"We got hacked" coming ! - page 7. | Bitcointalksearch.org

BitHodler

legendary

Activity: 1526

Merit: 1179

Quote from: piloder on December 29, 2016, 07:09:23 AM

We want decentralized trading platform but i don't think we gonna see working one that can compete with the current centralized platform any time soon. Bitsquare is there but they are still immature to handle large volumes, safer way to hold bitcoin is to hold them in address which is controlled by only you.

People have been waiting for proper decentralized exchanges to show up and take over the centralized exchanges, but so far nothing serious has shown up.

It's years now that people are talking about this subject, but there has to be a reason as to why there aren't any decentralized exchanges being able to compete with the current exchanges.

I think a part of this problem is that people capable of creating such an exchange find it not worth their time as they somehow know or just assume it won't be a success.

Wendigo

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Activity: 2604

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Quote from: franky1 on December 29, 2016, 06:47:53 AM

Quote from: Herbert2020 on December 29, 2016, 06:38:42 AM

someone who has waited 3+ years and sustained about 86% loss and then back up, is not going to sell at the price he bought at. first if all i seriously doubt that anybody is holding $1200 bitcoin until today, unless they bought those coins for spending or holding for 20+ years.
and if they bought as an investment it doesn't make sense to sell your idle money after 3 years without wanting profit.

there is if you see the price jump from $700-$1000 in a month.. you get the fear that its another pump and dump and dont want to have had a chance to break even should it reach $1200 and be left at a loss should it drop below $1000 again soon after

personally im still holding alot of coin from the days of the $6 btc so im in for the long, and hoping merchant adoption expands to never need to directly return to fiat.

but those that made a bad decision in 2013 hoping for a quick profit and then get out.. but left stuck at a loss, would have now come to the conclusion of just hoping for a break even and never return.

anyone caring about the fiat price so much obviously is not thinking about staying in bitcoin.
anyone caring about the bitcoin for a 20+ year investment obviously is not caring about the daily-monthly price drama..

so those looking daily-monthly at fiat, or only talking about fiat rather than bitcoins utility.. obviously want to get out asap

franky1 how many of the holders do you think will just give in to the temptation and sell off everything around $1300-ish and do you think this will cause a massive drop in the price again? I think at least 50% of everyone holding Bitcoin would sell something or everything following a new all-time-high.

piloder

legendary

Activity: 966

Merit: 1006

We want decentralized trading platform but i don't think we gonna see working one that can compete with the current centralized platform any time soon. Bitsquare is there but they are still immature to handle large volumes, safer way to hold bitcoin is to hold them in address which is controlled by only you.

OmegaStarScream

staff

Activity: 3500

Merit: 6152

Quote from: bitstartupguy on December 29, 2016, 04:42:09 AM

Exchanges hold a very less amount in cold storage. But trading depositing and withdrawing again and again is tedious.

I'm not sure about other exchanges but Poloniex clearly says in the homepage "Majority of customer funds kept in cold storage"

Quote from: BigBoom3599 on December 29, 2016, 04:52:04 AM

Even if exchanges would hold everything cold storage, it still wouldn't protect any funds if it's an inside job Tongue

Maybe decentralized exchanges are the future...

Why not ? I mean claiming that they got hacked is easy when It's an inside job , but when It's cold storage , It should be stored somewhere safe where only a few people has access to , so I don't see how someone could get away with it.
Besides , If the majority of funds are in cold storage + in the same address , that wouldn't make it hard to trace on the blockchain while If they are online and from different addresses , It's definitely something hard to track.

franky1

legendary

Activity: 4214

Merit: 4458

Quote from: Velkro on December 29, 2016, 06:53:55 AM

Now there is no central point of failure like before mt gox got over 80% trades of all bitcoins.
Now its distributed quite evenly, so its not dangerous anymore.

