Poll : do you trust an exchange to hold your bitcoins ? - page 5.

DannyElfman

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Quote from: CEG5952 on July 04, 2014, 09:26:46 PM

Quote from: gmx95 on July 04, 2014, 05:54:27 PM

Depends on an exchanger. Maybe its good to keep btc at different exchanges at the same time.

Definitely. I never keep all my eggs in one basket. For the coins I keep out of cold storage, I spread them out between BTCE, Bitfinex, and Bitstamp. I don't feel great about any of them, but there's no other way to trade.

Wouldn't it just be better to keep your coins in your own "hot wallet" that you control and only keep coins at an exchange when you wish to sell for fiat?

ranochigo

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Crypto Swap Exchange

Quote from: PrimevalLeviathan on July 05, 2014, 06:44:42 AM

this is my confused too
due to mtgox ， i can't trust exchange but i need use exchange Huh

???how can i do

Do not keep any or too much btc in the exchange, try using small amounts that you know you are going to use immediately and withdraw it afterwards.

PrimevalLeviathan

newbie

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this is my confused too
due to mtgox ， i can't trust exchange but i need use exchange Huh

???how can i do

ranochigo

legendary

Activity: 3038

Merit: 4418

Crypto Swap Exchange

Even if the operator is trusted, there may be flaws in the systems and can get hacked. More and more vulnerabilities are surfacing everyday, there may be a chance which the exchange can get hacked.

CoinsCoinsEverywhere

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In my opinion, no matter how trustworthy an exchange and its employees are, there's always a chance of losing anything kept on it. They may have great security, but there's always a chance they missed something.

CEG5952

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Buy and sell bitcoins,

Quote from: gmx95 on July 04, 2014, 05:54:27 PM

Depends on an exchanger. Maybe its good to keep btc at different exchanges at the same time.

Definitely. I never keep all my eggs in one basket. For the coins I keep out of cold storage, I spread them out between BTCE, Bitfinex, and Bitstamp. I don't feel great about any of them, but there's no other way to trade.

gmx95

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Depends on an exchanger. Maybe its good to keep btc at different exchanges at the same time.

CEG5952

hero member

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Buy and sell bitcoins,

Quote from: Harley997 on July 04, 2014, 03:04:24 AM

Quote from: skottiejay on July 01, 2014, 12:25:46 PM

I wouldn't trust any exchange, even though I do have an account with blockchain any amount of BTCitcoin i receive automatically gets transferred to my wallet because i can't have what happened a month ago happen again where i was phished for everything i had.

This is another good example as to why you should not keep money on an exchange.

Sure, but similar issues exist for desktop wallets. There are now many forms of malware that target bitcoin wallets, so part of the issue here is not 3rd party (exchange) vs. desktop wallet, but also general security precautions and cold storage.

Harley997

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Quote from: skottiejay on July 01, 2014, 12:25:46 PM

I wouldn't trust any exchange, even though I do have an account with blockchain any amount of BTCitcoin i receive automatically gets transferred to my wallet because i can't have what happened a month ago happen again where i was phished for everything i had.

This is another good example as to why you should not keep money on an exchange.

CEG5952

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Buy and sell bitcoins,

Quote from: skottiejay on July 01, 2014, 12:25:46 PM

I wouldn't trust any exchange, even though I do have an account with blockchain any amount of BTCitcoin i receive automatically gets transferred to my wallet because i can't have what happened a month ago happen again where i was phished for everything i had.

Oh wow, sorry to hear that. I certainly don't keep more than is necessary on the exchanges, though I do keep money there to trade. I also use blockchain.info on my online computer, but only keep relatively small amounts there in case of anything phishy.

skottiejay

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bitcoinnaire

I wouldn't trust any exchange, even though I do have an account with blockchain any amount of BTCitcoin i receive automatically gets transferred to my wallet because i can't have what happened a month ago happen again where i was phished for everything i had.

