Trading and security - page 3. | Bitcointalksearch.org

TheQuin

hero member

Activity: 2576

Merit: 882

Freebitco.in Support https://bit.ly/2I9BVS2

Quote from: mk4 on September 07, 2017, 12:48:49 PM

Quote from: phreeksta on September 07, 2017, 04:57:01 AM

Quote from: TheQuin on September 06, 2017, 11:53:33 AM

Quote from: deddod on September 06, 2017, 11:42:15 AM

I have never experienced a problem with my wallet security (not wallet paper).
as long as you use 2fa in my opinion, your account / your wallet will be fine.

Tell that to all the people that lost coin at the exchanges and wallet sites that got hacked. I lost quite a lot (to me) at Cryptsy, a little dust at Inputs.io and got lucky that there was nothing in my Mt. Gox or BTC-e accounts.

A way bigger threat are actually the exchanges itself. You can use a strong password, 2FA etc etc. but all this doesn't matter when the operators of the exchanges itself are robbing you ... and you can't do anything about that, when you are a regular trader.

Can you explain in more detail how the operators of the exchanges are "robbing" you? If you're talking about the fees, then guess what: exchanges are also businesses, which are put up to make profit. You expect a company to spend thousands and thousands of dollars for their website and the huge database, employees, etc and put up their site without fees? Come on now.

Most of the so called hacks of exchanges that went bust are suspected of being inside jobs. Look up the ones I mentioned above. If the owner or employees are going to abscond with your coin then using 2FA isn't going to help you.

Huonghoang1939

newbie

Activity: 23

Merit: 0

Quote from: mackenzied on September 07, 2017, 12:47:50 PM

Quote from: bdog1234 on September 04, 2017, 02:49:11 AM

I have read dozens of threads saying you need to keep your BTC on a hardware wallet or paper. Anything online isn't safe they say. When trading that is not really feasible is it? I like to move in and out of positions several times a day and often at a moments notice. My trading account has a sizable balance (to me - 5 figures) in it.

How risky is this and any additional things I could do?

I think if you are a trader, and you operate on large trading floors, you do not need to worry about security. Because they always make sure you are safe about security issues, however, you also need to do everything right according to their needs.

Totally agree. make sure that you do not to reveal the information, always install the mail sign in trading floor in 2FA mode, carefully kept mail accounts, the ID in the trading floor always in 2FA.

mk4

legendary

Activity: 2870

Merit: 3873

Paldo.io 🤖

Quote from: phreeksta on September 07, 2017, 04:57:01 AM

Quote from: TheQuin on September 06, 2017, 11:53:33 AM

Quote from: deddod on September 06, 2017, 11:42:15 AM

I have never experienced a problem with my wallet security (not wallet paper).
as long as you use 2fa in my opinion, your account / your wallet will be fine.

Tell that to all the people that lost coin at the exchanges and wallet sites that got hacked. I lost quite a lot (to me) at Cryptsy, a little dust at Inputs.io and got lucky that there was nothing in my Mt. Gox or BTC-e accounts.

A way bigger threat are actually the exchanges itself. You can use a strong password, 2FA etc etc. but all this doesn't matter when the operators of the exchanges itself are robbing you ... and you can't do anything about that, when you are a regular trader.

Can you explain in more detail how the operators of the exchanges are "robbing" you? If you're talking about the fees, then guess what: exchanges are also businesses, which are put up to make profit. You expect a company to spend thousands and thousands of dollars for their website and the huge database, employees, etc and put up their site without fees? Come on now.

mackenzied

sr. member

Activity: 434

Merit: 250

Quote from: bdog1234 on September 04, 2017, 02:49:11 AM

I have read dozens of threads saying you need to keep your BTC on a hardware wallet or paper. Anything online isn't safe they say. When trading that is not really feasible is it? I like to move in and out of positions several times a day and often at a moments notice. My trading account has a sizable balance (to me - 5 figures) in it.

