4 ms·

Can't argue if many of them are inside jobs for early retirement. "Hacked" is such a convenient word to cover the story of any losses. That crappy vulnerabili

• mathgeek 9y ago
  One of the core life lessons of crypto is that when you combine anonymity (or at least the illusion of it) with someone else owning the private keys to your wallet, there's nothing stopping that "someone else" from taking your coins without any way to prove who took them. When you want to be personally responsible for your money, you have to accept that you're personally responsible for its security as well. Banks and financial regulators literally exist to push that responsibility onto someone else in the traditional systems, with the well-known tradeoffs.
  • deleted 9y ago
    [deleted]
  • Uptrenda 9y ago
    That's exactly it. We take it for granted that in simpler human-run ledgers accountability is easier to do. Accounting has all these checks and balances designed to place blame on a single individual. Corporations obscure some of that blame but it still works in theory. A complex distributed system means that it can be almost impossible to determine what went wrong and that has some hugely dystopian outcomes.
• paulpauper 9y ago
  Coding a bitcoin exchange is not a trivial task. I think it was a mistake . Even overstock had a major vulnerability that was caused by confusing Bitcoin Cash with Bitcoin
  • acdha 9y ago
    It’s not trivial but this is a basic skill which even the most basic industry research would make you aware. It’s like thinking you’re qualified to try surgery because you were pretty good at Operation as a kid.
  • hartator 9y ago
    They were doing transaction balance validation on the client side.