VIRCUREX-

[spacegoat]

what is stopping an exchange from stealing everyone's coins?  a forum reputation?  how much is a forum reputation worth?



I know regulation is "whack" to the cryptocurrency market, but it is nice to find ways to protect people from scams somehow.



"trusted" unregulated companies holding your valuables seems about as risky as anything.



is there a way to actually be safe in the exchange market? 



I don't know.

this vircurex crash with all my funds in their system left me feeling vulnerable.

like these exchange companies are run completely anonymously aren't they?  and they could theoretically vanish with all your coins without a trace? 

I just wanted to open a discussion about this aspect of the cryptocurrency economy.  why should I trust an exchange based out of russia somewhere, or hong kong, or where ever vircurex is based out of? 

are there actually faces and names associated with holding responsibility for these companies, or are they just some structure some highschool kids in russia programmed and realized they had access to millions and millions of dollars....



its the wild west

(if you have reasons why to trust these companies btc-e vircurex, and the upcoming cryptotrade.com, please share)

just saying, don't worry they are to be trusted doesn't work for me

[master-P]

I think you just answered your own question 

[FreddyFender]

I think you just answered your own question 

+1

[maxmint]

I have some exotic coins in Vircurex. Bitcoin and litecoin are safe in my local wallets, but I don't have a TRC or PPC wallet on my computer.
So I just have to trust the guys at Vircurex.

Btw: just checking the site and it says: "The system is not available, we are aware of the issue and are working on it"...

[mr_random]

btc-e.com makes hundreds of thousands dollars per month profit and that figure is growing fast. Yes they could steal your coins but that would be like killing the golden goose.

However the smaller an exchange is, the less profit they are making and the more risk there is involved.

Ultimately though you can't trust these exchanges like a bank. And the absolute worst thing you can do is to leave a lot of money laying around on an exchange because if that exchange gets hacked into you will cry. And believe me a lot of exchanges get hacked  

[btbrae]

The answer is, nothing will completely stop the risk of an exchange stealing your coins.

Even with regulations and laws, as seen in Cyprus, there is always risk to storing value, no matter how small you perceive it to be.

The best defense against theft in this regard is to spread the risk and minimize the exposure.

Just to clarify, vircurex.com have said everything is fine and it is a technical issue.

Unfortunately the withdrawal fees for vircurex.com means people are encouraged to take risk and store their coins there. You have to consider your other choices.

[spacegoat]

does anybody have incidences in mmind of when exchanges were hacked, and what happened in the process?

if the exchange gets hacked your just S.O.L. better luck next time or do they reimburse you and take responsibility for their failed security?

all valid concerns in this economy..

[chrsjrcj]

I'm a little ticked off at Vircurex. I moved my coins out of BTC-e because of being down so often, and now Vircurex goes down. Oh well. The only coins I have on there is the profit I made off LTC's rise this week. 

[bitcoinism]

does anybody have incidences in mmind of when exchanges were hacked, and what happened in the process?

if the exchange gets hacked your just S.O.L. better luck next time or do they reimburse you and take responsibility for their failed security?

all valid concerns in this economy..

Both btc-e and vircurex have been hacked in the past and covered the losses themselves. Mooncoin apparently just stole the deposits and disappeared. Cryptoxchange shut down and last I saw there were a lot of users that never got their money back.

[opticbit]

I think crypto exchange gave a warning

And let people BitCoin/cash out

[spacegoat]

does anybody have incidences in mmind of when exchanges were hacked, and what happened in the process?

if the exchange gets hacked your just S.O.L. better luck next time or do they reimburse you and take responsibility for their failed security?

all valid concerns in this economy..

Both btc-e and vircurex have been hacked in the past and covered the losses themselves. Mooncoin apparently just stole the deposits and disappeared. Cryptoxchange shut down and last I saw there were a lot of users that never got their money back.

nice thanks for the history

how long has vircurex been fluffing the golden goose?  btc-e?  

what qualifications would you need to start an exchange?  none whatsoever, a forum name?


could we petition as a community for brainstorming and development of a top of the line secure exchange?  it can't be hard.  and have the profits go back into bitcoin development.  as a secure exchange I mean, top of the line security, accountability, and safety for its users.

I hate to say some kind of insurance plan.  but facts are facts.  theres gonna be hacks and the such.  I would hope an insurance plan was there to back any misfortunate events.  even though I hate insurance.  especially car insurance,

I think that this is possible isn't it?  we don't have to work in such sketchy ways all the time, eventually as bitcoin becomes more mainstream I would hope we would have developed something like this.  its got some pretty scammy scammers popping in and out without a trace, but i feel like we could transcend our vulnerabilities over time.  

any thoughts on this thread appreciated

[doublec]

it can't be hard.

There's a reason why there are so few good exchanges around. It is hard.

[MegatonWarrior]

At least Vircurex is keeping folks informed of their status via twitter.

https://twitter.com/Vircurex

It's always possible they can take the money and run.  But with Bitparking getting out of the alt-crypto-currency trading, Vircurex is the only game in town for PPC trading at the moment.  BTC-e has yet to implement PPC trading on their platform.  It would be a missed opportunity if Vircurex bailed out now.  PPC volume was their highest out of the other alt-currencies they support.  LTC was second which says a lot.

Bottomline:  It's all about trust and reputation in the anonymous-part of the bitcoin world.

[bootlace]

I also have a few coins lying around at Vircurex, am not too worried based on their Twitter messages. Although if I had a large chunk of money, I wouldn't feel too comfortable holding them anywhere besides my own wallet. I think everyone is caught up in trading coins for profits right now, which is not meant to be the purpose of all of this cryptocurrency stuff. I think the future, people will just hold on to the coin they want for 99% of the time, and only be subjected to liabilities during the small window when they make the exchange and thats it. You could further minimize that by doing the exchange in small quantities. That's the best I can think of for now.

[Walter Rothbard]

could we petition as a community for brainstorming and development of a top of the line secure exchange?

What is "top of the line"?  It's a mistake to think the quality of possible exchange practices is a total ordering.

[spacegoat]

IS TRC dead?  I just invested everything in it and I guess the whole system is frozen, nobody can move coins.

[rampone]

humans gone mad, see profits, turn into chicken, chicken not a lot of brain, chicken no gain.


i hope enough said?

[spacegoat]

humans gone mad, see profits, turn into chicken, chicken not a lot of brain, chicken no gain.


i hope enough said?

like swarms of trolls chasing chikun

[annette786]

Spacegoat-- May I ask your age, origin, and any personal demographic indicators you wish to share?  It's for posterity.

[chriswen]

TRC launched!