I think almost all exchange site are holding coins unless if you are just converting your coins into fiat.
Almost all exchange site right now is risky..
Topic: Which exchange does not hold coins? (Read 526 times)
Given the hack on bitfinex, is there any exchanges that do not hold coins? This could prevent a large scale hack. For example, BTC/ETH exchange. After the transaction, the exchange will transfer coin out immediately.
have you tried shapeshift.io ? it was a direct exchange that allow you to exchange your coins without create any account. and they didn't hold any funds of course. just choose what coin do you want to exchange and send it to the address that they generated.Actually only sending bitcoin when you need to make trade and to use multiple exchanger is better solution to minimize loss on this type of hack attempt.
You can make more money if you have 2BTC on the exchange vs 1BTC. And since people are predominantly greedy, they'll keep their BTC there because they believe they'll make money forever. If disciplined and remove their profits or weekly, at 10% profit, your only withdrawing .1 or .2BTC during that time frame. Your baseline investment still resides on the exchange. However, most folks are more likely to keep 1.1 or 2.2 BTC in the exchange for the next investment cycle. Rinse and repeat until you lose all your BTC or it gets hacked.
Make sense?
Make sense?
Shapeshift as someone already said was hacked earlier this year actually not once but multiple times, and attackers emptied the hot wallets each time, totaling around $200K USD.
If you want to be safe while dealing with exchanges there are some options:
1. Using decentralized exchnage without central point of failure like Bitsquare.
2. Using legal and fully regulated, backed by financial law, exchanges like Gemini, but give up your pseudo anonymous BTC user status.
3. Did I mention that you shouldn't keep large sum of BTC online?
If you want to be safe while dealing with exchanges there are some options:
1. Using decentralized exchnage without central point of failure like Bitsquare.
2. Using legal and fully regulated, backed by financial law, exchanges like Gemini, but give up your pseudo anonymous BTC user status.
3. Did I mention that you shouldn't keep large sum of BTC online?
Decentralization is the only sure way to know that your coins will leave your sight when a catastrophe like this happen on an exchange. Why take the risk with your bitcoins.
It is like handing over the keys to your house to a complete stranger.
Kiss your belongings goodbye!
It is like handing over the keys to your house to a complete stranger.
Kiss your belongings goodbye!
If you're trying to make big money day trading, you have to keep a lot of money on the exchange. That's the issue.
Unless they put a pending on those funds you are trying to withdraw.
Then I can see that being an issue.Casinos can allow their gamblers to do instant withdraws of their balances (I have done it and it has hit my wallet right that second I press the withdraw button
) so why not these exchanges? Decentralization is the only sure way to know that your coins will leave your sight when a catastrophe like this happen on an exchange. Why take the risk with your bitcoins.
It is like handing over the keys to your house to a complete stranger.
Kiss your belongings goodbye!
It is like handing over the keys to your house to a complete stranger.
Kiss your belongings goodbye!
If you're trying to make big money day trading, you have to keep a lot of money on the exchange. That's the issue.
Decentralization is the only sure way to know that your coins will leave your sight when a catastrophe like this happen on an exchange. Why take the risk with your bitcoins.
It is like handing over the keys to your house to a complete stranger.
Kiss your belongings goodbye!
It is like handing over the keys to your house to a complete stranger.
Kiss your belongings goodbye!
This is the million dollar question. There's no purely decentralized that I know of. Kraken, Polo and BTC-e are all solvent and have impeccable security. However they hold your coins. I imagine there's some solutions in the work and this will be the future of crypto exchange. IMO were a few years away from a very elegant solution to this issue. In the mean time the most popular exchanges need to pace the threat, rather than reacting to it. There are plenty of cyber firms about in which they can mitigate the disaster we just witnessed. I would encourage them to make investments in cutting edge cyber security.
And it's easy for folks to say "don't keep your coins on an exchange". Great advice for me, as I rarely trade. But for a different cross section of the community, they HAVE to keep they coins on the exchange.
And it's easy for folks to say "don't keep your coins on an exchange". Great advice for me, as I rarely trade. But for a different cross section of the community, they HAVE to keep they coins on the exchange.
Shapeshift has been hacked, too. https://www.reddit.com/r/Bitcoin/comments/4dxkte/shapeshiftio_has_been_hacked/?ref=search_posts
Only exchange not holding coins, that I know of, is Bitsquare. https://bitsquare.io/
Disclosure: I'm involved with Bitsquare.
Only exchange not holding coins, that I know of, is Bitsquare. https://bitsquare.io/
Disclosure: I'm involved with Bitsquare.
I think Bitsquare is a good start. I have not used it before but I have read about it. However, my local currency is not in the list- which is fine. Hopefully it will continue to grow and more of this kind of decentralise exchanges will take over the current "insecure" exchanges.
Shapeshift has been hacked, too. https://www.reddit.com/r/Bitcoin/comments/4dxkte/shapeshiftio_has_been_hacked/?ref=search_posts
Only exchange not holding coins, that I know of, is Bitsquare. https://bitsquare.io/
Disclosure: I'm involved with Bitsquare.
Only exchange not holding coins, that I know of, is Bitsquare. https://bitsquare.io/
Disclosure: I'm involved with Bitsquare.
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shapeshift will exchange your bitcoin to altcoin directly without need to deposit your bitcoin or another silly thing,but the rate is a bit lower than the current altcoin rates (maybe) so it's not worth if you're going to make profit from it unless the price increases after you buy the altcoin
however withdrawn your funds after done trading still secure enough
however withdrawn your funds after done trading still secure enough
Given the hack on bitfinex, is there any exchanges that do not hold coins? This could prevent a large scale hack. For example, BTC/ETH exchange. After the transaction, the exchange will transfer coin out immediately.
It might only prevent one type of hack, not hacks altogether. It would still be possible to manipulate input and/or output addresses that - until discovered - could lead to significant losses for a huge number of users.
Answering your question, I think that Shapeshift.io offers instant conversion between various altcoins. However I know of no fiat exchange that is converting instantly. But withdrawing your coins instantly from the exchanges is recommended security practice since years anyway. I think the biggest losses from the bitfinex hack are most likely not associated to average buyers/sellers but to leveraged traders that kept significant funds at the exchange.
ya.ya.yo!
Given the hack on bitfinex, is there any exchanges that do not hold coins? This could prevent a large scale hack. For example, BTC/ETH exchange. After the transaction, the exchange will transfer coin out immediately.
have you tried shapeshift.io ? it was a direct exchange that allow you to exchange your coins without create any account. and they didn't hold any funds of course. just choose what coin do you want to exchange and send it to the address that they generated.
Given the hack on bitfinex, is there any exchanges that do not hold coins? This could prevent a large scale hack. For example, BTC/ETH exchange. After the transaction, the exchange will transfer coin out immediately.
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