Call Me Crazy But I am Taking My Bitcoin Off of Centralized AltCoin Trading Platforms.
Taking My Bitcoin and Crypto Off of Bittrex, Bitfinex and Poloniex.
Over the last few weeks I have begun unwinding all of my positions on Bittrex. If I used Poloniex or Bitfinex I would have done the same. Maybe I have some serious trust issues but I sense the winds of change are in the air.
These Centralized Crypto Trading Platforms are Just Too Dangerous for My Peace of Mind.
A short while ago many of you were robbed on Bitfinex. This gave me a serious feeling of uneasiness. This also prompted a few geniuses in the Crypto world to move along decentralized trading platforms.
The Ah Ha Moment with a Crypto Genius.
Last Sunday I had a working meeting with Ira Miller, the Ambassador of Git Guild. I shared with him my concerns and he promptly told me I was right to be concerned and that I should immediately take my BTC off of Bittrex. Now that was a problem because I essentially had zero BTC. I have 100% invested in Altcoins which means it takes time to unwind. I am one of those people who kept my coins on the exchange because I like the ease of access but I know this is not wise.
What Does Ira Miller of Git Guild Recommend?
He told me to start using Bitsquare in the interim. He then told me his team is working on a decentralized trading platform. Of course my interest peaked but he could not give me anymore information than that. All I know is that I am thrilled to be working so closely with a visionary of the Crypto community!
So without hesitation I recommend you begin unwinding your positions across the centralized exchanges in anticipation of the decentralized trading platform tsunami coming our way. I am going to set up my Bitsquare trading account and give it a test drive. Stay tuned for a Bitsquare review!
Me Trying to Escape with My Bitcoin from the Centralized Crypto Trading Platforms.
I understand your point, but how to get fiat on decentralized exchanges first ?
We have been doing the same, and yes it takes time unwinding the positions. We have move some of this into Steem and just BTC but would like a more secure trading platform for sure.
Interesting, I'm super new to this stuff and I had no idea that exchanges were not that safe. I'll be watching for your review, cause currently I hold (a very modest) balance on Poloniex and have been trying out trading altcoins just for fun, but I don't want to lose it!
After Bitfinex my complacency changed to paranoia. ; )
me too!
I hope it's been a rewarding and educational experience for you so far! It's sad that so many exchanges have been hacked in the short history of cryptocurrencies. You'd think by now that they would have learned their lesson and perfected security measures. After all, nobody feels skittish about having large stock market portfolios with the leading brokerages. If traditional brokerages can make their software secure enough to inspire confidence, why can't cryptocurrency exchanges do the same?
This is what I am struggling with right now, specially as the "elections" in the US approach and all candidates from all parties point to more internet regulation.
That was one of my factors but I chose not to put it into this post. Taking my crypto out of USA based servers is just wise. The best option is taking it offline.
Indeed. Just the other day I was going to make a buy for DECET ico... my aged coinbase account suddenly was reduced to $25 buys (I only ever use it to buy). I was pissed and had to sell some alts to get into tha ico. After I turned over my ID scan (front and back), bloodtype and mouth swab my limits went back up... just points to them getting nudged in a serious way to COMPLY. Seems like they should view these docs and then destroy them for true security, but that never happens. After Bitfinex, I started getting all sorts of strange phishing attempts via text message etc.
Complacency kills in crypto.
Wow! That is just too much to handle.
where?
They might want to take your Soul, but they sure as Hell cannot take your Trezor wallet !! ))))
I may be paranoid, but I keep mine on a USB, and only move to a currency exchange when there is a specific buy I want to make. I move back to the stick ASAP. I lose out on market flexibility, but there have been way too many exchange oopsies.
This isn't saying "told you so", it's paranoia on my part, but just coz you're paranoid deoesnt mean there AINT someone out there trying to get ya LOL
Gah! Can someone point me to a good tutorial for how to do this? In tech-dunce speak, please? I want to keep my coinses safe from the cryptothieves and the evil bureauctopus!
I use the Electrum wallet and save the dat file to the stick. I am so paranoid that I have another dat file on my pc that I transfer to and from the USB file. Basically, I stick in the USB, xfer to the wallet on the pc, unplug the USB, then do my biz from the pc. Reverse it when coins come home
Okay. That makes sense, sort of. I have some research to do!
Thanks ;)
bureauctopuses LOL
I calls em burrocrats, but tentacles are exactly like stinky little burrocrat fingers!
Very wise man!
Thanks for the heads up. I've never trusted trading platforms. A decentralized one would interest me though. Excited to hear more.
The tech that is coming down the road will make the centralized platforms look like Ford Model T's
Good post as always man. Learning.......
Thank you Barry!
Whoah! I just got into a couple different alt coins on poloniex! Thanks for the advice! I will stay tuned!
Most altcoins have very small blockchains, which makes it easy to download their respective wallet and move the money to your local wallet.
Which I did with a few of them,in the past, but I like to trade.
You can trade, but not the fast-trading type.
For example, let's say you buy dash at 0.02 and your target is 0.03. Obviously you have to wait because the price is much lower. So you move dash to your wallet. When price approaches 0.028 or so you move them to the exchange. Kind'a like that.
Yes, I get it, that is the way I should do it.
Over my head! So are you ready to educate some peeps about all of this on my podcast tomorrow night via Skype 7pm Eastern? Email back asap plz ;) Guy
Can we do it next week? I am all for doing a podcast.
That's what you said last week.