Post
Topic
Board Exchanges
Re: is Bitfinex still trusted?
by
deisik
on 16/01/2017, 08:15:20 UTC
I added some btc to Bitfinex but then I heard that it was hacked recently.

Is this exchange still trusted? What are your thoughts?
Well if you are doubt on bitfinex because of hacking issue, more better don't use their service and personality i am believe on them because they have fixed the bugs on their service.

somehow i am agree with densuj said and there is many good exchangers you can trade with like kraken, bitstamp, btc-e or else, but i think kraken is a good option for you. as long as you don't use all of your bitcoin in one exchanger then you are fine to go with trading, so you can trade with many exchanges.

btc-e is one of the oldest exchanges and is trusted but it is not better than others such as kraken. the only thing good about btc-e (in my opinion) is the fact that they are not asking for verification and also they have many different methods of fiat deposit/withdrawal that can be helpful to people in many different countries that can not or do not want to let their bank know they used a bitcoin exchange.

I disagree with your statement. BTCe is in some ways better than Kraken. It is run and operated in the way of how Bitcoin services should be. It operates outside of any legal boundaries and anyone using the exchange is assured that no government department will come sniffing for their users information

I second that

So you think Bitcoin exchanges are more protected because they are more legitimate just because they adhere to some laws? Then look at what happened to Bitfinex and Bitstamp. They were hacked for a combined amount of more than $10M stolen. Did the government help get back the stolen coins?

I don't know the story behind Bitstamp (it seems to have happened long long ago) and how much got stolen there, but at Bitfinex the thieves stole around 72M dollars at the exchange rates that were effective back then. So it seems to be far more than 10M dollars. I remember I even created a thread here about whether 72M dollars would be enough to finance the development of a distributed decentralized exchange that would work over the Bitcoin blockchain and allow to completely get rid of the third party risks arising in such cases...

Most agreed that the amount would certainly suffice, but nothing has been done ever since then in this regard