NEver keep all your coins on an exchange

[mishra1994]

Never keep all eggs in.one basket, I think that isw the lesson we all have learned. So is with Bitcoin, if youw have bigger amount of coins don't keep them.in.one wallet anf if you also have something on exchangers, that should be the smallest sum. Anyway, combining wallets is always a good method to keep them safe..

Yes we leant it over time and hearing some many stories here that users lost their bitcoins from exchanges or even from wallets heard being their wallet hacked or some other reason.So its better to distribute the amount in some different wallets and keep only some small amount that is reauiered on the exchanges.

[Ferrero]

I agree, there are lots of history where people who left their coins in exchange lost everything.  GOX and  Cryptsy are the bigger one, and there are some small exchanges too like sharex that just close and run with their client's Coin not saying the one posting this message have First hand experience of losing coins to an exchange/trading platform that shutdown.

[rekinthis]

Never keep ANY coin on ANY exchange.

Fixed.

Please people, learn to put your coins in your own local wallets where you control the private keys, never have coins in exchanges. How many times this has to be said? I guess some people never learn.

I think some people just don't believe the other's suggestion until they find out why the other's gave the suggestion, and then they're regret.

or maybe put some coins on exchange makes profit for some people, IDK

Yeah, I see also as you say. Many people prefer to save some coin in the exchange, because they don't want to spend the money for any fee charged to them, maybe it's one of the reasons that make sense. But it's also dangerous to them, and I think not all exchange provide sufficient security is tight

Maybe you can save some fees. But when the exchange goxed, you will lose everything. It is very riseky.

you will definitely not lose a lot of money right now, less and less exchanges are turning to scams right now so i think it is starting to be safe to hold money on exchange

[Shiroslullaby]

Yeah but it only takes one and you lose all your money.
An exchange could get hacked, or some government finds out they were helping with illegal activities and shuts them down, many things can happen.

Unless they are in a wallet that only you have the keys to you need to be careful.

[Ferrero]

Many people who pot their money to exchanges really know the risk but there is still newcomers that don't know that it's very risky to keep it there. Atleast we're always here  to remind new in exchanger and trading.

[0day]

Yeah but it only takes one and you lose all your money.
An exchange could get hacked, or some government finds out they were helping with illegal activities and shuts them down, many things can happen.

Unless they are in a wallet that only you have the keys to you need to be careful.

and there is also the chances that the exchange go down for a while due to some issue like due to server down, and in that time the person will be unable to get access to his/her bitcoins if he/she need to pay/transact to someone.

[hifzi]

hay, news from bitfinex

Today we discovered a security breach that requires us to halt all trading on Bitfinex, as well as halt all digital token deposits to and withdrawals from Bitfinex.

We are investigating the breach to determine what happened, but we know that some of our users have had their bitcoins stolen. We are undertaking a review to determine which users have been affected by the breach. While we conduct this initial investigation and secure our environment, bitfinex.com will be taken down and the maintenance page will be left up.

The theft is being reported to—and we are co-operating with—law enforcement.

As we account for individualized customer losses, we may need to settle open margin positions, associated financing, and/or collateral affected by the breach. Any settlements will be at the current market prices as of 18:00 UTC. We are taking this necessary accounting step to normalize account balances with the objective of resuming operations. We will look at various options to address customer losses later in the investigation. While we are halting all operations at this time, we can confirm that the breach was limited to bitcoin wallets; the other digital tokens traded on Bitfinex are unaffected.

We will post updates as and when appropriate on our status page (Bitfinex.statuspage.io) and on the maintenance page. We are deeply concerned about this issue and we are committing every resource to try to resolve it. We ask for the community’s patience as we unravel the causes and consequences of this breach.
Aug 2, 18:06 UTC



seem this is the worst things happen when you store your coin in exchange

[Joel_Jantsen]

--snipe--
seem this is the worst things happen when you store your coin in exchange

Indeed.However if the exchange is quite concerned about their loyal customers,they should take the responsibility of providing coins/restoring wallets which were stolen.Afterall,its completely their fault since they could not find the breaches while Pen-testing.A nice example to post whenever someone argues about safety of their coins in an exchange wallet.

[Ferrero]

Having your coins sit in your exchange wallet for trading purposes is different than keeping your coins in an exchange just as some sort of wallet.

I don't do much trading, but when I do I just send the coins to my exchange and do the trading.

Once I'm done trading I directly send the coins from the exchange back to my wallet for safety purposes. I never let a single Satoshi there.

