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Can all Bitcoin exchanges just shut down without any explanation like Mt. Gox?
Posted on 2/25/14 at 11:31 am
Posted on 2/25/14 at 11:31 am
I'm pretty concerned bc I do have some Bitcoins . should I just cash out? What the safest exchange to use? Are any regulated?
This post was edited on 2/25/14 at 11:33 am
9
Posted on 2/25/14 at 11:32 am to alexman
I'll wait for Russian and darth to tell us the truth
edit: but if you're not a dumbass, you don't keep your coins in an exchange
edit: but if you're not a dumbass, you don't keep your coins in an exchange
This post was edited on 2/25/14 at 11:35 am
Posted on 2/25/14 at 11:32 am to alexman
cash out
Posted on 2/25/14 at 11:34 am to alexman
quote:There is nothing to stop them other than it doesn't make sense for them to do so unless they are stealing your btc.
Can all Bitcoin exchanges just shut down without any explanation like Mt. Gox?
If they do, you could probably bring a lawsuit to recover your bitcoin. Unfortunately, your bitcoin would likely be worthless at that point.
Posted on 2/25/14 at 11:36 am to alexman
I'll preface this by saying I don't know much about Bitcoins.
It seems like Mt Gox fizzled because of lax security measures. I think Mt Gox resembled what we saw, using this as a parallel more than anything, in 2008 with all the other bank failures.
Any bank can fail, you have to remember that. But does this set a precedent over Bitcoins? I don't think so.
I personally don't have any money in Bitcoins just because I don't like the idea of them. Not saying that they are a good investment or a bad investment. I think you are safe for now though, but this should make you cautious of Bitcoin exchanges (especially, from my limited research, there is no insurance structure in place to protect against failures).
It seems like Mt Gox fizzled because of lax security measures. I think Mt Gox resembled what we saw, using this as a parallel more than anything, in 2008 with all the other bank failures.
Any bank can fail, you have to remember that. But does this set a precedent over Bitcoins? I don't think so.
I personally don't have any money in Bitcoins just because I don't like the idea of them. Not saying that they are a good investment or a bad investment. I think you are safe for now though, but this should make you cautious of Bitcoin exchanges (especially, from my limited research, there is no insurance structure in place to protect against failures).
Posted on 2/25/14 at 11:38 am to TH03
quote:For someone who claims to be very knowledgeable about bitcoins, you sure do seem to avoid answering questions about the topic. Why is that?
Can all Bitcoin exchanges just shut down without any explanation like Mt. Gox?
I'll wait for Russian and darth to tell us the truth
Posted on 2/25/14 at 11:38 am to alexman
i would assume so. as far as I know they have no fiduciary duty or insurance baking like FDIC. So yea, i would absolutely think someone could walk away with your investment.
Posted on 2/25/14 at 11:38 am to alexman
I don't know shite about Bitcoin, so can someone please educate me on something? You pay an exchange some form of recognized currency such as the dollar or euro in exchange for bitcoin, correct?
Posted on 2/25/14 at 11:40 am to alexman
How bout you just *don't* store your btc with on a 3rd party site?
Posted on 2/25/14 at 11:40 am to alexman
Money board. It needs a sixth bitcoin thread on page 1.
Posted on 2/25/14 at 11:42 am to LSURussian
quote:
For someone who claims to be very knowledgeable about bitcoins
link?
I said I know more that you, which isn't hard because you show your ignorance on the subject daily. all you do is act like a child in these threads, and laugh/demean people who actually take the time to answer your incredibly condescending questions.
maybe people would give you the answers you seek if you didn't act like an all knowing jackass all the time
Posted on 2/25/14 at 11:42 am to Black n Gold
quote:
You pay an exchange some form of recognized currency such as the dollar or euro in exchange for bitcoin, correct?
It has to do with how many bits you have. Like the processor in my computer has 64 bits, so I have 64 Bitcoins.
Posted on 2/25/14 at 11:43 am to TH03
quote:
: but if you're not a dumbass, you don't keep your coins in an exchange
Do you honestly think that even if exchanges fail, it won't affect your bitcoin value?
Posted on 2/25/14 at 11:46 am to xXLSUXx
Posted on 2/25/14 at 11:46 am to VetteGuy
I never said that, but the value decreased to less than $100 per btc on mt gox while remaining around $500-$600 everywhere else.
Posted on 2/25/14 at 11:46 am to xXLSUXx
quote:
It has to do with how many bits you have. Like the processor in my computer has 64 bits, so I have 64 Bitcoins.
So there is no real "exchange" of currency?
Posted on 2/25/14 at 11:47 am to Black n Gold
he's making shite up, don't listen to him
Posted on 2/25/14 at 11:48 am to TH03
Understood and I remember that.
It appears now though that with this exchange's failure, it is dragging overall bc value down.
It appears now though that with this exchange's failure, it is dragging overall bc value down.
Posted on 2/25/14 at 11:48 am to alexman
Any company can just "shut down" without explanation at any time. Heck, entire governments can.
The question is what recourse people have if they're upset about it. I don't know how that works in Japan.
So far as I know none of the exchanges are regulated by anything other than the laws of the nations where they are incorporated. Good luck.
The question is what recourse people have if they're upset about it. I don't know how that works in Japan.
So far as I know none of the exchanges are regulated by anything other than the laws of the nations where they are incorporated. Good luck.
Posted on 2/25/14 at 11:49 am to TH03
quote:
he's making shite up, don't listen to him
So how does one get Bitcoins? I assume you need to part with some form of recognized currency such as the dollar. Seems like a one in the hand, two in the bush type situations.
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