Why you shouldn't keep crypto on exchanges

10-02-2019, 12:08 AM

NoodleCat Wrote: Had huge issues with this in the past as well. Namely Mt.Gox and Cryptsy. Both were enormous exchange platforms and essentially just took the money and ran.

This situation is a little different, but definitely shows why you should never keep any significant holdings on their site.

Yeah, the Mt.Gox fiasco was pretty bad, nearly killed everything.. that was before I got into crypto myself, but I know all about it.. $450mil USD worth of BTC at 2004 rates is a crazy amount of coins.

I'd say the stupidest part about this situation, assuming that everything they're saying is even true, is that there doesn'even seem to be any theft/hacking or nefarious activity to have caused it and that since 2013, right from the get-go, this situation was a ticking timebomb bound to happen sooner or later unless the founder was immortal and lived forever... pretty fucking retarded considering that it's an easily predictable outcome that could've been remedied with something as simple as multisignature wallets or even just a $5/mo safety deposit box left to the company in his will if he didn't trust anybody. Instead, 115k people are out an average of $2k apiece, though obviously some ppl lost waaay more than that and most lost less.

I personally think there's more to the story though.