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FattyMcButterpants
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July 15, 2014, 06:16:57 AM |
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I know I shouldn't but I don't leave large sums of funds on their so I won't be devastated. It is a horrible habit to have and I will try to not do this and use more security with my coins.
well, it's a tough decision. if it's important to you to hedge against a downtrend, it becomes more than just the security of your funds, and not just as easy as sending coins to a cold wallet. |
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counter
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July 15, 2014, 06:37:37 AM |
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I know I shouldn't but I don't leave large sums of funds on their so I won't be devastated. It is a horrible habit to have and I will try to not do this and use more security with my coins.
well, it's a tough decision. if it's important to you to hedge against a downtrend, it becomes more than just the security of your funds, and not just as easy as sending coins to a cold wallet. Agreed a lot of thought and planning goes into trading in my experience as a novice trader. When you consider the risk of loss funds and fees it all makes sense for someone just playing around to leave small amounts on different exchanges. For Others who deal in larger sums I'd think there is some serious decision making taking place. |
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Ilsk
Legendary
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Activity: 834
Merit: 1015
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July 15, 2014, 09:57:41 PM |
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I don't trust exchanges anymore.
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fdiini
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July 16, 2014, 04:55:11 AM |
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I don't trust exchanges anymore.
Exchange is important part of the bitcoin ecology system. If exchange has no trust, then bitcoin has no trust. |
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ABitNut
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July 16, 2014, 05:25:47 AM |
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I don't trust exchanges anymore.
Exchange is important part of the bitcoin ecology system. If exchange has no trust, then bitcoin has no trust. I agree with the first sentence. But the second should be nuanced. Would you deposit your fiat to you local currency exchange and trust them hold it for you? I wouldn't. I trust them to convert my USD to EUR. The same applies to exchanges... I put in fiat x (say US dollars) and get out bitcoin. Or vice versa. I trust them to do this, but I will limit the risk by withdrawing immediately. I do not trust them to hold my belongings for long. Also bitcoin has trust even without exchanges. I will still be able to buy a pizza with it! |
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ranochigo
Legendary
Offline
Activity: 3038
Merit: 4420
Crypto Swap Exchange
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July 16, 2014, 01:27:18 PM |
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I don't trust exchanges anymore.
Exchange is important part of the bitcoin ecology system. If exchange has no trust, then bitcoin has no trust. Exchange shouldn't have 0 trust. They should also not have enough trust to hold a lot of bitcoins. Probably only for use immediately would be good. |
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zhinkk
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July 16, 2014, 01:32:04 PM |
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Yes, up to certain amounts. Coinbase I would trust up to 5k USD. Bitstamp and BTC-E I would barely trust, maybe like 1k USD. Only what I'm willing to lose.
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valvalis
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July 17, 2014, 02:45:26 PM |
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Maybe yes, for some exchange. But, I prefer with cold storage. Everything can happen in the future, and we will never know.
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CoinsCoinsEverywhere
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July 17, 2014, 06:09:42 PM |
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I don't trust exchanges anymore.
Exchange is important part of the bitcoin ecology system. If exchange has no trust, then bitcoin has no trust. I agree with the first sentence. But the second should be nuanced. Would you deposit your fiat to you local currency exchange and trust them hold it for you? I wouldn't. I trust them to convert my USD to EUR. The same applies to exchanges... I put in fiat x (say US dollars) and get out bitcoin. Or vice versa. I trust them to do this, but I will limit the risk by withdrawing immediately. I do not trust them to hold my belongings for long. Also bitcoin has trust even without exchanges. I will still be able to buy a pizza with it! If there were no exchanges, bitcoin might still have trust, but it would likely lose a lot of its value/usefulness. I'm not sure how many businesses would accept bitcoin as a form of payment if they couldn't readily convert to fiat...probably not many. |
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HarmonLi
Sr. Member
Offline
Activity: 350
Merit: 250
Honest 80s business!
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July 17, 2014, 08:20:28 PM |
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without exchanges, of course there would be trust in bitcoin. what do centralized entities have to do with that?
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Window2Wall
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July 18, 2014, 04:52:23 AM |
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No, it is a very bad idea to trust your money to an exchange. You are just asking to get scammed.
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sandykho47
Sr. Member
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Activity: 252
Merit: 251
Knowledge its everything
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July 18, 2014, 02:07:34 PM |
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I think trust my bitcoin on HUGE exchanger like BTC-E, Bitfenix, Bitstamp BUt i just put them BTC to sell not to put them permanently I don't trust exchanges anymore.
If there was no exchanger, BTC won't success. and altcoin never born |
Kemampuanku Tidak semua orang memiliki dan dapat melakukannya . Tidak memakan kaum sendiri . dan mempunyai kode etik yang tidak masuk akal.
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tonycrypto
Newbie
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Activity: 31
Merit: 0
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July 18, 2014, 09:53:26 PM |
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No, it is a very bad idea to trust your money to an exchange. You are just asking to get scammed.
Agree, why we trust exchange they can run our money anytime if they want, I just use exchange when need to sell some Bitcoins. |
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franckuestein
Legendary
Offline
Activity: 1960
Merit: 1130
Truth will out!
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July 18, 2014, 09:56:40 PM |
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You want to lose your coins? Your answer is yes. You don't want to lose coins? Your answer is no.  |
[ AVAILABLE SIGNATURE SPACE ]
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ANTIcentralized
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July 18, 2014, 11:15:16 PM |
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I would never trust all my coins with any, or even a mixture of exchanges.
Buying and selling locally is better anyway because it makes the local bitcoin ecosystem stronger
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fdiini
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July 18, 2014, 11:50:09 PM |
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Depending on amount and how old the exchange is.
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ranochigo
Legendary
Offline
Activity: 3038
Merit: 4420
Crypto Swap Exchange
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July 19, 2014, 02:17:40 AM |
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Depending on amount and how old the exchange is.
Not much about the age of an exchange. Looking at mtgox, even though they were around for many years, they eventually collapsed in the end. An exchange may be old but they are still exposed to the vulnerability which exist in the exchange. A good exchange would be one who does regular checks on security, though you still cannot trust them too much. |
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KimNam
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July 19, 2014, 03:40:00 AM |
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Depending on amount and how old the exchange is.
and if you trade bitcoin a year ago, maybe you goxxed too  based in age of exchange not so good reasons, everything still can happen in the future |
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bitcointanner
Newbie
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Activity: 23
Merit: 0
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July 19, 2014, 04:20:29 AM |
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i only trust exchange to hold my btc if its been around a long time , alot of new exchanges are popping up nd most are probly trying to swindle for your money
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Armando
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July 19, 2014, 05:03:10 AM |
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Depends on exchange
For example - I trust 100 times more to bitstamp, then to btc-e
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