Do you keep your Bitcoins on an exchange?

[Tim Johnson]

Do you?

If so, let me be the first to tell you that you're in for some paperwork and frozen funds.

[Graet]

do elaborate.....
I'm sure you have some fascinating insights

[Mt.Gox_Alex]

Do you?

If so, let me be the first to tell you that you're in for some paperwork and frozen funds.

Here we go again... This is your 2nd thread on that matter, and good lord if we have AML/KYC procedures if for a REASON and not just simply because we though it was fun to annoy people! And YEP you can withdraw funds without being AML/KYC or a Verified/Trusted Mt.Gox member, a HUGE chunk of our customers are not verified!

Of course if you start using Dwolla, a VPN, Tor, sending funds to another account in another name/country/[Insert your choice] that is not yours... or LOT of reasons can trigger you to be verified.

[ErebusBat]

Of course if you start using Dwolla, a VPN, Tor, sending funds to another account in another name/country/[Insert your choice] that is not yours... or LOT of reasons can trigger you to be verified.

Good to see that Dwolla and Tor are on the same level.

[unclemantis]

a very small amount. I do not use an exchange such as Mt Gox as my WALLET if you are asking.

[adamstgBit]

i keep coin and cash on the exchange, but just enough to do some trading.

[Zanatos666]

I used to keep all of my coins there, until about a month or so ago.  Back when the whole Bitcoinica/Gox thing was going down with Zhong, I was one who lost his.  So needless to say, I have gone back to a regular wallet.  I have gotten a Yubikey now for added security at Gox, but after that last instance, Ill keep my coins and money out of there unless I am doing something with them right away.

And with services like Bitinstant around, I dont see me really having much of a reason to use Gox, or any other exchange for that matter.

[Deafboy]

I only keep money I am trading with on exchanges. The rest is lying on USB falsh disk.
Already gone through the paperwork with gox. I did not know why at first, but then I realized that I am running tor middle node on same server as I use as proxy to browse the web while I'm at work.

[cryptoanarchist]

i keep coin and cash on the exchange, but just enough to do some trading.

"the exchange"?? There's more than one.

Best bet is to spread them around. I have some offline. Some encrypted in various hiding places online. At least a handful in every exchange. Some on GLBSE. Spread your risk and diversify.

[layyen]

never keeping in exchanges more than something like 0.00xxxx i like to have all money in my online of offline wallet, the same with fiat money, i dont like to leave it in bank...

[niko]

Do you?

If so, let me be the first to tell you that you're in for some paperwork and frozen funds.

I do keep coins on various exchanges - about as many as I need. Never had problems of any kind. I keep money in the bank, too. I use credit cards, too. Once I had my credit card cancelled without prior warning or post-mortem notification. They thought they noticed "suspicious activity" and killed the card.
Seems like you are complaining about Gox. They are transparent about how they do business, and comply with government regulations. If you don't like it, don't go there, and don't waste everybody's time here bitching about it. You have a plenty of non-regulated, free, anarchic choices available to exchange your coins. Good luck.

[chmod755]

"the exchange"?? There's more than one.

Best bet is to spread them around. I have some offline. Some encrypted in various hiding places online. At least a handful in every exchange. Some on GLBSE. Spread your risk and diversify.

Same here 

[BCB]

I do keep a not insignificant amount of both cash and coins on several exchanges, thought not in an amount large enough that it would be disruptive to my business and/or my way of life if any of the exchanges were to disappear.  I did remove ALL funds Intersango recently in anticipation of that exchange going down in the wake of Bitcoinica. 

[evolve]

I have a fairly insignificant amount of usd/btc (couple hundred bucks) at any given time on an exchange...I don't leave anything on the exchanges (or in btc for that matter) that I'm not prepared to lose. Given all the hacks and volitility, its a bad idea to approach btc any other way.

