Silk Road forums
Discussion => Newbie discussion => Topic started by: Santa Claws on April 09, 2013, 07:21 pm
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Hi,
I've been using the road for a while now, and having watched the price shoot up made a small investment <5 coins. This is in a Mtgox account. Is it safe security wise to leave it there for a long time?
For such a small amount I though it would be unlikely someone is going to try and steal it, and I assume Mtgox has pretty tight secuirty against theft.
Or should I put the time + effort in and get myself a secure wallet somewhere else, paper or on my PC maybe?
One benefit I thought of leaving in Mtgox is it's easy to sell if there where a crash.
Thoughts?
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NO. In the event of a crash, MT Gox and most exchanges will freeze your coins, meaning you cannot sell (prevents a run on the banks). They will then unfreeze the coins once the price has stabilised, in that period you may find that the value of your coins has gone down.
The freezing of accounts is similar to what has happened in Cyprus
Dimitry