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> Bitcoin has suffered hacking incidents including one last year in which a major Hong Kong-based exchange Bitfinex suspended trading after $65 million in the v

> Bitcoin has suffered hacking incidents including one last year in which a major Hong Kong-based exchange Bitfinex suspended trading after $65 million in the virtual unit was stolen. Quality research. /s This is akin to saying HTTPS was hacked, when YAHOO got hacked.

EA 9y ago
Or that fiat currency is hacked when someone gets pickpocketed on the street.
- rev_null 9y ago
  I'd say that someone being pickpocketed of $65m would be pretty notable.
  - vertex-four 9y ago
    It'd be notable, but it wouldn't be a fault of the money itself.
    - foota 9y ago
      Wouldn't it be a fault of the currency's physical nature?
      - JumpCrisscross 9y ago
        If you stored $65 million in cash and had it stolen I'd go ahead and feel comfortable blaming you for choosing a stupid currency medium, i.e. physical cash.
- bpodgursky 9y ago
  In terms of proportion, it is more like if someone walked into Fort Knox to count the gold and discovered that it was all missing. Sure, it doesn't discredit the * concept * of state-backed currency, but it would be informative.
  - smcl 9y ago
    Slightly related - there's weird (probably unfounded) suspicions around gold stored in the US on behalf of some countries. May or may not have led to things like Germany repatriating its gold reserves: http://www.zerohedge.com/news/2017-02-09/bundesbank-has-completed-gold-repatriation-new-york-fed-three-years-ahead-schedule http://www.zerohedge.com/news/2017-02-09/bundesbank-has-comp...
    - bpodgursky 9y ago
      Yeah, I was going to use the NY fed reserve bank as an example, but I know about the rumors and didn't want to open that can of worms.
wamatt 9y ago
I see what you're saying, though I think it misses the mark somewhat. By analogy, the 'the web' does not only mean HTTP or even the exclusively just the various protocols involved. (to name a few on the client side: ip, tcp, dns, http, http/2, tls, ws/wss etc.) The term also refers to the use of browsers, hosted websites and the culture surrounding how society interacts online with these sites. In short, 'the web' is an ecosystem just like bitcoin. With that said, it's widely accepted that the proof of work system has not yet been compromised, nor has the network itself. However, let's not gloss over the fact that there's a rather established hacking problem in the space affecting a broad audience. ransomeware, hacked exchanges, personal wallet attacks, online wallet attacks, 2fa attacks. Even a few of the most paranoid and technically savvy early adopters, have fallen victim to such schemes.
rtpg 9y ago
This is grasping at straws. "Bitcoin has suffered hacking incidents" is clearly talking about the ecosystem having hacking incidents, not the coin itself being hacked. Though I guess you made this comment earnestly, so it wasn't that clear...
- galeaspablo 9y ago
  Clear for you perhaps. But (anecdotally) every time I explain this to someone in my family, I get the "bitcoin got hacked line". The article itself is not a HN thread. A journalist who has done enough research would know the nuances of the cryptocurrency language. Journalists understand that the meaning of their newspaper pieces is hardly dependent on their thoughts while writing. Instead it is tied to the text. It's the journalist's job to educate everyone, and sentences as the above are a barrier to education/adoption/rejection/informed opinions/innovation. Disclaimer: I haven't owned Bitcoin for years, and I'm bearish on most cryptocurrencies in the short/medium term. I.e. I've got no horse I'm betting on.

EA 9y ago

Or that fiat currency is hacked when someone gets pickpocketed on the street.

rev_null 9y ago
I'd say that someone being pickpocketed of $65m would be pretty notable.
- vertex-four 9y ago
  It'd be notable, but it wouldn't be a fault of the money itself.
  - foota 9y ago
    Wouldn't it be a fault of the currency's physical nature?
    - JumpCrisscross 9y ago
      If you stored $65 million in cash and had it stolen I'd go ahead and feel comfortable blaming you for choosing a stupid currency medium, i.e. physical cash.
bpodgursky 9y ago
In terms of proportion, it is more like if someone walked into Fort Knox to count the gold and discovered that it was all missing. Sure, it doesn't discredit the * concept * of state-backed currency, but it would be informative.
- smcl 9y ago
  Slightly related - there's weird (probably unfounded) suspicions around gold stored in the US on behalf of some countries. May or may not have led to things like Germany repatriating its gold reserves: http://www.zerohedge.com/news/2017-02-09/bundesbank-has-completed-gold-repatriation-new-york-fed-three-years-ahead-schedule http://www.zerohedge.com/news/2017-02-09/bundesbank-has-comp...
  - bpodgursky 9y ago
    Yeah, I was going to use the NY fed reserve bank as an example, but I know about the rumors and didn't want to open that can of worms.

wamatt 9y ago

I see what you're saying, though I think it misses the mark somewhat. By analogy, the 'the web' does not only mean HTTP or even the exclusively just the various protocols involved. (to name a few on the client side: ip, tcp, dns, http, http/2, tls, ws/wss etc.) The term also refers to the use of browsers, hosted websites and the culture surrounding how society interacts online with these sites. In short, 'the web' is an ecosystem just like bitcoin. With that said, it's widely accepted that the proof of work system has not yet been compromised, nor has the network itself. However, let's not gloss over the fact that there's a rather established hacking problem in the space affecting a broad audience. ransomeware, hacked exchanges, personal wallet attacks, online wallet attacks, 2fa attacks. Even a few of the most paranoid and technically savvy early adopters, have fallen victim to such schemes.

rtpg 9y ago

This is grasping at straws. "Bitcoin has suffered hacking incidents" is clearly talking about the ecosystem having hacking incidents, not the coin itself being hacked. Though I guess you made this comment earnestly, so it wasn't that clear...

galeaspablo 9y ago
Clear for you perhaps. But (anecdotally) every time I explain this to someone in my family, I get the "bitcoin got hacked line". The article itself is not a HN thread. A journalist who has done enough research would know the nuances of the cryptocurrency language. Journalists understand that the meaning of their newspaper pieces is hardly dependent on their thoughts while writing. Instead it is tied to the text. It's the journalist's job to educate everyone, and sentences as the above are a barrier to education/adoption/rejection/informed opinions/innovation. Disclaimer: I haven't owned Bitcoin for years, and I'm bearish on most cryptocurrencies in the short/medium term. I.e. I've got no horse I'm betting on.