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>>> case 1: Bitcoin price shoots to $25,000 >>> case 2: Bitcoin price drops to $8,000 case 3: one of the exchanges canceled your order shortly after they were

>>> case 1: Bitcoin price shoots to $25,000 >>> case 2: Bitcoin price drops to $8,000 case 3: one of the exchanges canceled your order shortly after they were done. case 4: the exchange refuses to pay you out for whatever reason they invent. case 5: the exchange goes bust, either seized by the police, hackers or the owner outright left with all the money. In all these cases. You are likely to loose 100% of the sum you invested.

nawtacawp 9y ago
Just want to add for those new to btc, these are not far fetched scenarios — they have all happened in the past.
- Qub3d 9y ago
  I personally just lost $200 on NiceHash; not a big sum, but enough to give me a scare. Its frustrating, because I've had concerns about this happening before, but its so difficult to find a good service outside Coinbase.
  - nawtacawp 9y ago
    SFYL
- knowThySelfx 9y ago
  Does this remind us of some glorified Ponzi scheme? How does Bitcoin get hacked? It certainly isn't easy unless you are an insider. And perhaps NSA, since they created SHA-256. https://bitcointalk.org/index.php?topic=291217.0 https://bitcointalk.org/index.php?topic=291217.0 The bubble will burst - some people will make money out of this and a whole lot of others will lose.
  - deleted 9y ago
    [deleted]
  - nawtacawp 9y ago
    I believe the hacks OP was referencing doesn’t have to do with SHA, but more to do with bitcoin exchange security and not protecting their btc correctly.
    - knowThySelfx 9y ago
      I agree, it may not have to do with SHA, yet.
deleted 9y ago
[deleted]
jerguismi 9y ago
> In all these cases. You are likely to loose 100% of the sum you invested. Nah, for example in case 3 you don't lose your full capital. You just have either position open without hedging the risk whatever reason. Case 4, case 5, for you to lose your full capital it has to happen for both exchanges. There are risks and I'm not saying that it might make sense to take those risks, just saying that you are now giving equally wrong picture of the risks.
- anonbanker 9y ago
  sshhhhh. We're not supposed to say anything positive about BTC on HN.

nawtacawp 9y ago

Just want to add for those new to btc, these are not far fetched scenarios — they have all happened in the past.

Qub3d 9y ago
I personally just lost $200 on NiceHash; not a big sum, but enough to give me a scare. Its frustrating, because I've had concerns about this happening before, but its so difficult to find a good service outside Coinbase.
- nawtacawp 9y ago
  SFYL
knowThySelfx 9y ago
Does this remind us of some glorified Ponzi scheme? How does Bitcoin get hacked? It certainly isn't easy unless you are an insider. And perhaps NSA, since they created SHA-256. https://bitcointalk.org/index.php?topic=291217.0 https://bitcointalk.org/index.php?topic=291217.0 The bubble will burst - some people will make money out of this and a whole lot of others will lose.
- deleted 9y ago
  [deleted]
- nawtacawp 9y ago
  I believe the hacks OP was referencing doesn’t have to do with SHA, but more to do with bitcoin exchange security and not protecting their btc correctly.
  - knowThySelfx 9y ago
    I agree, it may not have to do with SHA, yet.

deleted 9y ago

[deleted]

jerguismi 9y ago

> In all these cases. You are likely to loose 100% of the sum you invested. Nah, for example in case 3 you don't lose your full capital. You just have either position open without hedging the risk whatever reason. Case 4, case 5, for you to lose your full capital it has to happen for both exchanges. There are risks and I'm not saying that it might make sense to take those risks, just saying that you are now giving equally wrong picture of the risks.

anonbanker 9y ago
sshhhhh. We're not supposed to say anything positive about BTC on HN.