NEver keep all your coins on an exchange - page 8.

topbitcoin

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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.

better if you want to keep it in shape bitcoin coin,because of its stable rate...

bestluck

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Quote from: maydna on November 05, 2016, 06:22:47 PM

Quote from: ivanst776 on November 05, 2016, 03:30:42 PM

Quote from: Shiroslullaby on November 05, 2016, 12:34:00 PM

When you are invested in multiple coins it becomes messy.
I certainly do not want to have ten different wallets installed and keep track of keys/ passwords for all of them.
But even with 2FA turned on I do not feel comfortable having a large amount of money on an exchange...

The 2FA doesn't guarantee you that someone else will steal your coins on the exchange.

This is to prevent others to access your account but when an internal "hack" happens inside the exchanges then you have nothing to do.

That's why no exchange provides a private key or something similar to control fully your funds there and we should be aware to keep as small amount there as possible.

its true because there are no system in the world that is 100% safe, but at least with 2FA, we can protecting our account and if someone hack our account, we can see in history log and we trace for the details and we can see where this thief come from.

But there are also risk that someone hack the address and bitcoins from the exchange just like happened on bitfinex. You have to be aware that the hackers try to hack the addresses from the exchanges and then put all the bitcoins in their own address so it is better to not put all of your bitcoins in one place.

Mark02

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Quote from: betohell on November 05, 2016, 06:19:50 PM

Quote from: genos on November 05, 2016, 04:55:10 PM

exchange is difference with wallet, an exchange site could be bankrupt or hacked easily, I do not know why but we better withdrawl our profit after di trading the save it into ou wallet.

I think instead of just hacking and bankruptcy that make the exchange sites closed. I think also because the owner is greedy and make the site into a scam and he brings all bitcoin from the user, it often happens

Maybe that'll happen if the developer of that site will leave his platform. In the first place, he is getting profit from the 0.2% fee every time they trade. So, if he wants to earn for a long time. He will not close his site. But if he is planning to leave that then even the capital of traders were to be taken also. That's why every time you made a large amount transaction. Make sure to withdraw it right after in your wallet to secure your money and just leave some amount which you will use in your next transaction.

maydna

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Quote from: ivanst776 on November 05, 2016, 03:30:42 PM

Quote from: Shiroslullaby on November 05, 2016, 12:34:00 PM

When you are invested in multiple coins it becomes messy.
I certainly do not want to have ten different wallets installed and keep track of keys/ passwords for all of them.
But even with 2FA turned on I do not feel comfortable having a large amount of money on an exchange...

The 2FA doesn't guarantee you that someone else will steal your coins on the exchange.

This is to prevent others to access your account but when an internal "hack" happens inside the exchanges then you have nothing to do.

That's why no exchange provides a private key or something similar to control fully your funds there and we should be aware to keep as small amount there as possible.

its true because there are no system in the world that is 100% safe, but at least with 2FA, we can protecting our account and if someone hack our account, we can see in history log and we trace for the details and we can see where this thief come from.

betohell

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Quote from: genos on November 05, 2016, 04:55:10 PM

exchange is difference with wallet, an exchange site could be bankrupt or hacked easily, I do not know why but we better withdrawl our profit after di trading the save it into ou wallet.

I think instead of just hacking and bankruptcy that make the exchange sites closed. I think also because the owner is greedy and make the site into a scam and he brings all bitcoin from the user, it often happens

BitHodler

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Quote from: Shiroslullaby on November 05, 2016, 12:34:00 PM

I would be interested to hear what traders do to limit their risks.
How much do you feel comfortable keeping on an exchange?

When you are invested in multiple coins it becomes messy.
I certainly do not want to have ten different wallets installed and keep track of keys/ passwords for all of them.
But even with 2FA turned on I do not feel comfortable having a large amount of money on an exchange...

In my case I only stick to trading Bitcoin, but at the time there is intensive volatility in the market, I tend to have around $2000 in fiat, and like 6 or 7BTC to trade with.

The highest amount of coins that I had on an exchange was like 11BTC, but that was at sub $400 prices.

Important is that after I have completed my trading day, I strictly withdraw all my coins immediately as I don't want to sleep while my coins are not under my control.

mrkevio

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Quote from: genos on November 05, 2016, 04:55:10 PM

exchange is difference with wallet, an exchange site could be bankrupt or hacked easily, I do not know why but we better withdrawl our profit after di trading the save it into ou wallet.

A web wallet can be hacked too if the correct exploit is found. Always store money on cold wallets. An exchange website, however, does not even need to be hacked - it's enough for the admin to just close it, say that it's been hacked and just run with the cash on you. Easy money.

The End Is Neigh

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Well, good advice is all I can say. Exchanges are always going to get hacked so just stay away from them and/or don't keep your balance on them when you do an exchange!

genos

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exchange is difference with wallet, an exchange site could be bankrupt or hacked easily, I do not know why but we better withdrawl our profit after di trading the save it into ou wallet.

mrcash02

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Quote from: Shiroslullaby on November 05, 2016, 12:34:00 PM

I would be interested to hear what traders do to limit their risks.
How much do you feel comfortable keeping on an exchange?

When you are invested in multiple coins it becomes messy.
I certainly do not want to have ten different wallets installed and keep track of keys/ passwords for all of them.
But even with 2FA turned on I do not feel comfortable having a large amount of money on an exchange...