How risky is this and any additional things I could do?

I think if you are a trader, and you operate on large trading floors, you do not need to worry about security. Because they always make sure you are safe about security issues, however, you also need to do everything right according to their needs.

yahoo62278

legendary

Activity: 3682

Merit: 4469

Quote from: risk91 on September 06, 2017, 09:13:55 AM

Quote from: TheQuin on September 06, 2017, 02:55:06 AM

Quote from: viking02 on September 06, 2017, 02:44:01 AM

So i watched one of those videos on youtube where someone mentioned to not keep your coins on bittrex and keep it in your own wallet. Do most bittrex users do it this way or not? He says when you are ready to buy or sell a coin, then send the coin to bittrex.

However if thats the case, wouldnt you need to download 10s of wallets if you plan on trading at least 10+ coins? The other thing is if you do this, wouldnt you need to pay those sending fees like bitcoin to do this? So in other words, keeping a lot of btc or altcoins in your bittrex wallet is not secure? I had thought with a bittrex account, you dont even need wallets anymore etc...

You just need to look at the history of crypto exchanges (Mt. Gox, Cryptsy, Bitfinex, BTC-e) to realise that there is a significant risk holding your coins on an exchange. In general, the rule is if you don't own the private key you don't own the coin. If you trade then the exchange getting hacked, shut down or going bankrupt is an additional risk you have to take on top of the risk in trading.

Depending on what coins you own there are several multi-coin wallets available.

If you look at the balance sheet in a company’s annual report, you may notice some interesting entries listed among its assets. “Trading securities” or “trading account assets” are a special class of investments -- including stocks and bonds -- and are treated quite differently than most other assets a company holds. In fact, U.S. accounting rules require companies to classify the intent at acquisition of any stocks or bonds to accurately value them for accounting and tax purposes.

quoting for reference

rtinedal

full member

Activity: 126

Merit: 100

if u want to hold bitcoin for a few yrs it's better to keep a bitcoin on the hard wallet or paper wallet because you hold your private key. but if you are bitcoin trader you want more bitcoin you better exchanger put your bitcoin. anytime you buy altcoin remember when the altcoin price increases 90% is twice your bitcoin number.

sebr1ng

full member

Activity: 260

Merit: 100

That's what I do, not in the same percentages, but yeah - it gives my some security and a substantial trading collateral.

Ponylon

member

Activity: 126

Merit: 10

unless you trade your entire 5 figure sum, no, it's not possible

your best bet would be to keep 80% in a hard wallet and trade the rest 20% with margin/leverage

audaciousbeing

hero member

Activity: 1330

Merit: 569

Quote from: bdog1234 on September 04, 2017, 02:49:11 AM

I have read dozens of threads saying you need to keep your BTC on a hardware wallet or paper. Anything online isn't safe they say. When trading that is not really feasible is it? I like to move in and out of positions several times a day and often at a moments notice. My trading account has a sizable balance (to me - 5 figures) in it.

How risky is this and any additional things I could do?

For those advising to keep funds out of exchange sites, knows what they are saying and the issue of BTC-e comes to mind where the amount you can get for now is 55% of your fund for someone having the amount you have there, its definitely loss of sizeable amount of investment which the balance might not be available again and even if it does, not at the right time. For me, the past is a fundamental lesson that should shape our decision not to fall in the same situation those that have gone before us have witnessed. Just keep it where you can control it.

Yutikas_11920

hero member

Activity: 714

Merit: 500

Quote from: okala on September 05, 2017, 12:25:03 PM

You should understand that everything in life is a risk and you should calculate your risk before venturing into something in liquid. Traditionally offline wallets is the most save wallets and I will advise you to take the security of you investment very serious as most of these exchangers trading platform are scammer. You should keep at least 90℅ of your risk capital on offline wallet.

