Bx.in.th again offline!

[Dario]

Since over  2 hours - maybe it's three - bx.in.th trading platform is offline. The following message is displayed: 

 

When I check on Twitter and Facebook, there are no updates whatsoever shown.Looks scary to me. The last time that happened on DEC 7 it was for 2 hours but there were updates. I have several hundred thousand Baht stuck on the site.

 

Update: 11:33: When I just tried now, the site is again accessible.

Edited December 31, 2017 by Dario

[PattayaAngel]

I must say i have never had this issue and yesterday bought BCH no problems.

[Dario]

57 minutes ago, PattayaAngel said:

I must say i have never had this issue and yesterday bought BCH no problems.

You're a lucky guy. I'm trading around the clock.

Edited January 2, 2018 by Dario

[mjnaus]

40 minutes ago, Dario said:

You're a lucky guy. I'm trading around the clock.

 

If you're an experienced trader, then why on earth would you leave large sums of money at an exchange? It's crypto trading 101; none of these exchanges have their security in order and get hacked like clockwork.

[Dario]

7 minutes ago, mjnaus said:

 

If you're an experienced trader, then why on earth would you leave large sums of money at an exchange? It's crypto trading 101; none of these exchanges have their security in order and get hacked like clockwork.

I never, ever said or mentioned anywhere that I consider myself an experienced trader. In fact, I'm still a newbie. Please check your inbox, I sent you a private message.

Edited January 2, 2018 by Dario

[mjnaus]

4 minutes ago, Dario said:

I never, ever said or mentioned anywhere that I consider myself an experienced trader. In fact, I'm still a newbie.

My bad buddy; I guess I automatically assumed that after you mentioned you're trading around the clock. In that case, consider this a valuable piece of advice; never leave money, be it cash or coins at at any exchange. Transfer money in, buy your coins and transfers those coins to your own wallet, preferably a hardware wallet (assuming you're doing large amounts). 

[Dario]

2 minutes ago, mjnaus said:

My bad buddy; I guess I automatically assumed that after you mentioned you're trading around the clock. In that case, consider this a valuable piece of advice; never leave money, be it cash or coins at at any exchange. Transfer money in, buy your coins and transfers those coins to your own wallet, preferably a hardware wallet (assuming you're doing large amounts). 

Thanks for the advice! So, after I bought, I transfer my coins to a hardware wallet. So, they won't be on the exchange and I can't sell them. Plus. I guess, every transfer must be paid. What I usually do is: after I bought, I leave my coins on the exchange and put in a sell order and wait until the sell order is met. Then with the money I buy again. Can you please enlighten me and the community, I would be very grateful to you. By the way, I have sent you a private message.

[Dario]

I have the impression that the vast majority of (smaller) traders don't use a wallet to keep their valuables simply because for the average guy and gal it just seems to difficult to do this correctly.

I just read about Ledger Nano S hardware wallet, it seems to be the best available on the market. When I check on Lazada Thailand, the retail for 3'990 THB.

Edited January 2, 2018 by Dario

[mjnaus]

18 minutes ago, Dario said:

Thanks for the advice! So, after I bought, I transfer my coins to a hardware wallet. So, they won't be on the exchange and I can't sell them. Plus. I guess, every transfer must be paid. What I usually do is: after I bought, I leave my coins on the exchange and put in a sell order and wait until the sell order is met. Then with the money I buy again. Can you please enlighten me and the community, I would be very grateful to you. By the way, I have sent you a private message.

 

15 minutes ago, Dario said:

I have the impression that the vast majority of (smaller) traders don't use a wallet to keep their valuables simply because for the average guy and gal it just seems to difficult to do this correctly.

 

Everyone uses a wallet to store your coins; albeit in a wallet at an exchange or a private wallet (like a hardware wallet or a waller on your computer/phone). My process is as follows: I transfer fiat currency into an exchange and purchase coins. Those coins are automatically placed inside a wallet hosted at the exchange. As soon as the coins appear in that wallet, I will transfer them to hardware wallet. This entire process takes around a minute or (mind you I not trading Bitcoin, with it's huge transaction costs and transaction time, only doing Ether, Litecoin and Bitcoin Cash). Once the coins are safely in my hardware wallet, I can transfer them back into the wallet at the exchange (or any wallet with any exchange for that matter) within a minute if I decide I want to sell them. 

 

You're correct in assuming that a large part of people new to handling crypto's are simply using their coins at the exchange. In doing this, they are exposing themselves to huge risks. Doing a few minutes reach will quickly show that numerous exchanges have been hacked or otherwise compromised resulting in millions of $ worth in crypto being stolen. Even using supposedly more reliable exchanges like Coinbase have their occasional technical difficulties. It's not just the security concerns, but many of these exchange often struggle with scaling issues resulting in exchanges being down from time to time. Now, if you have your coins in a hardware wallet or private wallet, you can simply send them to another exchange and continue trading there.

[mjnaus]

33 minutes ago, Dario said:

I just read about Ledger Nano S hardware wallet, it seems to be the best available on the market. When I check on Lazada Thailand, the retail for 3'990 THB.

 

If you're planning on buying a Ledger Nano; you should ONLY buy this from the manufacturer's main site or their official Amazon shop. The company itself warns people not to buy the wallet through sites like Ebay or other untrusted sellers, as there's a risk the device might have been tempered with. I ordered mine from the official company's site, in France. It'll cost you slightly more, but if you're planning on stored large amounts of currency, I definitely would not want to take the risk.