They just take the risk... It's necessary in this world. I believe successfully traders already made a lot of profit that they don't matter very much to lose what they have there on exchange, because all that money came from trading profit.

And surely they use only those most trusted exchanges which the risk to lose their money is low.

ivanst776

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Quote from: Shiroslullaby on November 05, 2016, 12:34:00 PM

When you are invested in multiple coins it becomes messy.
I certainly do not want to have ten different wallets installed and keep track of keys/ passwords for all of them.
But even with 2FA turned on I do not feel comfortable having a large amount of money on an exchange...

The 2FA doesn't guarantee you that someone else will steal your coins on the exchange.

This is to prevent others to access your account but when an internal "hack" happens inside the exchanges then you have nothing to do.

That's why no exchange provides a private key or something similar to control fully your funds there and we should be aware to keep as small amount there as possible.

Shiroslullaby

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I would be interested to hear what traders do to limit their risks.
How much do you feel comfortable keeping on an exchange?

When you are invested in multiple coins it becomes messy.
I certainly do not want to have ten different wallets installed and keep track of keys/ passwords for all of them.
But even with 2FA turned on I do not feel comfortable having a large amount of money on an exchange...

Bitcoinsummoner

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Quote from: Ya-ing on November 05, 2016, 12:17:34 PM

It is better to fix an amount above which you'll never keep coins on a exchange. Some are needed to trade comfortably, and more to get in and out more opportunities, but it is a good policy to limit the amount. Completely agree on that.

But in trading the more you invest the more you can make profit.. and i think you need to stay your high amount in exchange site but there is other way to lower the risk i think spreading them into other exchange site can be help.. to make more profit with low risk..

Ya-ing

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It is better to fix an amount above which you'll never keep coins on a exchange. Some are needed to trade comfortably, and more to get in and out more opportunities, but it is a good policy to limit the amount. Completely agree on that.

johnnyyash

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Quote from: pereira4 on June 21, 2016, 12:15:11 PM

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.

noted...thanks for the advice...i will heed your advice..

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Quote from: croutonhexagon on November 05, 2016, 09:05:44 AM

Yes it's true that even exchange site runs away with our money then we could have no mercy on it. Already we know that exchange sites and some wallets come in service to loot us not to make us profit. So we should be very careful with our money in exchange site it happens actually when there is more fluctuations or changes in market

There exchanges which are trustworthy also, but of course we can not trust 100 percent as even a legit one got bankrupt also. As always,we will b wary of whats happening and as the title of this thread it says NEVER..and I believe so. We ca not tell when will those exchanges will ceased to operate.

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Quote from: Skarner21 on November 05, 2016, 09:15:38 AM

Quote from: rockstar338 on November 05, 2016, 04:51:01 AM

Smart people should know how to keep their money. I think we talking about safe keeping, so not jist exchange site, there is other services that can easily crash in some moment. People should be ready for worst situation that can happen, that way everyone will try to protect their money in best possible way. I think its not hard to spend 10 minutes and download some good walllet, that 10 minutes can save you from big agony. When I started with bitcoins transaction fee was too high for my earning, and I felt how I lose a lot on that, its better to protect your money with little losses, then to stay without all money you had.

Yeah you have a good point for me i choose a wallet that i can backup my private keys and seeds so that i can install my wallet anywhere or what wallet company i want to install it.. like on electrum i backup my wallet .dat and seeds and private keys once the electrum server or that wallet are crash i can install my private key to other wallet like bitcoincore or mutibit.. so you can be still recover all your bitcoins..

As long as you have your seed,private keys, wallet.dat file..you would never lose your bitcoins..as you said you could always recover your bitcoins if your wallet does have a problem. Keeping bitcoins on exchanges aren't bad at all as long you putted only a small amount. It's better to be aware on the possible risk.

danherbias07

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This is a very important talk here and many have shared their experiences in how they deal with it after a sudden lost in one bitcoin exchange. We should look to other option besides an online wallet. We might regret it at the end if we dont change it.

Skarner21

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Quote from: rockstar338 on November 05, 2016, 04:51:01 AM

Smart people should know how to keep their money. I think we talking about safe keeping, so not jist exchange site, there is other services that can easily crash in some moment. People should be ready for worst situation that can happen, that way everyone will try to protect their money in best possible way. I think its not hard to spend 10 minutes and download some good walllet, that 10 minutes can save you from big agony. When I started with bitcoins transaction fee was too high for my earning, and I felt how I lose a lot on that, its better to protect your money with little losses, then to stay without all money you had.

Yeah you have a good point for me i choose a wallet that i can backup my private keys and seeds so that i can install my wallet anywhere or what wallet company i want to install it.. like on electrum i backup my wallet .dat and seeds and private keys once the electrum server or that wallet are crash i can install my private key to other wallet like bitcoincore or mutibit.. so you can be still recover all your bitcoins..

croutonhexagon

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Yes it's true that even exchange site runs away with our money then we could have no mercy on it. Already we know that exchange sites and some wallets come in service to loot us not to make us profit. So we should be very careful with our money in exchange site it happens actually when there is more fluctuations or changes in market

Topic: NEver keep all your coins on an exchange - page 8. (Read 25792 times)