Digesting the Bitfinex Bitcoin Hack-Where To Go From Here!

Image credit
https://www.pinterest.com/pin/548313323361039840/
The Image depicts the Bitfinex leaf getting eaten by the Caterpillar holding ETC funds in a virtual prison. I used Apple Graphic to mash up some images I found online (credit above.)

Bitfinex Compromised!
Yesterday one of the worlds largest Bitcoin exchange was hacked for over 60 Million in Bitcoin. Even though I dodged the bullet by exchanging my Bitfinex BTC for POWERED UP STEEM before this incident, I did start acquiring ETC and sent some to Bitfinex and now it is locked up on the exchange until further notice. I sent some ETC to Bitfinex merely days before to start lending ETC at .25% so people could short. Everything was going great until this last hack. Isn’t that always the case. And now those ETC are gone until further notice, and it is unsure how this will play out. This whole incident shows just how risky Crypto trading can be. You could be making tons of dough one day, and the hacker takes it all while you are sleeping. This experience has taught me a lesson, below I will outline guidelines to follow to help protect you when dealing with crypto currency.

Use Exchanges to Buy only, and Get Those Coins Out Quick

I don’t recommend holding coins for very long on exchanges anymore. I would not recommend using margin and borrowing coins either. Anything that would take time with a coin in an exchange is now a No No!

Store Coins Offline from here on Out!

Store your coins in an offline wallet, or on a wallet on your computer and keep the key in a removable hard drive and keep a backup. As long as you hold the key it is safest that way.

It seems like this is the new trend in crypto, one big hack-a-thon to the next. First we had Mt. Gox, then the DAO, STEEMIT (by the way where is the 2FA still waiting did I miss something?), and now Bitfinex. It is time to check yourselves before you become the next story, get those coins secure!