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rezilient
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August 15, 2016, 10:28:46 AM |
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Gox
Cryptsy..
If you have most of your coins in Bitfinex.. there will be little mercy when they disappear.
That is freaky prediction right there dude, 1 month and a bit later and boom. Who is running next? lol |
You don't pay enough.
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Whoever mines the block which ends up containing your transaction will get its fee.
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Mastsetad
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August 15, 2016, 10:38:43 AM |
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Keeping all your coins in a exchange is always risky as we never know what happens to that exchange, like what happened to bitfinex, too many people lost their coins when the hackers hacked the exchange and took away all the coins, so such things happen sometimes that is why keeping your coins in a wallet would be the best way.
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Oralmat
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August 15, 2016, 01:51:49 PM |
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Gox
Cryptsy..
If you have most of your coins in Bitfinex.. there will be little mercy when they disappear.
Yes, you are right, Bitfinex has given us a lesson that we should avoid to keep our coins on the exchange. I am surprised that it is second time happen so why people are doing it. Personally i refer to safe my bitcoins into local wallet and i believe it is more than better Bitfinex. |
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pereira4
Legendary
 Offline
Activity: 1610
Merit: 1183
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August 15, 2016, 01:52:43 PM |
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This is pretty obvious for anyone that has been using Bitcoin for a while in 2016, but the people that like to do trading are forced to leave some coins on the exchanges otherwise you miss opportunities.
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JeffBrad12
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August 15, 2016, 03:33:05 PM |
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Gox
Cryptsy..
If you have most of your coins in Bitfinex.. there will be little mercy when they disappear.
Yes, you are right, Bitfinex has given us a lesson that we should avoid to keep our coins on the exchange. I am surprised that it is second time happen so why people are doing it. Personally i refer to safe my bitcoins into local wallet and i believe it is more than better Bitfinex. But for the traders is want to think again, maybe not their intentions for believing with exchanges but there considering about every fee they will get in every transaction in trading they're made it. |
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goinmerry
Legendary
Offline
Activity: 2940
Merit: 1083
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August 15, 2016, 03:54:57 PM |
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This is pretty obvious for anyone that has been using Bitcoin for a while in 2016, but the people that like to do trading are forced to leave some coins on the exchanges otherwise you miss opportunities.
Yeah that is right. So what do we do. We just need to pick the right one or just have faith that it will not be the same mt.gox or bitfinex that is all we have |
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mobnepal
Legendary
Offline
Activity: 1218
Merit: 1006
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August 15, 2016, 04:11:23 PM |
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Keeping all your coins in a exchange is always risky as we never know what happens to that exchange, like what happened to bitfinex, too many people lost their coins when the hackers hacked the exchange and took away all the coins, so such things happen sometimes that is why keeping your coins in a wallet would be the best way.
This is not always practical even web wallets were hacked several times or they were ran away scamming lots of people. And also traders have to keep some coins in exchanges to do daily trading and profit from it so even though they know it is risky they will keep almost all they have in exchangers. |
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amiryaqot
Legendary
Offline
Activity: 1050
Merit: 1000
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August 15, 2016, 04:37:06 PM |
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Indeed, but it's impossible to take withdraw all of our coins from exchanges, especially when we are most active with trades than we could miss the opportunities regarding deposits and withdrawals each day, sometimes confirmations could take so long time there.
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dothebeats
Legendary
Offline
Activity: 3640
Merit: 1353
Cashback 15%
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August 15, 2016, 04:45:09 PM |
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Indeed, but it's impossible to take withdraw all of our coins from exchanges, especially when we are most active with trades than we could miss the opportunities regarding deposits and withdrawals each day, sometimes confirmations could take so long time there.
That could be a problem for arbitragers and traders who don't want to miss up on opportunities that could pop up anytime in the market. While the risk stands when keeping your coins in an exchange, also, the opportunity might slip if ever there would be some significant movement in the market and you don't have any coins on the site. As a personal suggestion, I think it would be better to just keep all profits in the site AND withdraw your initial investment if you deem that your profit is already enough to continue your trading operation. That is what I'd do if I was a trader. |
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noormcs5
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August 15, 2016, 05:17:00 PM |
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Gox
Cryptsy..
If you have most of your coins in Bitfinex.. there will be little mercy when they disappear.
Yes, you are right, Bitfinex has given us a lesson that we should avoid to keep our coins on the exchange. I am surprised that it is second time happen so why people are doing it. Personally i refer to safe my bitcoins into local wallet and i believe it is more than better Bitfinex. But for the traders is want to think again, maybe not their intentions for believing with exchanges but there considering about every fee they will get in every transaction in trading they're made it. Yeah, it is a message of Bitfinex for the traders, now if they do again that mistake so they are really senseless. Because i couldn't understand why they are not using that type of exchange which are authorize exchanges. |
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Mastsetad
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August 16, 2016, 07:12:53 AM |
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Keeping all your coins in a exchange is always risky as we never know what happens to that exchange, like what happened to bitfinex, too many people lost their coins when the hackers hacked the exchange and took away all the coins, so such things happen sometimes that is why keeping your coins in a wallet would be the best way.
