Bitcoin Forum

I'm about sick and tired of hearing everyone's sob stories about how they lost their coins in an online exchange incident. THE WHOLE DAMN POINT of bitcoin was to cut out the middle man and prevent anyone but you from tampering with your money.

Stop using online exchanges...

You are the reason you lost your coins.
You are the reason as to why people believe bitcoin is failing.
You are the reason why bitcoin gains negative publicity.
You are [part of] the reason why bitcoin has lost a lot of value.
You are the reason why bitcoin is so extremely volatile.

Stop using online exchanges...

There has -never- been a successful attack on the bitcoin protocol (ie: wallet bruteforcing), but there have been -countless- successful attacks on online exchanges and wallets. Lets do the math: (insert common sense here). Done!

Stop using online exchanges...
Stop using online exchanges...
STAHP USING ONLINE EXCHANGES!!!

How are you supossed to do daytrading if you dont let coins in the exchange's deposit?

Whilst I believe we need to move to decentralized exchanges centralized ones are currently a necessary evil so keeping your coins on them is also necessarily if you want to trade. Blaming users isn't really fair either as they're the only option for most, though I wouldn't use them for this exact reason but I don't currently need to. Hopefully sometime soon decentralized exchanges will become the standard so things like this become extinct.

Bitcoin will never be super mainstream with a certain level of centralization, lets just hope Gemini doesnt end up like the rest

stop blaming me (i cant handle that), its bitcoins fault!  ;D


and dont use dollars too!  :'(

http://www.theverge.com/2015/2/14/8039593/hackers-malware-robbery-millions-bank-heist

Actually I would say stop using online exchanges or rather stop using it as an online wallet. Stop investing in online gambling casinos too.
And you will be out of the way of any scams.

Stop misspelling words.
On purpose or not, it makes the rest of the world think you are retarded.

read this too: https://bitcointalk.org/index.php?topic=945881.0

best advise is to only put 1-10% of your hoard on an exchange. never put your entire investment into someone elses hands (third party privkeys)

You seem to forget that online exchanges basically GAVE bitcoin its power/value.

I know it's a piss take, but we have to accept that fact that no matter how much information we give, stupid people are going to be stupid. Every time I hear someone bitching about losing all their coins or it getting hacked it almost always involves an online wallet/exchange wallet or something they regularly used that has an internet connection.

I'm sorry, but I say f*** the value.
We can do something completely different here but if we think in these terms we are not different from those greedy bastards in wall street or in any financial world.

BTC has value in itself:
it's finite (21 mln);
it should be durable (unless we have a catastrophe but then we'll be fu*** anyway);
it's divisible;
it's fast;
it's decentralized;
and if you know a little bit its history you should know it is more than that.

So please let's bankrupt all those greedy exchanges and let's push for a decentralized exchange for an awesome decentralized crypto-currency.

Others will follow.

B. Fuller

I disagree.

JUST STAPH PLEASE for the love of God...

 ;D

It does makes you feel retarded  :-\

Point being if I communicate at that level, they might have a better chance of understanding.

That's not certainly true :-\
People might not be familiar with proper language cos it's not their mother tongue or so as English is not mine either
But i try my best to be good and if i have some mistakes and you do same and think i will understand it better , NOPE , not true...

But which other option is there to use bitcoins besides a wallet. One can chose to use a paper wallet as well but most of them use online wallets. What should some stop doing is using ponzi and gambling sites like poker which are risky.

them what is your solution for people who are trading with bitcoin on exchangers! if they stop their day to day trading and start selling price will be 50$

I think the point here is that exchanges don't invest in auditing its systems and in getting better security infraestructures

As Far as a I know, Winklevoss twins will use all of these measures to keep their exchange as legitimate possible.

+21,000,000
There is a demand for good exchanges and eventually honest people will profit from providing the service.

I agree. Deliberately misspelling words is juvenile. That said, I unintentionally misspell them all the time. No excuse for not correcting the title though.

Its a meme, not a misspelling.

http://www.urbandictionary.com/define.php?term=stahp

Complaining makes you look 'net illiterate.

You don't get the point, exchanges are used for trading, not storage, if you plan on holding them long term you don't let them sit there on an exchange even if it's only for a week, you're just asking for trouble if it's a large amount, the problem here is there are people genuinely using these places as storage areas and they end up getting themselves screwed over for it and then come bitching here about it all the fucking time.

