What if the wallets would run away with the money

[hajimasan]

It's often discussed that, Hyip, ptc scams are normal. What happens if the wallets like coinbase and xapo and others decided to walk away with the money what will happen, though I am sure it will never happen but just out of curiosity

it can be but i think with the official wallet nothing happened like this because the official wallets are making money through legit way og transaction so why they needs to scam .sonin my opinion they are no such chance to scam ( atleast for blockchain )

[Herbert2020]

It's often discussed that, Hyip, ptc scams are normal. What happens if the wallets like coinbase and xapo and others decided to walk away with the money what will happen, though I am sure it will never happen but just out of curiosity

it can be but i think with the official wallet nothing happened like this because the official wallets are making money through legit way og transaction so why they needs to scam .sonin my opinion they are no such chance to scam ( atleast for blockchain )

there is no "official wallet" for bitcoin. all the wallets are created on the bitcoin protocol by people and are all open source. those third party sites like coin base and xapo are running on their own code too but there is no such thing as official wallet.

and your reasoning is also wrong because the same thing was true about all those exchanges which were earning money through legit ways like trading fees but they scammed anyways.

[jossiel]

It's often discussed that, Hyip, ptc scams are normal. What happens if the wallets like coinbase and xapo and others decided to walk away with the money what will happen, though I am sure it will never happen but just out of curiosity

it can be but i think with the official wallet nothing happened like this because the official wallets are making money through legit way og transaction so why they needs to scam .sonin my opinion they are no such chance to scam ( atleast for blockchain )

there is no "official wallet" for bitcoin. all the wallets are created on the bitcoin protocol by people and are all open source. those third party sites like coin base and xapo are running on their own code too but there is no such thing as official wallet.

and your reasoning is also wrong because the same thing was true about all those exchanges which were earning money through legit ways like trading fees but they scammed anyways.

There is official wallet for bitcoin and that is blockchain.info and we can't assure those big exchange or wallet providers if they are going to run with our money.

But it seems that trust of people is much more precious to them since that is real business so you don't have to think about and doubtful from them.

[neochiny]

It's often discussed that, Hyip, ptc scams are normal. What happens if the wallets like coinbase and xapo and others decided to walk away with the money what will happen, though I am sure it will never happen but just out of curiosity

Haven't heard of a wallet running yet. But it happens with exchanges,hyip,ptc,etc , so who's to say it won't ever happen with wallets. Doesn't matter how long they've been operating or whether they're making enough money off of fees. So long as they decide to run and take off with all their depositor's money, nothing we could really do. Or, they don't even need to run, they could just say they've been hacked. lol. Nothing new there.

Which is why I personally only put enough on my web wallets for payments,etc. Small amounts only.

[mrcash02]

It's often discussed that, Hyip, ptc scams are normal. What happens if the wallets like coinbase and xapo and others decided to walk away with the money what will happen, though I am sure it will never happen but just out of curiosity

Haven't heard of a wallet running yet. But it happens with exchanges,hyip,ptc,etc , so who's to say it won't ever happen with wallets. Doesn't matter how long they've been operating or whether they're making enough money off of fees. So long as they decide to run and take off with all their depositor's money, nothing we could really do. Or, they don't even need to run, they could just say they've been hacked. lol. Nothing new there.

Which is why I personally only put enough on my web wallets for payments,etc. Small amounts only.

To prevent this kind of fear from users, the wallet owners should provide their personal informations, like business address and all other informations that can help users to find this person if they lose their money, be hacked... Surely it would be dangerous for wallet owner also, because someone could try to extort him for money. Complicated situation.

[bitkilo]

The good thing is that you have alternative, you are not forced to use any kind of online wallet at all.
In case of even shadow of doubt you should not use online wallet, casino, exchange - basically any 3rd party service.

I just want to add - if you are user of blockchain.info, then it is near impossible for owners to steal your bitcoins - as they don't have access to your account at all.

