I've extracted all my money and kept only the BFX tokens. At 0.35 they are mostly gone anyway and it's a better gamble to keep them, I think. I lost tens of thousands already. I was with them for the very start, when Raphael was answering my support emails and almost all BTC was held in coldstorage , for a large withdrawal you had to wait until the next day for the hot wallet to be manually replenished. That felt safe, how could it all degrade into this multisig disaster ?
That being said, I had no idea in what sorry state of affairs the rest of the bitcoin landscape is. I've tried to move to Coinbase, they are absolutely anal with KYC, I will not have a 6 figure amount stuck there at their discretion. Kraken, what a big joke, their two factor for withdrawals can be disabled without providing the second factor, are these guys serious ? When exchanging 3 figures in Bitcoin, the slippage alone cost me a few hundred dollars and a half a day of my time. Horrendous funding fees. What a poorly written interface, I need to keep multiple tabs open to see the order book and switch between them to execute trades. Most other exchanges with the exception of itbit and Bitstamp look like something cobbled together by teenagers in their spare time complete with "trollboxes" and/or have ridiculous volumes, bad history and dubious ownership.
There is simply nothing comparable to the pre-hack Bitfinex out there. Post hack, it's temping to say that most exchanges are better than Bitfinex, but I really wonder how many of these dodgy exchanges would fold if a massive number of customers came to them ? Probably most, some by the hands of insiders.
Looking at the options we have, I start to think that maybe a Bitfinex with a 36% confirmed chance of hacking every 4 years and where you earn 20% per year in interest is not that bad. Until decentralized exchanges gain margin trading, we are left in the wilderness.
Me too sigh
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Yep, I started checking out Bitshares - so far pretty smooth and fast. No idea on the true security of this or is it all about the security on the machine you use to run the wallet perhaps? I decided to leave finex as well - the really whacked me good a few days before the hack with that freeze up and seems like another one happened several days before. It's interesting that the major hurdle of crypto really comes down to SAFE storage. Burying a jar with a paper wallet in it may be the only way!
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That's the good thing about the Bitshares exchange: You're in charge of security. It's a wallet just like Green Address or Mycelium where you keep the keys, there just happens to be an exchange in your wallet.
Besides the obvious advantage of an exchange where you hold your own assets, another good thing is that a hacker is unlikely to target an individual when there are big exchanges to go after. So there's a less present threat and no 3rd party risk. Very cool.
You can short bitUSD and bitBTC by creating the asset (borrowing it from the blockchain with BTS collateral, sell it, then buy it back cheaper).
Slippage is an issue in the exchange right now as volumes are still very low compared to the massive exchanges. I'd say, if you need to make a big order, just place the order and then wait, eventually the lil bots and lil BTS babes will chip away at it and fulfill the whole thing.
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Thanks for the extra insight. Hopefully others benefit from reading it as well. The other obvious benefit is not having to use up bandwidth and diskspace to run a damn wallet especially if you tend to have a multitude of coins. So, I'm guessing adoption is somewhat slow yet... perhaps in due time as with all projects.
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I think they were too sure of their multisig system, and didn't often audit the security . But now, they will be much more careful. Letting some BTC work on BFX seems to me not too risky. Except if everyone extracts all their coins, and they go bankrupt, of course. They could also find a way to identify the hacker, and finally recover the stolen coins. Sure, they will have a hardtime next months, but if they survive, they could become better than before.
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