bitbitch
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March 06, 2016, 11:00:39 AM |
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once i had all my funds in one exchange wallet, but after i read about the fractional reserve that exchanges use, it's like the banks system, after that i don't trust any exchange and i have all of my bitcoin right in my wallet, where i control my private keys
Correct, just because an centralized exchange account balance shows an amount of Bitcoin does not mean it is backed by anything. Using a centralized exchange always includes a counterpart risk and not all of their users understand how big the risks and limits really are. This is where decentralized exchanges services (DEX) come in. That means the exchange is as decentralized as the underlying blockchain tech itself. On a DEX users are in full control of their own security, which "can" be much better than any centralized entity. In traditional exchanges you are also limited to a set of pairs. Whereas in a real DEX everyone can create his own assets/tokens/currencys and trade them right away. Be Your Own Bank & Be Your Own Broker. At the moment it is just not common to use a DEX. But time is working towards more decentralized exchange services, because they are more flexible and cannot easily get bankrupt or hacked as centralized ones can. However the solution is not one or the other, both centralized and decentralized exchanges need to go hand in hand to provide their customers the best and safest experience. is there a list of DEX options somewhere?
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DeDordtenaar
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March 06, 2016, 11:03:36 AM |
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I would not trust any exchange to babysit my coins overnight but that's just me.
You should keep coins in exchanges, the amount you want to invest, and keep the savings in your wallet. if you are not doing trading or other activities like to exchange or withdraw. better not to save in the exchanger. better kept in the wallet
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BTSwolf
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March 06, 2016, 11:23:25 AM |
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once i had all my funds in one exchange wallet, but after i read about the fractional reserve that exchanges use, it's like the banks system, after that i don't trust any exchange and i have all of my bitcoin right in my wallet, where i control my private keys
Correct, just because an centralized exchange account balance shows an amount of Bitcoin does not mean it is backed by anything. Using a centralized exchange always includes a counterpart risk and not all of their users understand how big the risks and limits really are. This is where decentralized exchanges services (DEX) come in. That means the exchange is as decentralized as the underlying blockchain tech itself. On a DEX users are in full control of their own security, which "can" be much better than any centralized entity. In traditional exchanges you are also limited to a set of pairs. Whereas in a real DEX everyone can create his own assets/tokens/currencys and trade them right away. Be Your Own Bank & Be Your Own Broker. At the moment it is just not common to use a DEX. But time is working towards more decentralized exchange services, because they are more flexible and cannot easily get bankrupt or hacked as centralized ones can. However the solution is not one or the other, both centralized and decentralized exchanges need to go hand in hand to provide their customers the best and safest experience. is there a list of DEX options somewhere? Yeah would be great to have a complete list, however a quick google brought this up. OpenLedgerCounterpartyNXTOmni
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West man
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March 08, 2016, 03:14:17 AM |
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i'm still trust an exchange but currently i don't dare to save all my money into 1 exchange because it's too risky and i was heard that some people got hacked into their exchanges account so for now i just only save 25% my bitcoin into 1 exchange from all my money
Why do you trust in exchanges with all the bull they have pulled in the past. It has been plastered all over the news. It is hard to miss.
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Herbert2020
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March 08, 2016, 04:17:34 AM |
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Hey everyone,
Just wondering, what percentage of your total funds do you usually keep at a single exchange?
I mean, what is your risk mitigation strategy, considering the many exchanges that went kaput?
nothing. i am too scared to keep anything at any exchanger anymore ![Smiley](https://bitcointalk.org/Smileys/default/smiley.gif) there has been enough incidents with reputable exchangers that it is absolutely necessary to withdraw all the funds from each exchanger after the trade. i have even reduced the amount if trade for that reason.
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Weak hands have been complaining about missing out ever since bitcoin was $1 and never buy the dip. Whales are those who keep buying the dip.
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avikz
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March 08, 2016, 04:31:09 AM |
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That entirely depends on your risk taking capability, that defers from person to person.
You can put your money in old and trusted exchanges like C-cex and Yobit as they are secured.
If you wish to test new exchanges, then it is not advisable to keep high amount. I usually keep around $250 in C-cex and little less in yobit.
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BTCLovingDude
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BTC to the moon is inevitable...
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March 08, 2016, 04:48:42 AM |
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That entirely depends on your risk taking capability, that defers from person to person.
You can put your money in old and trusted exchanges like C-cex and Yobit as they are secured.
If you wish to test new exchanges, then it is not advisable to keep high amount. I usually keep around $250 in C-cex and little less in yobit.
you named two of the not so popular exchangers for keeping money!! besides YOBIT has always have problems with payment to its users, just look at the services discussion board and you will see how many people are waiting for withdrawals.
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--looking for signature--
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7788bitcoin
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March 08, 2016, 08:25:22 AM |
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That entirely depends on your risk taking capability, that defers from person to person.
You can put your money in old and trusted exchanges like C-cex and Yobit as they are secured.
If you wish to test new exchanges, then it is not advisable to keep high amount. I usually keep around $250 in C-cex and little less in yobit.
I think $250 is still ok for keeping in exchanges. Any higher you should reconsider. I have not used C-cex and Yobit so I would not comment on how trustworthy and reliable they are.
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steveds
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March 08, 2016, 10:22:01 AM |
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That entirely depends on your risk taking capability, that defers from person to person.
You can put your money in old and trusted exchanges like C-cex and Yobit as they are secured.
If you wish to test new exchanges, then it is not advisable to keep high amount. I usually keep around $250 in C-cex and little less in yobit.
you named two of the not so popular exchangers for keeping money!! besides YOBIT has always have problems with payment to its users, just look at the services discussion board and you will see how many people are waiting for withdrawals. I think cryptsy was a very well know, popular and the most trusted exchange but they were the second biggest scammers of all time i guess ? The problem with exchanges or online wallet services is that you need to trust them with your coins and just hope nothing bad happens. That entirely depends on your risk taking capability, that defers from person to person.
You can put your money in old and trusted exchanges like C-cex and Yobit as they are secured.
If you wish to test new exchanges, then it is not advisable to keep high amount. I usually keep around $250 in C-cex and little less in yobit.
I think $250 is still ok for keeping in exchanges. Any higher you should reconsider. I have not used C-cex and Yobit so I would not comment on how trustworthy and reliable they are. There could be no typical amount and i have kept thousands of dollars(3-5 bitcoins) on Trex in the past and had no issues at all.
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knowhow
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March 08, 2016, 11:17:31 AM |
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Well i had sometime ago somethin like 1 btc at yobit,then i found poloniex and i had something around 1.5btc the thing is you must trust into the exchange,they can shot down any moment and go with your coins instead they collect small fees.
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eternalgloom
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March 08, 2016, 11:50:36 AM |
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I've made it a point to never keep any coins stored at any exchange, I try not to invest in too many different altcoins since it requires me to install so many different wallets. It's tempting to just put a bunch of coins into Poloniex and keep them there, but every time an exchange dissapears (cough Gox, cough Cryptsy) I'm reminded that it's worth the hassle.
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tobacco123
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March 08, 2016, 12:27:18 PM |
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It depends on how frequent you trade at the exchange. I think the exchanges charge a small fee for withdrawal. So if you withdraw and deposit frequently, you will spend more on the fee.
I think about 1BTC will be just ok for a normal bitcoiner.
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