The Alarming Truth About Bitcoin Exchanges

Follow me on Twitter for real-time trading updates – I was really tired during this video, but I had to do it because I really think I …


  1. Mt Gox founder (coder) is Jed McCaleb, also founder of His insecure cobbled code had already been hacked before he sold it to Mark Karpeles, an unwitting buyer of a leaky boat destined for disaster. Karpeles, narcissist type, also coded but did little to implement secure processes such as version control etc; not to mention secure code, and secure authentication, of defined credentialed accounts…ie KYC (know your criminal future hacker). end of story. Bitcoin is fine; exchanges (hot wallet) remain insecure for myriad of variables… including some not even entirely in the bitcoin realm, PKI. The insecure issues of PKI for web encryption alone, make theft of private keys problematic. Web security 101.

  2. Thanks for your video it's very insightful! I've done some research of my own and platforms like Coinbase and Gdax have pulled the same scams. The list of complaints and case #'s are astounding if you look into this. I guess the customer service is also non-existent and if you do get a hold of someone they beat around the bush and you're left completely at their mercy which puts you in a terrible position. Loss of funds/funds disappearing seems to be more common than rare as well from what I've read. This really puts me off investing in cryptocurrencies since there seems to be a lot of deceit and fraud going on depending on which platform you use.

  3. It's not just MtGox. All exchanges operate this way. Since then, major exchanges, bitfinex, btc-e, and others have been taken down. Don't think the rest aren't in government crosshairs.

  4. Your sincerity and passion are palpable. They're valuable qualities that you should never forego. Being as young as you are, you'll achieve a very high level of success using them to guide you. Thank you for sharing your knowledge.

  5. Hey man awesome video thank you please check as they are also stealing people's cash if u find what I'm saying is true please do a video on it. If it affects you or are scared of repercussions I understand. Thanx bro

  6. the coins need to be held by one organisation-also there are too many practical flaws in terms of using as a currency.maybe it would work best as an investment like stock and shares

  7. Funny watching this now, as we know know (and knew for sure not to long after this) Mt.Gox was a total scam. They stole millions, blamed it on some bitcoin bug that is a totally BS scapegoat, cause it just doesnt make any sense technically. They were not solvent. Exchanges need to be completely transparent in their financials. For the sake of trust in the bitcoin exchange arena. Who would you recommend trading with now? Kraken? Coinbase? I was going to use Kraken, but after going thru all the trouble of getting stuff verified I come to find out they are not authorized to operate in my state. Coinbase is, so i just moved all my coin there to give trading a try. Are you using any bitcoin trading software? Or just using the exchanges websites.

  8. i just want to know what the hell they are solving. everyone only cares about the money but what is being solved and im having problems trying to figure this out and its 2015 which is crazy. now i might be looking in the wrong area but if anyone has an answer let me know.

  9. Thanks Chris…Awesome job… Very concise!  I just spent the last few hours watching your videos.  I do still have a question that I couldn't find the answer to anywhere but you did touch on a tiny bit at 6:40… Is it easy to move bitcoins out of an exchange into cold storage?  What is that process?  If the exchange folds then do they still take your coins?  Is this where a "plain" bitcoin wallet that isn't an exchange comes into play?  Or can a person just write down the private key off of their account on the exchange and call that cold storage?  I obviously haven't made my first trade yet… Thanks in advance…

  10. Thanks for all these vids. I've just heard about the bitcoin craze. Watched all 5 of ur vids back to back lol. Still very scared to jump into it because my funds are very limited. I am a big sports bettor and have taken losses by Sportsbooks (in COsta Rica) closing down or taking off with players funds. Saying all that, in ur opinion do u think now would be a time to buy with everyone panicking as u said in an earlier vid? Thanks for ur time

  11. Mr Dunn, as an experienced trader, do you think there has been market manipulation BY Mt Gox when BC goes from under $200  to $800 in a matter of weeks??  (which coincidentally happened after Mt Gox lost millions after the seizure in the USA)   

  12. On the day Mt Gox suspended trading, Max Keiser Report had a guest that was touting a fund and they discussed Hedge Funds getting into BC – considering the history of some hedge funds and currency manipulation – do you think this is a good idea?  and will benefit BC?  (aside from the market makers that stand gain) 

  13. Also, there is a conflict of interest with the Bitcoin Foundation.  The CEO of MtGox is a member of the Bitcoin Foundation.  This is for sure a conflict of interest.  And with no communication from MtGox; the signs are obvious I believe with Mark.  All bitcoiners need to investigate all the faces of the Bitcoin community to get a full understanding of who these people are, and what they represent.  

    The true leaders in the Bitcoin space will see to it that Bitcoin does well in the long run.  Andreas is one of the good leaders in the Bitcoin space in my opinion.  Regardless it will be hard for MtGox to compete after this is over.

  14. Chris, I'm surprised that you said in another video that you don't like forex because of it's unregulated nature or something like that, I'm not quoting, but you are okay with bitcoin?

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