poloniex and bitmex seem to be the 2 top volumes that would suffer most.
though its more diverse. doesnt mean that their isnt obvious targets for 'inside jobs' crying hack

when you start looking at poloniex and find they dont really show real CEO office addresses and only show PO/drop box addresses. meaning you cant exactly serve them papers.. you can see they are able to run fast after a hack

Velkro

legendary

Activity: 2296

Merit: 1014

Quote from: OmegaStarScream on December 29, 2016, 04:25:18 AM

Two scenarios are likely to happen at this point :

1. "We got hacked" e.g Mt.gox
2. They actually get hacked

It's no secret that when the price of BTC increase , exchanges and other services becomes a target for hacking

Now there is no central point of failure like before mt gox got over 80% trades of all bitcoins.
Now its distributed quite evenly, so its not dangerous anymore.

franky1

legendary

Activity: 4214

Merit: 4458

Quote from: Herbert2020 on December 29, 2016, 06:38:42 AM

someone who has waited 3+ years and sustained about 86% loss and then back up, is not going to sell at the price he bought at. first if all i seriously doubt that anybody is holding $1200 bitcoin until today, unless they bought those coins for spending or holding for 20+ years.
and if they bought as an investment it doesn't make sense to sell your idle money after 3 years without wanting profit.

there is if you see the price jump from $700-$1000 in a month.. you get the fear that its another pump and dump and dont want to have had a chance to break even should it reach $1200 and be left at a loss should it drop below $1000 again soon after

personally im still holding alot of coin from the days of the $6 btc so im in for the long, and hoping merchant adoption expands to never need to directly return to fiat.

but those that made a bad decision in 2013 hoping for a quick profit and then get out.. but left stuck at a loss, would have now come to the conclusion of just hoping for a break even and never return.

anyone caring about the fiat price so much obviously is not thinking about staying in bitcoin.
anyone caring about the bitcoin for a 20+ year investment obviously is not caring about the daily-monthly price drama..

so those looking daily-monthly at fiat, or only talking about fiat rather than bitcoins utility.. obviously want to get out asap

Herbert2020

legendary

Activity: 1946

Merit: 1137

Quote from: franky1 on December 29, 2016, 06:28:53 AM

i have a feeling as soon as we get to $1200 we will see those that bought in late at the '2013 all time high' will want to exit out of fear of being burnt twice and having to wait another 3 years to exit. so they will jump out as soon as they can break even.

which will trigger a bank run and reveal the secret spending of exchanges who then cant pay out the coins that they were suppose to hold for their customers but didnt.

someone who has waited 3+ years and sustained about 86% loss and then back up, is not going to sell at the price he bought at. first if all i seriously doubt that anybody is holding $1200 bitcoin until today, unless they bought those coins for spending or holding for 20+ years.
and if they bought as an investment it doesn't make sense to sell your idle money after 3 years without wanting profit.

Labernie

newbie

Activity: 14

Merit: 0

I never hold bitcoins on the exchange. I always hold bitcoin in the cold storage.
it's safer than holding on the exchange. When I want to sell , I just need to deposit for selling.
That is the best way to secure my bitcoins.

franky1

legendary

Activity: 4214

Merit: 4458

i have a feeling as soon as we get to $1200 we will see those that bought in late at the '2013 all time high' will want to exit out of fear of being burnt twice and having to wait another 3 years to exit. so they will jump out as soon as they can break even.

which will trigger a bank run and reveal the secret spending of exchanges who then cant pay out the coins that they were suppose to hold for their customers but didnt.

Zadicar

legendary

Activity: 1302

Merit: 1018

Cashback 15%

Quote from: BigBoom3599 on December 29, 2016, 04:52:04 AM

Even if exchanges would hold everything cold storage, it still wouldn't protect any funds if it's an inside job Tongue

Maybe decentralized exchanges are the future...

