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I raised this concern in a comment last week. We are going to see more instances of this. Remember how in the movies they break into a bank manager's house and
by aviv 9y ago
I raised this concern in a comment last week. We are going to see more instances of this. Remember how in the movies they break into a bank manager's house and hold the family captive while someone goes with the manager to open the bank vault?
Same thing is inevitably going to happen IRL. I always say exchangers are Bitcoins weakest link. All it takes is one compromised employee at Coinbase or another large exchanger (intentional or some kidnapping scenario) for the price to come crashing due to the damage they can be forced to do.
Never ever keep your coins on an exchange wallet. Never.
- busterarm 9y agoHow many of these kidnappings are going to be faked to provide cover for a theft? It's exactly the thing I would do.
- smokeyj 9y agoMulti signature wallets are easy enough to use. You’re going to need a lot more rubber hoses.
- cm2187 9y agoThere is only so much a bunch of criminals can take out of a bank's local branch. But for a bitcoin exchange, they could in theory take the whole thing, including client's funds if they share the exchange's public wallet. If you think about it, it can be a $100m+ robbery.
- knownothing 9y ago2018 will be an interesting year for decentralized exchanges and atomic swaps.
- aviv 9y ago2018 will be the year that a major US exchanger gets raided by the FBI/SEC.
- gaadd33 9y agoWouldn't be the first time, assuming you mean exchanges in general: http://www.nytimes.com/1989/01/30/business/fbi-commodities-sting-fast-money-secret-lives.html?pagewanted=all http://www.nytimes.com/1989/01/30/business/fbi-commodities-s...
- aviv 9y agoMy 2018 prediction is that a terror attack (or other high profile event, say a massive human trafficking ring bust) of some sort will get blamed on "Bitcoin financing" and this will be used as pretext to go after one or more US exchangers and seize assets. That's why - never keep your coins on an exchange-controlled wallet. If this happens, it will take many years if you ever see your coins again. By then the worldwide crackdown on exchangers will crash the Bitcoin price, so it might not matter at that point.
- knownothing 9y agoWhat does your prediction have to do with my comment?
- aviv 9y agoIt's going to make things interesting.
- barrkel 9y agoWhat you're talking about is called a tiger kidnapping, and is not something that just happens in movies - it's happened several times in my home country, Ireland. https://en.wikipedia.org/wiki/Tiger_kidnapping https://en.wikipedia.org/wiki/Tiger_kidnapping