What if the wallets would run away with the money - page 2.

Juggy777

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Quote from: Yuuto on November 01, 2016, 01:37:54 AM

Well thats why you need to hold onto your own BTC private keys mate. Don't use services like coinbase. Hold your own private key and no one can steal it from you if you store it securely.

How can I do it? Is there some link or steps you could guide. Cause I only know very basic stuff about this wallets and this private key I am not getting it

Yuuto

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Well thats why you need to hold onto your own BTC private keys mate. Don't use services like coinbase. Hold your own private key and no one can steal it from you if you store it securely.

TraderETH

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Quote from: Juggy777 on October 31, 2016, 12:00:42 PM

It's often discussed that, Hyip, ptc scams are normal. What happens if the wallets like coinbase and xapo and others decided to walk away with the money what will happen, though I am sure it will never happen but just out of curiosity

If online wallet or exchangers scam their users will many people use offline wallets and if it happen will there are no people who believe into online wallet and bitcoin's price will be down. But the most dangerous is will many people who don't believe into bitcoins.

Juggy777

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Quote from: Hazir on October 31, 2016, 01:24:42 PM

The good thing is that you have alternative, you are not forced to use any kind of online wallet at all.
In case of even shadow of doubt you should not use online wallet, casino, exchange - basically any 3rd party service.

I just want to add - if you are user of blockchain.info, then it is near impossible for owners to steal your bitcoins - as they don't have access to your account at all.

I have been using coinbase.com cause I was suggested that it was the best. Is it the best or should I shift to some other one. Ya I read about it, it's scary it could happen. Will there be any fees if I switch to Blockchain?

Hazir

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The good thing is that you have alternative, you are not forced to use any kind of online wallet at all.
In case of even shadow of doubt you should not use online wallet, casino, exchange - basically any 3rd party service.

I just want to add - if you are user of blockchain.info, then it is near impossible for owners to steal your bitcoins - as they don't have access to your account at all.

bitkilo

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https://www.bitcoin.com/

Quote from: Juggy777 on October 31, 2016, 12:00:42 PM

It's often discussed that, Hyip, ptc scams are normal. What happens if the wallets like coinbase and xapo and others decided to walk away with the money what will happen, though I am sure it will never happen but just out of curiosity

Never say never, as mentioned above just check out the Mtgox nightmare although that was considered an exchange rather than a wallet provider there weren't as many options back then.
Just remember if you don't hold your own private keys then someone else is being trusted with your money and if you want that set up then you may as well stay with the Fiat banking system.

Juggy777

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Quote from: OmegaStarScream on October 31, 2016, 12:21:06 PM

Quote from: Juggy777 on October 31, 2016, 12:00:42 PM

It's often discussed that, Hyip, ptc scams are normal. What happens if the wallets like coinbase and xapo and others decided to walk away with the money what will happen, though I am sure it will never happen but just out of curiosity

It's the first reason why It's never recommended to store your Bitcoins in an online wallet (certaintly not one that doesn't give you access to your private keys like both services you just mentioned) , If you believe that this unlikely to happen then google "Mt gox" and think again. As for what will happen , nothing much If they do it right. (having your funds back is unlikely btw)

Hey thanks a lot will check it. Sorry I did not know it was discussed before. But thanks for your input will see it.

isen

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Bitfinex hack had a big negative impact on Bitcoin and its price, if one of the big online wallets scams or hacked(It is more likely they will be hacked than run away with your money btw) the impact will be much bigger, I don't even want to think about it.
This is one of the many reasons that you should avoid using online wallets or at least don't keep big amount of money there.

OmegaStarScream

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Quote from: Juggy777 on October 31, 2016, 12:00:42 PM

It's often discussed that, Hyip, ptc scams are normal. What happens if the wallets like coinbase and xapo and others decided to walk away with the money what will happen, though I am sure it will never happen but just out of curiosity

It's the first reason why It's never recommended to store your Bitcoins in an online wallet (certaintly not one that doesn't give you access to your private keys like both services you just mentioned) , If you believe that this unlikely to happen then google "Mt gox" and think again. As for what will happen , nothing much If they do it right. (having your funds back is unlikely btw)

awesome31312

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This has been asked before, about ten times every month.

Report it and move on. Very few people get their money back.

romero121

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Quote from: Juggy777 on October 31, 2016, 12:00:42 PM

It's often discussed that, Hyip, ptc scams are normal. What happens if the wallets like coinbase and xapo and others decided to walk away with the money what will happen, though I am sure it will never happen but just out of curiosity

Already you've quoted that such thing won't happen at any instance, then no use on discussing on this. In my view at times due to network problems and other development issues the sites might go down for a short time but won't run away with the users earnings.

Juggy777

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It's often discussed that, Hyip, ptc scams are normal. What happens if the wallets like coinbase and xapo and others decided to walk away with the money what will happen, though I am sure it will never happen but just out of curiosity

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