Another exchange, Bitfinex, is claiming to have been hacked. The damages done is tallying up to around 127k bitcoins... Actually according to Coindesk, Bitfinex closed its trading platform after revealing that it had lost 119,756 BTC.
At The first look, this is jaw dropping, but at a closer look and some more calculations, this is adding up t to be around roughly $69.5m at current prices.
FUCK THAT..
What makes it worse is the fact that you can not even pull up the Bitfinex site https://www.bitfinex.com to even check your account at this point.
Well what do you do?
First off, when you are trading on these different exchanges one of the first things that you want to be mindful of is, control and security.
Who is in control of your money? Is your money safe? Is this a DECENTRALIZED PLATFORM?
First of all, you never want to give up control of all your money to any exchange.. They are not meant to be banks and all carry some risks.
I don't even hold all my bitcoin in a single wallet and if I haven't mentioned before I do not support coinbase.
I like to try and stay away from all centralized platforms because this seems to the root of the problem.
The problem with this centralized platforms is that once you compromise that one centralized point, then you have the power to penetrate that entire system.
This is another horror story looking like the more well known Mt. Gox.
Once you give up control of you money, then you are sort of giving up your power as well. So, if you do have to give up the power, you have to ask yourself the question of is the platform secure.
I say all this just to try to point a finger at the Open Ledger platform https://www.openledger.info/ . Open Ledger highlights the fact that they are not only transparent but also DECENTRALIZED. OpenLedger offers users easy and instant access to the most powerful financial crypto-platform in the world. OpenLedger also allows you to convert bitcoin to fiat-pegged SmartCoins instantly or by limit order. SmartCoins can be withdrawn directly to cash via NanoCard, PayPal, Ripple gateway or money transfer.