5 ms·

This doesn’t surprise me at all. Bitcoin, and really fintech as a whole, are beyond reckless.

by 650REDHAIR 11mo ago

monero-xmr 11mo ago
Ah yes, I remember all the times they hacked bitcoin
- deleted 11mo ago
  [deleted]
  - deleted 11mo ago
    [deleted]
- jamespo 11mo ago
  lol monero in username
- 8organicbits 11mo ago
  There's a great index of hacks here https://www.web3isgoinggreat.com/?theme=hack https://www.web3isgoinggreat.com/?theme=hack It's breathtaking how frequent these are.
  - happyopossum 11mo ago
    That’s like saying the $USD was hacked when a bank gets breached.
    - braingravy 11mo ago
      Are banks breached at the same rate as bitcoin brokers? I think that was op’s point.
    - 8organicbits 11mo ago
      That's a silly assumption to make. I'm clearly talking about the poor security offered by cryptocurrency, in practice, as evidenced by the frequent hacks impacting cryptocurrency companies.
    - CPLX 11mo ago
      No. It's like saying that cash is risky when a bunch of cash gets stolen or lost.
      - johnisgood 11mo ago
        Which it does. :D
    - shadowgovt 11mo ago
      When a bank gets breached, there are mechanisms to make the victims whole, up to and including "Just print money; it's a fiat currency." No such mechanisms in Bitcoin, so hacks have longer-term impact.
- arcanemachiner 11mo ago
  It's been a while, but it has happened: https://nvd.nist.gov/vuln/detail/CVE-2010-5139 https://nvd.nist.gov/vuln/detail/CVE-2010-5139
- cindyllm 11mo ago
  [dead]
KetoManx64 11mo ago
Bitcoin is a crypto-currency/blockchain. Coinbase is a corporation that allows users to buy/trade crypto-currencies. With Bitcoin you do not get government bailouts like what happened with the beyond reckless banks in 2008.
- arcanemachiner 11mo ago
  > With Bitcoin you do not get government bailouts like what happened during the beyond reckless banks in 2008 It is not beyond imagination that the most popular Bitcoin blockchain (and thus, the label of being the "real" Bitcoin) could change at some point in the future. "Bitcoin" is not immune from the implications of political fuckery.
  - adastra22 11mo ago
    By what mechanism? The whole point of bitcoin is that you can’t force a consensus change. This is enforced by the algorithm and the laws of thermodynamics.
    - arcanemachiner 11mo ago
      If, for whatever reason, all the mining power switches to the other chain, it will become the de facto "Bitcoin". I don't know what the specific mechanism would be, but I would bet that it relates to the billions of dollars backing the current ecosystem, and the interests of the people behind them. If the right event or crisis comes along, then people could be compelled to switch over to something else. I'm sure there's someone out there still mining blocks on that chain with the exploit from 2010, but that's not where the mining power is. If the right series of events occurs, the miners will switch.
      - wat10000 11mo ago
        If literally 100% of miners switched, leaving zero on the original chain, then people will have no choice since it won’t do any more transactions. But if, say, a mere 99% of miners switch, it’s far from a given that people would follow. Having more mining capacity makes the chain more secure, but it’s not that big of a deal.
danielhlockard 11mo ago
You say that but I work in fintech (granted, one of the larger more corporate ones, after an acquisition) and we are heavily regulated, and audited.
- mmooss 11mo ago
  Wall Street is heavily regulated and audited, and still is 'beyond reckless', causing global financial calamities multiple times.
- protocolture 11mo ago
  >You say that but I work in fintech (granted, one of the larger more corporate ones, after an acquisition) and we are heavily regulated, and audited. I have seen some toe curling shit in fintech.
  - klaushougesen1 11mo ago
    timetravelling the ledger anyone ? :)
    - withinboredom 11mo ago
      I once had a banking app that reported the wrong transaction amounts (downloading the statements resulted in a different balance than what was shown in my account -- this isn't the US, so it should show the correct amount). When I reported the bug, they changed the values on my statements instead of fixing the app -- so now, it didn't reflect my receipts. It was a fun time. They eventually fixed it in the app to show my true balance and fixed my statements back to what it was. But holy shit, the fact that an engineer would think that would be the proper fix is wild... this is pre-llms, otherwise, I'd think they'd been vibe-coding.
      - johnisgood 11mo ago
        Pre-LLM or vibe-coding, it is the same shit ultimately I'd say: shitty developers doing software development. :D
spacecadet 11mo ago
Its sad they call it cryptocurrency when its just dumb ass finance but with play money that idiots ascribe real value to and the old saying holds true... the rich get richer and the poor are born without assholes. I'll die happy having never participated.
meindnoch 11mo ago
In traditional fintech, you can at least sue your money back.

