What if the wallets would run away with the money

[Juggy777]

It's often discussed that, Hyip, ptc scams are normal. What happens if the wallets like coinbase and xapo and others decided to walk away with the money what will happen, though I am sure it will never happen but just out of curiosity

[romero121]

It's often discussed that, Hyip, ptc scams are normal. What happens if the wallets like coinbase and xapo and others decided to walk away with the money what will happen, though I am sure it will never happen but just out of curiosity

Already you've quoted that such thing won't happen at any instance, then no use on discussing on this. In my view at times due to network problems and other development issues the sites might go down for a short time but won't run away with the users earnings.

[awesome31312]

This has been asked before, about ten times every month.

Report it and move on. Very few people get their money back.

[OmegaStarScream]

It's often discussed that, Hyip, ptc scams are normal. What happens if the wallets like coinbase and xapo and others decided to walk away with the money what will happen, though I am sure it will never happen but just out of curiosity

It's the first reason why It's never recommended to store your Bitcoins in an online wallet (certaintly not one that doesn't give you access to your private keys like both services you just mentioned) , If you believe that this unlikely to happen then google "Mt gox" and think again. As for what will happen , nothing much If they do it right. (having your funds back is unlikely btw)

[isen]

Bitfinex hack had a big negative impact on Bitcoin and its price, if one of the big online wallets scams or hacked(It is more likely they will be hacked than run away with your money btw) the impact will be much bigger, I don't even want to think about it.
This is one of the many reasons that you should avoid using online wallets or at least don't keep big amount of money there.

[Juggy777]

It's often discussed that, Hyip, ptc scams are normal. What happens if the wallets like coinbase and xapo and others decided to walk away with the money what will happen, though I am sure it will never happen but just out of curiosity

It's the first reason why It's never recommended to store your Bitcoins in an online wallet (certaintly not one that doesn't give you access to your private keys like both services you just mentioned) , If you believe that this unlikely to happen then google "Mt gox" and think again. As for what will happen , nothing much If they do it right. (having your funds back is unlikely btw)

Hey thanks a lot will check it. Sorry I did not know it was discussed before. But thanks for your input will see it.

[bitkilo]

It's often discussed that, Hyip, ptc scams are normal. What happens if the wallets like coinbase and xapo and others decided to walk away with the money what will happen, though I am sure it will never happen but just out of curiosity

Never say never, as mentioned above just check out the Mtgox nightmare although that was considered an exchange rather than a wallet provider there weren't as many options back then.
Just remember if you don't hold your own private keys then someone else is being trusted with your money and if you want that set up then you may as well stay with the Fiat banking system.

[Hazir]

The good thing is that you have alternative, you are not forced to use any kind of online wallet at all.
In case of even shadow of doubt you should not use online wallet, casino, exchange - basically any 3rd party service.

I just want to add - if you are user of blockchain.info, then it is near impossible for owners to steal your bitcoins - as they don't have access to your account at all.

[Juggy777]

The good thing is that you have alternative, you are not forced to use any kind of online wallet at all.
In case of even shadow of doubt you should not use online wallet, casino, exchange - basically any 3rd party service.

I just want to add - if you are user of blockchain.info, then it is near impossible for owners to steal your bitcoins - as they don't have access to your account at all.

I have been using coinbase.com cause I was suggested that it was the best. Is it the best or should I shift to some other one. Ya I read about it, it's scary it could happen. Will there be any fees if I switch to Blockchain?

[TraderETH]

It's often discussed that, Hyip, ptc scams are normal. What happens if the wallets like coinbase and xapo and others decided to walk away with the money what will happen, though I am sure it will never happen but just out of curiosity

If online wallet or exchangers scam their users will many people use offline wallets and if  it happen will there are no people who believe into online wallet and bitcoin's price will be down. But the most dangerous is will many people who don't believe into bitcoins.

[Yuuto]

Well thats why you need to hold onto your own BTC private keys mate. Don't use services like coinbase. Hold your own private key and no one can steal it from you if you store it securely.