[purebitco]

Many people who pot their money to exchanges really know the risk but there is still newcomers that don't know that it's very risky to keep it there. Atleast we're always here  to remind new in exchanger and trading.

yeah i also know the risk and i still sometimes hold my money onto exchanges because i need to do some trading with cryptocurrencies, i think it is just easier

[Ferrero]

The Mt.Gox debacle affected a lot of users and I think almost everyone who was using Bitcoin at that time had deposited something there. It's not like the most trusted and popular Bitcoin exchanges nowadays are not susceptible to hacking incidents because anything could happen ranging from inside jobs to legitimate security breaches. And also if your current exchange hasn't had any problems till now that doesn't mean it won't have in the future so only hold amounts that you can afford to lose.

[immangrace]

The Mt.Gox debacle affected a lot of users and I think almost everyone who was using Bitcoin at that time had deposited something there. It's not like the most trusted and popular Bitcoin exchanges nowadays are not susceptible to hacking incidents because anything could happen ranging from inside jobs to legitimate security breaches. And also if your current exchange hasn't had any problems till now that doesn't mean it won't have in the future so only hold amounts that you can afford to lose.

Many hacks are inside jobs, sometimes it's the security engineer who makes the hack as the sums are really tempting and it's not easy to flag the coins or recover them once they are gone from your control.

[bravehearth0319]

Never keep ANY coin on ANY exchange.

Fixed.

Please people, learn to put your coins in your own local wallets where you control the private keys, never have coins in exchanges. How many times this has to be said? I guess some people never learn.

Agreed, for us to avoid lost of bitcoins. And its really not advisable to keep all our bitcoins even altcoins in differents exchange plaform so that no one will gonna be victim of it.

[CoinBreader]

add also Mintpal(loot 3.700btc) , CoinEX, Cryptorush, McxNOW, Allcrypt, Virtex,  on the list, these are what i recall, i used them in the past , but thank god i always was taking my btc out, quick profit from new coins, dump then move on..

[mtnsaa]

I recently withdrew part of my holdings from Poloniex, they are very legit in my opinion and may be the best all around cryptocurrency exchange but it would really suck if something like Bitfinex, Cryptsy or Mt Gox happen to Polo. No one is really safe.

For traders and investors is difficult to not have all their firepower on a exchange, I have more than 5 currencies at the moment, some don't even have working wallets. So it's not that people are just lazy or stupid.

[bjman]

What happenned at Bitfinex is really bordering on criminal negligence. There's no way that type of theft should have been allowed to occur in this day and age. It shouldn't even be possible to withdraw that many bitcoins from Bitfinex in that short amount of time. It's obvious they basically had no security at all.

[Arcteryx]

Gox
Cryptsy..

If you have most of your coins in Bitfinex.. there will be little mercy when they disappear.

You called it!
The warning was there if they did not believe you.
I stumbled on this 1.5 month old thread and was surprised what you said.
It was a revelation! 

But on a serious note. Exchanges are not to be trusted with your coins.
The rule in using them should be this:
Trade them, gain from them and get them the flock out of there! 

[BitMaxz]

I recently withdrew part of my holdings from Poloniex, they are very legit in my opinion and may be the best all around cryptocurrency exchange but it would really suck if something like Bitfinex, Cryptsy or Mt Gox happen to Polo. No one is really safe.

For traders and investors is difficult to not have all their firepower on a exchange, I have more than 5 currencies at the moment, some don't even have working wallets. So it's not that people are just lazy or stupid.

We will not still dont know what trading site are will stay alive for a long time.. even its a poloniex we dont know what will happen with poloniex..
It can also be down in the future if that site is already been monitored by hackers..
Hackers has high technology tools for hacking where all data base will be recorded as daya cookies that they can convert them into phrases.
So if you stay huge amount in trading site better to get those and just deposit a few bitcoin depends if how much altcoin you are holding there..

[Backside walkaround]

A fine call from back in June, op.  Anyone who's been in crypto, or at least a member of this forum, should know not to use an exchange's wallet to store coins on.  Scams and these false hacks happen too regularly.  Do your trades and get your money off the exchanges.  It's crazy that these places don't have regulations like discount stock brokers (or any stock brokers) do.

[ivanst776]

Gox
Cryptsy..

If you have most of your coins in Bitfinex.. there will be little mercy when they disappear.

I understand that people like you want others to be aware from the hacks that can be made on websites where you can't control your own money in this case exchanges, but what to do when I want to trade something and I invest 100% of my bitcoin budget, I should move them to an exchange trade there and withdraw but this should be fast as we can't know what will happen with the exchange when we wake up next morning.