"We got hacked" coming !

[isoneguy]

Stop being paranoid about it. If you are worried about your bitcoin then start to use FULLY LICENSED EXCHANGES i.e. Gemini.
But no, you people complain that they have harsh KYC policy. Don't be pussies and stop complain about harsh KYC and be sure that your coins are safe.

Or you can calm the fuck down...download a bitcoin wallet for your computer/phone....etc

https://bitcoin.org/en/choose-your-wallet

The only reason you need to use an exchange is to convert btc to? ...if you aren't trading/converting don't bother with exchanges.

If you simply are storing your coins then do so offline. There are many solutions to this...get researching

[1714858093]

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[1714858093]

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[South Park]

Exchanges hold a very less amount in cold storage. But trading depositing and withdrawing again and again is tedious.   

It is tedious but is way better to use that time to withdraw your coins than to later regret not doing it, the only reason you have money deposited in some website is because you plan to use that money for something, trading, buying, investing, but as soon you are done with it you must withdraw it.

[CryptoVzla]

I have a question about this: If any exchange get "hacked" (Wether it's an inside job or no) the Bitcoin price will go down like the Mt Gox case or Bitfinex in august, so what do  the hackers do with the stolen BTC?  Hold? Spend? Dump?

[iamTom123]

This is a very good advice and something am taking into consideration seriously. Right now, I am not having Bitcoin in any exchange wallet and am not yet into trading myself. Well, that can mean that I don't have much Bitcoin myself though hopefully in 2017 I can increase my Bitcoin portfolio. I am also hoping that pump and dump will not be affecting Bitcoin in the first quarter of the year.

[QuestionAuthority]

I have a question about this: If any exchange get "hacked" (Wether it's an inside job or no) the Bitcoin price will go down like the Mt Gox case or Bitfinex in august, so what do  the hackers do with the stolen BTC?  Hold? Spend? Dump?

I read a thread on a dark web forum about Bitcoin where one person claimed to have stolen thousands of btc. He said he goes to an exchange like BTCe and watches large walls form (say 500 btc wall). He then sells down to the wall and stops to wait for more buy orders to appear above the wall then sells again. He did that repeatedly over a period of months in 2015. Remember, if you stole the Bitcoin you don't really care what you sell it at because anything is profit for you. His story could be complete bullshit but you never know. Successful thieves are arrogant and like sharing the story of their success so it might be true.

[BigBoom3599]

I have a question about this: If any exchange get "hacked" (Wether it's an inside job or no) the Bitcoin price will go down like the Mt Gox case or Bitfinex in august, so what do  the hackers do with the stolen BTC?  Hold? Spend? Dump?

Depends on the hacker really. If I were him I'd slowly sell it, so that the bitcoin price doesn't get affected that much and the exchange which I'd dump it on doesn't get suspicious.

[electronicash]

I have a question about this: If any exchange get "hacked" (Wether it's an inside job or no) the Bitcoin price will go down like the Mt Gox case or Bitfinex in august, so what do  the hackers do with the stolen BTC?  Hold? Spend? Dump?

Depends on the hacker really. If I were him I'd slowly sell it, so that the bitcoin price doesn't get affected that much and the exchange which I'd dump it on doesn't get suspicious.

soon as the rumor is out, people who holds btc will dump the btc they are holding. they wouldn't wait for the hacker to dump.
its like spreading fud in the forum. few holders who happen to believe what the fudster is saying can affect their decision.

[Youresioure]

I'm sharing your opinion in this question. There're two groups of black-hat hackers (hackers who are participating in illegal activity e.g.: hacking exchanges). One group's driven by hunger of profit. The other group's driven by desire to prove that they can do it. Hacking exchanges now is VERY profitable and which else date would be more beautiful than hacking an exchange when BTC hits $1000, the legendary price that everyone expected for so long?

[Angel03]

Sometimes it is a bit scary when there is a big rise of bitcoin, many sites from one moment to another are "hacked"

[HaXX0R1337]

I have a question about this: If any exchange get "hacked" (Wether it's an inside job or no) the Bitcoin price will go down like the Mt Gox case or Bitfinex in august, so what do  the hackers do with the stolen BTC?  Hold? Spend? Dump?

It all depends upon the individual hackers who holds those coins and it is not at all possible to hide this much coins moving around so it might take a really long time for the hackers to sell off or convert their assets to other coins if needed and most of the hacks are inside jobs in my opinion.

[BitSat]

Sometimes it is a bit scary when there is a big rise of bitcoin, many sites from one moment to another are "hacked"

Its not only scary its really worst as I lost some big amount in mintpal and crypsty and now living very bad life because of these hacks have never recover from these and now suggesting never keep money on these exchanges and sites just keep them in your own custody like blockchain.info

[tusziget]

Two scenarios are likely to happen at this point :

1. "We got hacked" e.g Mt.gox
2. They actually get hacked

It's no secret that when the price of BTC increase , exchanges and other services becomes a target for hacking and sometimes It's actually an inside job where they claim they got hacked and of course , we can't proof it.