[ErebusBat]

I have a fairly insignificant amount of usd/btc (couple hundred bucks) at any given time on an exchange...I don't leave anything on the exchanges (or in btc for that matter) that I'm not prepared to lose. Given all the hacks and volitility, its a bad idea to approach btc any other way.

However if you want to take advantage of price swings you must

[evolve]

It doesn't take a lot of money to trade and profit off of price swings.  I've doubled my original "investment" of a hundred bucks by trading manually and with a bot....could have been more, but I don't keep positions in btc for long (typically a day to a week at most) to minimize my risk/exposure to volitility.

The key though, is to only risk what you can afford to lose...if mtgox ran off with my money tommorrow, it would suck, but not impact my life at all, as I consider the money "lost" anyways.

[DutchBrat]

I keep my coins with pirate

I can assure you there will never be any paperwork

Pirates never use paper unless it is a map of Treasure Island !!!!

 

[thoughtcourier]

Do you?

If so, let me be the first to tell you that you're in for some paperwork and frozen funds.

Here we go again... This is your 2nd thread on that matter, and good lord if we have AML/KYC procedures if for a REASON and not just simply because we though it was fun to annoy people! And YEP you can withdraw funds without being AML/KYC or a Verified/Trusted Mt.Gox member, a HUGE chunk of our customers are not verified!

Of course if you start using Dwolla, a VPN, Tor, sending funds to another account in another name/country/[Insert your choice] that is not yours... or LOT of reasons can trigger you to be verified.

Tim and my RL friend may not be talking about the same thing, but my friend just recently had his funds locked down and I am also worried about exchanges. From my understanding, it was actually because he filled out the AML paperwork incorrectly due to being a guy in his 20s who moves around a bit. To clarify, now he can't even get the bitcoins out to me (I offered to give him cash for his coins), so he is indeed frozen. I believe he's hassling mtgox about it, and is willing to prove he is the owner, but they are not in a hurry to unlock his account.

So... whereas I used to trust exchanges a lot, I have to say that I am getting a little skeptical. It's good to have tight security, but you have to back that up with reasonable customer service so that people can get their money out when they trigger false positives on your security screening.

[Mt.Gox_Alex]

Do you?

If so, let me be the first to tell you that you're in for some paperwork and frozen funds.

Here we go again... This is your 2nd thread on that matter, and good lord if we have AML/KYC procedures if for a REASON and not just simply because we though it was fun to annoy people! And YEP you can withdraw funds without being AML/KYC or a Verified/Trusted Mt.Gox member, a HUGE chunk of our customers are not verified!

Of course if you start using Dwolla, a VPN, Tor, sending funds to another account in another name/country/[Insert your choice] that is not yours... or LOT of reasons can trigger you to be verified.

Tim and my RL friend may not be talking about the same thing, but my friend just recently had his funds locked down and I am also worried about exchanges. From my understanding, it was actually because he filled out the AML paperwork incorrectly due to being a guy in his 20s who moves around a bit. To clarify, now he can't even get the bitcoins out to me (I offered to give him cash for his coins), so he is indeed frozen. I believe he's hassling mtgox about it, and is willing to prove he is the owner, but they are not in a hurry to unlock his account.

So... whereas I used to trust exchanges a lot, I have to say that I am getting a little skeptical. It's good to have tight security, but you have to back that up with reasonable customer service so that people can get their money out when they trigger false positives on your security screening.

I am not sure that people understand the complexity of things here. We are not talking about your "average" local bank that can find many easy way to "trust" you and that can talk to you face to face and solve any issue you may have. We in the other hands work on a global scale with document that are sometimes not in our own languages and with different regulations and needs. In Japan we do not have bank statement for example so I cannot send any of such document to a company that ask for it. There are also people who do not have address at their name... Bottom line, yes this is can be unpleasant for some but the majority of people seems to go with it without much problems by simply providing the document needed and if you cannot there are still some other possibilities we can try.

[Dacm4n]

I used to with trade hill since I traded them around often but nowadays I keep them in my wallet.