Well, risk is something we will never get rid of all the things done, because risk is indeed the absolute challenge that exists in every thing related to the economy. So we can only minimize a risk and will never be able to eliminate it, the more we growled to get rid of it the closer we are to defeat. Wallet offline or online does have a difference, but one thing you should know that it all depends on how you choose and create a double security. Because most will not be separated from us.

phreeksta

member

Activity: 112

Merit: 11

Quote from: TheQuin on September 06, 2017, 11:53:33 AM

Quote from: deddod on September 06, 2017, 11:42:15 AM

I have never experienced a problem with my wallet security (not wallet paper).
as long as you use 2fa in my opinion, your account / your wallet will be fine.

Tell that to all the people that lost coin at the exchanges and wallet sites that got hacked. I lost quite a lot (to me) at Cryptsy, a little dust at Inputs.io and got lucky that there was nothing in my Mt. Gox or BTC-e accounts.

A way bigger threat are actually the exchanges itself. You can use a strong password, 2FA etc etc. but all this doesn't matter when the operators of the exchanges itself are robbing you ... and you can't do anything about that, when you are a regular trader.

TheQuin

hero member

Activity: 2576

Merit: 882

Freebitco.in Support https://bit.ly/2I9BVS2

Quote from: deddod on September 06, 2017, 11:42:15 AM

I have never experienced a problem with my wallet security (not wallet paper).
as long as you use 2fa in my opinion, your account / your wallet will be fine.

Tell that to all the people that lost coin at the exchanges and wallet sites that got hacked. I lost quite a lot (to me) at Cryptsy, a little dust at Inputs.io and got lucky that there was nothing in my Mt. Gox or BTC-e accounts.

deddod

sr. member

Activity: 476

Merit: 250

I have never experienced a problem with my wallet security (not wallet paper).
as long as you use 2fa in my opinion, your account / your wallet will be fine.

iamTom123

hero member

Activity: 490

Merit: 501

Quote from: TheQuin on September 04, 2017, 02:56:20 AM

You are correct that it's not possible to securely hold your coin and trade with it as keeping it on an exchange means you do not have the private key.

My advice would be not to put all your eggs in one basket. Open accounts at multiple exchanges and spread the risk. Only keep what you need for trading at the exchange and withdraw any profit whenever you can. Also always use a strong password and enable 2FA. If there are any signs of the exchange not being trustworthy, like holding withdrawals and not answering support queries then get out of there as soon as possible.

I would advise the same thing. Since OP is doing the trade, then there is no choice but to put funds where they are traded but it is really good if you don't just use one trading site so as to minimize the risks but please choose your trading sites wisely. I have been using Bittrex ever since I started doing some small trades and I find it very good especially for newbies. Aside from Bittrex, there are those who choose Poloniex and these two are actually based in USA which I don't know if their location can be adding to risks or lessening them.

The risks does not just come from the sites we are using (well you can say it must be inside job just in case) but mostly coming from people whose main business is victimizing others' vulnerabilities or weaknesses. I have been a victim of phishing myself (am still a little bit shocked even up to now) and I know that feeling upon realizing what really happened.

crairezx20

legendary

Activity: 1638

Merit: 1046

Quote from: CyberKuro on September 06, 2017, 10:45:42 AM

Quote from: Siren on September 04, 2017, 03:15:13 AM

Quote from: bdog1234 on September 04, 2017, 02:49:11 AM

I have read dozens of threads saying you need to keep your BTC on a hardware wallet or paper. Anything online isn't safe they say. When trading that is not really feasible is it? I like to move in and out of positions several times a day and often at a moments notice. My trading account has a sizable balance (to me - 5 figures) in it.

How risky is this and any additional things I could do?

Read all about Mt. Gox and Bitfinex hack and look how many people lost a lot of funds in those trading platform. I'll just advise you to just enough funds in a exchange for your trading purposes and pull out most of your funds to a secure wallet. Its better to be safe that sorry. If you are willing to let all your funds then take the risk, enable 2FA and make a strong password if they planned to hack your account only. But if its a widely planned exchange hack, then nothing you can do. Its up to you dude. I hope you make the right decision.

