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Author Topic: What are the dangers and risks of keeping cash in Mt Gox?  (Read 1419 times)
yoyoceramic
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June 09, 2011, 05:08:13 PM
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Just wondering since I have a significant (to me) balance of USD at Mt. Gox.  What are the risks to take into consideration here?
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June 09, 2011, 05:12:22 PM
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Just wondering since I have a significant (to me) balance of USD at Mt. Gox.  What are the risks to take into consideration here?

All depends on your personal risk-taking tolerance. Some people keep hard currency at home and some in the bank, others just operate off of cash, and still more convert theirs into bitcoins and encrypt their wallet on a USB drive.

You just need to consider what is tolerable, and act accordingly.

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kokojie
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June 09, 2011, 05:12:42 PM
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There is very little risk in keeping USD in mtgox, unless you don't trust mtgox itself. Since USD transactions are traceable. On the other hand, keeping BTC in your account is a bit more risky, since anyone can steal your password and transfer the BTC out, and it's gone for good, untraceable. So if you don't trade very often, it's better to transfer the BTC out to your secured local wallet.

If my post has been helpful, send me some love -> BTC: 1kokojUapmWqCqPw3Ch2rjcVh57tJEzka | PPC: PDyXAgA8eH47gokVW6zVZPSuu15aao5nZF | Bitshares: kokojie
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Bazil
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June 10, 2011, 12:29:45 AM
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Unless someone in the US government makes a few phone calls to their friends in Japan and has it unexpected shut down.

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June 10, 2011, 12:54:26 AM
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I think there is considerable risk keeping dollars or bitcoins at Mt Gox because the exchanges will be the first target of governments. Can anyone tell me why Mt Gox limits the amount of bitcoin that can be withdrawn?
Dude65535
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June 10, 2011, 02:50:43 AM
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I think there is considerable risk keeping dollars or bitcoins at Mt Gox because the exchanges will be the first target of governments. Can anyone tell me why Mt Gox limits the amount of bitcoin that can be withdrawn?

They limit bitcoin withdrawals so that if a hacker gets your password there is a limit to how fast he can steal all your bitcoins. Once they are gone there is no way to get them back.

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