4 ms·

It is unlikely anyone lost 200 BTC, we can't say for sure because Bitcoin wallets are pseudonymous. But what happened is that someone received a lot of BTC from

It is unlikely anyone lost 200 BTC, we can't say for sure because Bitcoin wallets are pseudonymous. But what happened is that someone received a lot of BTC from a lot of different wallets. I would hope that someone who owns 200 BTC would put a little thought into how to secure it and would not be affected by this hack.

root_axis 8y ago
And this is why BTC will never be mainstream. All it takes is a single misstep to lose all of your money forever. Why would average citizens take that deal over the security guarantees provided by the incumbent financial institutions?
- acct1771 8y ago
  If cryptocurrencies were the main currency, do you think anyone would feel bad if someone kept their entire net worth in a single wallet? This would be the social prudence equivalent of walking around 24/7 with all of your life savings in cash.
  - spookthesunset 8y ago
    The problem with your hypothetical is it will never happen because the system in place works much better than Bitcoin. Our current system doesn't have the flaw that you have to distribute your wealth in hundreds of wallets or you get perma-fucked and booted into the street.
  - root_axis 8y ago
    What's your point? The nature of cryptocurrencies make them easily lost or stolen compared to money in the bank. Banks are regulated and insured so customers never risk losing their money due to ineptitude. They get nothing in exchange for the hassle and risk of cryptocurrency.
    - leppr 8y ago
      Raw Bitcoin is the equivalent of cash, not bank money. Bitcoin can be (and often is) regulated and insured. It's possible to implement chargebacks on a smart-contract platform, or even at layer 0 as EOS and XRP do. What's so bad about the possibility of marrying the benefits of cash with the convenience of electronic money ?
      - root_axis 8y ago
        Cash in the bank already is "electronic money". Cryptocurrency doesn't add any benefits, only complexity, waste and unnecessary risk.
        leppr 8y ago
        > Cash in the bank already is "electronic money". Cryptocurrency doesn't add any benefits [...] Why bother replying to comments in threads about cryptocurrency if they don't have any benefit ? Clearly now that cryptocurrency long speculators have pretty much all died, cryptocurrency should just disappear by itself if it doesn't have any use over fiat. Or do you not believe in your own opinion ?
        root_axis 8y ago
        > Why bother replying to comments in threads about cryptocurrency if they don't have any benefit Am I not allowed to post if I think cryptocurrencies are useless? > Clearly now that cryptocurrency long speculators have pretty much all died, cryptocurrency should just disappear by itself if it doesn't have any use over fiat. Or do you not believe in your own opinion Why don't you just articulate some of the benefits instead of invoking bloviated sarcasm? The argument that "bitcoin exists so it must be useful" is pretty obviously fallacious logic.
        leppr 8y ago
        You are the one making the sweeping claim ("CryptoCurrency doesn't add any benefit"), so unless your name is Donald Trump, the burden of formulating precise criticism actually falls on you. My apologies if you weren't being intentionally disingenuous though, in that case, here's a link with what seems like good answers to your question: https://www.quora.com/What-are-the-advantages-of-Cryptocurrency-over-Traditional-Money https://www.quora.com/What-are-the-advantages-of-Cryptocurre...
  - madeofpalk 8y ago
    Given how hard technology is at the moment, and how many issues people have with it, I highly doubt we're going to get to widespread literacy around bitcoin best practices.
pavel_lishin 8y ago
"Fake news," cries the person with some skin in the game he desperately wants others to also play.

root_axis 8y ago

And this is why BTC will never be mainstream. All it takes is a single misstep to lose all of your money forever. Why would average citizens take that deal over the security guarantees provided by the incumbent financial institutions?

acct1771 8y ago
If cryptocurrencies were the main currency, do you think anyone would feel bad if someone kept their entire net worth in a single wallet? This would be the social prudence equivalent of walking around 24/7 with all of your life savings in cash.
- spookthesunset 8y ago
  The problem with your hypothetical is it will never happen because the system in place works much better than Bitcoin. Our current system doesn't have the flaw that you have to distribute your wealth in hundreds of wallets or you get perma-fucked and booted into the street.
- root_axis 8y ago
  What's your point? The nature of cryptocurrencies make them easily lost or stolen compared to money in the bank. Banks are regulated and insured so customers never risk losing their money due to ineptitude. They get nothing in exchange for the hassle and risk of cryptocurrency.
  - leppr 8y ago
    Raw Bitcoin is the equivalent of cash, not bank money. Bitcoin can be (and often is) regulated and insured. It's possible to implement chargebacks on a smart-contract platform, or even at layer 0 as EOS and XRP do. What's so bad about the possibility of marrying the benefits of cash with the convenience of electronic money ?
    - root_axis 8y ago
      Cash in the bank already is "electronic money". Cryptocurrency doesn't add any benefits, only complexity, waste and unnecessary risk.
      - leppr 8y ago
        > Cash in the bank already is "electronic money". Cryptocurrency doesn't add any benefits [...] Why bother replying to comments in threads about cryptocurrency if they don't have any benefit ? Clearly now that cryptocurrency long speculators have pretty much all died, cryptocurrency should just disappear by itself if it doesn't have any use over fiat. Or do you not believe in your own opinion ?
        root_axis 8y ago
        > Why bother replying to comments in threads about cryptocurrency if they don't have any benefit Am I not allowed to post if I think cryptocurrencies are useless? > Clearly now that cryptocurrency long speculators have pretty much all died, cryptocurrency should just disappear by itself if it doesn't have any use over fiat. Or do you not believe in your own opinion Why don't you just articulate some of the benefits instead of invoking bloviated sarcasm? The argument that "bitcoin exists so it must be useful" is pretty obviously fallacious logic.
        leppr 8y ago
        You are the one making the sweeping claim ("CryptoCurrency doesn't add any benefit"), so unless your name is Donald Trump, the burden of formulating precise criticism actually falls on you. My apologies if you weren't being intentionally disingenuous though, in that case, here's a link with what seems like good answers to your question: https://www.quora.com/What-are-the-advantages-of-Cryptocurrency-over-Traditional-Money https://www.quora.com/What-are-the-advantages-of-Cryptocurre...
- madeofpalk 8y ago
  Given how hard technology is at the moment, and how many issues people have with it, I highly doubt we're going to get to widespread literacy around bitcoin best practices.

pavel_lishin 8y ago

"Fake news," cries the person with some skin in the game he desperately wants others to also play.