Bitcoin Forum

Have no auditors who can prove all this virtual Bitcoin trading on exchanger backed by moneyfull private keys.
When people start to windraw Bitcoins from exchangers MTGOX2 will happen.
So better keep your Bitcoins outside echangers for safety.
https://electrum.org/ if you can not use bitcoin core wallet.

The question I would want  to ask in the midst of all this is: Was the Mt.Gox a hoax or a deliberately manipulated system and exercise to wreak havoc in the market. If the Mt. Gox situation was fully analysed, will there be laxity on the side of the managers and procurators of the assets in Mt Gox?
Well, for me hodling is not an option but a choice that will protect my assets and paper wallet or nano wallets are very good.

do you mean that the Mt.Gox case will be repeated where many bitcoins are hacked and dumped completely, so the price of bitcoin drops drastically as it is today?

Just read the text.

They've read through I suppose and that's why he asked the question. It could be that like me, we need more clarity from you.

Agree with you BitNaija, would b nice to see a source who say it will happen again, but after read xbiv2 words a couple of times is just about paranoia, of course it could happen again. and of course would be nice to prevent it by secure measures like hold our money in our own wallet, so the tip is good, but we can't live with paranoia in this bitcoin world.

If all crypto users withdraw all coins from exchanges what would happen with cryptocurrency, what would be the value of coins in your Electrum wallet? Trading is one of the key factors in this industry, it have big risks because of constant hacking threats of exchanges, but with today's fees it is very easy to move coins in or out from exchange.

Your statement that some new Mt.Gox will happen when people start withdraw from exchanges is complete nonsense, do you even know that Mt.Gox is hacked and it is not destroyed by users who withdraw their coins?

I know what you want to say in your post - it is not smart&safe to keep coins online and this is true//but the way you wrote it, looks pretty bad written.

Paper wallet also good.
https://bitcoinpaperwallet.com/images/front-back-sample-big.jpg

When people start to withdraw their bitcoin exchanges MtGox2 will happen? That's complete nonsense. Would it be more likely for a MtGox2 to happen if people just leave their funds on exchanges? How could withdrawing bitcoins cause a similar event to MtGox? It's the complete opposite.

They sell virtual Bitcoin what he dont have
virtual Bitcoin imposible withdraw, it exist only inside exchanger

Well, that's completely assuming that the current exchanges we have now would pull the same stunt though. Also, MtGox did that because they got hacked, hence they don't actually have the coins that people we're potentially trying to withdraw in the past. Not solely because they just want to.

They got hacked by self. It can not be determined was hacked by hackers or by self.
You can send Bitcoins from 1 address to another and declare it hackers for avoid taxation.

I don't disagree, as it's definitely possible, but do you have any proof that it was in fat indeed a sort of "self-hack" to steal the money of their users?

It can not be determined was hacked by hackers or by self.

Banks and exchanges have the same problem keeping your money on a exchange is ludicrous people are lazy and think it will never happen to them.
There so used to people taking care of them the current system babysits you oh you lost your credit card we can undo those transactions!

This may be good but still i am insecure while i try to use new systems.I don't find their any past history. Is it free from hack that is self hack. isn't it scam? It may be anyone, i haven't seen any popularity of its at all.

Banks have goverment protection. Exchangers dont have any.
So keep your Bitcoin in personal wallet, be a bank for youself.

Yes, we have been preaching this all along. If you don't have the private keys then its not your coins. There have been similar instances in the past that putting a lot of your bitcoin in a exchange wallet is not safe so I would have to agree with you in this one. But I wanted to see your arguments about the Mt Gox2 paranoia of yours.

We have learnt a couple of lessons from the Mt. Gox hack and that was :

~ Not to store large amounts of coins on exchanges
~ Never trust exchanges 100% to keep your coins safe, it is very vulnerable.
~ Exchanges are run by people and people cannot be trusted. <Mark>
~ If you do not control the private key, then those bitcoins are not yours.
~ Big exchanges are not more secure than smaller exchanges and visa versa.

The problem is, many people were not around when this happened and many people forget things over time and that gives them a false sense of security.  ::)

and you also have no proof that they aren't backed by anything. so you are just trolling.

nonsense. MtGox went down for many different reasons not because people withdrew. you need to check the history before making statements like this.

off topic here despite being true.

I agree with your statement. But your statement does not include a solution. can you provide the safest advice on managing bitcoin assets.

Everytime all advice do not store btc's on exchanges.
But how to trade then.
Maybe need to develop new exchange where your deposit was in pending mode but you can trade already. And when you want withdraw you need complete your first deposit

Accusation without proof is invalid however that incident isn't impossible as temptation is rising when money is on the hand. Like wth everything can happen and maybe that was just a show up.


Even they will develop that, the risk is still there since it's a third party and besides you don't have any private keys. So what for?

It is true that we should not keep our coin in exchanger wallet. Many hackers looking on exchanger and many people think its safe to store it on exchanger wallet. Better move it to our own wallet if we decide to keep it for long term

Not

stop deleting and posting the same comment to bump this topic every day.

They (exchanges) overshort with Bitcoin, at some moment bankruptcy will better exit for em than payout Bitcoins.

Even electrum isn't safe, there was a scam fairly recently where a cloned wallet was advertised at the top of Google so people downloaded the hacked version and they subsequently lost their coins

Electrum is save.