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Coins Stolen from Wallet
- bsdz 4y agoThis is nothing new. Most are aware of the general issues with crypto currency security. Interesting comment from network code maintainer.. We maintain the blockchain, which facilitates the transactions, nothing more... If we had to revert your funds, we would have to convince the entire ecosystem to roll back the blockchain, to prior the block that moved your funds, and every transaction made since along with it... Not only that, it would then be a matter of fight between you and the thief of who got the first transaction out of your wallet...
- 2muchcoffeeman 4y agoIsn’t immutability one of the features of the block chain? Why is this person asking for a reversal of the transactions?
- haint_ 4y agoWhat's interesting about that comment? Isn't that basically how blockchain works?
- bsdz 4y agoIndeed it is how blockchain works within crypto currencies. I find it interesting that many participators (i.e. OP) don't understand how unsafe their coins are and this has to be explained as such by the commentator. Admittedly, perhaps not everyone finds interest in the same things as me.
- haint_ 4y agoExcept that this has nothing to do with being "unsafe". OP used his private key/mnemonics somewhere else and that's equivalent to giving your bank account + password to other people and then complaining when they take your money.
- puskavi 4y agoLol, he literally says he used same private key somewhere else
- potatototoo99 4y agoI'd be much more worried if a transaction could be reverted based on weaving a story with a screenshot.
- detrites 4y agoSounds a bit like the current banking system.
- analognoise 4y agoWeaving a story, which is backed up by the court system for loss recovery, is infinitely preferable to everyone throwing their hands up and blaming the end user. If I store money in a mattress, and someone breaks in, I can report that to the police. Deposits in banks are federally backed - if there are bank hijinks, my savings are protected. Crypto is worse in most ways (or overall worse) every way than what we already have. /edit
- nebulous1 4y ago> Crypto is worse in literally every way than what we already have Too strong IMO. You could argue most ways or overall worse, but not "literally every way".
- analognoise 4y agoYou're right; my Californian is showing! Edited.
- dogma1138 4y agoIt is worse in every way tho. It’s too complex, doesn’t allow for offline transactions and when it does the transaction has nothing to do with crypto (e.g. exchanging offline wallets) or it’s so convoluted and complex that almost no one can understand anything about it. It’s tries to do too many things at once, currency/unit of account, an entire transactional system, system of record etc. And ironically any use cases that even have a shred of being actually adopted by the wider financial industry are to replace systems like swift not as a currency. Anytime anyone asks about what the advantage is over the current monetary system and the current financial system any explanation becomes a 2 hour lecture, if you can’t explain what the advantage is in 2 sentences there isn’t one.
- tjoff 4y agoThe amount of funding crypto has supplied organized crime is staggering.
- kreetx 4y agoMoney gotten through crime can (digitally) flow even through regular banks, see e.g Danske Bank, Swedbank and others in the Baltics. And locals will only start investigating when nudged by US government.
- TacticalCoder 4y agoI really don't think so. It's estimated 3% to 5% of the entire world's GDP comes from organized crime. These are officials CIA numbers / estimates. 3% to 5% of the entire fucking world's GDP. Cryptocurrencies are a tiny drop in the bucket. Tinier than tiny. Completely insignificant in the grand scheme of crime. Organized crime existed way before Satoshi Nakamoto released Bitcoin to the world and shall, sadly, continue to exist long after that.
- tjoff 4y agoFirst google result says the worlds GDP is 91 billion USD. First google of (only) bitcoin value is 320 billion USD. How much theft occur in bitcoin every year? I don't know. It is not insignificant by any imaginable measure though. And the amounts are absolute staggering. It is a new avenue.
- quickthrower2 4y ago> but wallet mnemonic was used for farming forks more than a year ago there you go
- haasted 4y agoWhat does "farming forks" mean in this context? Or any context, for that matter.
- quickthrower2 4y agoI would guess fork means code fork where your same wallet works on that seperate network. Farm usually means something that produces a yield, which either means a loan interest or a ponzi scheme.
- causi 4y agoDude reuses a private key all over the place and then throws a fit when someone gets it and takes his money. This is like wanting a lock company to give you money when you bought a new house, didn't change the locks, and the previous owner walked in and took the money from under your mattress.
- ls15 4y agoI think every crypto wallet that is worth its bandwidth to download tries to educate users about the importance of keeping private keys secure.
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- vasqw 4y agoThat's like saying car companies are responsible to teach you how to drive safely.
- ls15 4y agoFord for example feels responsible for teaching drivers how to drive more safely: https://corporate.ford.com/articles/community/ford-driving-skills-for-life-safe-driving-tour.html https://corporate.ford.com/articles/community/ford-driving-s... Similarly, my bank provides information on best practices for avoiding phishing attacks.
- Semaphor 4y agoOnly tangentially related, but the practices of many banks have supported and enabled phishing attacks (5-10 years ago: crazy password policies, prevention of password managers), randomly special email addresses, random phone number verification sources.