This is correct,no matter where they store the funds as long there are people inside would tend to get those funds then theres always risk because we know people if they saw large amounts of bitcoin their perception would really change.We dont know whats actually on people mind when it comes to money. Im expecting the same thing too that there would be news regarding on this hack because it do happens when bitcoins price would rise.

mobnepal

legendary

Activity: 1218

Merit: 1006

Quote from: OmegaStarScream on December 29, 2016, 04:25:18 AM

Exchanges that holds most of the funds in cold storage could be more secure but you never know... so yeah , be careful.

If hack is inside job than exchanges that claim to store majority of funds in cold storage will not be secure place and we never gonna know what is the real reason behind any hack like for latest hack in bitfinex they never disclose how hacker become able to run away with so much of bitcoin.

Better to hold all bitcoin you have in paper or hardware wallet in situation like right now when price is pumping hard.

sportis

sr. member

Activity: 406

Merit: 252

Veni, Vidi, Vici

I believe that the past hacked incidents for exchanges was something like lessons learned for them nowadays. On the other hand if they store most of their funds in cold storage wallets how easy and quickly can satisfy their customers withdrawal needs especially the hours exchanges are closed?

avatar_kiyoshi

legendary

Activity: 1106

Merit: 1000

I has been told about this long time ago, but there are still a people who just store their coins on exchange wallet.
I don't know why they not take sometimes to learn about safe wallet Undecided

History repeat, there are possibility another exchange services will be a target to hack.

Carlsen

hero member

Activity: 910

Merit: 501

Exchanges have been hacked before, and I am sure it will happen again.
The increasing bitcoin price just makes it more interesting for hackers.
Some of those guys are really smart and preventing an inside job nearly seems impossible to me.
But I am sure as well that everybody who is trading already knows these risks and it's up to his responsibility to minimize the the possible loss in such a case.

FruitsBasket

legendary

Activity: 1232

Merit: 1017

Quote from: bitstartupguy on December 29, 2016, 04:42:09 AM

Exchanges hold a very less amount in cold storage. But trading depositing and withdrawing again and again is tedious.

This is not true, exchanges keep most of their bitcoins in their cold wallet, since their hot wallet is only used for withdrawals, it contains alot less bitcoins than the cold wallet. If an exchange keeps most of their coins on a hot wallet, I wouldn't use that exchange.

BigBoom3599

sr. member

Activity: 462

Merit: 250

Even if exchanges would hold everything cold storage, it still wouldn't protect any funds if it's an inside job Tongue

Maybe decentralized exchanges are the future...

1Referee

legendary

Activity: 2170

Merit: 1427

My number one rule is that when I am done trading, that I directly withdraw all my coins back to my offline wallets. There is absolutely no need to keep your coins sitting there doing nothing. It's a certain risk that people are exposing themselves to that I consider to be unneeded. That being said, I find that people nowadays put the focus too much on hackers, while in reality I consider greedy employees or exchange/service operators to be much more of a serious threat. It's very easy to put the blame on hackers while in reality the operators of the exchange have had enough time to precisely plan and execute their theft.

bitstartupguy

newbie

Activity: 6

Merit: 0

Exchanges hold a very less amount in cold storage. But trading depositing and withdrawing again and again is tedious.

OmegaStarScream

staff

Activity: 3500

Merit: 6152

Two scenarios are likely to happen at this point :

1. "We got hacked" e.g Mt.gox
2. They actually get hacked

It's no secret that when the price of BTC increase , exchanges and other services becomes a target for hacking and sometimes It's actually an inside job where they claim they got hacked and of course , we can't proof it.

So to avoid any kind of regrets If that happens , I really recommend everyone to withdraw his funds from exchanges for the moment as we are heading to 1000$ pretty soon probably. Once you finish trading , just withdraw as there is no reason to keep them there... when you want to trade again , just deposit the amount to trade with and nothing more.

Exchanges that holds most of the funds in cold storage could be more secure but you never know... so yeah , be careful.

Topic: "We got hacked" coming ! - page 7. (Read 5345 times)