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

[Marbit]

Depends on exchange

For example - I trust 100 times more to bitstamp, then to btc-e

Why is that? BTCE has been around forever, has always been honorable. They have partnered with MT4 trading platform and FXOpen for leveraged trading, setting up PAMM system... they have a long term plan and are churning out fees.

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[Armando]

Depends on exchange

For example - I trust 100 times more to bitstamp, then to btc-e

Why is that? BTCE has been around forever, has always been honorable. They have partnered with MT4 trading platform and FXOpen for leveraged trading, setting up PAMM system... they have a long term plan and are churning out fees.

Long term plan is laughable term, when we are speaking about services operating in black or grey areas

I'm sure that they will either be shut down or will disappear with all the money in long term) They are operating without any license or even a company) serving US customers without being registered with FinCEN, working with underground payment systems; accepting wires "for computers" and withdrawing customers funds to debit cards "for advertisement". And no AML program at all. 

Remember liberty reserve and others? The outcome can be easily predicted. The time of such "services" had ended, now you have to play by rules if you want to run payment system, an exchange, payment processor etc. But I believe these guys even don't know the rules)

[franckuestein]

Some exchanges are verified because of an audit but as you know some of them can close when they want unpredictably.

Do you remember ShareXcoin or other ones? You can do what you want with your money but IMAO I insist: put your coins on the exchanges just to trade and when you finish, resend to your wallet software.

[HarHarHar9965]

Some exchanges are verified because of an audit but as you know some of them can close when they want unpredictably.

I don't trust any of these audits. From what I can tell, none of them have been carried out in a manner that proves current possession of assets to cover all liabilities.

[CoinsCoinsEverywhere]

Some exchanges are verified because of an audit but as you know some of them can close when they want unpredictably.

I don't trust any of these audits. From what I can tell, none of them have been carried out in a manner that proves current possession of assets to cover all liabilities.

The problem is, how can they really prove that they own the passwords to the wallets they supposedly own without divulging those passwords?  I can maybe think of a way or two, but they'd be very complicated and still not completely foolproof.  Or they could show the auditor that they control those wallets, but then how do you fully trust the auditor?  And even if a person/company has a pristine record, that doesn't mean that someday they won't disappear with all the funds.  In the end, I guess you just have to decide to trust someone.  It may be risky, but life is full of risks.  You can only try to minimize them.

[fdiini]

Old exchange mature quite a bit.

There are consequences for scamming customers.

[WillyBTC]

Never. Occasionally I let them hold my funds for a short time, but never for long.

[HarryT1923]

trust? no way. but sometimes there's no way to stay in fiat for a couple days waiting on a down leg.

[DannyElfman]

Some exchanges are verified because of an audit but as you know some of them can close when they want unpredictably.

I don't trust any of these audits. From what I can tell, none of them have been carried out in a manner that proves current possession of assets to cover all liabilities.

The New York regulations are going to try to change this. The goal of the regulations is to get it so exchanges must prove that they have enough bitcoin to cover all of their customers' bitcoin and fiat deposits.

[deluxeCITY]

Some exchanges are verified because of an audit but as you know some of them can close when they want unpredictably.

I don't trust any of these audits. From what I can tell, none of them have been carried out in a manner that proves current possession of assets to cover all liabilities.

The New York regulations are going to try to change this. The goal of the regulations is to get it so exchanges must prove that they have enough bitcoin to cover all of their customers' bitcoin and fiat deposits.

it would be awesome if I didn't have to worry about coinbase failing every time I sell via coinbase.

[TheGull]

Some exchanges are verified because of an audit but as you know some of them can close when they want unpredictably.

I don't trust any of these audits. From what I can tell, none of them have been carried out in a manner that proves current possession of assets to cover all liabilities.

The New York regulations are going to try to change this. The goal of the regulations is to get it so exchanges must prove that they have enough bitcoin to cover all of their customers' bitcoin and fiat deposits.

I like the spirit of this, but if it is a full-reserve system (which is what it sounds like) then I think it risks being too limiting to allow the bitcoin ecosystem to evolve.

[CoinsCoinsEverywhere]

Some exchanges are verified because of an audit but as you know some of them can close when they want unpredictably.

I don't trust any of these audits. From what I can tell, none of them have been carried out in a manner that proves current possession of assets to cover all liabilities.

The New York regulations are going to try to change this. The goal of the regulations is to get it so exchanges must prove that they have enough bitcoin to cover all of their customers' bitcoin and fiat deposits.

I like the spirit of this, but if it is a full-reserve system (which is what it sounds like) then I think it risks being too limiting to allow the bitcoin ecosystem to evolve.

Full-reserve systems can certainly inhibit growth, but they're a heck of a lot safer.  I think that part of the spirit of bitcoin is to get away from banks and some of their practices like fractional-reserve banking that lead to all kinds of financial calamities.  I think it's worth it to trade some growth potential for stability.

[williamj2543]

Only online site I would trust for holding long term is maybe blockchain, and definetly xapo.com's insured vault. Other than that, it could end up like mt. gox again.

[franckuestein]

Only online site I would trust for holding long term is maybe blockchain, and definetly xapo.com's insured vault. Other than that, it could end up like mt. gox again.

I really thing that online services are not so good to store coins...
But for you: https://blockchain.info/about - Blockchain have a detailed "About Us" so you can save It with all their info 

You know...

[alecmerkel]

There's no sense in holding ALL the bitcoin savings into an exchange but if I would be forced I'll deposit mine into BitStamp,
the only one I trust.

Offline wallets + paperwallets + online wallets (small amount to trade) to be secure and have some fun.

I heard that bitstamp is closing account and keeping the BTC. Is this true? You seem to trust them a lot. Do you have any input on this?

[AceWallen]

Only online site I would trust for holding long term is maybe blockchain, and definetly xapo.com's insured vault. Other than that, it could end up like mt. gox again.

i wouldn't use blockchain.info for long term storage. it's still an online hot wallet. and i have heard that it can be vulnerable to JS exploits. for long term storage, cold storage is the only solution.

[williamj2543]

Only online site I would trust for holding long term is maybe blockchain, and definetly xapo.com's insured vault. Other than that, it could end up like mt. gox again.

i wouldn't use blockchain.info for long term storage. it's still an online hot wallet. and i have heard that it can be vulnerable to JS exploits. for long term storage, cold storage is the only solution.

Currently I am keeping about 0.05 BTC in my blockchain for quick access, and the rest in a xapo.com vault, cause its insured so its impossible for it to be lost. I don't trust myself with cold storage.

[1echo]

Yes, only to one exchanger, because I know the owner.
Www.bitcoin.co.id

[tsoPANos]

Not I don't.
I just don't want to loose my money again, like I did with gox.
I have been goxxed!

[ArbatDeli]

Trust an exchange? That's asking for trouble. Maybe when we get some trustworthy exchanges backed by established brands.