This doesn’t surprise me at all. Bitcoin, and really fintech as a whole, are beyond reckless.

monero-xmr 11mo ago

Ah yes, I remember all the times they hacked bitcoin

deleted 11mo ago
[deleted]
- deleted 11mo ago
  [deleted]
jamespo 11mo ago
lol monero in username
8organicbits 11mo ago
There's a great index of hacks here https://www.web3isgoinggreat.com/?theme=hack https://www.web3isgoinggreat.com/?theme=hack It's breathtaking how frequent these are.
- happyopossum 11mo ago
  That’s like saying the $USD was hacked when a bank gets breached.
  - braingravy 11mo ago
    Are banks breached at the same rate as bitcoin brokers? I think that was op’s point.
  - 8organicbits 11mo ago
    That's a silly assumption to make. I'm clearly talking about the poor security offered by cryptocurrency, in practice, as evidenced by the frequent hacks impacting cryptocurrency companies.
  - CPLX 11mo ago
    No. It's like saying that cash is risky when a bunch of cash gets stolen or lost.
    - johnisgood 11mo ago
      Which it does. :D
  - shadowgovt 11mo ago
    When a bank gets breached, there are mechanisms to make the victims whole, up to and including "Just print money; it's a fiat currency." No such mechanisms in Bitcoin, so hacks have longer-term impact.
arcanemachiner 11mo ago
It's been a while, but it has happened: https://nvd.nist.gov/vuln/detail/CVE-2010-5139 https://nvd.nist.gov/vuln/detail/CVE-2010-5139
cindyllm 11mo ago
[dead]

KetoManx64 11mo ago

Bitcoin is a crypto-currency/blockchain. Coinbase is a corporation that allows users to buy/trade crypto-currencies. With Bitcoin you do not get government bailouts like what happened with the beyond reckless banks in 2008.

arcanemachiner 11mo ago
> With Bitcoin you do not get government bailouts like what happened during the beyond reckless banks in 2008 It is not beyond imagination that the most popular Bitcoin blockchain (and thus, the label of being the "real" Bitcoin) could change at some point in the future. "Bitcoin" is not immune from the implications of political fuckery.
- adastra22 11mo ago
  By what mechanism? The whole point of bitcoin is that you can’t force a consensus change. This is enforced by the algorithm and the laws of thermodynamics.
  - arcanemachiner 11mo ago
    If, for whatever reason, all the mining power switches to the other chain, it will become the de facto "Bitcoin". I don't know what the specific mechanism would be, but I would bet that it relates to the billions of dollars backing the current ecosystem, and the interests of the people behind them. If the right event or crisis comes along, then people could be compelled to switch over to something else. I'm sure there's someone out there still mining blocks on that chain with the exploit from 2010, but that's not where the mining power is. If the right series of events occurs, the miners will switch.
    - wat10000 11mo ago
      If literally 100% of miners switched, leaving zero on the original chain, then people will have no choice since it won’t do any more transactions. But if, say, a mere 99% of miners switch, it’s far from a given that people would follow. Having more mining capacity makes the chain more secure, but it’s not that big of a deal.

danielhlockard 11mo ago

You say that but I work in fintech (granted, one of the larger more corporate ones, after an acquisition) and we are heavily regulated, and audited.

mmooss 11mo ago
Wall Street is heavily regulated and audited, and still is 'beyond reckless', causing global financial calamities multiple times.
protocolture 11mo ago
>You say that but I work in fintech (granted, one of the larger more corporate ones, after an acquisition) and we are heavily regulated, and audited. I have seen some toe curling shit in fintech.
- klaushougesen1 11mo ago
  timetravelling the ledger anyone ? :)
  - withinboredom 11mo ago
    I once had a banking app that reported the wrong transaction amounts (downloading the statements resulted in a different balance than what was shown in my account -- this isn't the US, so it should show the correct amount). When I reported the bug, they changed the values on my statements instead of fixing the app -- so now, it didn't reflect my receipts. It was a fun time. They eventually fixed it in the app to show my true balance and fixed my statements back to what it was. But holy shit, the fact that an engineer would think that would be the proper fix is wild... this is pre-llms, otherwise, I'd think they'd been vibe-coding.
    - johnisgood 11mo ago
      Pre-LLM or vibe-coding, it is the same shit ultimately I'd say: shitty developers doing software development. :D

spacecadet 11mo ago

Its sad they call it cryptocurrency when its just dumb ass finance but with play money that idiots ascribe real value to and the old saying holds true... the rich get richer and the poor are born without assholes. I'll die happy having never participated.

meindnoch 11mo ago

In traditional fintech, you can at least sue your money back.