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Author Topic: Millions of coins in Cryptsy - How risky?  (Read 1129 times)
1stbet
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February 21, 2014, 10:43:00 AM
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I have more than 200 millions of an alt-coin in my Cryptsy wallet. How risky it is to keep those large number of coins in Cryptsy? Is a screen shot of my coins as proof enough ...incase Cryptsy loses them in anyway - so I can fight them back? I do not want to keep the coins on my PC for some reason.

Appreciate your comments. thanks.
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hilariousandco
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February 21, 2014, 11:42:06 AM
 #2

I have more than 200 millions of an alt-coin in my Cryptsy wallet. How risky it is to keep those large number of coins in Cryptsy? Is a screen shot of my coins as proof enough ...incase Cryptsy loses them in anyway - so I can fight them back? I do not want to keep the coins on my PC for some reason.

Appreciate your comments. thanks.

It's always risky, but if your coins do get stolen a screenshot wont get them back. Your coins are only really as safe as you and the place you are storing them at.

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February 21, 2014, 12:00:28 PM
 #3

Just imagine that MtGox was once the only serious big exchange for bitcoin.. and yet people have a lot of money stuck up there now. Anything can definitely happen to Cryptsy too. IMO don't keep more there than u can afford to lose. Also make sure to use Two-Factor Authentication on Cryptsy.

edit: that being said. Keeping them on your own PC also has flaws. It would be more vulnerable for viruses I think. I don't know the $ value of 200 millions of "an alt-coin" but I guess you could even consider a cold storage if it's a lot and you want to keep it for long-term.

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February 21, 2014, 01:32:34 PM
 #4

Always have a risky
techgeek
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February 21, 2014, 04:30:29 PM
 #5

If you know Mt. Gox is a heading to sinking waters, that should be a clear sign nothing is safe.

dude is fine
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February 21, 2014, 05:31:34 PM
 #6

I have more than 200 millions of an alt-coin in my Cryptsy wallet. How risky it is to keep those large number of coins in Cryptsy? Is a screen shot of my coins as proof enough ...incase Cryptsy loses them in anyway - so I can fight them back? I do not want to keep the coins on my PC for some reason.

Appreciate your comments. thanks.
Screenshot won't help you much. They can just say that you've photoshopped it and probably you won't be able to prove otherwise.  Undecided
Klodike69
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February 21, 2014, 09:05:00 PM
 #7

For sure, guy. That is a bad idea..  Shocked
Localbtcbuyer
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February 21, 2014, 09:12:54 PM
 #8

Always only keep what you intend to use on a site, on that site.  Keep control of all the rest of your coins yourself.  You can always deposit into cryptsy if you need to.

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February 21, 2014, 10:08:10 PM
 #9

I have more than 200 millions of an alt-coin in my Cryptsy wallet. How risky it is to keep those large number of coins in Cryptsy? Is a screen shot of my coins as proof enough ...incase Cryptsy loses them in anyway - so I can fight them back? I do not want to keep the coins on my PC for some reason.

Appreciate your comments. thanks.



this is almost like asking if you should keep your gold and silver in a bank safety deposit box ..

or maybe hold pieces of paper at hoime that says you have gold or silver while u maintain digits at someones website storing it for you ??

if it isn't in your physically possession then you don't own it ..
DanielVG
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February 21, 2014, 10:10:35 PM
 #10

-Download the wallet client of your alt coin
-transfer the coins into the wallet.dat
-find the wallet.dat, zip it, give it a password, and/or encrypt the file with PGP.
-put the .zip file on a USB
-store the USB somewhere safe.
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February 21, 2014, 11:03:46 PM
 #11

dont store your coins online or you will be goxed.  Tongue

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February 22, 2014, 03:52:43 AM
 #12

I have more than 200 millions of an alt-coin in my Cryptsy wallet. How risky it is to keep those large number of coins in Cryptsy? Is a screen shot of my coins as proof enough ...incase Cryptsy loses them in anyway - so I can fight them back? I do not want to keep the coins on my PC for some reason.

Appreciate your comments. thanks.
You can't fight back with those screenshot
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February 22, 2014, 03:57:40 AM
 #13

You don't have any coins on cryptsy (or any exchange).  Not a single one.  You gave your coins to cryptsy (or any other exchange) and what they display on the site is an IOU.  They are displaying what they OWE you. Is it possible at some point in the future they can't or won't pay back that IOU?  It is a debt.  Do people sometimes fail to pay back their debts?

If you don't have the private key for your coins, you don't have any coins.
sanjoea
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February 22, 2014, 03:59:00 AM
 #14

Don't put all your money in one place , its good split it into many parts in safe places , nowadays earning is easy but keeping it is difficult

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1stbet
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February 25, 2014, 04:36:09 AM
 #15

-Download the wallet client of your alt coin
-transfer the coins into the wallet.dat
-find the wallet.dat, zip it, give it a password, and/or encrypt the file with PGP.
-put the .zip file on a USB
-store the USB somewhere safe.

You don't have any coins on cryptsy (or any exchange).  Not a single one.  You gave your coins to cryptsy (or any other exchange) and what they display on the site is an IOU.  They are displaying what they OWE you. Is it possible at some point in the future they can't or won't pay back that IOU?  It is a debt.  Do people sometimes fail to pay back their debts?

If you don't have the private key for your coins, you don't have any coins.

Very informative.

thank you all.

madsquirrel
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February 25, 2014, 04:53:29 AM
 #16

whenever you keep a large sum of this is always risky
goxcraft
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February 25, 2014, 12:22:08 PM
 #17

Don't trust any virtual currency wholly! Always have a suspicion, especially in case of a high risk!  Shocked


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Kaligulax
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February 25, 2014, 02:49:02 PM
 #18

nothing is safe but if you do not take risk you will not earn...
ofc... you can lose something... but that is risk you must take....

1FxCUCAij9FT9fXQSqYHHMiaELhRTAhui6
Kiki112
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February 25, 2014, 05:51:51 PM
 #19

After the MtGox scandal do all you can to stop this from happening again, don't keep your coins somewhere where you can't control them
the coins are basically their as long they're there, withdraw them and if you feel unsafe storing them at your PC, store your coins on a USB and hide the USB somewhere, or make a paper wallet if it's possible? Cheesy

AnnInter
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February 25, 2014, 06:00:26 PM
 #20

I guess, it is more safe to keep coins in controlled enviroment.
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