Maybe it is a good advice not to store your BTC at OKCoin...

[LiteCoinGuy]

For the history books. Remember my words - 30.5.2015  

Use a hardware wallet / paper wallet and split your funds. Everything is better than to leave the coins on an exchange. Good luck guys  

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[OgNasty]

I think Roger Ver beat you to issuing this warning.

[LiteCoinGuy]

you can see that as a final warning.


(i cant beat Bitcoin Jesus of course) 

[photon_coin]

anyone who stores more than just tiny sums in anything other than a wallet that only they control the keys for is asking for trouble,

keeping things on exchanges is never , ever , a good idea.

[LFC_Bitcoin]

Don't leave anything on exhanges that you're not actively selling.
Too many horror stories from the past, seriously it's not worth it.
As somebody else said above keep the bulk of your coins in cold storage where only you have the private keys.
I recommend splitting your stash up into multiple paper wallets with BIP38 encryption.
Don't be lazy, just always remember MtGox, it could probably happen again to any exchange, trust nobody but yourself with your bitcoins.

[anderson00673]

But why OK coin, I though they were a fairly major exchange?  Is there some specific reason, or are you just giving advice that we shouldn't keep money in online wallets?

[cellard]

Yeah, generally a super bad idea leaving your money in any exchange, let alone a Chinese one lol.
Anyone still using Poloniex? i love the layout, coin selection and big volume, but what about the new rules imposed by FinCEN? did anyone withdraw and deposit using a fake name and country without problems? not sure you wanna put your real data on there unless you are dealing with serious money, I just don't see the necessity.

[pooya87]

But why OK coin, I though they were a fairly major exchange?  Is there some specific reason, or are you just giving advice that we shouldn't keep money in online wallets?

because you don't have control over your bitcoin, you don't have the private keys. they can easily run away with your money and scam you.
and this is not about online wallets, this is about keeping bitcoin in and exchanger. although online wallets have they own risks, at least you have access to your private keys (at least in some online wallets)!

here is an example of bitcoin being stolen from an exchanger:
7170 BTC stolen from exchanger

Yeah, generally a super bad idea leaving your money in any exchange, let alone a Chinese one lol.
Anyone still using Poloniex? i love the layout, coin selection and big volume, but what about the new rules imposed by FinCEN? did anyone withdraw and deposit using a fake name and country without problems? not sure you wanna put your real data on there unless you are dealing with serious money, I just don't see the necessity.

i personally cashed out of poloniex as soon as they announced the changes and asked for personal information. i don't like the possibility of encountering any problem in my future withdrawal. besides i like bittrex much more.

[Eastwind]

But why OK coin, I though they were a fairly major exchange?  Is there some specific reason, or are you just giving advice that we shouldn't keep money in online wallets?

I think the title is misleading. We should not save in ANY exchanges.

[Amph]

But why OK coin, I though they were a fairly major exchange?  Is there some specific reason, or are you just giving advice that we shouldn't keep money in online wallets?

you should not keep coin on online wallet ever, they are more subject to hacking than anything else, and big knows exchange are the first target from a professional hackers

local wallet is much safer if you do not download suspicious file everyday

But why OK coin, I though they were a fairly major exchange?  Is there some specific reason, or are you just giving advice that we shouldn't keep money in online wallets?

I think the title is misleading. We should not save in ANY exchanges.

i would add in any online wallet, keeps just a few coins for fast trading

there should be a sticky thread for newbie, about the things that you must not do with bitcoin

[LiteCoinGuy]

But why OK coin, I though they were a fairly major exchange?  Is there some specific reason, or are you just giving advice that we shouldn't keep money in online wallets?

because there are alot alarm signals in the last weeks:

Zhao wrote:

    “As the second largest individual shareholder in the company at the time, I was never allowed to see a bank statement, even though my name is associated with several bank accounts of the company. In Jan, I asked strongly to see the bank statement where the VC investment money was stored, I was denied. I left shortly afterwards.”

http://www.coindesk.com/former-exec-hits-back-at-okcoin-amid-contract-dispute/


and the Roger Ver story...try google

[bryant.coleman]

I never store any of my coins in exchange sites. Previously I used to store them in Blockchain.info online wallet. But in 2014, I moved all of my coins to offline storage, with multiple wallets. IMO, if anyone continues to store his coins in any of the exchange sites, even after the disastrous Mt Gox scandal, he is a complete idiot.