[Juggy777]

Well thats why you need to hold onto your own BTC private keys mate. Don't use services like coinbase. Hold your own private key and no one can steal it from you if you store it securely.

How can I do it? Is there some link or steps you could guide. Cause I only know very basic stuff about this wallets and this private key I am not getting it

[buxlover]

Well thats why you need to hold onto your own BTC private keys mate. Don't use services like coinbase. Hold your own private key and no one can steal it from you if you store it securely.

How can I do it? Is there some link or steps you could guide. Cause I only know very basic stuff about this wallets and this private key I am not getting it

coinbase and xapo doesn't give you the private keys. Those address belongs to them, you can't have control outside of their website. Even though coinbase allows to yo control the private key when you create multisig wallet, But for normal wallet you don't have control of private key

In blockchain you can import and export private keys.

[tiggytomb]

It's often discussed that, Hyip, ptc scams are normal. What happens if the wallets like coinbase and xapo and others decided to walk away with the money what will happen, though I am sure it will never happen but just out of curiosity

There would be very little to nothing that you could do, we can look at the recent examples with Cryptsy and Bifinex although some people might get a portion back you would be lucky to get anything back.

It is the chance you take when storing your bitcoins in these type of exchanges as you do not have full control.

[Kevin77]

It's often discussed that, Hyip, ptc scams are normal. What happens if the wallets like coinbase and xapo and others decided to walk away with the money what will happen, though I am sure it will never happen but just out of curiosity

Anything could happen. But, so far many exchanges or web wallet providers had closed their services with the reason of hacking, we were not sure about what really had happened to them.

The only possible solution must be : Use exchange or wallet only for its dedicated purposes. If using them for storage, regretting will be inevitable.

[mobnepal]

It's often discussed that, Hyip, ptc scams are normal. What happens if the wallets like coinbase and xapo and others decided to walk away with the money what will happen, though I am sure it will never happen but just out of curiosity

Talking about legally regulated exchange platforms like xapo and coinbase it will be hard for them to just run away however such wallets can easily make fake news being hacked by hacker and actually that will be insider jobs.

For other wallets which are not regulated or run by reputable company than they can just shut down and run away with completely anonymity. Better to have private key stored securely of all bitcoin address you will use anytime to hold bitcoin.

[European Central Bank]

i'm sure coinbase and xapo know their stuff security wise but i'd be very interested to see what their alleged insurance would do if there ever was a major hack. bitpay tried to claim on theirs but were told to kiss their ass. i guess that was mainly down to the incredible stupidity of the employee who gave the coins away.

[mrcash02]

It's often discussed that, Hyip, ptc scams are normal. What happens if the wallets like coinbase and xapo and others decided to walk away with the money what will happen, though I am sure it will never happen but just out of curiosity

Well, if it happens, it's over... You lose all your money stored there, nothing do do about it. It would be like invest on a Ponzi HYIP scheme and the site closes some time later. There is no way to retrieve the money.

But online wallets are safest than fraudulent schemes, of course. So, you don't need to worry much about it. But you must know that your money isn't 100% safe when stored there and unexpected things happen.

[20kevin20]

In case it happens, you have absolutely nothing you can do left. This happened many times (I'm not talking about Bitcoin but generally), there are scammers everywhere around us. Although we're as careful as we can be, it still can happen. You can only report it to the police but the chances of getting your money back are low. This is why I'm using cold wallets.

[pooya87]

It's often discussed that, Hyip, ptc scams are normal. What happens if the wallets like coinbase and xapo and others decided to walk away with the money what will happen, though I am sure it will never happen but just out of curiosity

don't be so sure about it. when it comes to bitcoin, as a general rule you should know that as long as you are not the one who creates the private keys and holds them, you are not controlling your balance. so even big wallets like coinbase can run away. nobody ever thought bifinex, cryptsy, mtgox, and so many others are going to do it but they all did. they can say it was a hack, or they can just disappear or the common thing with these wallets: "they can simply block your account and money in it"