What is the greatest lesson of MtGox?

[rramires]

Exchange is not a bank!
Never sleep with BTC on an exchange.
Send -> Negotiate -> Move your wallet.
Give preference to trade with more coins types, it becomes easier to exchange and have to where run.

[Armis]

What is the greatest lesson of MtGox?

1)  The mountains of evidence can be hard to see with $signs in your eyes.
2)  If a company screws up in a major way once, forgiveness should not be followed by reinvestment.
3)  Hope is not a reasonable investment strategy.
4)  Mountains can crumble, and when they do the fallout is felt worldwide.
and
5)  Whoever the guy is that went to Japan from UK to protest is now a Bitcoin hero.

https://bitcointalk.org/index.php?topic=486605.0

[ginbank]

http://www.addletters.com/pictures/bart-simpson-generator/bart-simpson-generator.php?line=I+will+not+leave+Bitcoin+in+an+exchange%21

[gambit1]

Forget about bitcoin. Governments and civilization are necessary.

[tex83rb]

ye, always move to your own pc, in virtualized environment, crypted linux

[miketonic]

I think this should remind us about how young BTC still is. These kind of incidents will occur before the services around BTC will develop to be properly funtioning. Of course people's stupidity played a big role in this incident, but I still think the services need to develop.

[techstorm2]

Exchange is not a bank!
Never sleep with BTC on an exchange.
Send -> Negotiate -> Move your wallet.
Give preference to trade with more coins types, it becomes easier to exchange and have to where run.

Agree, i never leave anything on exhanges, if i lose it from my machine/wallet, its my F??K up only.

[Lauda]

That you can trust a shady website run by two unknown Russians, based out of Bulgaria more than you can a reputable exchange run out of Japan by a well known businessman.

Sad but true.

Everyone was warned about Gox multiple times, and if one was smart, one would have avoided them after the first warning.
Once you let someone fool you around tens of times, the problem doesn't lie in them.

[WompRat]

Never trust a fat man with your cake?

[rmines]

Don't put all your eggs in one basket.
Never trust anybody.
Greed is not good.
Make sure to follow market news (articles warning for mtgox have been published since several weeks)
etc

[boumalo]

One lessons could be that if a business doesn't look too professional and is new you better be careful, especially when people start having problems to withdraw!!

WOW I just learned that mtgox disappears, I was about to say people are greedy and are depositing to enjoy the artificial low price of BTC on the website, I checked mtgox.com to see the price and POUF! It is gone

[rramires]

Never trust a fat man with your cake?

hahahahahaha best lesson!

 

[Massimo80]

Exchange is not a bank!
Never sleep with BTC on an exchange.
Send -> Negotiate -> Move your wallet.

Definitely agreed.

But the problem with Mt.Gox was withdrawing MONEY from there... I sold some Bitcoins (bought elsewhere) on Jan. 10, and immediately requested a bank transfer. I had done the same in the past, and it took more than 4 weeks.

This time, I just never received it.

[hilariousandco]

The greatest lesson is not to send money to shoddily run businesses. I could never even understand why people sent money there in the first place as it has always taken weeks and months to get verified or withdraw money etc.

[LiteCoinGuy]

yep but this will happen over and over. you could tell this every day and every minute, you cant prevent people from doing this. maybe this is a good reason why serious btc companys need regulation.

[rramires]

The greatest lesson is not to send money to shoddily run businesses. I could never even understand why people sent money there in the first place it was always taken weeks and months to get verified or withdraw money etc.

Don't put all your eggs in one basket.
Never trust anybody.
Greed is not good.
Make sure to follow market news (articles warning for mtgox have been published since several weeks)
etc

Don't put all your eggs in one basket. I'll take this lesson
Better to have a smaller profit than getting nothing.

[WuttWutt]

why are people putting money on btc-e?

[BlockChainLottery]

Don't use URL for username and password?

[Ekaros]

Don't use URL for username and password?

Don't ever use exchange that uses GET for login...

[kgo]

Fool me once, shame on you.

Fool me twice, shame on me.