[dothebeats]

But why OK coin, I though they were a fairly major exchange?  Is there some specific reason, or are you just giving advice that we shouldn't keep money in online wallets?

because there are alot alarm signals in the last weeks:

Zhao wrote:

    “As the second largest individual shareholder in the company at the time, I was never allowed to see a bank statement, even though my name is associated with several bank accounts of the company. In Jan, I asked strongly to see the bank statement where the VC investment money was stored, I was denied. I left shortly afterwards.”

http://www.coindesk.com/former-exec-hits-back-at-okcoin-amid-contract-dispute/


and the Roger Ver story...try google

This is one result of my searches with Roger Ver and OKCoin: https://www.cryptocoinsnews.com/bitcoin-super-investor-roger-ver-bitcoin-exchange-okcoin-may-insolvent/

Let me quote one of the statements made by Roger Ver:

The short version is that the CEO of OKCoin forged a contract and then forged my name onto it. PGP cryptographic signatures have proven it to be a forgery and for him to be a liar beyond any doubt. The only reason I can think of for him to go to such extremes to get out of a $10,000 a month payment is if his company is already insolvent and doesn’t have the money. I really think we should demand a full proof of reserves audit of OKCoin at this point.

[NorrisK]

I think a major problem is it guys trying to run a business without any business experience and than suddenly having to handle millions of dollars .. Ofcourse things go wrong without proper financial management.

[unamis76]

Don't leave anything anywhere you can't fully control what leaves from that place. That's the way to go...

[bornil267645]

Well I dont know how many people saw your advice at first...but I hope new users see this warning very soon and act accordingly. We dont want a repeat of the Mt.gox incident, would we?

[bryant.coleman]

Well I dont know how many people saw your advice at first...but I hope new users see this warning very soon and act accordingly. We dont want a repeat of the Mt.gox incident, would we?

People have learnt their lesson from the Mt Gox robbery. Now most of them realize that these online exchange sites are only for trading, and not for the storage of Bitcoins. Even if someone manages to steal from Bitstamp or Kraken, the damage will be much lower than the $600 million loss which we had from Mt Gox. Also, the exchange owners are also very careful now, and they are taking all the necessary precautions to prevent any large-scale theft.

[Q7]

One thing I can't really understand is that despite what has happened and what history has shown there are still people keeping their stash in exchangers. No matter how credible they are, or how big they claim to be and with all those fancy security features in place, as long as you don't have control over and access to the private keys, it's definitely out of the question.

[Buttknuckle]

IDk, I see what everyone is saying, but I don't mind keeping a little bit in online wallets.  The online wallets, at least the big ones, have to be more secure and careful after Mt. Gox.  Of course the bulk of my funds are either in has or in my ledger wallet.

[BillyBobZorton]

But why OK coin, I though they were a fairly major exchange?  Is there some specific reason, or are you just giving advice that we shouldn't keep money in online wallets?

because you don't have control over your bitcoin, you don't have the private keys. they can easily run away with your money and scam you.
and this is not about online wallets, this is about keeping bitcoin in and exchanger. although online wallets have they own risks, at least you have access to your private keys (at least in some online wallets)!

here is an example of bitcoin being stolen from an exchanger:
7170 BTC stolen from exchanger

Yeah, generally a super bad idea leaving your money in any exchange, let alone a Chinese one lol.
Anyone still using Poloniex? i love the layout, coin selection and big volume, but what about the new rules imposed by FinCEN? did anyone withdraw and deposit using a fake name and country without problems? not sure you wanna put your real data on there unless you are dealing with serious money, I just don't see the necessity.

i personally cashed out of poloniex as soon as they announced the changes and asked for personal information. i don't like the possibility of encountering any problem in my future withdrawal. besides i like bittrex much more.

But you used your real name to cash out?
Im interested in knowing what would happen if someone uses a fake name when cashing out. Once I cash out, im never using Poloniex again as well.
Is Bittrex a good Poloniex replacement?