Re:Mt. Gox Files for Bankruptcy Protection
by jimktrains2 on Friday February 28, 2014 @12:57PM
(#7320324)
> The longer your funds spend at the exchange, the higher your CP risk.
But we're talking about doing 10-$10 transactions versus 1 $100 transaction. The difference in time that money is at risk for the exchange defaulting is negligible in this scenario.
> You should never have a significant fraction of your liquid net worth in any of these exchanges.
Agreed. The other side of that coin, I would say, is that a "significant fraction of your liquid net worth" shouldn't be used in a single transaction either.
> Do not react to long wait times by increasing your transaction size.
I agree, you shouldn't make a transaction larger than it should be or force a transaction to be sooner than you'd like because of the wait time, but specifically breaking up one transaction seems a bit much.
> Instead, aggressively seek out alternatives.
Agreed. I did a long time ago. Their invalid transactions should have been a huge red flag.
But we're talking about doing 10-$10 transactions versus 1 $100 transaction. The difference in time that money is at risk for the exchange defaulting is negligible in this scenario.
> You should never have a significant fraction of your liquid net worth in any of these exchanges.
Agreed. The other side of that coin, I would say, is that a "significant fraction of your liquid net worth" shouldn't be used in a single transaction either.
> Do not react to long wait times by increasing your transaction size.
I agree, you shouldn't make a transaction larger than it should be or force a transaction to be sooner than you'd like because of the wait time, but specifically breaking up one transaction seems a bit much.
> Instead, aggressively seek out alternatives.
Agreed. I did a long time ago. Their invalid transactions should have been a huge red flag.