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CEG5952
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July 02, 2014, 06:22:58 AM |
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I wouldn't trust any exchange, even though I do have an account with blockchain any amount of BTCitcoin i receive automatically gets transferred to my wallet because i can't have what happened a month ago happen again where i was phished for everything i had.
Oh wow, sorry to hear that. I certainly don't keep more than is necessary on the exchanges, though I do keep money there to trade. I also use blockchain.info on my online computer, but only keep relatively small amounts there in case of anything phishy. |
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Harley997
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July 04, 2014, 08:04:24 AM |
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I wouldn't trust any exchange, even though I do have an account with blockchain any amount of BTCitcoin i receive automatically gets transferred to my wallet because i can't have what happened a month ago happen again where i was phished for everything i had.
This is another good example as to why you should not keep money on an exchange. |
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CEG5952
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July 04, 2014, 10:43:14 PM |
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I wouldn't trust any exchange, even though I do have an account with blockchain any amount of BTCitcoin i receive automatically gets transferred to my wallet because i can't have what happened a month ago happen again where i was phished for everything i had.
This is another good example as to why you should not keep money on an exchange. Sure, but similar issues exist for desktop wallets. There are now many forms of malware that target bitcoin wallets, so part of the issue here is not 3rd party (exchange) vs. desktop wallet, but also general security precautions and cold storage. |
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gmx95
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July 04, 2014, 10:54:27 PM |
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Depends on an exchanger. Maybe its good to keep btc at different exchanges at the same time.
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CEG5952
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July 05, 2014, 02:26:46 AM |
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Depends on an exchanger. Maybe its good to keep btc at different exchanges at the same time.
Definitely. I never keep all my eggs in one basket. For the coins I keep out of cold storage, I spread them out between BTCE, Bitfinex, and Bitstamp. I don't feel great about any of them, but there's no other way to trade.  |
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CoinsCoinsEverywhere
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July 05, 2014, 05:36:02 AM |
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In my opinion, no matter how trustworthy an exchange and its employees are, there's always a chance of losing anything kept on it. They may have great security, but there's always a chance they missed something.
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ranochigo
Legendary
 Offline
Activity: 3038
Merit: 4420
Crypto Swap Exchange
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July 05, 2014, 05:44:13 AM |
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Even if the operator is trusted, there may be flaws in the systems and can get hacked. More and more vulnerabilities are surfacing everyday, there may be a chance which the exchange can get hacked.
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PrimevalLeviathan
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Activity: 17
Merit: 0
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July 05, 2014, 11:44:42 AM |
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this is my confused too due to mtgox ， i can't trust exchange but i need use exchange  ???how can i do |
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ranochigo
Legendary
Offline
Activity: 3038
Merit: 4420
Crypto Swap Exchange
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July 05, 2014, 12:09:56 PM |
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this is my confused too due to mtgox ， i can't trust exchange but i need use exchange ???how can i do Do not keep any or too much btc in the exchange, try using small amounts that you know you are going to use immediately and withdraw it afterwards. |
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DannyElfman
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July 05, 2014, 09:43:06 PM |
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Depends on an exchanger. Maybe its good to keep btc at different exchanges at the same time.
Definitely. I never keep all my eggs in one basket. For the coins I keep out of cold storage, I spread them out between BTCE, Bitfinex, and Bitstamp. I don't feel great about any of them, but there's no other way to trade. Wouldn't it just be better to keep your coins in your own "hot wallet" that you control and only keep coins at an exchange when you wish to sell for fiat? |
This spot for rent.
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CEG5952
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July 05, 2014, 09:57:34 PM |
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Depends on an exchanger. Maybe its good to keep btc at different exchanges at the same time.
Definitely. I never keep all my eggs in one basket. For the coins I keep out of cold storage, I spread them out between BTCE, Bitfinex, and Bitstamp. I don't feel great about any of them, but there's no other way to trade. Wouldn't it just be better to keep your coins in your own "hot wallet" that you control and only keep coins at an exchange when you wish to sell for fiat? Sure, but there are drawbacks to that. For one thing, personally, I play volatility spikes. I want my orders on the book to scalp those overbought moves and quickly rebuy. Vice versa. And in general, waiting for 3-6 confirmations during volatile times can be very frustrating. Beyond that, when hedging by holding fiat, there is nowhere to hold it but an exchange (unless you want to remove it from the BTC economy for an extended period of time -- again, missing out on big moves). And hot wallets carry their own risks as well. If your coins are not cold, consider them vulnerable. |
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Gimmelfarb
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July 06, 2014, 03:04:39 AM |
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Depends on an exchanger. Maybe its good to keep btc at different exchanges at the same time.
