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Topic: NEver keep all your coins on an exchange - page 5. (Read 25792 times)

legendary
Activity: 1232
Merit: 1091
November 14, 2016, 06:41:49 PM
From the btc be stolen of bitfinex , it should be a lesson for the most, in the past mr gox has scammed a lot users here, soo we do learn with mistakes and no one should let all the coins at one exchange, doing that is taking a huge risk to loose those.

There are certain aspects as to why people will never learn from past happenings. First aspect is that they constantly focus on the security of the exchange itself, which of course is also very important, but they don't focus on the operators of the exchange in question to be the thief here. If the security looks all right for people, then they put their full trust in that exchange. Another aspect is that people are too lazy to constantly cash out and deposit coins. They want to sell or buy at the time some action in the market appears. That's only possible if their coins are constantly stored there.
hero member
Activity: 700
Merit: 500
Massive price drop coming...
November 14, 2016, 05:51:34 PM
I never expect anyone to even keep all your resources in a particular source even in real world not to talk of exchange sites which is even more prone to attacks in the crypto-world and because you're responsible for your loss when this happen more reason why one should not even think of putting all his funds in an exchange site. Its even safer to keep in wallets than exchange sites. History should not be forgotten so soon..

I really dont  understand  why some people would really keep their  bitcoins on  an  exchange wallet  , infact we already faced  previous  problems on exchange  hacks  and  people  should really be aware  on those  situations that  might  possibly happen again  on these days. No one  knows, Better to store  up  on a pc wallet or  hardware wallets especially to those who  hold   bulks of bitcoin.
i think the reason why they are keeping it in exchange site they don't want to be late to buy some trends altcoin or bitcoin.. that you are just keeping your bitcoin for trading in your wallet that it takes too long process before you bitcoin to be arrive in your trading site.. for those hourly trader or minute trader they need to stay their funds into exchange site for fast buy and sell purposes.. but if you are long term holders you should use many different exchangers so that you can be get same goal or result if you stay in one exchange the risk is less because we know those mt gox and cryptsy plus bitfinex was crash or hack few months ago.. so if you spread it can help you to save some of your investment..
sr. member
Activity: 714
Merit: 250
November 14, 2016, 05:39:35 PM
Gox
Cryptsy..

If you have most of your coins in Bitfinex.. there will be little mercy when they disappear.
Yeah I am agree, exchange site is different with wallet. An exchange site can bankrupt, then if it happend we will lost our money. Thats my oppinion.
hero member
Activity: 3010
Merit: 794
November 14, 2016, 11:22:30 AM
I never expect anyone to even keep all your resources in a particular source even in real world not to talk of exchange sites which is even more prone to attacks in the crypto-world and because you're responsible for your loss when this happen more reason why one should not even think of putting all his funds in an exchange site. Its even safer to keep in wallets than exchange sites. History should not be forgotten so soon..

I really dont  understand  why some people would really keep their  bitcoins on  an  exchange wallet  , infact we already faced  previous  problems on exchange  hacks  and  people  should really be aware  on those  situations that  might  possibly happen again  on these days. No one  knows, Better to store  up  on a pc wallet or  hardware wallets especially to those who  hold   bulks of bitcoin.
hero member
Activity: 798
Merit: 503
November 14, 2016, 10:55:39 AM
I never expect anyone to even keep all your resources in a particular source even in real world not to talk of exchange sites which is even more prone to attacks in the crypto-world and because you're responsible for your loss when this happen more reason why one should not even think of putting all his funds in an exchange site. Its even safer to keep in wallets than exchange sites. History should not be forgotten so soon..
hero member
Activity: 2996
Merit: 609
November 14, 2016, 10:52:54 AM
If you use an exchange, only put in it what you want to use for trading. Don't store any coins on an exchange. I made that mistake with cryptsy.

Most of  us here   do learn  already   on past   circumstances  that  happen  in the past  on which  big  exchanges have  been  hacked and   lost all  money  . Most users  there  realized  that  we should  not  really  store all of  our  bitcoins  on exchangers wallet  because  the risk  of  lossing  it  is always there. Making  mistake  once should   not be  followed   by another.
member
Activity: 80
Merit: 10
November 14, 2016, 10:44:14 AM
From the btc be stolen of bitfinex , it should be a lesson for the most, in the past mr gox has scammed a lot users here, soo we do learn with mistakes and no one should let all the coins at one exchange, doing that is taking a huge risk to loose those.
sr. member
Activity: 364
Merit: 254
CryptoTalk.Org - Get Paid for every Post!
November 14, 2016, 10:26:45 AM
If you use an exchange, only put in it what you want to use for trading. Don't store any coins on an exchange. I made that mistake with cryptsy.
hero member
Activity: 2464
Merit: 519
November 14, 2016, 10:09:06 AM
I do not trust any of these f#$% exchanges at the moment. You go there and dump a lot of coins to trade and then you trust them to keep it safe. Most of them are not even audited and the people working there have no background security checks been done to see if they had a criminal record.

