.

[bluespaceant]

.

[1715096301]

1715096301

[byt411]

For those who don't want to read the text:

1. Keep your bitcoins on your wallet, not a online one.
2. Preferably on a cold wallet.
3. Split the bitcoins into multiple wallets for more security if needed.

[Lauda]

For those who don't want to read the text:

1. Keep your bitcoins on your wallet, not a online one.
2. Preferably on a cold wallet.
3. Split the bitcoins into multiple wallets for more security if needed.

Thank you. The post is rather useless, this has been said and posted thousands of times. Nobody listens to the first one.

[davidpbrown]

lol byt411. That's great.  

I'm sat here at the start of the 4h31m video of Andreas Antonopoulos et al; if you can do the same with that, I'll be very impressed.

[DanielVG]

lessons from Mtgox:
-There are more stupid people into BTC then i expected.

[C10H15N]

The problem with advice is: Wise men don't need it and fools won't heed it.

[davidpbrown]

In defence of long narrative statements, some people do learn only by seeing other people's experience. That is, not thinking ahead of time or noting people's advice.

[Lauda]

The problem with advice is: Wise men don't need it and fools won't heed it.

All Gox customers were fools.

[jesor]

At times like these in the BTC world I am gratefull for one thing:
I only bought and invested 1 BTC so I could trade altcoins, and already cashed that one back out (with many others).

Would be nice if BTC hits 1000$ again some day, but if it hits 100$ I still made money out of nothing in my free time :]

[CoinCidental]

At times like these in the BTC world I am gratefull for one thing:
I only bought and invested 1 BTC so I could trade altcoins, and already cashed that one back out (with many others).

Would be nice if BTC hits 1000$ again some day, but if it hits 100$ I still made money out of nothing in my free time :]

what do you mean by " if it hits 100 i still made money ?
have you checked the prices recently ?

[C10H15N]

The problem with advice is: Wise men don't need it and fools won't heed it.

All Gox customers were fools.

That's a little harsh.  I say those who used Gox as a bank, Yes.  Those who used it as an exchange with only what they could afford to lose were taking a calculated risk.  

[HorseCoin]

i'll just create a million wallets with 0.00001 in each of them

[DarwinNexus]

I lost 50% of my net worth.  At least, it is seeming that way.  I am absolutely devastated.  I am idiot for not pulling out earlier.  I am an idiot for not diversifying my assets.
I am 34 and quite honestly, this is a hard pill to swallow at my age when I am trying to raise a family.

At this point, I know my coins are gone.  All I want is for Mark K. to feel justice and acknowledge what he has done to countless people.
Hope this gets resolved sooner rather than later.

[smoothie]

If there more wise people using Bitcoin there would be much less of it for sale on the exchanges and the price would be far higher. Once people wise up this will occur. Or maybe the other way if price goes up due to difficulty jumps then people will not want to keep much Bitcoin on the exchanges if a Bitcoin is worth say $250,000 each.

[yashin]

Never deposit or keep a significant portion of your bitcoin or fiat currency on an exchange unless you are OK with losing all of it.  At some point, because of theft, seizure, or negligence on the part of the exchange, you may be faced with losing it all, and you will most likely be powerless to do anything about it.

If you are using an exchange to store bitcoin, reconsider whether this is really necessary.  Many people store bitcoin on exchanges so they are able to quickly sell if necessary.  Most exchanges will give you access to bitcoin deposits with 6 confirmations.  Keeping your bitcoin in external wallets and being willing to wait for an hour or so for 6 confirmations reduces the risk of storing bitcoin on an exchange where it can be stolen, seized, or lost.  Why take the risk?  Is one hour really too long for you to wait to sell your bitcoin?  I would argue that it is worth waiting for 6 confirmations to have the peace of mind that your bitcoin is safe and secure outside of an exchange.

As a side note, consider using multiple external wallets.  Why put all your eggs in one basket?  If you are storing 100 bitcoins, it is better to have 5 wallets with 20 bitcoins each than 1 wallet with 100 bitcoins.  Depending on the amount of bitcoin you have, you may want to spread it out amongst even more wallets.  You can make as many wallets as you need and it does not cost anything to do so—so take advantage of that feature to reduce the risk.  Make backups of the wallets and store them in safe and secure places.

If you are making trades in or out of bitcoin, divide your holdings and spread out your transactions so that you never have all of your bitcoin or fiat currency on a particular exchange at one time.  For example, if you want to buy 100 bitcoins, deposit enough fiat currency to buy 20 bitcoins and wait until you have the 20 bitcoins that you purchased in an external wallet before depositing fiat currency again.  If you do not have the bitcoin that you purchased in an external wallet that only you control, do not initiate another transaction.  This takes longer, but it reduces risk of losing all 100 bitcoins at once or 100 % of the fiat currency you were planning to use to buy bitcoin.  If you are selling 100 bitcoins, deposit and sell 20 at a time and wait until you receive the fiat currency payment before you deposit another 20 bitcoins to sell.  This takes a lot longer, but it reduces the risk of losing 100% of the fiat currency or all 100 bitcoins at once. 

