.

[Holliday]

If you aren't the sole controller of your private keys, you don't have any bitcoins.

Keep spreading the word!

[gollum]

If you aren't the sole controller of your private keys, you don't have any bitcoins.

Keep spreading the word!

But what's the point of using bitcoin if you can't trust any exchange or wallet service?

[kneim]

If you aren't the sole controller of your private keys, you don't have any bitcoins.

Keep spreading the word!

But what's the point of using bitcoin if you can't trust any exchange or wallet service?

The sense in Bitcoins is using it for paying goods, not for speculation. It's sense is not getting rich quickly, so you do not need any exchange or wallet service. DO USE EXCHANGES ONLY TEMPORARILY!

[Beef Supreme]

If you aren't the sole controller of your private keys, you don't have any bitcoins.

Keep spreading the word!

But what's the point of using bitcoin if you can't trust any exchange or wallet service?

The sense in Bitcoins is using it for paying goods, not for speculation. It's sense is not getting rich quickly, so you do not need any exchange or wallet service. DO USE EXCHANGES ONLY TEMPORARILY!

HELLO???  Don't you people realize that people sent GOX loads of money only when the price dropped like a rock, trying to buy cheap coins?  It was a calculated risk to triple or quadruple bitcoin holdings.

Only Gox was in deep doodoo, DECEIVING people by not halting assets coming in also.  That is criminal, intentional deception to gain assets.

I got a whole chain from BRENDAN at Gox's customer service to prove it.

[justusranvier]

But what's the point of using bitcoin if you can't trust any exchange or wallet service?

The point is that you don't need to use them.

"Be your own bank"

[gollum]

Yeah right, tell your grandma to use bitcoin client or use paper wallets...
bitcoin will remain a geek speculation as long as we don't have trustworthy bitcoin banks.

[kneim]

HELLO???  Don't you people realize that people sent GOX loads of money only when the price dropped like a rock, trying to buy cheap coins?  It was a calculated risk to triple or quadruple bitcoin holdings.

That's simply worse than gambling, as it was an incalculable risk.

[kneim]

Yeah right, tell your grandma to use bitcoin client or use paper wallets...
bitcoin will remain a geek speculation as long as we don't have trustworthy bitcoin banks.

I believe a wallet like multibit is already usable by my grandma.

[Beef Supreme]

HELLO???  Don't you people realize that people sent GOX loads of money only when the price dropped like a rock, trying to buy cheap coins?  It was a calculated risk to triple or quadruple bitcoin holdings.

That's simply worse than gambling, as it was an incalculable risk.

Yeah, its called going ALL IN on the RIVER.

Except, it wasn't the card needed to win a big pot, it was a frickin deuce.

[justusranvier]

Yeah right, tell your grandma to use bitcoin client or use paper wallets...
bitcoin will remain a geek speculation as long as we don't have trustworthy bitcoin banks.

It's 1994 and you're whining that the Internet will never go anywhere because it's too complicated for Grandma to install Winsock and mess with AT commands.

[C10H15N]

It's 1994 and you're whining that the Internet will never go anywhere because it's too complicated for Grandma to install Winsock and mess with AT commands.

You just lost 90% of the people here 

[evansearle42]

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.

even keeping in ur wallet is dangerous

[justusranvier]

It's 1994 and you're whining that the Internet will never go anywhere because it's too complicated for Grandma to install Winsock and mess with AT commands.

You just lost 90% of the people here 

Correct, and the 10% who would get it are still curled up in the fetal position after reading the word "winsock".

[go4nature]

Keeping bitcoin in cold storage is the best option. If you want to cashout do it slowly like 5% per day. NEver trust anyone.

[Timo Y]

I agree with everything you say except for one thing:

These are not lessons from the mtgox collapse. They are lessons from the mybitcoin and bitomat collapses (and others) more than 2 years ago.

In fact, the are lessons from basic common sense.

[kneim]

I agree with everything you say except for one thing:

These are not lessons from the mtgox collapse. They are lessons from the mybitcoin and bitomat collapses (and others) more than 2 years ago.

In fact, the are lessons from basic common sense.

More transparency would be appreciated. Regularly auditing customer assets, for example. But because of human deficiency, this is a disadvantage to the trading platform, as vircurex is showing as an example. This is a not solvable intrinsic problem, that will repeat in the future. This is also an example, why regulation can be necessary.

Without regulation, the damage can only be limited, if trading platforms keep small and distributed. Or if humans react more reasonable on honest platform information. So withdraw all unnecessary money from platforms, for they crash sooner than later.

[Flunder707]

Don't put all your eggs in one basket?

[HeliKopterBen]

If you aren't the sole controller of your private keys, you don't have any bitcoins.

Keep spreading the word!

Quoted to spread the word.  Holiday has been saying this for a long time now.

[coins101]

proper regulated exchanges should use client accounts which are kept safe from their day-to-day expense accounts.

Any collapse and client money is kept safe and it still belongs to you. administrators called in to run exchanges that go bankrupt can't touch it.

we should demand exchanges use off-line client accounts.

[LiteCoinGuy]

keep most of your coins on an online wallets with no 2 factor and crappy password.

sent money to an insolvent exchange to get some cheap coins.

never install or update your antivirus and download crappy stuff like dogecoin.