Yes, an exchange and trading platforms are the most targeted by hackers just like you said, MT. Gox and Bitfinex are the good examples.
If you are an active traders, put your money or bitcoin in trading platform is inevitable, if it being hacked, then you are unlucky.
5 digits of money or bitcoin is big amount and must be secured, in that case just treat trading platforms or exchanges as temporarily place to do your business, in and out as fast as possible. Buy and sell and then withdraw your money, just put small amount in their wallet just in case.

I think there is no good way to go far in any risky in exchange site every thing can be happen even the site is really secured there are still possibility that online exchange site can be hack.. like the other said spreading your coins can lessen the risk.. but honestly for me its not it can be more possible to lose them all if all trading site are hack if you really want to keep your coins safe just save them only in desktop wallets or paper wallet..
Its normal that we are seeing hack exchange site just this year we are not still no heard any exchange site are down and hope it will not be happen again just like last year happen when there is a exchange site was hack and burst decreasing value of bitcoin because of exchange site hack..
So if you heard a new some issue better to get ready to withdraw them and transfer your coins for safety places. . before the site can be taking down or hack.

BrewMaster

legendary

Activity: 2114

Merit: 1293

There is trouble abrewing

this is the issue that all the traders face and all are aware of it and it is the issue that other non-traders think is easy to fix and they tell you to "not hold anything on exchanges" of course as you already know it is impossible to do!

the only thing we can do is to stay aware.
first choose an exchange that has less risk of running away, getting hacked, or generally scamming you. you can do some research about them to find out which one is better among the worst.

second you take the security steps that you can take. like having a strong password and 2FA and a dedicated Email with strong password and 2FA, ...

third you start trading but only keep as much as you have to and as much as you can afford to lose. for example if you don't want to go all in then cash out the rest. also when you make profit you cash out the profit and keep the funds at a lower level that you won't lose all in case something went tits up Wink

finally you keep an eye out for signs of shady behavior. sometimes these exchanges that run away show some signs of becoming a scam a while back.

CyberKuro

hero member

Activity: 798

Merit: 506

Quote from: Siren on September 04, 2017, 03:15:13 AM

Quote from: bdog1234 on September 04, 2017, 02:49:11 AM

I have read dozens of threads saying you need to keep your BTC on a hardware wallet or paper. Anything online isn't safe they say. When trading that is not really feasible is it? I like to move in and out of positions several times a day and often at a moments notice. My trading account has a sizable balance (to me - 5 figures) in it.

How risky is this and any additional things I could do?

Read all about Mt. Gox and Bitfinex hack and look how many people lost a lot of funds in those trading platform. I'll just advise you to just enough funds in a exchange for your trading purposes and pull out most of your funds to a secure wallet. Its better to be safe that sorry. If you are willing to let all your funds then take the risk, enable 2FA and make a strong password if they planned to hack your account only. But if its a widely planned exchange hack, then nothing you can do. Its up to you dude. I hope you make the right decision.

Yes, an exchange and trading platforms are the most targeted by hackers just like you said, MT. Gox and Bitfinex are the good examples.
If you are an active traders, put your money or bitcoin in trading platform is inevitable, if it being hacked, then you are unlucky.
5 digits of money or bitcoin is big amount and must be secured, in that case just treat trading platforms or exchanges as temporarily place to do your business, in and out as fast as possible. Buy and sell and then withdraw your money, just put small amount in their wallet just in case.

Insanerman

sr. member

Activity: 1162

Merit: 450

Quote from: ModGirl on September 05, 2017, 07:09:04 PM

Quote from: zekeshawn on September 05, 2017, 04:08:48 AM

Activate your 2FA and use a strong password. Try different kind of exchange and put the rest of your bitcoin in a hard wallet if you will not use it to trade. Though its kinda hard doing things back and forth but if this is the safest way then do it because as what they say "prevention is better than cure".

