"We got hacked" coming !

[BigBoom3599]

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.

Some people don't have a choice, for professional traders for example, it's impossible for them to withdraw and deposit for every trade

[1714869872]

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[alyssa85]

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

Now there is no central point of failure like before mt gox got over 80% trades of all bitcoins.
Now its distributed quite evenly, so its not dangerous anymore.

Actually the Bitfinex hack of August 2016 caused the price to drop quite sharply ($65 million stolen in that hack).

Bitcoin isn't as decentralised as it should be because sadly exchanges keep going bust (usually after a hack).

[Ayers]

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

Now there is no central point of failure like before mt gox got over 80% trades of all bitcoins.
Now its distributed quite evenly, so its not dangerous anymore.

Actually the Bitfinex hack of August 2016 caused the price to drop quite sharply ($65 million stolen in that hack).

Bitcoin isn't as decentralised as it should be because sadly exchanges keep going bust (usually after a hack).

but this is a problem with the exchange that can't keep the big portion of their funds on cold storage, i don't think it has to do with bitcoin no being decentralized enough, i remember also that the bitfinex has faced a good and fast recovery, it wasn't a bid deal like mtgox and the market was fine after few weeks

[carlfebz2]

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

Now there is no central point of failure like before mt gox got over 80% trades of all bitcoins.
Now its distributed quite evenly, so its not dangerous anymore.

Actually the Bitfinex hack of August 2016 caused the price to drop quite sharply ($65 million stolen in that hack).

Bitcoin isn't as decentralised as it should be because sadly exchanges keep going bust (usually after a hack).

but this is a problem with the exchange that can't keep the big portion of their funds on cold storage, i don't think it has to do with bitcoin no being decentralized enough, i remember also that the bitfinex has faced a good and fast recovery, it wasn't a bid deal like mtgox and the market was fine after few weeks

Even though bitfinex did recover fast but still the trust of its users and traders is already lessen unlike when the times that isnt being hacked.Trust issues would really matter on this field but there are still people who still support the exchange. Decentalized is no connection regarding on this matter.

[U2]

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

Now there is no central point of failure like before mt gox got over 80% trades of all bitcoins.
Now its distributed quite evenly, so its not dangerous anymore.

Actually the Bitfinex hack of August 2016 caused the price to drop quite sharply ($65 million stolen in that hack).

Bitcoin isn't as decentralised as it should be because sadly exchanges keep going bust (usually after a hack).

but this is a problem with the exchange that can't keep the big portion of their funds on cold storage, i don't think it has to do with bitcoin no being decentralized enough, i remember also that the bitfinex has faced a good and fast recovery, it wasn't a bid deal like mtgox and the market was fine after few weeks

Well duh, it has absolutely nothing to do with bitcoin's decentralized nature. Obviously that guy just doesn't have any clue what decentralized actually means. If exchanges gave you options for true cold storage with either multi-signature or only you have the keys you'd be fine, but exchanges cold storage is shit compared to your own cold storage that's done properly.

[Tanic]

I think with such high price for bitcoin there is possibility to be hacked again. Same like it was in August of 2016 when bitcoin get closed to 1000$. I think it may happen in any moment now.

[alyssa85]

but this is a problem with the exchange that can't keep the big portion of their funds on cold storage, i don't think it has to do with bitcoin no being decentralized enough, i remember also that the bitfinex has faced a good and fast recovery, it wasn't a bid deal like mtgox and the market was fine after few weeks

It is not decentralised if everything has to go through a handful of chokepoints. The exchanges are a chokepoint, and the concentration of mining behid the great firewall of china is another chokepoint.

Until people can buy stuff directly without having to use exchanges and without having to use btc-to-fiat cards or apps, there will be chokepoints which will fail periodically.

[BitFinnese]

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.

Some people don't have a choice, for professional traders for example, it's impossible for them to withdraw and deposit for every trade

Yeah it is a fact that we shouldn't really keep our coins from exchanges but bigboom has a point. For those traders, it will be an hassle if every time they will deposit and withdraw it once they will have now good profit, but only if they were not that lazy as we think. But its the reality that many of us are keeping our coins sleeping in exchanges.

Withdrawing our bitcoin in exchanges is the same as saying do not trade in exchange when you are not around.  Or do not put buy or sell wall if you will be sleeping  that is not beneficial to traders.  This two things should be balanced out.  Like withdrawing only those Bitcoin that is in excess of our trading target.  But traders don't want to miss things like sudden decrease of bitcoin price or sudden shoot out of it.  So traders keep their bitcoin in trading platform to take advantage of this kind of scenario.

