Poll : do you trust an exchange to hold your bitcoins ? - page 2.

deluxeCITY

hero member

Activity: 532

Merit: 500

Quote from: DannyElfman on July 22, 2014, 10:43:57 AM

Quote from: HarHarHar9965 on July 19, 2014, 04:24:55 PM

Quote from: franckuestein on July 19, 2014, 12:12:52 PM

Some exchanges are verified because of an audit but as you know some of them can close when they want unpredictably.

I don't trust any of these audits. From what I can tell, none of them have been carried out in a manner that proves current possession of assets to cover all liabilities.

The New York regulations are going to try to change this. The goal of the regulations is to get it so exchanges must prove that they have enough bitcoin to cover all of their customers' bitcoin and fiat deposits.

it would be awesome if I didn't have to worry about coinbase failing every time I sell via coinbase.

DannyElfman

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Activity: 406

Merit: 250

Quote from: HarHarHar9965 on July 19, 2014, 04:24:55 PM

Quote from: franckuestein on July 19, 2014, 12:12:52 PM

Some exchanges are verified because of an audit but as you know some of them can close when they want unpredictably.

I don't trust any of these audits. From what I can tell, none of them have been carried out in a manner that proves current possession of assets to cover all liabilities.

The New York regulations are going to try to change this. The goal of the regulations is to get it so exchanges must prove that they have enough bitcoin to cover all of their customers' bitcoin and fiat deposits.

HarryT1923

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Merit: 100

trust? no way. but sometimes there's no way to stay in fiat for a couple days waiting on a down leg.

WillyBTC

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Activity: 312

Merit: 250

Never. Occasionally I let them hold my funds for a short time, but never for long.

fdiini

full member

Activity: 167

Merit: 100

Old exchange mature quite a bit.

There are consequences for scamming customers.

CoinsCoinsEverywhere

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Activity: 532

Merit: 500

Quote from: HarHarHar9965 on July 19, 2014, 04:24:55 PM

Quote from: franckuestein on July 19, 2014, 12:12:52 PM

Some exchanges are verified because of an audit but as you know some of them can close when they want unpredictably.

I don't trust any of these audits. From what I can tell, none of them have been carried out in a manner that proves current possession of assets to cover all liabilities.

The problem is, how can they really prove that they own the passwords to the wallets they supposedly own without divulging those passwords? I can maybe think of a way or two, but they'd be very complicated and still not completely foolproof. Or they could show the auditor that they control those wallets, but then how do you fully trust the auditor? And even if a person/company has a pristine record, that doesn't mean that someday they won't disappear with all the funds. In the end, I guess you just have to decide to trust someone. It may be risky, but life is full of risks. You can only try to minimize them.

HarHarHar9965

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Quote from: franckuestein on July 19, 2014, 12:12:52 PM

Some exchanges are verified because of an audit but as you know some of them can close when they want unpredictably.

I don't trust any of these audits. From what I can tell, none of them have been carried out in a manner that proves current possession of assets to cover all liabilities.

franckuestein

legendary

Activity: 1960

Merit: 1130

Truth will out!

Some exchanges are verified because of an audit but as you know some of them can close when they want unpredictably.

Do you remember ShareXcoin or other ones? You can do what you want with your money but IMAO I insist: put your coins on the exchanges just to trade and when you finish, resend to your wallet software.

Armando

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Activity: 870

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Trading will make me rich)

Quote from: Marbit on July 19, 2014, 03:12:30 AM

Quote from: Armando on July 19, 2014, 12:03:10 AM

Depends on exchange

For example - I trust 100 times more to bitstamp, then to btc-e

Why is that? BTCE has been around forever, has always been honorable. They have partnered with MT4 trading platform and FXOpen for leveraged trading, setting up PAMM system... they have a long term plan and are churning out fees.

Long term plan is laughable term, when we are speaking about services operating in black or grey areas

I'm sure that they will either be shut down or will disappear with all the money in long term) They are operating without any license or even a company) serving US customers without being registered with FinCEN, working with underground payment systems; accepting wires "for computers" and withdrawing customers funds to debit cards "for advertisement". And no AML program at all. Grin

Remember liberty reserve and others? The outcome can be easily predicted. The time of such "services" had ended, now you have to play by rules if you want to run payment system, an exchange, payment processor etc. But I believe these guys even don't know the rules)

Marbit

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Quote from: Armando on July 19, 2014, 12:03:10 AM

Depends on exchange

For example - I trust 100 times more to bitstamp, then to btc-e

Why is that? BTCE has been around forever, has always been honorable. They have partnered with MT4 trading platform and FXOpen for leveraged trading, setting up PAMM system... they have a long term plan and are churning out fees.

Armando

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Activity: 870

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Trading will make me rich)

Depends on exchange

For example - I trust 100 times more to bitstamp, then to btc-e

bitcointanner

newbie

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i only trust exchange to hold my btc if its been around a long time , alot of new exchanges are popping up nd most are probly trying to swindle for your money

KimNam

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Merit: 500

Quote from: fdiini on July 18, 2014, 06:50:09 PM

Depending on amount and how old the exchange is.

and if you trade bitcoin a year ago, maybe you goxxed too Sad

based in age of exchange not so good reasons, everything still can happen in the future

ranochigo

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Activity: 3038

Merit: 4418

Crypto Swap Exchange

Quote from: fdiini on July 18, 2014, 06:50:09 PM

Depending on amount and how old the exchange is.

Not much about the age of an exchange. Looking at mtgox, even though they were around for many years, they eventually collapsed in the end. An exchange may be old but they are still exposed to the vulnerability which exist in the exchange. A good exchange would be one who does regular checks on security, though you still cannot trust them too much.

fdiini

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Merit: 100

Depending on amount and how old the exchange is.

ANTIcentralized

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Activity: 210

Merit: 100

I would never trust all my coins with any, or even a mixture of exchanges.

Buying and selling locally is better anyway because it makes the local bitcoin ecosystem stronger

franckuestein

legendary

Activity: 1960

Merit: 1130

Truth will out!

You want to lose your coins? Your answer is yes.
You don't want to lose coins? Your answer is no.

Cheesy

tonycrypto

newbie

Activity: 31

Merit: 0

Quote from: Window2Wall on July 17, 2014, 11:52:23 PM

No, it is a very bad idea to trust your money to an exchange. You are just asking to get scammed.

Agree, why we trust exchange they can run our money anytime if they want, I just use exchange when need to sell some Bitcoins.

sandykho47

sr. member

Activity: 252

Merit: 251

Knowledge its everything

I think trust my bitcoin on HUGE exchanger like BTC-E, Bitfenix, Bitstamp
BUt i just put them BTC to sell
not to put them permanently

Quote from: Ilsk on July 15, 2014, 04:57:41 PM

I don't trust exchanges anymore.

If there was no exchanger, BTC won't success. and altcoin never born

Window2Wall

full member

Activity: 191

Merit: 100

No, it is a very bad idea to trust your money to an exchange. You are just asking to get scammed.

Topic: Poll : do you trust an exchange to hold your bitcoins ? - page 2. (Read 9194 times)