Topic: STAHP USING ONLINE EXCHANGES/WALLETS (Read 3174 times)

use them for buying/selling/trading but get your money out .. dont leave btc on an exchange

I'm glad to see someone else gets this.

Too many people worry about how the elderly will learn Bitcoin.

Nobody's grandparents ever learned show to connect a DVD player to stereo receiver - they just had their grandchildren do it for them.

Day trading requires taking advantage of big pumps and dumps that can happen ANY TIME at any market (any altcoin). So if you have to move your coins from the exchange to the wallet everytime, you are getting nowhere. The confirmation time is way too high to be quick enough.

It needs to be improved but isn't that bad --

Most baby boomers can secure their bitcoins with one of these-

https://bitcointalksearch.org/topic/overview-bitcoin-hardware-wallets-secure-your-coins-899253

Older Luddites can buy one of these and have their grandchild help them set it up.

Well to be fair, a good portion of the population would not  be otherwise be able to secure their wallets/funds with their own computer, so for a lot of people they would be better off keeping small amounts of funds on an exchange/online/hosted wallet. It should be noted that a lot of people are horrible at security and that bitcoin does have a bit of a learning curve when it comes to securing your wallet

We can't stress this enough. I guess people are quite ignorant (and/or lazy?) when it comes to security and privacy.
Bitcoin is as secure as the way we use it and secure our systems and hold them. All those major hacks were expected (excluding those "hacks" that were inside jobs). I've been saying this from the days prior to Mt.Gox. Do not hold your funds online.

They are even at risk on your everyday PC. I mean, you're holding a lot of money (some people even millions) on a machine that is protected by some firewall. That's like leaving a million in a bag in your yard, which has a small metal fence around it.

Thanks and ood luck brother, exchanges are looked at as banks.

After you're done at the casino, do you leave all your chips at the table?

No, of course not, if you do, you're an idiot and deserve to lose it.

I have no pity for stupid people, none whatsoever, do your homework, ya lazy greedy fucks.

Someone's willing to go to hell so you go broke, it happens a lot... good people, we don't go around expecting to be deceived...

In the financial markets, assume everyone is out to swindle you.

Day traders need to assume the risk, it's part of the occupation; don't put ALL you coin there either, save some in case you lose it all.

A few years ago I made a post saying not to keep their coin in exchanges and to use the Bitcoin Core.

Then I was called a jerk, a nut case, a freak, what have ya for speaking against exchanges and the Blockchain.info wallet.

By whom?  I figure were their respective owners or remote controlled idiots.

Few weeks later, 2-3 few exchanges went down... I told everyone, no one wanted to listen, too fucking bad for them.

I day trade but I don't leave my coin overnight unless I really want a certain price; but I assume the risk when I do.

I also run the core; guess who never lost one single Satoshi?  Myself including a lot of other clever coiners.

Then stupid sheeple be asking, oh please IMF, protect our exchanges!!  Inject our network with fake money!!

The core is slow but safe... cashing out every time you're done your day nearly guarantees you won't lose your coin whilst you are sleeping.

That is my greatest fear, or better yet, spend your BTC on AltCoins instead, there's never been a great MazaCoin or DigiByte heist there lol.

Yeah sounds asinine but get the hint.

Even if they did there can always be weak links, especially when you have to change funds from cold wallets to hot. An external audit can also never account for an inside job nor can you really protect fully against it. I guess multi-sig wallets would help but depends on if you fully trust those people.

Mt. Gox, anyone? or did we all already forget... 

but its not like you are going to be warned off if the exchanger is going to be rubbed or something. if it is dangerous to put bitcoin or any currency in an exchanger it doesn't matter for 1 minute or 1 month. the exchanger can be hacked the minute you deposit

Or use a decentralised exchange.....

I've always used a desktop wallet. The problem with Bitcoin, or at least seems to be, are these ridiculous hacks. They are way too frequent and frustrating to deal with if you're the victim. It's happened time and time again, people still don't learn. Exchanges have problems. There are always crooks that want to steal people's hard earned BTC.

You can deposit but don't keep there, i.e., withdraw instantly after you do a trade.

   -MZ

The difficulty is what criterias should be used to evaluate good exchanges, such as trading volume, opening length, or management, security etc. Maybe the centralized is the problem. Human error is impossibly avoided.

While I do agree with the overall concept of your OP, I would say that holding the private keys is not the best of ideas for everyone.

Some people (especially newbies) do not have the skills required to properly secure their private keys. For these people, it would probably be a good idea to keep their funds at an exchange that is somewhat reputable for having proper security practices

You don't get the point, exchanges are used for trading, not storage, if you plan on holding them long term you don't let them sit there on an exchange even if it's only for a week, you're just asking for trouble if it's a large amount, the problem here is there are people genuinely using these places as storage areas and they end up getting themselves screwed over for it and then come bitching here about it all the fucking time.

Its a meme, not a misspelling.

http://www.urbandictionary.com/define.php?term=stahp

Complaining makes you look 'net illiterate.

I agree. Deliberately misspelling words is juvenile. That said, I unintentionally misspell them all the time. No excuse for not correcting the title though.

+21,000,000
There is a demand for good exchanges and eventually honest people will profit from providing the service.