So to avoid any kind of regrets If that happens , I really recommend everyone to withdraw his funds from exchanges for the moment as we are heading to 1000$ pretty soon probably. Once you finish trading , just withdraw as there is no reason to keep them there... when you want to trade again , just deposit the amount to trade with and nothing more.

Exchanges that holds most of the funds in cold storage could be more secure but you never know... so yeah , be careful.

You were highly intuitive when you wrote about "We got hacked" coming!It was a warning,but not everybody listened to that.That has happened exactly to Btc38.It was not a big amount of coins that were stolen,but my opinion about is that every single coin is important,because people worked hard(in some cases maybe not that hard)to earn them.Fortunately,the Btc38 assured the people,that the losses will be covered.But Im wondering how is still possible that the hackers still can do what they do,and the companies not take security actions against it.It must be there a way to make security 100%.Maybe to keep all the funds in the cold wallet.Maybe the people will have to wait longer to receive their coins,but at least they can stay assured that everything is ok, and their coins are in a safe place.

[BrewMaster]

the users of these exchanges must take some action against them, they should start asking for insurance, and other ways to make sure their money is in safe place. just the fact that an exchange has been around and has a high volume is no guarantee any more. and it seems like these users are forgetful of what has happened so far to exchanges!

[lambdaE]

the users of these exchanges must take some action against them, they should start asking for insurance, and other ways to make sure their money is in safe place. just the fact that an exchange has been around and has a high volume is no guarantee any more. and it seems like these users are forgetful of what has happened so far to exchanges!

This users, well many of them only hold what they can afford to lose. If you hold more then you are unlucky and should learn. Insurance and all the carry on will only come with government intervention and that  is what we don't really want. It will be around in Europe in late 2017 or early 2018 though so your wish will come true.

[Bitcoinpro]

Even if exchanges would hold everything cold storage, it still wouldn't protect any funds if it's an inside job  
Maybe decentralized exchanges are the future...

All of the funds can be cold wallet if they have a small withdrawal delay

ie enough time to open a safe,

Coin u see on the exchange is not real coin

[electronicash]

the users of these exchanges must take some action against them, they should start asking for insurance, and other ways to make sure their money is in safe place. just the fact that an exchange has been around and has a high volume is no guarantee any more. and it seems like these users are forgetful of what has happened so far to exchanges!

Very true. Gox was huge during that time. Polo is huge this time as well the rest like bittrex.

a lot of users advised the rest of us not to store BTC on exchange though. insurance were never needed i guess because not so long ago there was an ICO which offers security of their money but this ICO weren't funded much so the project wasn't launched.

[Mastsetad]

Someone probably should never keep their extra coins in a exchange, if someone feel that they don't want to pay the fees of deposits everyday as they do trading everyday then they should just keep their capital in the exchange and take out the remaining btcs from there as it really can be dangerous.

[Simperson]

I think all funds of the big exchanges are holding in the cold storage.
it's very difficult to hack bitcoins or altcoins. I never expect this new " we got hacked"
Because many cases had been hacked before so They must be careful about the funds.

[lionheart78]

Someone probably should never keep their extra coins in a exchange, if someone feel that they don't want to pay the fees of deposits everyday as they do trading everyday then they should just keep their capital in the exchange and take out the remaining btcs from there as it really can be dangerous.

But then people are hard headed and never learn, me included lol.  It had been a hassle withdrawing and depositing Bitcoin when trading, especially you have a buy order to be filled.  You cannot withdraw the bitcoin placed in a buy order because you need to cancel the order in order to withdraw that Bitcoin.  

I have a question about this: If any exchange get "hacked" (Wether it's an inside job or no) the Bitcoin price will go down like the Mt Gox case or Bitfinex in august, so what do  the hackers do with the stolen BTC?  Hold? Spend? Dump?

Depends on the hacker really. If I were him I'd slowly sell it, so that the bitcoin price doesn't get affected that much and the exchange which I'd dump it on doesn't get suspicious.

Indeed hackers need to sell the stolen bitcoin slowly, even if it is free, their aim is to get a high rate as possible.  So most probably they put the lowest sell wall at least higher than the buy wall and put it in chunks.

[Pattberry]

the users of these exchanges must take some action against them, they should start asking for insurance, and other ways to make sure their money is in safe place. just the fact that an exchange has been around and has a high volume is no guarantee any more. and it seems like these users are forgetful of what has happened so far to exchanges!

I am sure someone registered a case with the FBI when Bitfinex was hacked and some individual lost $1.3m and the last time i checked the FBI was investigating the case and i do not know what the current situation is but it all depends upon individual users filing cases and majority of the time they could not do anything as most of them are untraceable .