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- janalsncm 4y agoImagine if forgetting your bank account password meant your account was unrecoverable. Or if a bug in the bank’s software meant you could lose your life savings. Or if no transaction could be reversed, even in the case of obvious offline fraud? All these things and more can be found in the incredible world of crypto.
- kybernetyk 4y agoImagine you lost your secret key and no one could decrypt your secret files. Bug or feature?
- bsdz 4y agoFor me, I'm happy for my money to be stored in a bank. The bank keeps multiple back-ups of their books and is heavily regulated by our national government. If someone attempts to steal from me or commits fraud there's some recourse by notifying the bank and potentially having those criminal/fraudulent transactions reversed. No electronic inertia (i.e via crypto blockchain) for my bank to approach another and reverse a transaction. There are also several security features to extracting money from my account: there's an account number, name, physical access to debit card, ccv, account password, OTP, pin numbers. All of which are missing in the typical crypto ccy net. Furthermore, banks are forced to record identity information from their customers making it difficult for a nefarious actor to conceal their identity. One advantage for crypo ccy is potentially making anonymous transactions. I don't really have anything to hide in that regard. The mundane shop at the supermarket, ebay or even buying drinks at the pub.. nothing very revealing. If your life savings are at risk from losing a secret key or simply by someone nicking your secret key then I'd call this a "bug".
- irfwashere 4y agoSome could argue that your life savings is also at risk in a bank in high inflationary countries like Turkey or Lebanon. I think bitcoin's main argument in its favor is that its supply is not controlled by bankers. All the risks associated with holding onto it is worth it to me. Anonymous transactions are not interesting to me personally but complete sovereignty is. The chances of someone guessing your key are very low. But if you are worried about that then you put the funds into a multi-signature arrangement. It certainly takes time to understand these things but it's worth it for the benefits it brings. Nobody can steal or tax your funds against your will. If it takes 6 months for an average person to wrap their head around all the concepts it's not the worst thing in the world. It takes 6 months, at least, to learn how to operate a tank. But it does slow adoption rates.
- ricardobeat 4y ago> Only I know the code, only I have access to my computer, I did not tell anyone my password. > what's the problem with blocking it and returning the funds > What's the point of seeing all existing transactions if they can't be stopped and reverted if stolen Sounds exactly like the what the average person would think of crypto if it went mainstream.
- rasengan 4y agoThere is no way to prove the recipient address isn't owned by the OP.
- asdz 4y agodude should go to centralize crypto not decentralize, maybe their support can help, e.g. Binance :)
- mabbo 4y agoAnd here we see why crypto cannot replace the real money system for mainstream consumers. Real people reuse passwords. They forget passwords. They accidentally get a virus on their computer. They get tricked by fraudsters. Crypto's main selling point- complete decentralization- means there is so fixing mistakes, no means to undo fraudulent transactions. Real people don't want that.
- shanebellone 4y agoCrypto's use cases are mostly illegal. Ironically, if crypto was stable, it would better appeal to the general public. However, it would lose ground with its current user base. The paradigm is incorrect. This generation of crypto will all, eventually, fail.
- highduc 4y agoWell if power groups block it or make it harder to use you're going to be left with the people who don't care about said rules. Keep something illegal long enough and you're going to have some people breaking the law. Simple to point the finger at them after the fact and go "see? only criminals are doing that" Also the fact that they use it means that it's working, if anything. I also can't see a simple way for people who can control the value of money to just give up that power.
- shanebellone 4y agoThis is entirely incorrect. For any currency to have utility it must exchange for a predictable amount of goods. Otherwise, it unequivocally fails its stated use case. Crypto, as it stands, is an investment (*gambling) opportunity. Frankly it takes the inconvenience of cash and couples it with technology the vast majority of its users could not accurately describe. If that's not enough, it's unusable for peer-to-peer payments without an immediate cash-out. Crypto must be built around utility. Utility leads to stability. Stability leads to adoption. I'm not anti-crypto. I'm anti-whatever-the-fuck-this-is.
- nix23 4y ago
- gdcbe 4y agoI created and operated some blockchains in the past. From experience I can confirm this attitude in this gh issue… people do no want decentralised chains where they are fully responsible for their own security. Knowing that if you’re extremely unlucky a pirate could even guess your seed. I suppose it’s also the reason why many users keep their money in managed wallets such as the ones of exchanges… So… not sure why all the hype on cryptocurrency. It often doesn’t do what they advertise they do, and neither does the market want them to do it…
- rouxz 4y agoBlockchain police is on its way, stay still.
- terminal_d 4y agoMoney sans "managers" at the top is a system taking the long way to suicide. Money with incompetent managers is a ponzi scheme. Money with excellent management is a cult.
- Beauford67 4y ago[flagged]