I have been using coinbase.com cause I was suggested that it was the best. Is it the best or should I shift to some other one. Ya I read about it, it's scary it could happen. Will there be any fees if I switch to Blockchain?

Coinbase is a online wallet provider, it should be fine to purchase some coins from them but just remember that as soon as those coins have been confirmed and sitting in your coinbase wallet you should really then move them to an address in which you hold the private keys too.
Mycelium is a good option, blockchain.info is OK too.

It's often discussed that, Hyip, ptc scams are normal. What happens if the wallets like coinbase and xapo and others decided to walk away with the money what will happen, though I am sure it will never happen but just out of curiosity

it can be but i think with the official wallet nothing happened like this because the official wallets are making money through legit way og transaction so why they needs to scam .sonin my opinion they are no such chance to scam ( atleast for blockchain )

there is no "official wallet" for bitcoin. all the wallets are created on the bitcoin protocol by people and are all open source. those third party sites like coin base and xapo are running on their own code too but there is no such thing as official wallet.

and your reasoning is also wrong because the same thing was true about all those exchanges which were earning money through legit ways like trading fees but they scammed anyways.

There is official wallet for bitcoin and that is blockchain.info and we can't assure those big exchange or wallet providers if they are going to run with our money.

But it seems that trust of people is much more precious to them since that is real business so you don't have to think about and doubtful from them.

No you are incorrect, blockchain.info is not the "offical" wallet for bitcoin, there is no offical wallet.

[virtualkeybuyer]

They are registered companies and their details are available with the authorities so if they will escape away then FBI and other authorized agencies will try to find them out and will send them to prison and I think with this way we will get back our bitcoins.

[Kyle Lowry]

Pretty sure if this happened, the value of BTC would drop tremendously. It's already an extremely fragile currency and the value is easily swayed so if there was a large amount of "theft", presumably the value of BTC would take a big hit.

[Hazir]

there is no "official wallet" for bitcoin. all the wallets are created on the bitcoin protocol by people and are all open source.

Actually, the closest thing you can call 'official' bitcoin wallet is Bitcoin Core - first Bitcoin wallet, developed originally by Satoshi.
Bitcoin Core is the oldest and most trusted wallet (because its code is well known and has been reviewed many times) developed and upgraded to this day.

[dustboy]

They are registered companies and their details are available with the authorities so if they will escape away then FBI and other authorized agencies will try to find them out and will send them to prison and I think with this way we will get back our bitcoins.

How if the btc stolen have been spent/used for anything by the thieves? Will we get our coins back even if FBI has caught them? I guess no, we wont get it back.
If a wallet run away with our coins then we cant expect much, all we can do is to be patient and let it go This is the reason why we should choose the most trusted wallet in this bitcoin community.

[bitkilo]

They are registered companies and their details are available with the authorities so if they will escape away then FBI and other authorized agencies will try to find them out and will send them to prison and I think with this way we will get back our bitcoins.

How if the btc stolen have been spent/used for anything by the thieves? Will we get our coins back even if FBI has caught them? I guess no, we wont get it back.
If a wallet run away with our coins then we cant expect much, all we can do is to be patient and let it go This is the reason why we should choose the most trusted wallet in this bitcoin community.

Nobody should have any worries about a wallet provider running away with users funds because you shouldn't be storing any coins on an online wallet that you don't control the private keys to.

[jovs]

there is no "official wallet" for bitcoin. all the wallets are created on the bitcoin protocol by people and are all open source.

Actually, the closest thing you can call 'official' bitcoin wallet is Bitcoin Core - first Bitcoin wallet, developed originally by Satoshi.
Bitcoin Core is the oldest and most trusted wallet (because its code is well known and has been reviewed many times) developed and upgraded to this day.

Yes that is right, but now it is blockchain. As blockhain mininers process the transaction for bitcoin. It is also know in as the main bitcoin wallet im bitcoin.