Topic: Poll : do you trust an exchange to hold your bitcoins ? - page 3. (Read 9188 times)
without exchanges, of course there would be trust in bitcoin. what do centralized entities have to do with that?
I don't trust exchanges anymore.
Exchange is important part of the bitcoin ecology system. If exchange has no trust, then bitcoin has no trust.
I agree with the first sentence. But the second should be nuanced. Would you deposit your fiat to you local currency exchange and trust them hold it for you? I wouldn't. I trust them to convert my USD to EUR.
The same applies to exchanges... I put in fiat x (say US dollars) and get out bitcoin. Or vice versa. I trust them to do this, but I will limit the risk by withdrawing immediately. I do not trust them to hold my belongings for long.
Also bitcoin has trust even without exchanges. I will still be able to buy a pizza with it!
If there were no exchanges, bitcoin might still have trust, but it would likely lose a lot of its value/usefulness. I'm not sure how many businesses would accept bitcoin as a form of payment if they couldn't readily convert to fiat...probably not many.
Maybe yes, for some exchange. But, I prefer with cold storage. Everything can happen in the future, and we will never know.
Yes, up to certain amounts. Coinbase I would trust up to 5k USD. Bitstamp and BTC-E I would barely trust, maybe like 1k USD. Only what I'm willing to lose.
I don't trust exchanges anymore.
Exchange is important part of the bitcoin ecology system. If exchange has no trust, then bitcoin has no trust.
I don't trust exchanges anymore.
Exchange is important part of the bitcoin ecology system. If exchange has no trust, then bitcoin has no trust.
I agree with the first sentence. But the second should be nuanced. Would you deposit your fiat to you local currency exchange and trust them hold it for you? I wouldn't. I trust them to convert my USD to EUR.
The same applies to exchanges... I put in fiat x (say US dollars) and get out bitcoin. Or vice versa. I trust them to do this, but I will limit the risk by withdrawing immediately. I do not trust them to hold my belongings for long.
Also bitcoin has trust even without exchanges. I will still be able to buy a pizza with it!
I don't trust exchanges anymore.
Exchange is important part of the bitcoin ecology system. If exchange has no trust, then bitcoin has no trust.
I don't trust exchanges anymore.
I know I shouldn't but I don't leave large sums of funds on their so I won't be devastated. It is a horrible habit to have and I will try to not do this and use more security with my coins.
well, it's a tough decision. if it's important to you to hedge against a downtrend, it becomes more than just the security of your funds, and not just as easy as sending coins to a cold wallet.
Agreed a lot of thought and planning goes into trading in my experience as a novice trader. When you consider the risk of loss funds and fees it all makes sense for someone just playing around to leave small amounts on different exchanges. For Others who deal in larger sums I'd think there is some serious decision making taking place.
I know I shouldn't but I don't leave large sums of funds on their so I won't be devastated. It is a horrible habit to have and I will try to not do this and use more security with my coins.
well, it's a tough decision. if it's important to you to hedge against a downtrend, it becomes more than just the security of your funds, and not just as easy as sending coins to a cold wallet.
I know I shouldn't but I do leave large sums of funds on their so I won't be devastated. It is a horrible habit to have and I will try to not do this and use more security with my coins.
Can probably trust bitstamp who already have an audit.
yeah you can give more trust to them, but don't give all of your trust 
everything can happen in the future, better if you save you coin in your own wallet
Hello,
I used bitcoin.de and I would trust them watching over my 10 months old daughter. I don't think I need to say more.
Best
iFlash
German exchange? do they accept USD? I used bitcoin.de and I would trust them watching over my 10 months old daughter. I don't think I need to say more.
Best
iFlash
don't trust any exchanges.
Hello,
I used bitcoin.de and I would trust them watching over my 10 months old daughter. I don't think I need to say more.
Best
iFlash
I used bitcoin.de and I would trust them watching over my 10 months old daughter. I don't think I need to say more.
Best
iFlash
Can probably trust bitstamp who already have an audit.
You can but however, not fully. Anything can happen after an audit, even a hacking. AFAIK I don't think a reputable auditor did that audit, if not, it would be a good add-on.
Can probably trust bitstamp who already have an audit.
trust? no way. but sometimes there's no way to stay in fiat for a couple days waiting on a down leg.
same. on longer swings down, i wire out fiat, but on short moves, nothing else to be done.
But constantly wiring fiat in or out eats up any profit you've made (if any). Those wire fees are not cheap, and sometimes there is even a fee to receive a wire, depending on the bank. It just depends on your risk tolerance.
ACH is often not an option from exchanges based in Europe. SEPA is great for people who live in that zone, but for people in the US, international wires are the norm. That usually means a fee from the exchange, from an intermediary bank, and possibly from your own bank. It adds up.
trust? no way. but sometimes there's no way to stay in fiat for a couple days waiting on a down leg.
same. on longer swings down, i wire out fiat, but on short moves, nothing else to be done.
But constantly wiring fiat in or out eats up any profit you've made (if any). Those wire fees are not cheap, and sometimes there is even a fee to receive a wire, depending on the bank. It just depends on your risk tolerance.
trust? no way. but sometimes there's no way to stay in fiat for a couple days waiting on a down leg.
same. on longer swings down, i wire out fiat, but on short moves, nothing else to be done.
But constantly wiring fiat in or out eats up any profit you've made (if any). Those wire fees are not cheap, and sometimes there is even a fee to receive a wire, depending on the bank. It just depends on your risk tolerance.
just have to compare that cost with the exchange risk of holding fiat on an exchange. these exchanges are very shady and unregulated.
trust? no way. but sometimes there's no way to stay in fiat for a couple days waiting on a down leg.
same. on longer swings down, i wire out fiat, but on short moves, nothing else to be done.
But constantly wiring fiat in or out eats up any profit you've made (if any). Those wire fees are not cheap, and sometimes there is even a fee to receive a wire, depending on the bank. It just depends on your risk tolerance.
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