Life Savings Lost On QuadrigaCX
Time and time again I have seen people lose money that in the future could be worth millions and maybe billions. I have over 200 cryptocurrency wallets and freak out all the time but that is better than have an exchange hold my funds.
Never fully trust a crypto currency exchange, a bank, a politician, or a lawyer. Trust yourself more! Be your own bank! Enough said brother!
Not everyone who got fucked “kept their funds on the exchange.”
many did quick crypto-to-fiat-trades - depositing BTC, trading for CAD, and initiating withdrawals immediately.
Though it seems a lot easier for those who didn’t get fucked - by what was Canada’s top exchange for years, after building a trust based on that they’d always come through - to simply offer some generic “don’t hold your funds on exchanges” platitudes to make themselves sound smart without knowing the actual details of the business all 115,000 customers had with QuadrigaCX.
Well like I have said to others is that the same scenario could happen to me right now partially with Kraken and Coinbase because I have some fiat loaded on there ready for more orders in a heavy dip. Also I just met a guy here in Thailand who got gox'ed because he was swing trading in and out and then withdraws got shut off on him
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I always had a fear of the exchange going down in the back of my mind but i feel like i had no other choice. I was buying back periodically so withdrawing the money to my bank would only waste time and money that at the time was only fueled by paranoia. I would never keep money/crypto on an exchange to just sit there. Im not sure what i could have done differently to not lose the money i had on there... any ideas?
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it is a tough spot because you were in that limbo period. It is such a headache to get the money onto the exchange ready to make purchases that I understand why you didn't want to send it back to the bank account. the same thing could happen to me right now on Coinbase or Kraken. I will feel a lot better when the when I'm able to execute orders and put the money to work. I wish I would have put it to work already but that is just because stuff pumped.
It is very apparent that the exchanges aren't holding the amount of bitcoin that gets traded.
Just look at BitShares, where every exchange and coin is counted and countable, the actual amount of transactions is low. And i am pretty sure that it is not just because no one knows about it.
So, what is really happening?
i can't wait for automic swaps.
I also can't wait for the much better wallets that we will have in the future.
Quadriga was such a scam. At least it was found out and exposed very quickly (after the fake death)
I must say that BitShares is really confusing to people. It is really confusing to me to be honest and I have used it and still don't have a clue what a lot of the stuff means. At the end of the day whatever the exchanges have and don't have would be interesting to see.
If we hold our keys then we know we have a piece of scarcity for sure.
Scary stuff, Brian
It really is. I feel bad for people. I just talked to another guy here in Thailand that got Goxed for 1000 Bitcoins
200 wallets is a solid amount. Just don’t lose the 200 recovery seeds.
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It is stressful but I have a system. Nothing is fool proof but hopefully nothing bad happens. For instance on this machine the drive is encrypted and I don't have access to any of my private keys beyond posting keys for these crypto social sites. I can't move my funds right now......etc. Paper backups and digital backups are at a few physical locations...etc.
Stressful though.
Yeah it’s definitely a lot to handle. But that’s why they have 10 people in the local branch of the bank, it takes a lot of people to handle hundreds of accounts. And with crypto it’s just you.
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Just you! sounds about right. That's all we need! :-)
KYC prevents me from withdrawing the full amount of BTC I own over there @brianphobos thankfully I can still withdraw from there.
It really is hard to trust anyone for that matter plus managing keys and such is hard too.
KYC prevents you withdrawing from Quadriga...?
How about Quadriga completely closing their doors to customers prevents anyone from withdrawing...?