Bitstamp, woopsies and Reddcoin safty

So Bitstamp have lost around 19,000 BTC (5m USD) from their hot wallet. The thought arises, what if someone breaks into a third party exchange (Cryptsy for example) pinches and dumps (or worse holds) all their hot wallet Reddcoin. This would shatter confidence in RDD as at any moment the attacker could crash the market and make off with everyone’s coins. Is there anything we can do to mitigate this worry? Vertcoin I believe had a similar issue a few months ago and they did a hard fork to ‘undo’ the theft - if Reddcoin goes global this would not be an option as it would also reverse far too many other transactions worldwide.


Don’t keep your coins on exchange. We have no control if you decide to do so and lose everything.


finitered I’m say that allowing 3º party services to work is like playing with fire! You can get burned! Cryptsy could happen let’s hope not… but is just about hope…

finitered Just for clarity it was ~Vericoin~ and not Vertcoin that did that fork
About 8Million Vericoin were stolen. ref:

As to opinion, unfortunately this is one of the big risk factors in the current environment of crypto trading.
Too many players wanting to get rich fast. And too much focus on price.
People risk it all by having in the hands of 3rd parties (exchanges)

It is now catch22, in order to bring new people in they either need to buy RDD through an exchange or receive it through one of us tipping.
ShapeShift helps by stream-lining the process without having to use an exchange

Reversing is ugly, and will only end in tears.

1 Like

My advice is simple. If you do it right and look after your own private keys correctly (including not depending on a centralised exchange) then cryptocurrency is extremely secure.

Look for a project with a good team and long term plan. Buy some coins and look after your private keys yourself. Add your efforts to those of the community and enjoy being part of a new, growing movement. Use some coins but don’t bother with “day-trading”.