This is not always practical even web wallets were hacked several times or they were ran away scamming lots of people. And also traders have to keep some coins in exchanges to do daily trading and profit from it so even though they know it is risky they will keep almost all they have in exchangers. Web wallets are also not safe for holding a lot of bitcoins, if you know you have a large number of bitcoin then you should not take the risk of keeping them in a web wallet but keep them in a hardware wallet like electrum or bitcoinCore etc, or just split them into parts in different wallets to be safer because if you get a problem in one wallet you wont lose all your coins at once. |
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Supercrypt
Legendary
Offline
Activity: 1554
Merit: 1054
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August 16, 2016, 08:18:46 AM |
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Gox
Cryptsy..
If you have most of your coins in Bitfinex.. there will be little mercy when they disappear.
Yes, you are right, Bitfinex has given us a lesson that we should avoid to keep our coins on the exchange. I am surprised that it is second time happen so why people are doing it. Personally i refer to safe my bitcoins into local wallet and i believe it is more than better Bitfinex. I thought cryptsy was a lesson enough back then? Well, for older bitcoin users that is. For new bitcoin users, this was a really big of an impact and a lesson learned the hard and expensive way to never keep the coins in an exchanger (also in casinos). We should not forget to benefit from the basic feature of bitcoin : Own your money / True ownership of our wealth. |
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Wandering Soul~
Sr. Member
Offline
Activity: 406
Merit: 250
Wolf
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August 16, 2016, 09:30:15 AM |
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People love to keep coins in an exchange because you can keep many coins in a single amount. Making an account of every coin is a tiring job though but people should prioritize the safety of their coins first
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ajun96
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August 16, 2016, 09:32:47 PM |
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never keep ANY coins in an exchange. this is the true advice here.
after what happen lately with bitfinex I learned that lesson. nothing is secure as a wallet to store my coins at.
I think not only on the exchange? wallet even though owned by a third party may be a scam. so you have to be careful with third party sites despite their trusted sites does not mean they do not turn out to be a scam aka someday. so I think it's better to save on desktop wallet |
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Mastsetad
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August 18, 2016, 05:42:26 PM |
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People love to keep coins in an exchange because you can keep many coins in a single amount. Making an account of every coin is a tiring job though but people should prioritize the safety of their coins first
No one needs to have accounts of every coin they trade, because people usually buy different coins for trading them and they just sell them for bitcoins when their prices are up, so someone would just need a bitcoin wallet for keeping his funds. |
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fravia
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August 18, 2016, 07:26:16 PM |
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Gox
Cryptsy..
If you have most of your coins in Bitfinex.. there will be little mercy when they disappear.
That is freaky prediction right there dude, 1 month and a bit later and boom. Who is running next? lol yeah, the more time passes, the more exchanges seem to be running away with people deposits, that is really horrible, no one can be trusted |
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hieu81
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August 27, 2016, 09:54:41 AM |
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I think, should be enough just to exchange BTC on-demand use. And I have kept since the loss is unlikely to recover.
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coinsocieties
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August 27, 2016, 09:58:36 AM |
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The best place to keep your coins is in a paper wallet or a wallet that you have the private keys to. There is no reason to keep them on an exchange when it comes to bitcoin, because no one will ever know how fast the exchange will collapse with the wrong leadership behind it or if they make one stupid move. I keep my bitcoin on a few different wallets which allow me to take less risk than others who leave all their eggs in one basket.
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JessicaSe
Legendary
Offline
Activity: 840
Merit: 1000
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August 27, 2016, 10:00:37 AM |
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Gox
Cryptsy..
If you have most of your coins in Bitfinex.. there will be little mercy when they disappear.
That is freaky prediction right there dude, 1 month and a bit later and boom. Who is running next? lol yeah, the more time passes, the more exchanges seem to be running away with people deposits, that is really horrible, no one can be trusted That's true but you can invest there for trading but make sure that you withdraw your profits on regular basis to minimize the risks. |
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ranlo
Legendary
Offline
Activity: 1974
Merit: 1007
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August 27, 2016, 10:03:38 AM |
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This is pretty obvious for anyone that has been using Bitcoin for a while in 2016, but the people that like to do trading are forced to leave some coins on the exchanges otherwise you miss opportunities.
The general rule is that you never risk more than you can afford to lose. If an exchange loses 100% of your funds and that will negatively impact your life, you shouldn't have money there or be trading in the first place. You should be fully prepared to lose every satoshi you have on an exchange. If not, keep it in your own wallet. |
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