[OmegaStarScream]

5 USD before reaching the ultimate goal 1000$ and It may keep increasing , If you really want to protect yourself at this point then you should definitely start withdrawing as soon as you finish your trade.

[olushakes]

I hope we didnt get to hear something of that nature because it will only give people who are of the pessimistic view of Bitcoin price a justification for their view. In further to that, I still hold the view that the exchange owners should be one way or the other be made responsible for the compromise of their sites and this will go a long way in making them live to their responsibility.

[smho_16]

Many people who keep their coins on exchanges are really losing in the long term. Why ? Because if you use exchanges only to buy and sell and hold the coins in your wallets you can make much more. Well you have to be patient and not trade every second ,minute or hour but in the end you will come out as winners. If you have bought bitcoin at 700-750 USD Price you can win a nice chunk if you sell now that is almost 1000 , my electrum wallet says 999.46 USD per btc. Use Kraken,Bitstamp,Bitpanda  to sell your coins, and also to buy. Play with the price and forget day trading.

To get back on topic, withdraw any coins you may have in any exchange, no matter how safe you may think they are. I do trading but only long term trading, buy low and sell high whenever is the possibility as simple as that.

If any exchanges get hacked I will not be surprised as this has happened before.

[valley365]

I never trust putting bitcoins (actual money) with some online wallet, which does not have a long enough history of credibility, and no strict regulations like banks. You take your own risk. Always keep the bitcoin with yourself.

[jak3]

i am afraid if that mtgox inncident was  agai happen i dont wanna see many people suciding and all. in addition to that the price fell so fastly that it distturbed the whole network but at least it didnot reached lower than $200

[Pattberry]

i am afraid if that mtgox inncident was  agai happen i dont wanna see many people suciding and all. in addition to that the price fell so fastly that it distturbed the whole network but at least it didnot reached lower than $200

The price is about to cross the thousand dollar mark and i hope there is no more incident like the Mtgox or the bitfinex hack this time around to start the bear run and if the bull run continues we could see another rally which could break new grounds with this run,i do not want to hear a hack news once again.

[tabas]

I never trust putting bitcoins (actual money) with some online wallet, which does not have a long enough history of credibility, and no strict regulations like banks. You take your own risk. Always keep the bitcoin with yourself.

Me either, especially when we are talking about volumes of bitcoins that you had. It is always a recommended and good thing to have your very own wallet. Let's just learn from the past incidents and these type of alibis "we got hacked" aren't going to be successful and good reason again. But remember that many did already warned everyone here.

[mastica]

Well im happy to have no news about hacked of funds lost from the last week of the last year, and i do expect business companies does put security as their main concern, soo users can invest and trust them whithout fear to loose their coins, and wow bitcoin is reaching 1000 dollars what a nice way to start the year.

[fuathan]

Or maybe e-wallets have these scenarios...

[Shady]

I keep my money in Xapo and don't have to fear because of the infrastructure involved. I'm not too afraid of anybody getting in, but as per the quality of exchanges I'd have to look for more than one to use to minimize risks.

Most web wallets have internal systems for enhanced security, but rather the wonder of sustainability. Some even offer currency exchange at fair rate.

[fuathan]

I keep my money in Xapo and don't have to fear because of the infrastructure involved. I'm not too afraid of anybody getting in, but as per the quality of exchanges I'd have to look for more than one to use to minimize risks.

Most web wallets have internal systems for enhanced security, but rather the wonder of sustainability. Some even offer currency exchange at fair rate.

Xapo's cold storage option is pretty solid but unfortunately I don't trust them 100%.

[Genesis1337]

We want decentralized trading platform but i don't think we gonna see working one that can compete with the current centralized platform any time soon. Bitsquare is there but they are still immature to handle large volumes, safer way to hold bitcoin is to hold them in address which is controlled by only you.

People have been waiting for proper decentralized exchanges to show up and take over the centralized exchanges, but so far nothing serious has shown up.

It's years now that people are talking about this subject, but there has to be a reason as to why there aren't any decentralized exchanges being able to compete with the current exchanges.

I think a part of this problem is that people capable of creating such an exchange find it not worth their time as they somehow know or just assume it won't be a success.

Is it extremely hard to develop or something. Why can't something like https://etherex.org/ take off? It makes perfect sense for decentralized exchanges to be able to compete with the 3rd party ones at this stage in cryptocurrency.