Cryptsy exchange has "paused" wallets

[BitcoinXio]

It appears bitcoin exchange Cryptsy has "paused" user wallets due to a single server failure. It should be worth noting that I've seen many user complaints about this exchange now going back a year at least. They also have one of the lowest community exchange ratings. It should also be a bit alarming they only have one server.
https://twitter.com/cryptsy/status/668427386749325312

[BitcoinXio]

Related:

trading-discussion/cryptsy-exchange-und ... -t803.html

trading-discussion/cryptsy-has-halted-b ... -t944.html

[LiteCoinGuy]

STAY AWAY FROM THAT EXCHANGE. SECURE YOUR COINS.

[BitcoinXio]

STAY AWAY FROM THAT EXCHANGE. SECURE YOUR COINS.

+9999

[LiteCoinGuy]

STAY AWAY FROM THAT EXCHANGE. SECURE YOUR COINS.

+9999

https://de.reddit.com/r/Bitcoin/comment ... they_have/


some people will only learn it the hard way.

[BitcoinXio]

+9999

https://de.reddit.com/r/Bitcoin/comment ... they_have/


some people will only learn it the hard way.

It's sad because exchanges like them cause damage to bitcoin as a whole. People feel "goxxed" and are turned off, when it's not even "bitcoin's" fault.

[iFixBTCmemoryIssues]

STAY AWAY FROM THAT EXCHANGE. SECURE YOUR COINS.

There is no reason to store funds in a wallet on an exchange because you can safely keep them in your own storage yourself. Holders of Bitcoin must know that when you need to exchange funds, only then do you transfer the amount that you require to be exchanged. Otherwise, keep the coins on cold storage with 2 backups, similar to how you would store gold in your house. An even safer route, open a safety deposit box at a bank for safe storage - it only costs $100 / yr.

No unregulated companies are going to hold on to my money unless for high-risk investing, that's mad!

[BitcoinXio]

STAY AWAY FROM THAT EXCHANGE. SECURE YOUR COINS.

There is no reason to store funds in a wallet on an exchange because you can safely keep them in your own storage yourself. Holders of Bitcoin must know that when you need to exchange funds, only then do you transfer the amount that you require to be exchanged. Otherwise, keep the coins on cold storage with 2 backups, similar to how you would store gold in your house. An even safer route, open a safety deposit box at a bank for safe storage - it only costs $100 / yr.

No unregulated companies are going to hold on to my money unless for high-risk investing, that's mad!

Well, day traders are the only ones I see that should be holding funds on an exchange. Other than that, non-traders should be securing their funds in a wallet and not an exchange.

[LiteCoinGuy]

There is no reason to store funds in a wallet on an exchange because you can safely keep them in your own storage yourself. Holders of Bitcoin must know that when you need to exchange funds, only then do you transfer the amount that you require to be exchanged. Otherwise, keep the coins on cold storage with 2 backups, similar to how you would store gold in your house. An even safer route, open a safety deposit box at a bank for safe storage - it only costs $100 / yr.

No unregulated companies are going to hold on to my money unless for high-risk investing, that's mad!

Well, day traders are the only ones I see that should be holding funds on an exchange. Other than that, non-traders should be securing their funds in a wallet and not an exchange.

day trading + trading on crypsy = 10 times more adrenaline

[iFixBTCmemoryIssues]

There is no reason to store funds in a wallet on an exchange because you can safely keep them in your own storage yourself. Holders of Bitcoin must know that when you need to exchange funds, only then do you transfer the amount that you require to be exchanged. Otherwise, keep the coins on cold storage with 2 backups, similar to how you would store gold in your house. An even safer route, open a safety deposit box at a bank for safe storage - it only costs $100 / yr.

No unregulated companies are going to hold on to my money unless for high-risk investing, that's mad!

Well, day traders are the only ones I see that should be holding funds on an exchange. Other than that, non-traders should be securing their funds in a wallet and not an exchange.

Agreed, though if you are a day trader - you must have any potential losses covered prior to entering the trading day. Otherwise, you could incur losses. Whether you are an experienced trader, or a new trader - it always helps to brush up on safe trading practices. The same formula applies to Bitcoin as it does to stocks. A quick Google for safe high-risk trading strategies should help any uneducated traders.

It breaks down like this:

"I have $200K in my wallet, on this day I shall transfer over $20K to the exchange and invest with this"

If the exchange has problems, at least you are only out 10% of your holdings.

[iFixBTCmemoryIssues]

Well, day traders are the only ones I see that should be holding funds on an exchange. Other than that, non-traders should be securing their funds in a wallet and not an exchange.

day trading + trading on crypsy = 10 times more adrenaline

There is no other type of adrenaline feeling that compares to selling an equity, that is for sure. Though mixed with Crypsy, I don't know if I would enjoy that type of adrenaline The first time I sold a stock given to me (around $190K worth of shares), it was one of the most adrenaline rushed days I have ever had infront of a computer. No feeling has ever really compared to that. Money making and adrenaline go hand in hand, good or bad