We are no talking about banks and high security financial institutions here, in many cases these are just young startups with 10 or 20 people working in a few small offices. ^hmmmm^
You talk Like you know so much about them, Funny. State some for the benefit of others. I also get worried to put money in the wrong hands but my kind of person still believe in trading and exchange. However, is there a procedure or institute to accredit any exchange. And if accredited how do u get to know?
hero member
Activity: 756
Merit: 520
November 14, 2016, 09:04:08 AM
If you keep all your coins on an exchange like you treat it as a wallet that is wrong. Because keeping them there for a long time is dangerous because no one can say if tomorrow it will be gone or that site will run away. Just keep an amount of btc that you do in trading and the altcoin that you plan for long term you can also keep them in their own wallets.

Yeah, all of this is very true. Because exchange is not a long-term wallet, wallet basically exchange used to move funds in order to get a profit or used to play. So if we keep most of the coin in the exchange then it is possible your account we will be hit by hack or taken over by those who want to get the benefits without capital (Free). better keep a coin in exchange the maximum is 3 days or after the benefit and after that in moving to personal in the wallet
sr. member
Activity: 308
Merit: 250
November 14, 2016, 04:28:48 AM
If you keep all your coins on an exchange like you treat it as a wallet that is wrong. Because keeping them there for a long time is dangerous because no one can say if tomorrow it will be gone or that site will run away. Just keep an amount of btc that you do in trading and the altcoin that you plan for long term you can also keep them in their own wallets.
legendary
Activity: 2996
Merit: 1054
Leading Crypto Sports Betting & Casino Platform
November 14, 2016, 12:18:20 AM
That's similar to the reason why you should never invest on one gambling website. If one of the websites turns out to be a scam or something goes awry, all of your Bitcoins will be gone. It's good to store Bitcoin on several wallets rather than on one website in general.
That is why much better to have multiple bitcoin wallets with multiple investment to lessen the risk of our money, and i agree that we do not need to focus on 1 website which will give you higher risk, and i do not like to invest in gambling because i know that is not profitable its just entertainment for rich people.
its really good practice to have atleast multiple wallet one for your gambling experience and the other would be for your trade, but you also have a desktop wallet to move everything after dealing with your gambling and trading its must be a practice to send any of your coin to your own storage to make it more safety.
hero member
Activity: 714
Merit: 531
November 13, 2016, 10:40:44 PM
That's similar to the reason why you should never invest on one gambling website. If one of the websites turns out to be a scam or something goes awry, all of your Bitcoins will be gone. It's good to store Bitcoin on several wallets rather than on one website in general.
That is why much better to have multiple bitcoin wallets with multiple investment to lessen the risk of our money, and i agree that we do not need to focus on 1 website which will give you higher risk, and i do not like to invest in gambling because i know that is not profitable its just entertainment for rich people.
hero member
Activity: 826
Merit: 1000
November 13, 2016, 10:02:01 PM
That's similar to the reason why you should never invest on one gambling website. If one of the websites turns out to be a scam or something goes awry, all of your Bitcoins will be gone. It's good to store Bitcoin on several wallets rather than on one website in general.
hero member
Activity: 1036
Merit: 514
November 13, 2016, 06:11:28 PM
Having coins in an exchange means there is a possibility that your coins will be gone.  There are history of exchanges being hacked and users coins are gone.  So I think it is better to withdraw the coins you are not using to your local wallet.  That way it is safe from being gone.
Never put it all in an exchange is the common rule of bitcoin user I thought.
Security issues will forever haunted on them, there is no such thing secure in online world.
I agree to keep majority of your coins in offline wallet if you want to savings it and partially in some wallet to avoid so much loss if you get hacked.
hero member
Activity: 756
Merit: 501
November 13, 2016, 05:12:14 PM
All shoulr remember forever of bitfinex problem that made an huge damage into bitcoin, with that said we all know that just some exchanges does cares about the security of their costumers as well the funds, when this should be their main concern.
sr. member
Activity: 1092
Merit: 271
November 13, 2016, 02:42:47 PM
Having coins in an exchange means there is a possibility that your coins will be gone.  There are history of exchanges being hacked and users coins are gone.  So I think it is better to withdraw the coins you are not using to your local wallet.  That way it is safe from being gone.
member
Activity: 93
Merit: 10
November 13, 2016, 02:34:11 PM
No this would not be smart to do because its something that is pretty dangerous and if a exchange gets down or something, or they are turning in a ponzi's you will lose a lot of money!
legendary
Activity: 1274
Merit: 1004
November 13, 2016, 01:52:20 PM
its true that exchanges are not a safe place to keep your coins but what can you do if you need to wait for the coin's price to reach your desired position.insted of risking your coins you can try the voucher systems which nowdays avalible in most of the exchanges
hero member
Activity: 1134
Merit: 517
November 13, 2016, 01:15:34 PM
Looking down memory lane, one does not need any telling that exchanges should never be used as a bank, so there no point stacking your hard earned coins with them. For traders, what ought to be in your account is your trading capital, every other coin should be resting in other secured wallets. After my experience with Cryptsy, I these days only go to an exchange when there is an exchange to be made and then be gone.
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