Cryptocurrency

[psychocandy]

Looking at this post, I believe people will think you are real fire when you have actually cashed a decent sum out .

I know people that have with actual Bitcoins, not any of these other crypto currencies.

Even then, I also know someone who lost £140K with Mount Gox, when trying to exchange Bitcoin to Fiat, as I have discussed before.

[scooterscot]

Even then, I also know someone who lost £140K with Mount Gox, when trying to exchange Bitcoin to Fiat, as I have discussed before.

If you keep your money on a exchange it no longer belongs to you. Just like if you keep your money at the bank. You effectively give the bank a loan every time you make a deposit. It simply is not your money.

This is why I'm only keeping money in places that I control. If you don't learn you don't earn.

[MrMarkyMark]

Yep and believe it or not he still has some coins.

Thing is he had made all that money, from very little, as he got into Bitcoin very, very, early.

Good darts for an HGV driver, I was gutted when it didn't work out for him.

If you keep your money on a exchange it no longer belongs to you. Just like if you keep your money at the bank. You effectively give the bank a loan every time you make a deposit. It simply is not your money.

This is why I'm only keeping money in places that I control. If you don't learn you don't earn.

I told you he didn't keep it on the exchange.
It was stolen at the point of exchange.

Quite a costly "lesson" TBF.

[scooterscot]

It was stolen at the point of exchange.

How is that possible? You can't duplicate an address. Otherwise the blockchain would fail.

[MrMarkyMark]

How is that possible? You can't duplicate an address. Otherwise the blockchain would fail.

I don't know the exact details as it was a long time ago now.

As far as I know he released the coins to exchange them for Fiat and then Mark Karpelès effectively stole the coins.

[scooterscot]

So it was not the coins fault but the user employing an untrustworthy exchange? Don't mean to be crass, but that can happen with any currency with anybody. Especially with that amount of cash. Always best to transfer a small amount at first to test.

[MrMarkyMark]

So it was not the coins fault but the user employing an untrustworthy exchange? Don't mean to be crass, but that can happen with any currency with anybody. Especially with that amount of cash. Always best to transfer a small amount at first to test.

At the time Mount Gox was the biggest and most probably the most trusted .
As I said before, I know a number of people that had made transactions with them prior that were OK.

I will be interested to see how it all turns out for you

[scooterscot]

I will be interested to see how it all turns out for you

Time will tell. You'll know, if I'm posting less on cUK then it's a win for everyone.

[AtW]

Banks got pretty hefty guarantee in case of failure - most people don't even have £10k cash in bank, nevermind £75k covered by guarantee.

Bitcoin got no guarantees - if it's stolen then it's gone.

[Drei]

Took about 2 weeks but now I can buy £325 worth of coins on Coinbase. Not that it helps if I can't buy from them. Checking my history I can see the first attempt to buy Liteoins. Whoever cancelled wasn't me nor my card.

Visa credit ********7673 £100.00 GBP Canceled May 7, 2017