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

[franckuestein]

As Andreas Antonopoulos said, we're in front of OKGox!
Let's see what happens, but IMO they've lost people confidence.

Don't store your bitcoins on exchanges or third party services if you don't want to lose your money 

[anderson00673]

So if OKCoin collapses and eats a bunch of bitcoins would this cause another crash on the scale of Mt. Gox?  Personally I don't think so.  The money is more spread out than it was then so I think the impact would not be as huge.  There would be some negative impact it just wouldn't be catastrophic.

[dollarneed]

Not only OKCoin, you shouldn't keep your bitcoin at every exchange site
They could be hacked anytime & you could lose your bitcoin

Better use offline / hardware / paper wallet

thanks for the advice,but actually how risky our money on exchange site?

[Eastwind]

Not only OKCoin, you shouldn't keep your bitcoin at every exchange site
They could be hacked anytime & you could lose your bitcoin

Better use offline / hardware / paper wallet

thanks for the advice,but actually how risky our money on exchange site?

These exchanges are not insured or regulated. If the exchange is hacked, you will lose your coins, but the owner of the exchange.

[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.

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?

i cashed out before the new name requirement rule took place (before the deadline) but i inserted a fake name anyways.
i didn't want to risk encountering any problem later on, although i doubt if you do if you give fake name.

bittrex vs Poloniex, it varies from coin to coin but they both have the same range of market volume.

[LiteCoinGuy]

So if OKCoin collapses and eats a bunch of bitcoins would this cause another crash on the scale of Mt. Gox?  Personally I don't think so.  The money is more spread out than it was then so I think the impact would not be as huge.  There would be some negative impact it just wouldn't be catastrophic.

yeah, probably a crash to 150 USD - who knows...


@seriouscoin

some people love pain   

[anderson00673]

When will you idiots listen?

I've been telling you guys million times that ALL Chinese exchanges are faking volume and manipulating trades.

Your response was " where is the evidence"

Here is an idea dumbass: by the time you see evidence, it would be too late.


Maybe you should pay attention on Chinese culture abit more and understand why.

You can find accusations about anything that say lots of things.  I can understand that people would want evidence.  What if I said that your local grocery store was putting carcinogens in your food?  You would want evidence.  It is hard for people to just take a strangers word about these things, especially on these forums.

I am not familiar with Chinese culture, but what is it about the Chinese that I should not trust ANY exchange?  If you don't have hard evidence then at least explain your beliefs.  I am curious because I use Chinese exchanges from time to time so if there is a real concern and reason to avoid all of them then please share.  I do not however store any money with them.

[LiteCoinGuy]

Do Not Use OKCoin: Too Many Red Flags, Withdraw Your Funds ASAP

https://www.coinprices.io/articles/do-not-use-okcoin-too-many-red-flags-withdraw-your-funds-asap

[fryarminer]

I'll welcome the opportunity to buy at $150!

Thanks for the heads up, not that I need it, but we can all not need another Goxing.

[Kprawn]

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?

When MtGox was still around, it was one of the biggest and well known exchanges out there. The fact that it's popular and well known, does not shield them from corruption and crime. How many HUGE banks have stolen from people lately? {The even combine efforts to steal from people}

OKCoin will go down quicker now, that people are aware of their problems... Get out while you still can.

The Golden Rule - "DO NOT STORE HUGE AMOUNTS OF COINS ON EXCHANGES"

[sgk]

I don't have an account there, but I hope the BTC withdrawls are still working fine.

Because this would be a good time to withdraw all your BTC from the exchange.
I have read fiat wire transfers are sucking ass and you shouldn't wait any longer to get the BTC out, or else you're just waiting to become a victim of OKGOX.

[SebastianJu]

I don't have an account there, but I hope the BTC withdrawls are still working fine.

Because this would be a good time to withdraw all your BTC from the exchange.
I have read fiat wire transfers are sucking ass and you shouldn't wait any longer to get the BTC out, or else you're just waiting to become a victim of OKGOX.

I had no problems withdrawing a small amount i had there for learning how to trade. I dont know what would have happened with a bigger amount. 

I like OKCoin very much because it only has very few flaws. I think i will proceed using it for learning to trade, when i have time again, but wont load up high amounts of coins.

[Amadues]

yes but okcoin has give some scam signal?!?

[SebastianJu]

yes but okcoin has give some scam signal?!?

Read this article here: https://www.coinprices.io/articles/do-not-use-okcoin-too-many-red-flags-withdraw-your-funds-asap

The worst things, that i read out of it, is that many high employees left and that the second highest, after the CEO, was never allowed to see the financial stats of OKCoin. That could mean they are not correct.

Next thing is that the key to all the coins are in sole ownership of the CEO. Since friedcat (Asicminer) vanished with millions of USD in Bitcoin, we know that this is no good sign, even if he would be a honest CEO.

Its simply that this company is intransparent to its own bosses and insecure. They could get "hacked" anytime, at least thats the common excuse for scamming exchange owners.

[sgk]

Not just OK Coin, I have come across articles claiming BTC-e is having issues with US wire transfers. Apparently the shift in US policies is to blame, at least according to BTC-e.
http://www.coindesk.com/btc-e-us-dollar-withdrawals-could-be-delayed-two-weeks/

If you're not actively trading, then it might be a good idea to withdraw your funds & BTC from BTC-e as well, to be safe.

[SebastianJu]

Not just OK Coin, I have come across articles claiming BTC-e is having issues with US wire transfers. Apparently the shift in US policies is to blame, at least according to BTC-e.
http://www.coindesk.com/btc-e-us-dollar-withdrawals-could-be-delayed-two-weeks/

If you're not actively trading, then it might be a good idea to withdraw your funds & BTC from BTC-e as well, to be safe.

Withdraw problems are always a problem. I mean when it happened with MtGox we all thought its relatively normal because they explained they have a limit on how much money they could send with the bank account. Thats why the bitcoin price on mtgox was always higher then elsewhere, because it took weeks to get funds out.

We now know that it didnt end well, so better safe than sorry. It should be taken as a warning.