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Author Topic: Are Exchanges becoming too unstable ?  (Read 433 times)
zoinqueen
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January 29, 2018, 11:43:02 AM
 #41

Add coincheck to the list too. Just my two cents, keep your coins off the exchanges, and have accounts in a handful few, just in case one shuts down you will still have some place to buy/sell
pugman
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January 29, 2018, 01:40:43 PM
 #42

Problem with exchanges? Accounts are getting disabled? Servers are going offline? Too bad, there is one good exchange which solves all such issues. Use  shapeshift.io for your trades, you don't have to worry about anything other exchanges having their wallets under "maintenance".
You should never store your coins in your wallets. Use the wallets which gives access to your primary keys.
Exchanges never were, never has and never will be stable enough for users to trade without the fear of them losing their money.

andrei56
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February 03, 2018, 12:59:07 AM
 #43

This problem is the reason why we should check where the exchanges located (the address) and who is the owner? But, most exchanges do not provide this information, so how could we trust them? Just based on others experience, right? In this case, the problem regarding exchanges service going bad or even just gone offline such as CoinExchange will always occur and repeated. I prefer to use local exchange in my country as it's easier to access the site or even visit the headquarter and meet the owner.
An address doesn't say anything, and the owners names neither. MtGox has been the perfect example of how a (at that time) well established exchange still screwed people and the entire market over, years ago.

It's a sensitive piece of Bitcoin history, but one that remains functioning as a red flag trigger of how every exchange potentially may end up in the far future. As long as people use centralized exchanges, it remains a danger.

Local exchanges are more easy to approach in most cases, but when greed strikes, and the operator sees a quick and easy money making opportunity, it will be done, that's pretty much a guarantee.

In other words, don't trust too much on location and who's behind what exchange.
When it comes to exchanges there are no guarantees, just a few days ago there was another hack, and hundreds of millions were lost as a result, leaving your money in an exchange is a risk, this is another advantage for the long term holders, traders have no option but to have their money in exchanges since they want to make profits with their trades but a holder can have all his coins in cold storage where no hacker can access them.
Using exchange wallet on keeping your tokens either for long term or short term isn't really a wise move and comparing on storing tokens on cold storages to exchange wallets would be entirely different when it comes to possible risk that might happen ahead.This is why we should really be alert and be smart on handling our coins so that we would somehow avoid the risk on losing them.Even storing them on cold storages wont really make you sure that you wont able to lose it.
No method of storing your bitcoins is perfect, and cold storage is not an exception to that rule however between having your money in an exchange and using cold storage there is no doubt which one is the safest, besides having your coins in cold storage helps people to combat the desire to sell for a bad price, but by having your coins in an exchange the temptation to sell is simply too great to overcome for many.
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