jimmywh (OP)
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January 04, 2018, 07:34:07 AM |
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I was just wondering about something. From time to time we see exchanges get hacked, with a big loss of Bitcoins for the customers as a result. However, I was wondering if the other coins and tokens you are invested in disappears as well? Let's say Ripple, Zcash, Monero etc.
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WBVC
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WBVC - fearless approach to investing
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January 04, 2018, 07:56:57 AM |
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all digital currencies (not limited to bitcoin) stored on exchanges are susceptible to being lost in hacks on those exchanges
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bizul
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January 04, 2018, 08:00:59 AM |
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Different exchanges have different policies towards losing customers' coins. Some will compensate and some will file for bankruptcy. Always think of an exchange as a platform to move a limited amount of funds for a short time to perform a specific purpose. Never use an exchange as a long term funds storage.
I want to recommend your PC as storage but it can be as vulnerable as a phone. You need to do some extensive research on how to protect your computer from snooping. If large companies are working to fix the latest Intel Meltdown vulnerability, how can you protect yourself. Still, keeping your funds with you is better than trusting an exchange to hold them for you. On that note, I have some low valued coins stored at some exchanges because I don't feel like installing their wallet.
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shinratensei_
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Leading Crypto Sports Betting & Casino Platform
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January 04, 2018, 08:07:31 AM |
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I was just wondering about something. From time to time we see exchanges get hacked, with a big loss of Bitcoins for the customers as a result. However, I was wondering if the other coins and tokens you are invested in disappears as well? Let's say Ripple, Zcash, Monero etc.
If all of these assets in the exchange site, that gets hacked already drained by the hackers and that means if you are losing all of your amounts in there because exchange site doesn't have any ability to recover the user's fund. Because your privacy coin still stored in the same wallet and the name of privacy coin means nothing in that case. The privacy coin means if someone is not able tracing your transaction. |
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zukko
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January 04, 2018, 08:10:14 AM |
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Just do not store money on stock exchanges, that's all. I bought it - I brought it to a local wallet, waited for the moment, put it on the stock exchange and sold it.
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Tavarez
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January 04, 2018, 08:12:51 AM |
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everything can be hacked. Those rich (posh) boys who grabbed hard wallets are not protected as well. Everything that goes connected to internet at some point can be penetrated. People close to high technologies are always a step or two in front of us. So keep reasonable amount on exchange. (keep funds in different exchanges./wallets.
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roller_coiner
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January 04, 2018, 08:14:31 AM |
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Everything that is held in the exchange could be targeted and thus stolen.
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bountyjunkie
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January 04, 2018, 08:20:51 AM |
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Blockchain can not be hacked but the value or product it generates can't be stored safely and can be hacked and stolen. Such a contrast.
Such hacks impact the blockchain ecosystem.
No exchange today is hack proof. We need a new breed of exchange. Neither centralized nor decentralized.
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Herlina
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Decentralized Digital Billboards
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January 04, 2018, 08:32:04 AM |
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I was just wondering about something. From time to time we see exchanges get hacked, with a big loss of Bitcoins for the customers as a result. However, I was wondering if the other coins and tokens you are invested in disappears as well? Let's say Ripple, Zcash, Monero etc.
All cryptocurrencies stolen by hackers from the exchange will be lost and usually exchange will go bankrupt if they experience it |
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Acguy
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January 04, 2018, 08:34:43 AM |
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When it is hacked it means at the least the hot wallets are compromised so a big chunk will be lost.
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ridertiger
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January 04, 2018, 08:43:23 AM |
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Yeah, so right after you buy your cryptocurrency, convert it to BTC or ETH and send it to a paper wallet.
Make a couple of copies and place them in different buildings.
Tear out the very last letter of your private key and memorize it so if someone finds it, they cannot steal your money.
There you go, it cannot be hacked or stolen unless they find your paper wallets in your house and then kidnap and torture you or something.
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liuqi
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LuckyB.it is Back!
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January 04, 2018, 08:45:02 AM |
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I was just wondering about something. From time to time we see exchanges get hacked, with a big loss of Bitcoins for the customers as a result. However, I was wondering if the other coins and tokens you are invested in disappears as well? Let's say Ripple, Zcash, Monero etc.
