Topic: What is the greatest lesson of MtGox? - page 2. (Read 4928 times)
To move coins that are not used for day trading, into a wallet immediately. Do not leave excess coins on any exchange
Minus the several major GOXXXINGS of all of their customers, they've been pretty reliable.
One thing that amuses me quite a bit is that people seem to have revised their memories (or have only just started following bitcoin and revised their own history).
A statement that is thrown around a lot is "MtGOX has always been a bad" etc...
The fact is, for many years MtGOX was the only reliable way to transfer BTC to fiat money. Not only did they bail thousands of users of other exchanges and services out but on the few occasions when they did have security problems in the past they owned up to it and pony'ed up the bitcoin themselves to replace the loss.
I am in no way excusing them for the current fiasco, and they and I have had issues in the past but please remember, it has not always been like this and don't "make up" history.
Neil
A statement that is thrown around a lot is "MtGOX has always been a bad" etc...
The fact is, for many years MtGOX was the only reliable way to transfer BTC to fiat money. Not only did they bail thousands of users of other exchanges and services out but on the few occasions when they did have security problems in the past they owned up to it and pony'ed up the bitcoin themselves to replace the loss.
I am in no way excusing them for the current fiasco, and they and I have had issues in the past but please remember, it has not always been like this and don't "make up" history.
Neil
Never trust a fat man with your cake latte?
I think greed is an important one too. When people saw that BTC were "worth" hundreds of dollars more on Gox than any other exchange, it should have raised eyebrows.
Oh, and as a corollary here--arbitrage is not riskless. I'm sure numerous people made profits off price discrepancies between Gox and the real exchanges, but many also lost.
Dont put all your eggs in one basket
Don't put all of your eggs in one basket, let the basket break, lose all your eggs, gather new eggs, put them in the same basket, lose all your eggs, gather new eggs, put them all in the same basket, gather new eggs, put them all in the same basket, lose all your eggs...
AND THEN SAY...
What happened to all my eggs?
Dont put all your eggs in one basket
Do not trust any company with a funny name, especially one that is called Magic: The Gathering Online
Lulz
Fool me once, shame on you.
Fool me twice, shame on me.
This is what I've been saying about Gox many times in the past few weeks.Fool me twice, shame on me.
They have fooled these people numerous amount of times, they have been warned many times over the years. Have they listened? No.
It's their own fault.
Some people open an account in mtgox because they read in news websites and newspapers that mtgox was the biggest exchange, they never know about old issues with mtgox.
The greatest lesson with MtGox is never trust an exchange, if mtgox has issues now others will have the same issues.
Get your bitcoins now from all exchange companies will you can do it, later you could loose everything.
Fool me once, shame on you.
Fool me twice, shame on me.
This is what I've been saying about Gox many times in the past few weeks.Fool me twice, shame on me.
They have fooled these people numerous amount of times, they have been warned many times over the years. Have they listened? No.
It's their own fault.
If you aren't the sole controller of your private keys, you don't have any bitcoins.
for bitcoin trader: never keep bitcoins at exchange, and keep at your sides
never keep big cash at exchange
never leak your password and change your password every 3 days in exchange.
for exchange: 1. only keep 5% of bitcoins online
2. Never trust computer, use half human being eye and brain to monitor
3. a little delayed to transfer bitcoins and cash is best option
4. risk management is tough, but it is very important for exchange
never keep big cash at exchange
never leak your password and change your password every 3 days in exchange.
for exchange: 1. only keep 5% of bitcoins online
2. Never trust computer, use half human being eye and brain to monitor
3. a little delayed to transfer bitcoins and cash is best option
4. risk management is tough, but it is very important for exchange
Keep btc in your wallet. Leave btc on an exchange long enough to do a few buys/sells and then xfer to personal wallet.
that to much obvious, now the question who didn't do that and lost money on gox? for me the answare is: speculants.Unfortunately, MANY people thought that MtGox was providing them with a free wallet service. So it isn't just speculators. There are many people who were just using MtGox as a web based wallet and their bitcoins are currently unavailable as well.
The "greatest lesson" of MtGox is the same lesson I've been trying to get into people's heads for a while now. For some reason, people just don't seem to pay attention:
If you don't have exclusive control of the private keys, then you don't have the bitcoins.
Any time you send your bitcoins to an address where you don't have exclusive control of the private keys (such as MtGox, CoinBase, BitStamp, BTC-E, localbitcoins, etc), you are making a donation to whoever has control of those private keys.
The bitcoins immediately belong to them and not to you. They are no longer "your" bitcoins. In return, most of the people who run these websites will offer you a promise that they will send an equal amount of their bitcoins wherever you ask them to whenever you ask them to. You need to decide if you trust them to deliver on such a promise, keeping in mind the possibilities that they could have security flaws, could find their assets seized by government agencies, could be tempted to keep the bitcoins for themselves, and a variety of other situations that could cause them to fail to live up to the promise provided.
If you don't have exclusive control of the private keys, then you don't have the bitcoins.
Any time you send your bitcoins to an address where you don't have exclusive control of the private keys (such as MtGox, CoinBase, BitStamp, BTC-E, localbitcoins, etc), you are making a donation to whoever has control of those private keys.
The bitcoins immediately belong to them and not to you. They are no longer "your" bitcoins. In return, most of the people who run these websites will offer you a promise that they will send an equal amount of their bitcoins wherever you ask them to whenever you ask them to. You need to decide if you trust them to deliver on such a promise, keeping in mind the possibilities that they could have security flaws, could find their assets seized by government agencies, could be tempted to keep the bitcoins for themselves, and a variety of other situations that could cause them to fail to live up to the promise provided.
Keep btc in your wallet. Leave btc on an exchange long enough to do a few buys/sells and then xfer to personal wallet.
that to much obvious, now the question who didn't do that and lost money on gox? for me the answare is: speculants.
Keep btc in your wallet. Leave btc on an exchange long enough to do a few buys/sells and then xfer to personal wallet.
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Fool me once, shame on you.
Fool me twice, shame on me.
Fool me twice, shame on me.
Whenever I see that I always think of this:
Use a coin that doesn't need exchanges. NXT?
You don't need to use exchanges with Bitcoin either.
wait, wat? you are trying to say there was a big red flag july 18 2010 ? sounds like heresy to me 
Use a coin that doesn't need exchanges. NXT?
The greatest lesson may be about fear, human nature and their role financial markets.
But since you can never be to secure..
It's Satoshi's lesson. Own your wealth.
Don't farm out your banking services, remember that was the problem with money in the first place. I say exchange your monies and withdraw to cold storage any large amount. If you keep a small amount at a site because you like their app for trading just keep the balance to a tolerable amount. I use the price of the phone as an upper limit.
But since you can never be to secure..
It's Satoshi's lesson. Own your wealth.
Don't farm out your banking services, remember that was the problem with money in the first place. I say exchange your monies and withdraw to cold storage any large amount. If you keep a small amount at a site because you like their app for trading just keep the balance to a tolerable amount. I use the price of the phone as an upper limit.
Sunshine
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