Before using an exchange, take some time to read about the exchange on these forums and then make a decision whether you are willing to risk losing bitcoin or fiat currency on that exchange.  The exchanges that have serious problems often have multiple ongoing threads on this forum.  Multiple threads about an exchange with unresolved issues should serve as a huge red flag.  If those who lost bitcoin or fiat currency on MtGox had reviewed the numerous threads here about MtGox, it is unlikely they would have chosen to take the risk of using MtGox to buy, sell, or store bitcoin.  If they had reviewed those threads and still decided that they were willing to take the risk, splitting up their transactions as noted above would have reduced their overall loss.

TL;DR

DO NOT leave what you can't afford to lose in ANY exchanges.

[gollum]

The situation would have been much different if the technology and usage of bitcoin had evolved and matured faster than the price of BTC/USD.

If the market cap of bitcoin was a few million dollars instead of billions, this mt gox failure wouldnt be such a big issue.
We would say what the heck let it go bankrupt and nobody would care, not even politicians.

So the lessen to learn: speculators should not invest too much money in a technology that is not mature, they should consider it as a pure gamble.

[Kenshin]

Never deposit or keep a significant portion of your bitcoin or fiat currency on an exchange unless you are OK with losing all of it.  At some point, because of theft, seizure, or negligence on the part of the exchange, you may be faced with losing it all, and you will most likely be powerless to do anything about it.

I agreed with your lesson learn on this one. I will never do any crypto currency trading after my lesson with MtGox. Instead stick with fiat currency trading only, because there are many regulation in placed to keep trader safe.

[C10H15N]

Never deposit or keep a significant portion of your bitcoin or fiat currency on an exchange unless you are OK with losing all of it.  At some point, because of theft, seizure, or negligence on the part of the exchange, you may be faced with losing it all, and you will most likely be powerless to do anything about it.

I agreed with your lesson learn on this one. I will never do any crypto currency trading after my lesson with MtGox. Instead stick with fiat currency trading only, because there are many regulation in placed to keep trader safe.

Why not both?  Diversity among your investments is a good thing.  I'm pro Bitcoin, but there is no way in hell I would make it my only investment vehicle.

[Sniar]

Never deposit or keep a significant portion of your bitcoin or fiat currency on an exchange unless you are OK with losing all of it.  At some point, because of theft, seizure, or negligence on the part of the exchange, you may be faced with losing it all, and you will most likely be powerless to do anything about it.

If you are using an exchange to store bitcoin, reconsider whether this is really necessary.  Many people store bitcoin on exchanges so they are able to quickly sell if necessary.  Most exchanges will give you access to bitcoin deposits with 6 confirmations.  Keeping your bitcoin in external wallets and being willing to wait for an hour or so for 6 confirmations reduces the risk of storing bitcoin on an exchange where it can be stolen, seized, or lost.  Why take the risk?  Is one hour really too long for you to wait to sell your bitcoin?  I would argue that it is worth waiting for 6 confirmations to have the peace of mind that your bitcoin is safe and secure outside of an exchange.

As a side note, consider using multiple external wallets.  Why put all your eggs in one basket?  If you are storing 100 bitcoins, it is better to have 5 wallets with 20 bitcoins each than 1 wallet with 100 bitcoins.  Depending on the amount of bitcoin you have, you may want to spread it out amongst even more wallets.  You can make as many wallets as you need and it does not cost anything to do so—so take advantage of that feature to reduce the risk.  Make backups of the wallets and store them in safe and secure places.

If you are making trades in or out of bitcoin, divide your holdings and spread out your transactions so that you never have all of your bitcoin or fiat currency on a particular exchange at one time.  For example, if you want to buy 100 bitcoins, deposit enough fiat currency to buy 20 bitcoins and wait until you have the 20 bitcoins that you purchased in an external wallet before depositing fiat currency again.  If you do not have the bitcoin that you purchased in an external wallet that only you control, do not initiate another transaction.  This takes longer, but it reduces risk of losing all 100 bitcoins at once or 100 % of the fiat currency you were planning to use to buy bitcoin.  If you are selling 100 bitcoins, deposit and sell 20 at a time and wait until you receive the fiat currency payment before you deposit another 20 bitcoins to sell.  This takes a lot longer, but it reduces the risk of losing 100% of the fiat currency or all 100 bitcoins at once. 

Before using an exchange, take some time to read about the exchange on these forums and then make a decision whether you are willing to risk losing bitcoin or fiat currency on that exchange.  The exchanges that have serious problems often have multiple ongoing threads on this forum.  Multiple threads about an exchange with unresolved issues should serve as a huge red flag.  If those who lost bitcoin or fiat currency on MtGox had reviewed the numerous threads here about MtGox, it is unlikely they would have chosen to take the risk of using MtGox to buy, sell, or store bitcoin.  If they had reviewed those threads and still decided that they were willing to take the risk, splitting up their transactions as noted above would have reduced their overall loss.

Always keep your money in offline wallet

[Skoupi]

Or you can think of it otherwise.
You don't own any bitcoins unless they are in an address of which you own solely the private key.