Poll : do you trust an exchange to hold your bitcoins ?

[FattyMcButterpants]

of course not. but that doesn't mean i don't keep coins there. i have 30% in cold storage, and the rest spread across 3 exchanges -- Stamp, BFX, BTCE. if one of them runs off with my coins, i won't be crushed. just hoping to make enough coins in profit for it to be worth it, if that ever happens. never used Gox.

[1715171095]

1715171095

[AceWallen]

of course not. but that doesn't mean i don't keep coins there. i have 30% in cold storage, and the rest spread across 3 exchanges -- Stamp, BFX, BTCE. if one of them runs off with my coins, i won't be crushed. just hoping to make enough coins in profit for it to be worth it, if that ever happens. never used Gox.

solid advice -- don't put all your eggs in one basket. take Gox as an example -- i don't think the "early guard" of bitcoin exchanges will all make it through the next few years. someone is bound to fall -- and it's best to position yourself wisely.

[D05GTO]

Keep a majority of mine on Coinbase and Atomic-Trade exchange.    Most exchanges seem really shady.. No idea how people could actually put money in any exchange that is anonymous.  That's just asking for trouble.  At least with the previous mentioned, there is some accountability. 

[skottiejay]

of course not. but that doesn't mean i don't keep coins there. i have 30% in cold storage, and the rest spread across 3 exchanges -- Stamp, BFX, BTCE. if one of them runs off with my coins, i won't be crushed. just hoping to make enough coins in profit for it to be worth it, if that ever happens. never used Gox.

This is solid advice but after my fiasco with blockchain I don't know that I would trust any other exchange to hold my coins, as it is I can't even hold my own coins on my computer without worrying that I've downloaded malware. It's not like a click every link that says I've won a million dollars, but even that simple Google adwords thing really messed with me.

[asimoshe]

Trust no one when it comes to $$$

not exactly true, there are some places and companies that you can trust when it comes to keeping and handling your money/BTC

[CEG5952]

Of course I don't trust exchanges. Look at bitcoin exchanges' histories, generally. Think about Gox. I spread my coins across 5 exchanges (3 BTC/USD, 2 BTC/alt), to keep from having my trading coins in one place. I know the floor could fall out at anytime.

[arbitrage001]

Of course I don't trust exchanges. Look at bitcoin exchanges' histories, generally. Think about Gox. I spread my coins across 5 exchanges (3 BTC/USD, 2 BTC/alt), to keep from having my trading coins in one place. I know the floor could fall out at anytime.

Mtgox problems came out around June last year when people not able to get their fiat out. It didn't suddenly just go bust.

People paying attention already use their cash to buy bitocoin to transfer out.


The current batch of exchanges have more to lose than gain from stealing.

[CEG5952]

Of course I don't trust exchanges. Look at bitcoin exchanges' histories, generally. Think about Gox. I spread my coins across 5 exchanges (3 BTC/USD, 2 BTC/alt), to keep from having my trading coins in one place. I know the floor could fall out at anytime.

Mtgox problems came out around June last year when people not able to get their fiat out. It didn't suddenly just go bust.

People paying attention already use their cash to buy bitocoin to transfer out.


The current batch of exchanges have more to lose than gain from stealing.

Sure, Mt Gox problems started long before they went bust. I saw the warning signs and never sent coins there. But what you just said -- that could have applied to Mt Gox as well. I don't trust these exchanges for a second.

[Harley997]

of course not. but that doesn't mean i don't keep coins there. i have 30% in cold storage, and the rest spread across 3 exchanges -- Stamp, BFX, BTCE. if one of them runs off with my coins, i won't be crushed. just hoping to make enough coins in profit for it to be worth it, if that ever happens. never used Gox.

What is the point of keeping your coins on an exchange?

You can easily keep your coins secure with a software wallet and/or a blockchian.info wallet. You can keep an account with an exchange without any coins. You can transfer any coins that you wish to sell on an exchange within an hour or so.

I just don't see the point

[jonsi]

I don't trust them but I'm doying it anyway. I usualy look for signs when something start to go wrong and until now it worked.

[DannyElfman]

I don't trust them but I'm doying it anyway. I usualy look for signs when something start to go wrong and until now it worked.

Ditto. I don't like it, but I do like to hedge...

[krishatnet]

As these bitcoin exchanges not controlled by government there is a risk.

[Justin00]

shouldnt the question be.... ? Are you unable to run your own client and or look after your own wallet ?
sure sure if their is a price hike and you want to sell ASAP it would be nice if you could just do it.. but make sure your wallet is sync'd every few days or even constantly.

what is the real reason people need an exchange to hold coins ?
don't go on any porn sites, dont run random javascript, don't open emails that say you magically won 10 bitcoins, just out of the blue and you shouldn't get to many virus or keyloggers. people making keyloggers for bitcoin wallets arent exactly coming up with ingenious ways to do it... seems like standard ways "click here to  download this exe/jar file" and reclaim your 10000 bitcoin prize is enough to fool most people... :/

[CEG5952]

Gotta have my limit orders on the books. I'm not the type to send my coins from storage in panic once I've missed selling the top. It's hard to resist the urge to trade bitcoin's swings.

[nwfella]

Not an active trader here so I keep the majority of my pennies on local bitcoin-qt client. 

[Habeler876]

Not a chance in hell. I never trusted them -- no 3rd parties, ever. So ever since I got started with bitcoin, I made sure to keep at least 80% in cold storage. Got bit by Mt Gox for 5% of my holdings. Just glad it wasn't 100% like some people!

[HarHarHar9965]

Not a chance. 100% cold storage for me.

[ABitNut]

Not a chance. 100% cold storage for me.

You don't spent any coin?

[fnf2014]

With so many bad press and vulnerability, I don't think anyone should.

[0xAli]

Even if you trust an exchange, why would you leave your coins there? they will be as liquid as if they were in your position (Wallet) so you better keep them in your position.