Denise520

newbie

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Of course not. Because there are so many unstable factors, such as the environment of exchanges, honesty,etc.

DannyElfman

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Quote from: Habeler876 on June 30, 2014, 01:56:25 PM

Quote from: Harley997 on June 29, 2014, 08:19:09 PM

Quote from: CEG5952 on June 29, 2014, 04:06:32 PM

Quote from: smashingpumpkin on June 26, 2014, 06:18:57 AM

Exchanges are for exchanging, wallets are for keeping coins.

Simply use things in the way they are supposed to be used and you will be fine.

The problem is when you are waiting in $$ for the volatile spikes downward to buy. Wiring $$ out to your bank account means you might miss big opportunities. Hence the drive to keep $$ on the exchange -- no other way to do it.

This is true if your intent is to trade the bitcoin you have. If you intention is to save your bitcoin and/or spend it on good/services then transferring money to an exchange is a feesible option

Well, this is the "Trading Discussion" forum. Tongue

I wish there was a way that I could safely hold $ to send to exchanges quickly (in the way you can do with BTC), but the banking system has its drawbacks!

You don't necessarily need to trade bitcoin for fiat, IMO using bitcoin in exchange for some kind of service would be better for the bitcoin economy then trading it for fiat.

Habeler876

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Quote from: Harley997 on June 29, 2014, 08:19:09 PM

Quote from: CEG5952 on June 29, 2014, 04:06:32 PM

Quote from: smashingpumpkin on June 26, 2014, 06:18:57 AM

Exchanges are for exchanging, wallets are for keeping coins.

Simply use things in the way they are supposed to be used and you will be fine.

The problem is when you are waiting in $$ for the volatile spikes downward to buy. Wiring $$ out to your bank account means you might miss big opportunities. Hence the drive to keep $$ on the exchange -- no other way to do it.

This is true if your intent is to trade the bitcoin you have. If you intention is to save your bitcoin and/or spend it on good/services then transferring money to an exchange is a feesible option

Well, this is the "Trading Discussion" forum. Tongue

I wish there was a way that I could safely hold $ to send to exchanges quickly (in the way you can do with BTC), but the banking system has its drawbacks!

Harley997

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Activity: 266

Merit: 250

Quote from: CEG5952 on June 29, 2014, 04:06:32 PM

Quote from: smashingpumpkin on June 26, 2014, 06:18:57 AM

Exchanges are for exchanging, wallets are for keeping coins.

Simply use things in the way they are supposed to be used and you will be fine.

The problem is when you are waiting in $$ for the volatile spikes downward to buy. Wiring $$ out to your bank account means you might miss big opportunities. Hence the drive to keep $$ on the exchange -- no other way to do it.

This is true if your intent is to trade the bitcoin you have. If you intention is to save your bitcoin and/or spend it on good/services then transferring money to an exchange is a feesible option

tescomatty

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History shows Bitcoin exchanges have relatively short lifetime, I guess 90% likelihood failure in 5 years. Thats why I keep stuff there only for shortest time necessary, to reduce my risk. So far good for me

CEG5952

hero member

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Buy and sell bitcoins,

Quote from: smashingpumpkin on June 26, 2014, 06:18:57 AM

Exchanges are for exchanging, wallets are for keeping coins.

Simply use things in the way they are supposed to be used and you will be fine.

The problem is when you are waiting in $$ for the volatile spikes downward to buy. Wiring $$ out to your bank account means you might miss big opportunities. Hence the drive to keep $$ on the exchange -- no other way to do it.

michaelwang32

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Quote from: Nawaytes on June 26, 2014, 08:55:10 PM

I do not think so,
I get quite a lot of profits when trading, although taxable exchange

And what exchange you choose?

Nawaytes

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I do not think so,
I get quite a lot of profits when trading, although taxable exchange

gigalew

member

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Merit: 10

only for small amounts while trading, then i remove the coin

Topic: Poll : do you trust an exchange to hold your bitcoins ? - page 5. (Read 9194 times)