Keeping bitcoins in hard wallet is always choice of success. Whatever you want to secure, either you must remove it from internet or limit the access to it by keeping it offline. And better said here, activation of 2FA and using strong passwords are few preventions you must keep for better safety.

That's right. Cryptocurrency on exchanges has risk also. They are prone to attacks and your account is at risk, in this way you can lose your crypto's. Activating 2fa or another layer of security is the right thing to do making it more secured.

TheQuin

hero member

Activity: 2576

Merit: 882

Freebitco.in Support https://bit.ly/2I9BVS2

Quote from: risk91 on September 06, 2017, 09:13:55 AM

Quote from: TheQuin on September 06, 2017, 02:55:06 AM

Quote from: viking02 on September 06, 2017, 02:44:01 AM

So i watched one of those videos on youtube where someone mentioned to not keep your coins on bittrex and keep it in your own wallet. Do most bittrex users do it this way or not? He says when you are ready to buy or sell a coin, then send the coin to bittrex.

However if thats the case, wouldnt you need to download 10s of wallets if you plan on trading at least 10+ coins? The other thing is if you do this, wouldnt you need to pay those sending fees like bitcoin to do this? So in other words, keeping a lot of btc or altcoins in your bittrex wallet is not secure? I had thought with a bittrex account, you dont even need wallets anymore etc...

You just need to look at the history of crypto exchanges (Mt. Gox, Cryptsy, Bitfinex, BTC-e) to realise that there is a significant risk holding your coins on an exchange. In general, the rule is if you don't own the private key you don't own the coin. If you trade then the exchange getting hacked, shut down or going bankrupt is an additional risk you have to take on top of the risk in trading.

Depending on what coins you own there are several multi-coin wallets available.

If you look at the balance sheet in a company’s annual report, you may notice some interesting entries listed among its assets. “Trading securities” or “trading account assets” are a special class of investments -- including stocks and bonds -- and are treated quite differently than most other assets a company holds. In fact, U.S. accounting rules require companies to classify the intent at acquisition of any stocks or bonds to accurately value them for accounting and tax purposes.

I think you may be confusing security - the state of being free from danger or threat - with securities as in financial instruments. Or in other words, this has nothing to do with the topic of this thread.

risk91

full member

Activity: 196

Merit: 100

Quote from: TheQuin on September 06, 2017, 02:55:06 AM

Quote from: viking02 on September 06, 2017, 02:44:01 AM

So i watched one of those videos on youtube where someone mentioned to not keep your coins on bittrex and keep it in your own wallet. Do most bittrex users do it this way or not? He says when you are ready to buy or sell a coin, then send the coin to bittrex.

However if thats the case, wouldnt you need to download 10s of wallets if you plan on trading at least 10+ coins? The other thing is if you do this, wouldnt you need to pay those sending fees like bitcoin to do this? So in other words, keeping a lot of btc or altcoins in your bittrex wallet is not secure? I had thought with a bittrex account, you dont even need wallets anymore etc...

You just need to look at the history of crypto exchanges (Mt. Gox, Cryptsy, Bitfinex, BTC-e) to realise that there is a significant risk holding your coins on an exchange. In general, the rule is if you don't own the private key you don't own the coin. If you trade then the exchange getting hacked, shut down or going bankrupt is an additional risk you have to take on top of the risk in trading.

Depending on what coins you own there are several multi-coin wallets available.

If you look at the balance sheet in a company’s annual report, you may notice some interesting entries listed among its assets. “Trading securities” or “trading account assets” are a special class of investments -- including stocks and bonds -- and are treated quite differently than most other assets a company holds. In fact, U.S. accounting rules require companies to classify the intent at acquisition of any stocks or bonds to accurately value them for accounting and tax purposes.

Topic: Trading and security - page 3. (Read 2142 times)