spread you coins in different exchanges and wallets so that in case something bad happened to one of them. You still have spare funds to recover what you have lost and it's better to spread the risk.

How about don't put your eggs in any basket? Hold them in your hands, so no one can swipe them off you. Never ever put coins on exchanges. If you want to trade, put them on and then take them off ASAP.

entrepmind23

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It's the same as the saying goes "Never put your eggs in one basket". With what is happening recently exchanges being hacked, it's not safe to put your coins in just one exchange. It's better to spread you coins in different exchanges and wallets so that in case something bad happened to one of them. You still have spare funds to recover what you have lost and it's better to spread the risk.

davis196

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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.

I totally agree with you.Unfortunately some noobs make that mistake and regret after that.

When you invest there`s always a risk to lose 100% of your funds.It doesn`t matter if you lose them by

trading or they are stolen by some hacker.

ajun96

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Quote from: magemist on August 06, 2016, 11:21:45 AM

You never want to keep all you coins in one place. If someone gets access to you wallet in some way then you will have everything taken from you.
Why wouldn't you not keep it in different locations? That is the only thing that is the sensibly thing to do.

yeah it becomes a basic problem when you forget about the password of an account. but I think you can still recover the password because you still have email. the problem is no third party can trust in the internet. even if the exchange is known and trusted. you can see bitfinex?

TGD

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Quote from: magemist on August 06, 2016, 11:21:45 AM

You never want to keep all you coins in one place. If someone gets access to you wallet in some way then you will have everything taken from you.
Why wouldn't you not keep it in different locations? That is the only thing that is the sensibly thing to do.

Yes great idea you dont need to be worry if 1 exchange got hacked when your funds already in more exchanger if one got hack anf then you still more exchange, is not easy to leave exchanger because many of us earn good profit in trading.

Arcteryx

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Quote from: shinratensei_ on August 05, 2016, 06:02:59 PM

Quote from: Arcteryx on August 05, 2016, 05:30:03 PM

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.

You called it! Shocked

The warning was there if they did not believe you.
I stumbled on this 1.5 month old thread and was surprised what you said.
It was a revelation! Cheesy

Okay, but the first important things is needs for us to remember that is the possibility for the trading site is gotta a crime or another having relationship with embezzlement or lost money is always there and always have a chance to getting that, maybe for next time we will see a new case appears again because we don't know or can't predict about the important reason or factor of it. because there are 2 possibilities and 1 it's really getting a hacked and the second it's not pure getting a crime and internal problem in there.

These factors are indeed needed to be kept in the forefront of you mind when dealing with exchanges because this afterall money we are talking about. No matter how you put it, people will always want to slight you in any possible way for you not to get more than what they have.
This is just hope human nature works. Am I wrong in my logic here Huh

avikz

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True...I agree with you...I am sure not every exchange owner is like mtgox but hacker will have no mercy when they hack in to any exchange.

If you are a big player, a little withdrawal fees will not harm you, but small traders like me will have to pay a huge fees if they want daily withdrawal. I think exchangers should think about lowering the withdrawal fees.

magemist

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You never want to keep all you coins in one place. If someone gets access to you wallet in some way then you will have everything taken from you.
Why wouldn't you not keep it in different locations? That is the only thing that is the sensibly thing to do.

razor5cl

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Quote from: serjent05 on August 06, 2016, 10:43:13 AM

Quote from: bitkilo on August 05, 2016, 06:34:07 PM

Quote from: Alepaff on August 05, 2016, 06:09:11 PM

Of course, the other day i wasn't hable to enter to Yobit, life for 5 days, i was desesperated, so a few days ago, i transfer all my balance to Coinbase, i wan't to do it on my own computer but i don´t know how to do this Tongue

Coinbase is not a good choice to keep your coins, if coinbase was to go under then it would be the same as an exchange you would loose everything.
Move your coins to a wallet that you control and have the private keys to the address.

True even how secure it is, as long as you don't have access to the private key off your bitcoin, it is more likely be lost once it is hacked and shutdown. Best thing to do is have a wallet where you have a full control of it and make sure you have it backed up.

