Bitcoin Forum

The old bait and switch,they get you to trust them,just before they steal your coin.
Lets be honest,these "hacks" I am going to assume are inside jobs until proven otherwise.
You can't just lose thousands of coins and just say "oooops,we were hacked,sorry,but our cold storage is safe *WINK*,these things happen remember?"

one exchange after the next gets ripped off and I am really starting to think they are just robbing us for our money,think about it.
When you leave your coin on the exchange it's not even yours until you withdraw it,the company has the private keys.

Yeah basically thats all I wanted to say,that these exchanges can suck a dick,and they need to stop fucking with us because this "hack" scheme excuse is really starting to become an insult to my intelligence. That can't be some kind of god damn bailout every time you fuck up (excuse my language,really but this is how I feel)

A murderer can't face a judge and say "HEY,I DIDN'T KNOW THE GUN HAD A BULLET IN THE CHAMBER,I WAS JUST PLAYING."

So these god damn exchanges shouldn't be able to say "HEY WE WERE HACKED,WE LOST YOUR MONEY,NOTHING WE CAN DO ABOUT IT."

i have just one rule!!!

NEVER KEEP ALL YOUR Bitcoin ON EXCHANGE ACCOUNTS BUT JUST THE MINIMUN NECESSARY
 BE YOUR OWN BANK

So, I assume you have contributed to the decentralized exchange, BitSquare's crowdfunding campaign instead of just complaining about current exchanges.

https://bitsquare.io/

Well I don't think every exchange is like that. We have bitstamp which got hacked and lost 18000bitcoins. But it told the users that no one will loose their coins and the exchange will bear the loss.

If you are too afraid to use an exchange, you can use localbitcoins and sell bitcoins to people in person.

1. Transfering fiat to exchange.
2. Exchange fiat to Bitcoin.
3. Transfer Bitcoins to your wallet.

Step 2 and 3 takes 10 minutes at most. Very unlikely that you get the exchange gets hacked and closes down in that time.

Anyone who does it else deserves to get hacked  :).

You god damn right,thats exactly what I did. Shit. You must be out your god damn mind thinking I'm letting my coin sit in some exchange.

But thats beside the point. These exchanges claim to offer their client a level of security,but don't. Just because someone wants to get comfortable and trust a "legitimate" organization with their coin doesn't mean they should be hacked,I think that is bullshit.

I use coinbase and I am just eagerly waiting for them to be "hacked". Thanks for the lookout with localbitcoins I heard of them,but this would require me to socialize with people face to face and I would rather avoid that.

You insult me the way a woman would I spit on you.

Localbitcoins also have people who are ready to buy/sell bitcoin for bank transfers, paypal and it provides you many more options.

And I don't think coinbase would get "hacked" soon. Coinbase are doing a good business by selling bitcoins. They don't need to get hacked. It depends on who is operating the exchange. Good people will never run away.

You could be right OP but then what do you propose we do? If we don't use exchanges, how else are we to trade our bitcoins?

How about using Quoine.com? They store in offline storage and you can always just send money in, buy the Bitcoin and transfer it to your own account?

I'm getting a little tired of reading that everything is a scam  :(..

I would simply suggest you take your coin off of these exchanges and just store them on a paper wallet. Make 100 copies if you must and it would still be safer than leaving your coin on exchanges.

As said earlier, there are people willing to buy/sell bitcoins in person or with bank transfers and all.
But if everyone starts doing that then I guess we wont be able to determine the price of the bitcoin so there is no other option for the community than to continue using exchanges.

we are just squirrels reaching for nuts my friend.

Bitcoin is a platform where scammers find a safe haven.

Yes, nowadays people have started to feel the same way as you do and yes it is becoming a safe heaven for scammers. That's why people should be asked to be vigilant at all times and watch out before they do anything.

Talk about that, I never leave my coins more than a day in exchangers. If I need to trade, I will not hesitate to transfer back again and pay for the tx fees.

Yes of course it is not secure to keep your coin in whatever exchange , the correct use is  deposit $ or € >> buy bitcoin and request it in your personal wallet.


The various exchange are not to be considered  a "personal wallet".

Never leave your coins in exchange.

hold your coin.

That's what I meant, we will have to use the exchanges one way or the other and which is why the longer running ones are the ones people trust and until we have an alternative, this will have to do.

It sucks that we cannot trust exchanges. How are you supossed to day trade if you need to constantly move your coins from your wallet? if at least it was quick, but it takes fucking forever.

Yes, they told users that. Until they publish an outside audit, we don't know whether they are lying.

Remember that Mt. Gox told users something similar months before they went bust.

It's very likely they will just run with the funds for the start up.

Jesus, calm down there.

Bizarre that people use these exchanges as a bank account and then bitch when the funds are taken.

Would you trust a currency exchanger at the airport with your life savings? Of course not. You only use them to convert small amounts of fiat.

Same applies to exchanges. Only a fool would put keep large sums on deposit at those places.

not all of them
but shouldnt be care your coins in exchange site
they are not wallet, not bank..

there are SO many stupids. they are now crying because MTgox and others ran with their funds :)

I agree mate..I never keep BTC in exchanges..It is very risky..U just never know..Its better to be safe than sorry..!

It kinda been that way for awhile, look at Mt.Gox.

And as for btc-e, some deposits actually go missing and wont get accredited you can look at coindesk article back in 2012 archives. As for bitstamp, I dont put them in the same boat, but still can dissapear.

http://www.cnbc.com/id/102410095

exchanger may be decent, but their support service is pretty much crappy especially btc-e and cryptsy, it takes sometimes before your deposit is being credited allthought u got enough confirmation for deposits

i agree this point
there isnt any %100 safe excahge system..
or i dont know..

everyone say that, everyone is not to do so.

Indeed but that's just the way. Use an exchange just for trade, not for storage.

^^This yes.

Don't give your btc away. HODL.