**TAKE YOUR COINS OFF EXCHANGES** | Bitcointalksearch.org

tanjiran

full member

Activity: 770

Merit: 113

Quote from: Stedsm on April 20, 2020, 07:29:13 PM

-snip

Don't just think of the hackers alone and just think what these exchanges themselves can do. You know they've got complete control over your crypto, be it any coin? You know they can run away with our coins themselves? Remember the Mt Gox exit scam? Many exchanges could report hacks due to either try to make insurance claims go positive on their end and they get what they want even with the stolen money (as they have that money already and/or they hire hackers to make it look like a theft). Don't forget that they don't even let you use coin mixers to withdraw your coins to those mixing services if they ever doubt on your requested withdrawal address and stop you right there to prove that it's not a mixing service you're withdrawing to. They can even suspend/ban your accounts for doing so, which is the completely brutal act in my views.

Yes not only hackers but the exchange manager itself also needs attention. Your explanation reminds me of one of the exchanges where the CEO ran away and brought the user's funds. That's really ludicrous, so don't completely entrust your money in a bad exchange.

Zionatin

sr. member

Activity: 906

Merit: 262

Why would keeping our coins in our wallet create a bull run? What sort of logic is that? It is about protecting yourself it has nothing to do with how many bitcoins are on the exchange. This will not affect the price.
I never keep my coins on an exchange for longer than a few hours or maybe a day if I still have more trading to do the next day.

Stedsm

legendary

Activity: 3052

Merit: 1273

Quote from: Oceat on April 20, 2020, 07:07:15 PM

Quote from: Youghoor on April 20, 2020, 05:38:34 PM

Hmmm, it's so sad that these warning statements are shared in here daily yet some folks will come here complaining of their lost cryptocurrencies when an exchange platform closes down. I remember when Cryptopia and Cryptobridge shut down some folks lost money over there. The best place to save your funds is on a wallet you own the private keys.

Not everyone knows this place but when they do it's already late because Google will help them to lead here. Some people who's just adapting Bitcoin and other crypto-currencies aren't well aware of the risk of leaving their coins to the exchanges because they think it's like a bank. But they aren't fully aware that hackers can access to their coins directly once the exchange is being compromised.

Don't just think of the hackers alone and just think what these exchanges themselves can do. You know they've got complete control over your crypto, be it any coin? You know they can run away with our coins themselves? Remember the Mt Gox exit scam? Many exchanges could report hacks due to either try to make insurance claims go positive on their end and they get what they want even with the stolen money (as they have that money already and/or they hire hackers to make it look like a theft). Don't forget that they don't even let you use coin mixers to withdraw your coins to those mixing services if they ever doubt on your requested withdrawal address and stop you right there to prove that it's not a mixing service you're withdrawing to. They can even suspend/ban your accounts for doing so, which is completely brutal act in my views.

Oceat

sr. member

Activity: 2506

Merit: 368

Quote from: Youghoor on April 20, 2020, 05:38:34 PM

Hmmm, it's so sad that these warning statements are shared in here daily yet some folks will come here complaining of their lost cryptocurrencies when an exchange platform closes down. I remember when Cryptopia and Cryptobridge shut down some folks lost money over there. The best place to save your funds is on a wallet you own the private keys.

Not everyone knows this place but when they do it's already late because Google will help them to lead here. Some people who's just adapting Bitcoin and other crypto-currencies aren't well aware of the risk of leaving their coins to the exchanges because they think it's like a bank. But they aren't fully aware that hackers can access to their coins directly once the exchange is being compromised.

Youghoor

sr. member

Activity: 1036

Merit: 275

Hmmm, it's so sad that these warning statements are shared in here daily yet some folks will come here complaining of their lost cryptocurrencies when an exchange platform closes down. I remember when Cryptopia and Cryptobridge shut down some folks lost money over there. The best place to save your funds is on a wallet you own the private keys.

anthonytcm

jr. member

Activity: 58

Merit: 10

I've been using localbitcoins for my fiat exchanges for as far as I can remember, never leave over $2k worth there, that was until the recent dip, I had $2k exactly and it hit me hard as it went down all too quickly with the price dip. Decided to leave it there until price recovers, I've been purchasing here and there but always try to stay under $1k for these extra purchases before sending to a personal wallet, so I currently have 0.22 of which 0.201 I will not touch until price soars once more

gundala

full member

Activity: 896

Merit: 108

One motto that crypto holders must uphold is "if you don't control your key then you don't control your coins"
If we deposit in the wallet exchange, it means that we entrust full security to the exchange. While wallet exchange is a target for hackers, look at how many cases of hacking exchange.

