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"In the latest raid, on September 5th, hackers stole $250,000 in Bitcoins from Bitfloor, a large American exchange, causing it to shut down its operation." What
by xtracto 14y ago
"In the latest raid, on September 5th, hackers stole $250,000 in Bitcoins from Bitfloor, a large American exchange, causing it to shut down its operation." What does that say about the overall reliability of Bitcoins as a new form of currency?
This can be compared to the Wild West times when gangs used to break into banks and steal lots of money. It is not that the money was weak, but that those storing it did not have proper security.
As bitcoins become more popular, you will have more and more competent individuals start offering storage services for these.
- king_jester 14y agoBanks of today have not become competent, only they have fixed those flaws that occurred the most in the past. Given that banks continue to have high visibility breaches and leaks of user information, it is not clear that time is what's needed for Bitcoin to get better security.