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I have to expect that some bug like this has surely happened with a traditional bank too, causing them to lose a bunch of money. Humans inevitably write buggy s

I have to expect that some bug like this has surely happened with a traditional bank too, causing them to lose a bunch of money. Humans inevitably write buggy software regardless of the platform. The difference with blockchain-based currencies is that their failures are forced to happen in public. I'd be interested to know what banks do when they discover that something doesn't add up in their ledger. I can't believe that it has never happened and never will.

PMan74 9y ago
I'm sure it has happened but at least with banks they have the option of following the chain of the money to wherever/whomever it ends. And with ever more stringent ID requirements to open an account that person should be identifiable. Generally banks will freeze funds if there's a claim of fraud from another bank. Far from perfect (fake ID, assumes the issue is spotted promptly, etc.) but better in this case.
dboreham 9y ago
It happens all the time but banks just call up the counterparty and ask for their money back.