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It's not that you shouldn't use wallet exchanges, but be wise in using them, for example when trading, while for storing in large quantities and for a long period, make sure you use a personal wallet.

Maximize the recommended security services exchange, make sure you keep your email and other verification safe. Use a trusted exchange, usually, the trusted exchange will compensate if there is a hacking case.

Sebas.tian

full member

Activity: 2016

Merit: 156

My problem with these exchanges is very funny because of the ways they operate their businesses. In my early days in trading cryptocurrency, I used to trade in some exchange because of their volumes but on many occasions stuck with the exchange because of withdrawal issues. Thus made me to quit trading sometimes ago but summoned courage to invest more on the trade in o always get withdrawal after completing trades. I don't leave my coins in an exchange because anything can happen to the exchange and my coins will be taken. Keeping your coins in an exchange that have access to your private keys can withdraw your coins without your consent.

Sanugarid

full member

Activity: 1442

Merit: 153

★Bitvest.io★ Play Plinko or Invest!

Quote from: XCANA on April 20, 2020, 03:36:27 PM

Basically, those who still keep their coins in an exchange will be teach a lesson like others who coins were been stolen. Thus has been a common saying that, never give anybody your private keys even the so called exchanges because this singular act can make their coins stolen from them. For those who still keep their coins in exchange stand the risk of losing their coins to hacks. Since my coins were stolen early days of cryptocurrency, I learnt my lessons never to keep my coins in exchange.

Yeah there are incidents that some exchanges are being hacked and funds are being stolen but it is very rare that hackers got all of the funds because they only have limited to steal as the exchanges system will alarm within a few seconds and the exchange will shut their operation down instantly so there is high chance that your funds will be safe, aside the exchange has the acccountability of your funds that if it was stolen within their parameters of security they will insured that for you. So letting your coins sleep in exchange is safe, imo.

XCANA

full member

Activity: 1456

Merit: 148

Basically, those who still keep their coins in an exchange will be teach a lesson like others who coins were been stolen. Thus has been a common saying that, never give anybody your private keys even the so called exchanges because this singular act can make their coins stolen from them. For those who still keep their coins in exchange stand the risk of losing their coins to hacks. Since my coins were stolen early days of cryptocurrency, I learnt my lessons never to keep my coins in exchange.

aakashsangwan

hero member

Activity: 994

Merit: 1000

PUGG.io

Quote from: bitmover on February 07, 2020, 05:47:53 PM

I doubt this would trigger a bull run.
Probably many exchanges would broke and we could see a giant crash if everyone just withdrawal al your coins lol

Anyway, everyone really should withdrawal yo8r coins. But due to security reasons, not to trigger a bull run.

Yes many a times in the past the exchanges were hacked and due to which the people lost so much money, just take the example of Mt gox where lots of bitcoins were lost in the back which was known to the administration way before the event happened, everything was in their hands and you couldn't have done anything to stop that, so it's better to keep your coins in your wallet and make sure to keep a backup of that wallet somewhere safe.

elenag1042

newbie

Activity: 8

Merit: 0

Greetings, we've been stating this for quite while however unfortunately many do not have any desire to listen to this counsel.
Their support is that it's simpler to exchange if the assets are there and that they got to abstain from dumping their riches. they do not have the foggiest idea that to spare it through, no matter whether the trade gets hacked, they have to spend more.

Caketea

newbie

Activity: 4

Merit: 0

If you're actively trading, buying and selling I don't necessarily see an issue with keeping coins on an exchange. It's extremely rare that an exchange goes offline or gets caught with a dead CEO and no way to access the coins. If, however, you are trying to hold them long-term, they are obviously safest in your own wallet and hands. Some secure electronic wallets are relatively cheap and hassle-free these days, but you must realize third-party wallets provide unprecedented convenience for the average user, and no doubt contribute to adoption rates.