Lol, it is damn demotivated thought to trading investors. We need to know all the trading site are hackable. If the hackers attacked to the any concern wallet will not be stop before they are attack or after that. Everyone will have to face the condition like how nice hash investor faced the same thing you will also with the trading hack too. |
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Avispeat
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January 04, 2018, 08:50:10 AM |
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I was just wondering about something. From time to time we see exchanges get hacked, with a big loss of Bitcoins for the customers as a result. However, I was wondering if the other coins and tokens you are invested in disappears as well? Let's say Ripple, Zcash, Monero etc.
It all depends on type of the exchange you know, some will try to make it up for users, thing what poloniex did when they got hacked, and some will dissappear simply by claiming to be hacked and even if they weren't hacked at all. This is why many many people will advise you to keep your coins off the exchanges and to go on exchanges and trade only when you need to. |
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Thewel
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January 04, 2018, 08:57:45 AM |
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I think that if the problem is likely to trouble everyone, so it could cause prolonged problems and the possibility of many people taking action and most likely will cause serious problems.
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Dyn@styN3rd
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January 04, 2018, 09:04:21 AM |
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I think if an exchange gets hacked, everything is affected so most probably btc and altcoins gets hacked too. Depending on their policy they could only be able to return a percentage of your investment if this happens just like what happened to South Korea's Youbit recently. So hacking is a major challenge on businesses built in the internet, we are not really safe and I think could never be.
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altercreed
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January 04, 2018, 09:18:05 AM |
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I was just wondering about something. From time to time we see exchanges get hacked, with a big loss of Bitcoins for the customers as a result. However, I was wondering if the other coins and tokens you are invested in disappears as well? Let's say Ripple, Zcash, Monero etc.
I think the simplest way to deal with this circumstance that is really inevitable by any crypto exchange is that you should never put your coins their. In my case, i only put my coins on crypto exchange from my MEW if only i sell a particular crypto. So all of my coins are being kept in MEW and transfer it only to crypto exchange when needed. In the case of Etherdelta, putting one's private and public key is quite dangerous because you are giving hackers the key to directly access your wallet. |
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Ailmand
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January 04, 2018, 09:55:49 AM |
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I was just wondering about something. From time to time we see exchanges get hacked, with a big loss of Bitcoins for the customers as a result. However, I was wondering if the other coins and tokens you are invested in disappears as well? Let's say Ripple, Zcash, Monero etc.
I think even if there are measures to find or at least track those lost coins through hacked exchanges, it would be very difficult because it's actually one of the features of the cryptocurrency market. It is very private with its transactions, and there is no paper trail that a person could follow to find the dealing made by a person with another. With that said, I think the most important aspect of dealing your with other people or other entities is to be secure with the information that you need to have and give in order for the transaction to push through. I think if you would be extra careful with them, then you would decrease the risk of your transactions being at risk, more so hacked. |
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HongKong
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January 04, 2018, 10:07:05 AM |
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I was just wondering about something. From time to time we see exchanges get hacked, with a big loss of Bitcoins for the customers as a result. However, I was wondering if the other coins and tokens you are invested in disappears as well? Let's say Ripple, Zcash, Monero etc.
It depends on how the people in those Bitcoin Exchanges build their systems. All hacks are usually done as an inside job. |
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kevoh
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January 04, 2018, 10:14:22 AM |
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I was just wondering about something. From time to time we see exchanges get hacked, with a big loss of Bitcoins for the customers as a result. However, I was wondering if the other coins and tokens you are invested in disappears as well? Let's say Ripple, Zcash, Monero etc.
I think every user of cryptocurrency should always have at the back of their mind that inspite of the expectations of high returns of crypto there is a high level of risk involved and therefore there is need to expect the worst to happen and should be prepared for it. |
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Futourist
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January 04, 2018, 10:14:29 AM |
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I was just wondering about something. From time to time we see exchanges get hacked, with a big loss of Bitcoins for the customers as a result. However, I was wondering if the other coins and tokens you are invested in disappears as well? Let's say Ripple, Zcash, Monero etc.
I guess it depends on the hack. |
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