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Author Topic: If people are switching exchanges...  (Read 683 times)
chuckypalumbo
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June 22, 2011, 12:14:26 AM
 #1

What are you guys switching to? I've looked at and signed up for Bitcoin7 and Tradehill, but what sites does everyone else think are secure or better than what will be left of Mt. Gox?

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bitcoinconnection
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June 22, 2011, 12:17:50 AM
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I know people are worried about MTGox. Some are switching in masses. Its what people feel alright with.






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wolftaur
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June 22, 2011, 12:55:28 AM
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What are you guys switching to? I've looked at and signed up for Bitcoin7 and Tradehill, but what sites does everyone else think are secure or better than what will be left of Mt. Gox?

I'm switching to ... Nothing.

Nah, this isn't a "Oh god Bitcoin's gonna die, cash out so I can buy your coins for cheapz!" post.

When I say I'm switching to nothing, I mean -- I'm going to step back a little to see how it plays out. Most of my coins were in my wallet, but ... I never intended to sell ALL of mine, only some here and there. I wanted to keep some of my coins for a while, maybe a long while. I've got a handful on Mt.Gox that I sent there because I was planning a trade, but if I lose them, it's not a huge issue for me.

What we have is an exchange that had some problem happen. There's different claims about what the problem was. Some more damning than others. And we have some new exchanges cropping up, and of course they're all saying they don't have the same problems as Mt.Gox. Except they are all small operations as well -- a few people wanting to make a quick buck.

And there's nothing wrong with wanting to make a quick buck, but I don't think it's honestly immediately obvious which one is going to be the best choice. I think anyone who is holding coins, and isn't in a real hurry to sell... Should move their coins into their own possession, and just sit back, and watch. Maybe Mt.Gox will explode from the angry users. Maybe it won't. Maybe it'll hire customer support and more programmers, maybe it won't. And the same is true for the other exchanges, especially the brand new ones now trying to exploit Mt.Gox's misfortune by insisting that -THEY- have security.

So I personally am just going to sit back, and keep mining, and wait to see how the rest plays out.

"MOOOOOOOM! SOME MYTHICAL WOLFBEAST GUY IS MAKING FUN OF ME ON THE INTERNET!!!!"
acesun
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June 22, 2011, 01:26:32 AM
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It's exciting to see what will happen after the market trading comes back.
wolftaur
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June 22, 2011, 01:43:46 AM
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It's exciting to see what will happen after the market trading comes back.

Especially in my situation. My risk is zero. I got started in this because a friend wanted to test some GPUs he bought for another application. He used Bitcoin as a test, then gave me the bitcoins.

Enough for me to buy two GPUs... I have some very nice friends. Smiley

"MOOOOOOOM! SOME MYTHICAL WOLFBEAST GUY IS MAKING FUN OF ME ON THE INTERNET!!!!"
kookiekrak
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June 22, 2011, 01:50:00 AM
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personally, i believe that mtgox will be better after, and even if they did switch, b7 and tradehill both still have extremely low volumes, and so mtgox will still control the market

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wolftaur
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June 22, 2011, 01:52:34 AM
 #7

personally, i believe that mtgox will be better after, and even if they did switch, b7 and tradehill both still have extremely low volumes, and so mtgox will still control the market

I'm not too sure about that. They deliberately -- and repeatedly -- evaded a public question asked of them during a live interview about why they gave the passwords to an accountant... People make mistakes and people can learn from them, but people are pretty damn unpredictable about whether they'll be forgiving of a BUSINESS making a mistake.

I'm far from convinced that they'll completely fail and/or end up in jail and/or hop on a plane to a tropical island or any of the other doomsday crap going around, of course.

"MOOOOOOOM! SOME MYTHICAL WOLFBEAST GUY IS MAKING FUN OF ME ON THE INTERNET!!!!"
Precog
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June 22, 2011, 02:59:09 AM
 #8

I signed up with mtgox at first but chose not to use it because it didn't look professional. I ended up using tradehill 6 days after it went live. They have been great so far. I don't believe they are that professional either. Someone made a post about how an exchange should have certain requirements to be considered secure/safe and be taken seriously. I'm still not invested in an exchange yet.
kwiky
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June 22, 2011, 03:18:37 AM
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Tradehill seems okay.
Johnny-Gear
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June 22, 2011, 03:30:19 AM
 #10

It is a very young market and there are a lot of exchange startups available/going to be available. By definition 'startups' are risky for both the startupers and investors, but on the flip side they can also be highly profitable for both parties. I guess the decision as always is the investors. I personally am going to sit back and wait for the BTC value to spike again.

JG
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