Velkro

legendary

Activity: 2296

Merit: 1014

Quote from: patroncito on February 07, 2020, 03:49:27 PM

We need to start telling everyone across the crypto community to take their whole balance of crypto from the exchanges to their OWN WALLET .

We do it since years, telling people all the time to keep their own Bitcoins themselfs.
Problem is, people treat exchanges like paper wallet, but its not.

adzino

copper member

Activity: 2968

Merit: 574

www.Crypto.Games: Multiple coins, multiple games

So your main reason to not keep coin on an exchange is to cause shortage in an exchange and cause a bull run? Lol. This shouldn't be the primary reason. The reason why people shouldn't store their coins in an exchange wallet is because the online exchange wallets are never safe. They are always prone to hacks. Moreover, since you don't have access to the wallets private key, this means that the coins does not belong to you. Again, if the exchange goes down, there is not way you will be able to access those coins without the private key.

Youghoor

sr. member

Activity: 1036

Merit: 275

Quote from: patroncito on February 07, 2020, 03:49:27 PM

Hi Everyone,

We need to start telling everyone across the crypto community to take their whole balance of crypto from the exchanges to their OWN WALLET .

That is the ONLY way to stop manipulation. Furthermore, it will create a huge shortage of coins on every single exchange and end up in a gigantic bull run

REMEMBER. Not your keys. Not your Bitcoins

Taking one's cryptocurrency from exchanges is to provide absolute security from any form of security breach that may lead to the lost of funds. This does not affect the manipulation of prices of cryptocurrencies on the market. When you leave your funds on exchanges no one makes any trade with it lol.

Ridwan Fauzi

full member

Activity: 1330

Merit: 147

I think manipulation work just because there is someone who have a lot of coin, as we know that the coin price movement is because supply and demand which is mean there is someone who sold his all coin then we will actually see the price decrease. As has happened today where a billion worth of bitcoin has sold through mixing service. An owner of bitcoin has sold their bitcoin and make the price decreased because it will help many people got panicked. So, there is nothing with an exchange as long as the exchange is being reputable and also you need an exchange as well when you have intention to sell them.

isaac_clarke22

sr. member

Activity: 1596

Merit: 264

Quote from: redsun114 on February 09, 2020, 01:25:01 PM

Quite a good advice and it’s no longer something new because I know for sure that this has repeated over a hundred times in this forum. And also I don’t think that those that stores their coins on exchanges are newbies, because most of the newbies that starts making use of Bitcoin starts with their private wallets, but as time goes on and they get to hear about exchanges like Binance and Bittrex, that’s when they start to hop on them.

All the above, I don’t think there’s any amount of persuasion you will give that will make people to remove their coins from exchanges, it’s their choice.

Still it is gonna be a common mistakes and bad habit that new people will do once they just started in here. I think we should consider emphasizing guidelines for newbies trading in whatever coins they're planning to trade. Not for how to earn because everyone has their own strategy anyway, but rather putting up guidelines that would keep their money safe just like how MEW warns their user before creating their first wallet.

pawanjain

hero member

Activity: 2674

Merit: 713

Nothing lasts forever

First things first, it's always risky to keep your money on exchanges since you are not the one holding the funds.
Your money is always at risk if you are not holding it's private keys.
Secondly, I have never heard of OWN wallet before. So I am quite sure that it will be totally risky to keep your money in there.
It's always a best to store your coins in wallets whose private keys you own and then transfer them to exchanges whenever you want to trade.

omone1

member

Activity: 843

Merit: 52

It's amusing to see people leave a good amount of fund on exchanges even without major trades, and when such exchanges gets hacked or scam, they groan in pain. I don't have too much faith in centralized exchanges, after daily trade, I retire to my private wallet and I avoid questionable exchanges.

Topic: **TAKE YOUR COINS OFF EXCHANGES** (Read 725 times)

Topic: TAKE YOUR COINS OFF EXCHANGES (Read 725 times)