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Mmmh, why do you need your coins sitting on one exchange? Can't you just take them out once your transaction is done?
by d--b 9y ago
Mmmh, why do you need your coins sitting on one exchange? Can't you just take them out once your transaction is done?
- jacobush 9y agoAnd that is precisely when the trickle begins... nothing ”at once” about taking them out.
- mathgenius 9y agoSure, but you still need to put funds into the exchange to buy the coin in the first place. And likely you would leave the coins there in case the trade goes the otherway. Managing that many coins in your own wallet is a whole other headache. But I guess your point is to not leave much on the exchange at any one time.
- d--b 9y agoTrue, you're exposed to the exchange at least to enter and exit the trade. But you'd expect sophisticated arbitrageurs to know how to manage their own bitcoin wallets. Perhaps the discrepancy is there because such people don't exist yet.
- moduspol 9y agoFrom my experience, the way you find out there's an issue with the exchange is when you see people posting on /r/bitcoin about having waited weeks for their withdrawal to be processed. Meanwhile the exchange continues to accept deposits.
- pbhjpbhj 9y agoPresumably you can watch the exchange's wallets and see anomalous behaviour relatively easily?
- moduspol 9y agoMaybe, I guess? I feel like you'd almost need insider knowledge of the exchange to be able to tell what is anomalous.
- mattm 9y agoDo exchanges publicize their main wallets? Is there a listing somewhere?
- tzahola 9y agoYes. It's called "the blockchain".
- pbhjpbhj 9y agoIf you buy bitcoin, I assume it works that you receive btc from a wallet, and that wallet belongs to the exchange. If you sell at an exchange then you send your btc to a wallet, and ... They could hide transfers by making new wallets, but that's strikes me as massive red-flag behaviour that an exchange wishing to continue in business is unlikely to take part in? Someone step in and correct me?
- empath75 9y agogood luck: https://www.reddit.com/r/bitfinex/ https://www.reddit.com/r/bitfinex/ Nothing but complaints about withdrawals. You can't even withdraw anything from bitfinex less than 250BTC.
- mrb 9y agoBitfinex is one of the shadiest exchanges. Use reputable ones like Gemini or GDAX.