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“Bitcoin has never been hacked” Don’t have to hack crypto to steal all the crypto.

anonym29 2y ago
Bitcoin has never been hacked. The victims did not practice proper key management. The victims got hacked because of their own insecure key management, not because of any vulnerability in Bitcoin. To claim otherwise is like claiming that because people can steal improperly secured code signing or TLS certificate private keys, all code signing and TLS certificates are inherently, fundamentally, and automatically broken, which is really just a fundamental misunderstanding of cryptography 101.
- tpurves 2y ago
  You know what every other online money transfer mechanism has? An ability to reverse transactions in the case or error or fraud. Because those things happen all of the time.
  - CaffeineLD50 2y ago
    I heard that there some block chain rollback thing that may be possible. I'm with ya. I don't put my money into high risk digital collectibles.
  - __MatrixMan__ 2y ago
    Those mechanisms will abuse that power if pressured to do so. Which alternative is best depends on your threat model.
  - deleted 2y ago
    [deleted]
  - yieldcrv 2y ago
    > An ability to reverse transactions in the case or error or fraud Yes and that bug is a risk I weigh when using those money transfer mechanisms When it fits my risk profile I engage in that transaction Not hard Not a matter for an industry regulator or state Just pure market choice
  - gblargg 2y ago
    ...in part because transactions can be reversed. The flip-side is that sellers get ripped off often by these reversals.
    - __MatrixMan__ 2y ago
      And also that it gets used as censorship. Paypal did it to Wikileaks.
  - npoc 2y ago
    That kind of reversible payment rail can be implemented on top of a base layer like Bitcoin. Like the current banking system, with it's underlying final clearance network between banks. Worldwide final clearance is a feature not a bug.
- BSOhealth 2y ago
  Has the dollar been hacked?
  - ipaddr 2y ago
    Yes. Printing money.
    - BSOhealth 2y ago
      “Store of value” To the moon. Still grateful HN has enough crypto rationalists to push back on pyramid scheme noise. Crypto could be useful — let’s build crypto apps with customer value. Right now the customers are morally ambiguous nation states and criminals laundering money into real estate and back into fiat currency. Hold the bag.
- sanswork 2y ago
  Not true. "On August 15, 2010, an anonymous hacker exploited a critical vulnerability in Bitcoin, allowing them to generate 184.467 billion Bitcoin."
yieldcrv 2y ago
Right, and its working perfectly for the current bearers of that crypto The PvP nature is continual demand

Bitcoin has never been hacked. The victims did not practice proper key management. The victims got hacked because of their own insecure key management, not because of any vulnerability in Bitcoin. To claim otherwise is like claiming that because people can steal improperly secured code signing or TLS certificate private keys, all code signing and TLS certificates are inherently, fundamentally, and automatically broken, which is really just a fundamental misunderstanding of cryptography 101.

tpurves 2y ago
You know what every other online money transfer mechanism has? An ability to reverse transactions in the case or error or fraud. Because those things happen all of the time.
- CaffeineLD50 2y ago
  I heard that there some block chain rollback thing that may be possible. I'm with ya. I don't put my money into high risk digital collectibles.
- __MatrixMan__ 2y ago
  Those mechanisms will abuse that power if pressured to do so. Which alternative is best depends on your threat model.
- deleted 2y ago
  [deleted]
- yieldcrv 2y ago
  > An ability to reverse transactions in the case or error or fraud Yes and that bug is a risk I weigh when using those money transfer mechanisms When it fits my risk profile I engage in that transaction Not hard Not a matter for an industry regulator or state Just pure market choice
- gblargg 2y ago
  ...in part because transactions can be reversed. The flip-side is that sellers get ripped off often by these reversals.
  - __MatrixMan__ 2y ago
    And also that it gets used as censorship. Paypal did it to Wikileaks.
- npoc 2y ago
  That kind of reversible payment rail can be implemented on top of a base layer like Bitcoin. Like the current banking system, with it's underlying final clearance network between banks. Worldwide final clearance is a feature not a bug.
BSOhealth 2y ago
Has the dollar been hacked?
- ipaddr 2y ago
  Yes. Printing money.
  - BSOhealth 2y ago
    “Store of value” To the moon. Still grateful HN has enough crypto rationalists to push back on pyramid scheme noise. Crypto could be useful — let’s build crypto apps with customer value. Right now the customers are morally ambiguous nation states and criminals laundering money into real estate and back into fiat currency. Hold the bag.
sanswork 2y ago
Not true. "On August 15, 2010, an anonymous hacker exploited a critical vulnerability in Bitcoin, allowing them to generate 184.467 billion Bitcoin."

yieldcrv 2y ago

Right, and its working perfectly for the current bearers of that crypto The PvP nature is continual demand