While I do agree with the overall concept of your OP, I would say that holding the private keys is not the best of ideas for everyone.

Some people (especially newbies) do not have the skills required to properly secure their private keys. For these people, it would probably be a good idea to keep their funds at an exchange that is somewhat reputable for having proper security practices

The difficulty is what criterias should be used to evaluate good exchanges, such as trading volume, opening length, or management, security etc. Maybe the centralized is the problem. Human error is impossibly avoided.

You can deposit but don't keep there, i.e., withdraw instantly after you do a trade.

   -MZ

I've always used a desktop wallet. The problem with Bitcoin, or at least seems to be, are these ridiculous hacks. They are way too frequent and frustrating to deal with if you're the victim. It's happened time and time again, people still don't learn. Exchanges have problems. There are always crooks that want to steal people's hard earned BTC.

Or use a decentralised exchange.....

but its not like you are going to be warned off if the exchanger is going to be rubbed or something. if it is dangerous to put bitcoin or any currency in an exchanger it doesn't matter for 1 minute or 1 month. the exchanger can be hacked the minute you deposit

Mt. Gox, anyone? or did we all already forget...  ::)

Even if they did there can always be weak links, especially when you have to change funds from cold wallets to hot. An external audit can also never account for an inside job nor can you really protect fully against it. I guess multi-sig wallets would help but depends on if you fully trust those people.

Thanks and ood luck brother, exchanges are looked at as banks.

After you're done at the casino, do you leave all your chips at the table?

No, of course not, if you do, you're an idiot and deserve to lose it.

I have no pity for stupid people, none whatsoever, do your homework, ya lazy greedy fucks.

Someone's willing to go to hell so you go broke, it happens a lot... good people, we don't go around expecting to be deceived...

In the financial markets, assume everyone is out to swindle you.

Day traders need to assume the risk, it's part of the occupation; don't put ALL you coin there either, save some in case you lose it all.

A few years ago I made a post saying not to keep their coin in exchanges and to use the Bitcoin Core.

Then I was called a jerk, a nut case, a freak, what have ya for speaking against exchanges and the Blockchain.info wallet.

By whom?  I figure were their respective owners or remote controlled idiots.

Few weeks later, 2-3 few exchanges went down... I told everyone, no one wanted to listen, too fucking bad for them.

I day trade but I don't leave my coin overnight unless I really want a certain price; but I assume the risk when I do.

I also run the core; guess who never lost one single Satoshi?  Myself including a lot of other clever coiners.

Then stupid sheeple be asking, oh please IMF, protect our exchanges!!  Inject our network with fake money!!

The core is slow but safe... cashing out every time you're done your day nearly guarantees you won't lose your coin whilst you are sleeping.

That is my greatest fear, or better yet, spend your BTC on AltCoins instead, there's never been a great MazaCoin or DigiByte heist there lol.

Yeah sounds asinine but get the hint.

We can't stress this enough. I guess people are quite ignorant (and/or lazy?) when it comes to security and privacy.
Bitcoin is as secure as the way we use it and secure our systems and hold them. All those major hacks were expected (excluding those "hacks" that were inside jobs). I've been saying this from the days prior to Mt.Gox. Do not hold your funds online.

They are even at risk on your everyday PC. I mean, you're holding a lot of money (some people even millions) on a machine that is protected by some firewall. That's like leaving a million in a bag in your yard, which has a small metal fence around it.

Well to be fair, a good portion of the population would not  be otherwise be able to secure their wallets/funds with their own computer, so for a lot of people they would be better off keeping small amounts of funds on an exchange/online/hosted wallet. It should be noted that a lot of people are horrible at security and that bitcoin does have a bit of a learning curve when it comes to securing your wallet

It needs to be improved but isn't that bad --

Most baby boomers can secure their bitcoins with one of these-

https://bitcointalk.org/index.php?topic=899253.0

Older Luddites can buy one of these and have their grandchild help them set it up.

Day trading requires taking advantage of big pumps and dumps that can happen ANY TIME at any market (any altcoin). So if you have to move your coins from the exchange to the wallet everytime, you are getting nowhere. The confirmation time is way too high to be quick enough.

I'm glad to see someone else gets this.

Too many people worry about how the elderly will learn Bitcoin.

Nobody's grandparents ever learned show to connect a DVD player to stereo receiver - they just had their grandchildren do it for them.

use them for buying/selling/trading but get your money out .. dont leave btc on an exchange