Topic: NEver keep all your coins on an exchange - page 28. (Read 25791 times)
Kind of surprising that this was needed to be said. I believe that that's clear rational thinking and simply with money you just can't be too sure about someone else keeping it for you, so it's better to keep it at your side and deposit there obly when you intend on using it in that moment.
What about the people for whom trading is basically a job--they can't just keep their coins in a paper wallet. I guess the best strategy would be to not keep all their coins at any ONE exchange.
of course the trader would put their money into the exchange because they did exchange at the site. their capital may not keep in their wallet because it will be difficult. but one thing that should be remembered by all traders that do not keep too much capital in one exchange sites. nothing really trusted on the internet 
What about the people for whom trading is basically a job--they can't just keep their coins in a paper wallet. I guess the best strategy would be to not keep all their coins at any ONE exchange.
hopefully soon, (maybe within the month) waves will release its wallet side dEx with fiat and BTC integration, followed up with it linking to mycelium so that all BTC users can have their own trading engine in their own trusted wallet. then you can trade from the safety of your own wallet, and will only have to use centralized KYC compliant exchanges to get your fiat back into your bank account.
What about the people for whom trading is basically a job--they can't just keep their coins in a paper wallet. I guess the best strategy would be to not keep all their coins at any ONE exchange.
hopefully soon, (maybe within the month) waves will release its wallet side dEx with fiat and BTC integration, followed up with it linking to mycelium so that all BTC users can have their own trading engine in their own trusted wallet. then you can trade from the safety of your own wallet, and will only have to use centralized KYC compliant exchanges to get your fiat back into your bank account.
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 
Coinbase likely has a more secure setup with significant cold storage. But remember, all exchanges are prone to being hacked. And particularly in the case of an inside job, even cold storage is not safe. Remember, Coinbase is also just issuing IOUs. Someday, the bitcoins backing those IOUs may go poof.
My problem is inability to hedge fiat value of BTC without exchanges. So I may be out significant money at Bitfinex since I was holding USD, waiting to swing trade back into BTC. (And yes, planned to buy at $460s. FML)
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
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.
after seeing the results of bitfinex now I am afraid from exchanges and now I try to distribute my bitcoin in different exchanges so that if one exchange is hacked the others will be with me and I will not lose all of my coins.
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
Gox
Cryptsy..
If you have most of your coins in Bitfinex.. there will be little mercy when they disappear.
Cryptsy..
If you have most of your coins in Bitfinex.. there will be little mercy when they disappear.
You called it!
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!
What about the people for whom trading is basically a job--they can't just keep their coins in a paper wallet. I guess the best strategy would be to not keep all their coins at any ONE exchange.
Gox
Cryptsy..
If you have most of your coins in Bitfinex.. there will be little mercy when they disappear.
Cryptsy..
If you have most of your coins in Bitfinex.. there will be little mercy when they disappear.
I understand that people like you want others to be aware from the hacks that can be made on websites where you can't control your own money in this case exchanges, but what to do when I want to trade something and I invest 100% of my bitcoin budget, I should move them to an exchange trade there and withdraw but this should be fast as we can't know what will happen with the exchange when we wake up next morning.
A fine call from back in June, op. Anyone who's been in crypto, or at least a member of this forum, should know not to use an exchange's wallet to store coins on. Scams and these false hacks happen too regularly. Do your trades and get your money off the exchanges. It's crazy that these places don't have regulations like discount stock brokers (or any stock brokers) do.
I recently withdrew part of my holdings from Poloniex, they are very legit in my opinion and may be the best all around cryptocurrency exchange but it would really suck if something like Bitfinex, Cryptsy or Mt Gox happen to Polo. No one is really safe.
For traders and investors is difficult to not have all their firepower on a exchange, I have more than 5 currencies at the moment, some don't even have working wallets. So it's not that people are just lazy or stupid.
We will not still dont know what trading site are will stay alive for a long time.. even its a poloniex we dont know what will happen with poloniex.. For traders and investors is difficult to not have all their firepower on a exchange, I have more than 5 currencies at the moment, some don't even have working wallets. So it's not that people are just lazy or stupid.
It can also be down in the future if that site is already been monitored by hackers..
Hackers has high technology tools for hacking where all data base will be recorded as daya cookies that they can convert them into phrases.
So if you stay huge amount in trading site better to get those and just deposit a few bitcoin depends if how much altcoin you are holding there..
Gox
Cryptsy..
If you have most of your coins in Bitfinex.. there will be little mercy when they disappear.
Cryptsy..
If you have most of your coins in Bitfinex.. there will be little mercy when they disappear.
You called it!
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!
But on a serious note. Exchanges are not to be trusted with your coins.
The rule in using them should be this:
Trade them, gain from them and get them the flock out of there!
What happenned at Bitfinex is really bordering on criminal negligence. There's no way that type of theft should have been allowed to occur in this day and age. It shouldn't even be possible to withdraw that many bitcoins from Bitfinex in that short amount of time. It's obvious they basically had no security at all.
I recently withdrew part of my holdings from Poloniex, they are very legit in my opinion and may be the best all around cryptocurrency exchange but it would really suck if something like Bitfinex, Cryptsy or Mt Gox happen to Polo. No one is really safe.
For traders and investors is difficult to not have all their firepower on a exchange, I have more than 5 currencies at the moment, some don't even have working wallets. So it's not that people are just lazy or stupid.
For traders and investors is difficult to not have all their firepower on a exchange, I have more than 5 currencies at the moment, some don't even have working wallets. So it's not that people are just lazy or stupid.
add also Mintpal(loot 3.700btc) , CoinEX, Cryptorush, McxNOW, Allcrypt, Virtex, on the list, these are what i recall, i used them in the past , but thank god i always was taking my btc out, quick profit from new coins, dump then move on..
Never keep ANY coin on ANY exchange.
Fixed.
Please people, learn to put your coins in your own local wallets where you control the private keys, never have coins in exchanges. How many times this has to be said? I guess some people never learn.
Fixed.
Please people, learn to put your coins in your own local wallets where you control the private keys, never have coins in exchanges. How many times this has to be said? I guess some people never learn.
Agreed, for us to avoid lost of bitcoins. And its really not advisable to keep all our bitcoins even altcoins in differents exchange plaform so that no one will gonna be victim of it.
The Mt.Gox debacle affected a lot of users and I think almost everyone who was using Bitcoin at that time had deposited something there. It's not like the most trusted and popular Bitcoin exchanges nowadays are not susceptible to hacking incidents because anything could happen ranging from inside jobs to legitimate security breaches. And also if your current exchange hasn't had any problems till now that doesn't mean it won't have in the future so only hold amounts that you can afford to lose.
Many hacks are inside jobs, sometimes it's the security engineer who makes the hack as the sums are really tempting and it's not easy to flag the coins or recover them once they are gone from your control.
The Mt.Gox debacle affected a lot of users and I think almost everyone who was using Bitcoin at that time had deposited something there. It's not like the most trusted and popular Bitcoin exchanges nowadays are not susceptible to hacking incidents because anything could happen ranging from inside jobs to legitimate security breaches. And also if your current exchange hasn't had any problems till now that doesn't mean it won't have in the future so only hold amounts that you can afford to lose.
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