Topic: NEver keep all your coins on an exchange - page 29. (Read 25795 times)

yeah i also know the risk and i still sometimes hold my money onto exchanges because i need to do some trading with cryptocurrencies, i think it is just easier

Having your coins sit in your exchange wallet for trading purposes is different than keeping your coins in an exchange just as some sort of wallet.

I don't do much trading, but when I do I just send the coins to my exchange and do the trading.

Once I'm done trading I directly send the coins from the exchange back to my wallet for safety purposes. I never let a single Satoshi there.

Indeed.However if the exchange is quite concerned about their loyal customers,they should take the responsibility of providing coins/restoring wallets which were stolen.Afterall,its completely their fault since they could not find the breaches while Pen-testing.A nice example to post whenever someone argues about safety of their coins in an exchange wallet.

hay, news from bitfinex

Today we discovered a security breach that requires us to halt all trading on Bitfinex, as well as halt all digital token deposits to and withdrawals from Bitfinex.

We are investigating the breach to determine what happened, but we know that some of our users have had their bitcoins stolen. We are undertaking a review to determine which users have been affected by the breach. While we conduct this initial investigation and secure our environment, bitfinex.com will be taken down and the maintenance page will be left up.

The theft is being reported to—and we are co-operating with—law enforcement.

As we account for individualized customer losses, we may need to settle open margin positions, associated financing, and/or collateral affected by the breach. Any settlements will be at the current market prices as of 18:00 UTC. We are taking this necessary accounting step to normalize account balances with the objective of resuming operations. We will look at various options to address customer losses later in the investigation. While we are halting all operations at this time, we can confirm that the breach was limited to bitcoin wallets; the other digital tokens traded on Bitfinex are unaffected.

We will post updates as and when appropriate on our status page (Bitfinex.statuspage.io) and on the maintenance page. We are deeply concerned about this issue and we are committing every resource to try to resolve it. We ask for the community’s patience as we unravel the causes and consequences of this breach.
Aug 2, 18:06 UTC



seem this is the worst things happen when you store your coin in exchange

and there is also the chances that the exchange go down for a while due to some issue like due to server down, and in that time the person will be unable to get access to his/her bitcoins if he/she need to pay/transact to someone.

Many people who pot their money to exchanges really know the risk but there is still newcomers that don't know that it's very risky to keep it there. Atleast we're always here  to remind new in exchanger and trading.

Yeah but it only takes one and you lose all your money.
An exchange could get hacked, or some government finds out they were helping with illegal activities and shuts them down, many things can happen.

Unless they are in a wallet that only you have the keys to you need to be careful.

you will definitely not lose a lot of money right now, less and less exchanges are turning to scams right now so i think it is starting to be safe to hold money on exchange

I agree, there are lots of history where people who left their coins in exchange lost everything.  GOX and  Cryptsy are the bigger one, and there are some small exchanges too like sharex that just close and run with their client's Coin not saying the one posting this message have First hand experience of losing coins to an exchange/trading platform that shutdown.

Yes we leant it over time and hearing some many stories here that users lost their bitcoins from exchanges or even from wallets heard being their wallet hacked or some other reason.So its better to distribute the amount in some different wallets and keep only some small amount that is reauiered on the exchanges.

Never keep all eggs in.one basket, I think that isw the lesson we all have learned. So is with Bitcoin, if youw have bigger amount of coins don't keep them.in.one wallet anf if you also have something on exchangers, that should be the smallest sum. Anyway, combining wallets is always a good method to keep them safe..

It is never worth saving a few cents to keep all of your coins in an exchange. I would rather pay $0.20-$0.30 per month putting some Bitcoin into an exchange rather than risk a few hundred (or thousand if you're a high-volume trader) dollars by keeping it in an exchange constantly.  It is relatively risky, more risky than keeping it in a wallet, and no exchange has my trust anymore, after cryptsy and Mt.Gox.

Exchanges are being used like banks. If you don't trust banks, you shouldn't trust exchanges too. Most bitcoin users i know hate banks, yet they keep most of their money in exchanges. That's because they don't want to miss any trading opportunities and they want to be ready for anything. That includes cashing their money out and getting away when it needs to be. They don't wanna hold bitcoins in their home wallet because of the volatility.

They aren not ready for the probability of getting robbed by exchanges sadly.

keeping our coins in a exchange is like placing a leaf into river water .you know it will float but if something problem comes and you are not there to protect it then you lost it for forever

First you need to set yourself a limit of how much you can afford to lose. To big was not spending. Then even if you won something you need to stop and not hope that this is good luck. This is not true. Just in case. Maybe you should try a different game, and thereby weakening interest.

Maybe you can save some fees. But when the exchange goxed, you will lose everything. It is very riseky.

Yeah, I see also as you say. Many people prefer to save some coin in the exchange, because they don't want to spend the money for any fee charged to them, maybe it's one of the reasons that make sense. But it's also dangerous to them, and I think not all exchange provide sufficient security is tight

I think some people just don't believe the other's suggestion until they find out why the other's gave the suggestion, and then they're regret.

or maybe put some coins on exchange makes profit for some people, IDK

I think anybody with half a brain knows this after Gox & the disaster that it left in its wake.

Not surw if you needed to start a new thread on it though bro.

Thats right if you have a big money in any exchange dont left there withdraw it in local wallet because its more safer there. If you dont like disappear your money be wise and make withdraw them but not all maybe left a 5% of your money in exchange to play it in exchange. Dont put all your egg in one basket for your money safety.