This is a VERY important idea, but one that will always be ignored by someone. Case in point with Gox, Bitfinex, etcetera. Not knowing how to do something is a poor excuse for not doing it in the age of Google, and having your own wallet on your computer is probably even simpler than setting a web-based one up as you don't need personal details etcetera.

CroSany

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If we cant keep money called bitcon in exchanger can we then use exchanger to buy shares which are giving prodit or dividends or not without risking own money in exchanger or not?

serjent05

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Quote from: bitkilo on August 05, 2016, 06:34:07 PM

Quote from: Alepaff on August 05, 2016, 06:09:11 PM

Of course, the other day i wasn't hable to enter to Yobit, life for 5 days, i was desesperated, so a few days ago, i transfer all my balance to Coinbase, i wan't to do it on my own computer but i don´t know how to do this Tongue

Coinbase is not a good choice to keep your coins, if coinbase was to go under then it would be the same as an exchange you would loose everything.
Move your coins to a wallet that you control and have the private keys to the address.

True even how secure it is, as long as you don't have access to the private key off your bitcoin, it is more likely be lost once it is hacked and shutdown. Best thing to do is have a wallet where you have a full control of it and make sure you have it backed up.

MingLee

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Quote from: daringdiscovered on August 06, 2016, 10:09:55 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.

I don't put all my bitcoins in an exchange site. I don't treat it is as my personal wallet. What i left there is my altcoins and make it circulate to make profit. I divide my bitcoins on different wallet like xapo, blockchain, coinbase, etc. It is also difficult to trust exchange sites even if they don't get hacked because we are not in control of it. Anytime they can run away and take our bitcoin if they want.

I personally think that keeping your coins divided is one of the best things you can do, but make sure you have all the credential information available, otherwise you might have a bad day or two trying to recover it.

Aside from that, you have a good idea and I commend you on doing that (although it means nothing coming from me). Most people on this board wouldn't do something like that unless they were told to.

daringdiscovered

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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.

I don't put all my bitcoins in an exchange site. I don't treat it is as my personal wallet. What i left there is my altcoins and make it circulate to make profit. I divide my bitcoins on different wallet like xapo, blockchain, coinbase, etc. It is also difficult to trust exchange sites even if they don't get hacked because we are not in control of it. Anytime they can run away and take our bitcoin if they want.

X-ray

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Quote from: Herbert2020 on August 06, 2016, 06:46:23 AM

Quote from: Mozdalifa17 on August 06, 2016, 05:01:27 AM

i usually keep my btc in poloniex because it is very trusted platform with many wales having raising big amount of btc in daily use ,

did you even read this topic before posting in it??

all other exchanges that has been hacked in the past were very trusted platforms. do you think bitfinex was less trusted than your precious poloniex? no it was once trusted and people like you held their coins there when one day they decided to run away or say we were hacked!

i guess he's not reading and don't even know the differences between an exchanger and a bitcoin wallet,and yeah poloniex is trusted but can't make it trusted forever till there's some hole in the site been found

Herbert2020

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Quote from: Mozdalifa17 on August 06, 2016, 05:01:27 AM

i usually keep my btc in poloniex because it is very trusted platform with many wales having raising big amount of btc in daily use ,

did you even read this topic before posting in it??

all other exchanges that has been hacked in the past were very trusted platforms. do you think bitfinex was less trusted than your precious poloniex? no it was once trusted and people like you held their coins there when one day they decided to run away or say we were hacked!

Mozdalifa17

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TIME and WAVE COINs TO REMEMBER

i usually keep my btc in poloniex because it is very trusted platform with many wales having raising big amount of btc in daily use ,

Dudeperfect

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I have very low amount of bitcoins in exchanges (I keep balance as much as I trade, nothing more than that). I don’t believe any third party even with critical security measures not because they have any dis-advantage but I have more confidence on my offline storage.
You can’t really predict how your exchange will treat you if they would meet any trouble, as I just came across this post.

Hacked bitcoin firm plans to spread losses across all users

Some users who were not hacked will feel angry at having to stump up their funds to cover shortfalls elsewhere on the exchange. Whether it's the right decision or not - time will tell," he added. "Other exchanges have funded the losses off their own book - but then the losses weren't so extreme." - CNBC

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