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 ?
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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.
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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!
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After Bitfinex my complacency changed to paranoia. ; )
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me too!
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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?
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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.
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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.
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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.
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Wow! That is just too much to handle.
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where?
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They might want to take your Soul, but they sure as Hell cannot take your Trezor wallet !! ))))
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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
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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!
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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
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Okay. That makes sense, sort of. I have some research to do!
Thanks ;)
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bureauctopuses LOL
I calls em burrocrats, but tentacles are exactly like stinky little burrocrat fingers!
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Very wise man!
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Thanks for the heads up. I've never trusted trading platforms. A decentralized one would interest me though. Excited to hear more.
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The tech that is coming down the road will make the centralized platforms look like Ford Model T's
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Good post as always man. Learning.......
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Thank you Barry!
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Whoah! I just got into a couple different alt coins on poloniex! Thanks for the advice! I will stay tuned!
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Most altcoins have very small blockchains, which makes it easy to download their respective wallet and move the money to your local wallet.
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Which I did with a few of them,in the past, but I like to trade.
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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.
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Yes, I get it, that is the way I should do it.
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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
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Can we do it next week? I am all for doing a podcast.
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That's what you said last week.
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Much people's feeling. A pointo to think about, no doubt.
Funny GoT gift :D
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I appreciate it!!
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You're not crazy, I agree it's risky to leave funds on centralized exchanges for long periods of time. Through random luck I narrowly avoided getting caught in the Bitfinex disaster (moved all my ETH off the exchange just a few days before the hack as I was going on vacation and didn't feel comfortable leaving my ETH unattended).
But to some extent centralized exchanges are hard to stay away from. They have well developed, mature UIs and are typically pretty easy to use. And for taking advantage of trading opportunities as they arise, it's convenient to have untapped funds sitting on the exchange, ready to go. Otherwise it's quite cumbersome trying to move funds into / out of private wallets all the time. So even though I know the risks, I still keep a decent fraction of my portfolio on Poloniex, to split between lending and trading.
I would use decentralized exchanges if there were any as good as Poloniex, but there aren't (yet). I've tried Bitsquare and was disappointed. A Bitsquare "trade" is an awkward, lengthy process that is more akin to the digital equivalent of meeting someone in person and swapping goods. It's not anything like what you would typically expect of an exchange.
OpenLedger, built on Bitshares, is pretty good and I use it from time to time. But the volume on OpenLedger is fairly low, making it hard to enter / exit a position of any significant size. Until volume picks up substantially OpenLedger won't be a completely viable alternative to Poloniex either.
If anyone knows any other good decentralized alternatives, I'm all ears.
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I noticed the Bitsquare UI is a little clunky. We will see how it goes. You are one lucky trader!!
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exactly the same problem everything thing is unstable last few weeks I've done the same thing
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Good call!
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I agree more or less with this. I still occasionally use them, but only for trading purposes. As soon as I've got what I want, I simply pull it out into my own secure wallets for safekeeping until I need them.
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That is what we should be doing but most folks were like me and too lazy to go through the extra steps. I am guilty of being complacent but I have not been robbed yet so I am taking the steps to protect my assets.
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So how would u protect BTC? everything are just via e-mails..
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You can use a Trezor, or Case. There are many more options.
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thanks..will check those ;)
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LMAO... wtf...
Use this... the end. Yeah... great explanation on a reason to use that instead of something else. This is a bit of a fail to validate your reasoning to leave and to validate a reason to place it this other platform.
Please put some more info or it looks ignorant on your part.
Peace.
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I am an ignorant trader. Thanks for pointing it out.
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No, if you understand what it's about, explain it to the rest of us, otherwise when you just say use this, and give no explanation, even from the founder, it's not really an incentive for us to trust your judgment on the matter. Why, is an important part of the puzzle. I am researching it on my own to see if your claim has merit. But you can help people by validating what you say, rather than simply stating a conclusion supported by a founder who also won't validate or explain why they are telling to go to their solution. That's more of an appeal to authority, his authority of being founder to simply state go do as they suggest.
You could have put more effort and made your post a bit more detailed.
Peace.
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Even the tinyest positions make a difference when being migrated into descentralized exchanges or cold/self storaged. I liked this post. We should not to loose focus about the nature and benefits of cryptocurrencies.
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I have two exchanges/wallet I use... but after hearing the failures from Mt Gox on, most of my Bitcoin was transferred to a paper wallet. Now I travel alot in my business and would prefer an online solution... keeping my eyes open on this, thanks.
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looking forward to hearing your findings
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wow, es emocionnte
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thank you for sharing this bitsquare thing. i like it
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Care to give a rundown on what is Git Guild? Curious and the link is not working...
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Wow, sorry about that I thought the website was up. The Git Guild is a group of Crypto programmers, who have come together to work on high level projects. They are not a company but rather a decentralized organization. We are working closely with them.
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GitGuild's GitGuild is one of the most interesting projects I've seen lately. Basically, think of a git repo working as a blockchain and smart contract platform introducing a Proof of Labour proposal. (hash trees + digital signatures). Isn't it thrilling?
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Absolutely! We are pumped.
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