Definitely. I never keep all my eggs in one basket. For the coins I keep out of cold storage, I spread them out between BTCE, Bitfinex, and Bitstamp. I don't feel great about any of them, but there's no other way to trade. Wouldn't it just be better to keep your coins in your own "hot wallet" that you control and only keep coins at an exchange when you wish to sell for fiat? sure, that works for swing traders. i keep some coins/fiat on the exchanges for day trading, though. if you're going to be making multiple trades in a day, or over the course of a couple days, it makes sense to keep coins on the exchanges. |
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JerryCurlzzz
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July 06, 2014, 04:50:24 AM |
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trust an exchange? ermm, heard of mtgox?
i don't trust em, but i use em, sparingly...
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HarryT1923
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July 06, 2014, 05:31:13 AM |
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never. but when i do, it's btc-e.  |
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DannyElfman
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July 06, 2014, 05:10:40 PM |
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Depends on an exchanger. Maybe its good to keep btc at different exchanges at the same time.
Definitely. I never keep all my eggs in one basket. For the coins I keep out of cold storage, I spread them out between BTCE, Bitfinex, and Bitstamp. I don't feel great about any of them, but there's no other way to trade. Wouldn't it just be better to keep your coins in your own "hot wallet" that you control and only keep coins at an exchange when you wish to sell for fiat? sure, that works for swing traders. i keep some coins/fiat on the exchanges for day trading, though. if you're going to be making multiple trades in a day, or over the course of a couple days, it makes sense to keep coins on the exchanges. If you are going to be trading in and out of positions often then you really have no way around having coins at an exchange. In this case you should only keep what you plan on risking for trading purposes and when you decide that you no longer want to use a certain amount of bitcoin for trading risk you should withdraw from the exchnge |
This spot for rent.
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bitbaby
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July 07, 2014, 04:58:24 AM |
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I don't usually trust anyone, same goes with exchanges but I do keep some altcoins on them, why? Because I can't download all of their wallets and install them on my pc, so its a safety precaution, and I keep them their until I can get some profits outta them and then I sell and move on to next one or turn to btc and withdraw.
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Habeler876
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July 07, 2014, 06:30:24 AM |
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I don't usually trust anyone, same goes with exchanges but I do keep some altcoins on them, why? Because I can't download all of their wallets and install them on my pc, so its a safety precaution, and I keep them their until I can get some profits outta them and then I sell and move on to next one or turn to btc and withdraw.
Totally agree on the altcoin wallets. I don't trust a lot of the developers or the software. Lots of BTC wallet draining malware out there. It's too bad, because the best way to get in on an alt pump is to buy before it hits an exchange.  |
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CryptInvest
Legendary
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Activity: 2156
Merit: 1132
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July 07, 2014, 08:03:18 AM |
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Whichever exchange service. If the Exchange with a worldwide reputation is one thing and another private owner.
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Justin00
Legendary
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Activity: 910
Merit: 1000
★YoBit.Net★ 350+ Coins Exchange & Dice
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July 07, 2014, 03:57:09 PM |
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To answer OP.
Nope.
After seeing god knows how many exchanges get "hacked" or hacked, or close down... why would any body trust them is the real question....
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DannyElfman
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July 07, 2014, 10:12:46 PM |
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I don't usually trust anyone, same goes with exchanges but I do keep some altcoins on them, why? Because I can't download all of their wallets and install them on my pc, so its a safety precaution, and I keep them their until I can get some profits outta them and then I sell and move on to next one or turn to btc and withdraw.
Totally agree on the altcoin wallets. I don't trust a lot of the developers or the software. Lots of BTC wallet draining malware out there. It's too bad, because the best way to get in on an alt pump is to buy before it hits an exchange. This is another example as why it is not good to try to invest in altcoins. You must trade your computer's security for the security of your funds. |
This spot for rent.
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