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Given the horrible security record of Bitcoin trading platforms, there is no way in hell I will give my bank account details to one. There are so many amateurs

Given the horrible security record of Bitcoin trading platforms, there is no way in hell I will give my bank account details to one. There are so many amateurs in the field that I cannot take any of them seriously.

jerguismi 14y ago
Well, don't use bitcoin then? The reason why there are so many services is because there is demand. Certain people will continue using bitcoin, no matter what (unless better alternative comes along). In the long run the more stable and secure services will survive. And there has been some bitcoin services which have been pretty stable and solid all the time. They just don't get in to the news...
- fruchtose 14y ago
  "Well, don't use bitcoin then?" I don't use it in the first place. "And there has been some bitcoin services which have been pretty stable and solid all the time. They just don't get in to the news..." As far as I am concerned, it's just a matter of time before the trading platforms get hacked. Tens of thousands of dollars, if not hundreds of thousands, have been stolen in Bitcoin hacks. Online banking is not easy for large banks to defend; I have little confidence that an indie team can perform as well as a major bank.
  - jerguismi 14y ago
    Btw, mtgox for example employs something like 15 people nowadays, and they mostly focus on the security I guess. (At least they are not focusing on new features, since the service has been the same for last year or so...) Edit: And you are sure that they will all get hacked? You sure have faith in the big organisations...
    - fruchtose 14y ago
      Banks have money. Money goes a long way in hiring engineers and experts with experience who are able to develop secure portals.
  - nym 14y ago
    It seems like these services are moving to a model where they get their user's trust by storing the majority of funds offline, which means they cannot be hacked remotely.
dennisqian 14y ago
Seems CB takes some steps to protect their users: http://support.coinbase.com/customer/portal/articles/628970-how-do-i-know-you-won-t-get-hacked- http://support.coinbase.com/customer/portal/articles/628970-...

jerguismi 14y ago

Well, don't use bitcoin then? The reason why there are so many services is because there is demand. Certain people will continue using bitcoin, no matter what (unless better alternative comes along). In the long run the more stable and secure services will survive. And there has been some bitcoin services which have been pretty stable and solid all the time. They just don't get in to the news...

fruchtose 14y ago
"Well, don't use bitcoin then?" I don't use it in the first place. "And there has been some bitcoin services which have been pretty stable and solid all the time. They just don't get in to the news..." As far as I am concerned, it's just a matter of time before the trading platforms get hacked. Tens of thousands of dollars, if not hundreds of thousands, have been stolen in Bitcoin hacks. Online banking is not easy for large banks to defend; I have little confidence that an indie team can perform as well as a major bank.
- jerguismi 14y ago
  Btw, mtgox for example employs something like 15 people nowadays, and they mostly focus on the security I guess. (At least they are not focusing on new features, since the service has been the same for last year or so...) Edit: And you are sure that they will all get hacked? You sure have faith in the big organisations...
  - fruchtose 14y ago
    Banks have money. Money goes a long way in hiring engineers and experts with experience who are able to develop secure portals.
- nym 14y ago
  It seems like these services are moving to a model where they get their user's trust by storing the majority of funds offline, which means they cannot be hacked remotely.

dennisqian 14y ago

Seems CB takes some steps to protect their users: http://support.coinbase.com/customer/portal/articles/628970-how-do-i-know-you-won-t-get-hacked- http://support.coinbase.com/customer/portal/articles/628970-...