4 ms·

And this is why I would NEVER in 10,000 years trust an anonymous form of money that can't be recovered or tracked to a group of average developers who in this c

And this is why I would NEVER in 10,000 years trust an anonymous form of money that can't be recovered or tracked to a group of average developers who in this case are obviously are amateur and don't even respond to massive critical security updates. I'm sure all the rest are like that to some degree as well. No thanks, I'll stick with cash under my matress before ever using that. I feel bad for anyone that actually got screwed because of this.

mrb 14y ago
You are wrong, bitcoins can be "tracked". The whole point of the Bitcoin block chain is to track all transactions. The community has developed a few tool to track "tainted" money. Also, you already trust an anonymous form of money: cash. Why so? Mostly because insurance exists against cash theft. As the Bitcoin ecosystem develops, eventually an insurance market will develop too. It sounds like Bitcoin is too unmature for you. So, wait. In this theft case, the exchange itself is providing this insurance to you: they guaranteed they will cover the stolen funds themselves. Also, the beauty of Bitcoin is that you don't have to trust an exchange like the one that was the victim of the theft. You can decide to take care of your own security by storing bitcoins on your own computer. There are a few efforts in progress to develop credit-card sized hardware wallet in order to provide extremely safe bitcoin wallets to non-technical users who are unable to, or don't know how to keep a computer secure for hosting a Bitcoin wallet. Again, it sounds like you need to wait for these efforts to mature before judging Bitcoin.
- TallboyOne 14y ago
  Alright, fair enough. I suppose my point moreso was that the fate of your very hard earned cash was bested by a rails update that any noob developer should have seen. Given that simple scenario, think about who is watching your money.. That's great its ensured though. Good deal
jacquesm 14y ago
You're confusing several things there. Bitcoin the protocol and rails the framework are not the same thing. Bitcoin was never compromised, rails was, and if these devs would have done their work and patched their servers they'd have been fine.
- TallboyOne 14y ago
  That's exactly what I'm talking about. I know the difference. You are trusting your money with someone who can't even make simple critical updates to an app. Furthermore: unless some established institution wants to work with bitcoin.. like a bank, then youre leaving your money up to the hands of some individual developers who, as made apparent by this post, dont really have their shit together. I could be wrong, there could be some massively secured bitcoin bank somewhere with a large team of security experts, insurance, etc... but based on the fact that most bitcoin banks i see use an unstyled bootstrap theme I can't imagine they really know what theyre doing. cliffnotes: I have yet to see a bitcoin bank website that doesnt look amateur as hell. I bet money that whatever bitcoin bank was hacked had all kinds of pages on it about "how we have a full team of security advisors making sure your money is safe!" yeah right. bitcoin itself is cool, the mediums used to store your money are what I'm not trusting.

mrb 14y ago

You are wrong, bitcoins can be "tracked". The whole point of the Bitcoin block chain is to track all transactions. The community has developed a few tool to track "tainted" money. Also, you already trust an anonymous form of money: cash. Why so? Mostly because insurance exists against cash theft. As the Bitcoin ecosystem develops, eventually an insurance market will develop too. It sounds like Bitcoin is too unmature for you. So, wait. In this theft case, the exchange itself is providing this insurance to you: they guaranteed they will cover the stolen funds themselves. Also, the beauty of Bitcoin is that you don't have to trust an exchange like the one that was the victim of the theft. You can decide to take care of your own security by storing bitcoins on your own computer. There are a few efforts in progress to develop credit-card sized hardware wallet in order to provide extremely safe bitcoin wallets to non-technical users who are unable to, or don't know how to keep a computer secure for hosting a Bitcoin wallet. Again, it sounds like you need to wait for these efforts to mature before judging Bitcoin.

TallboyOne 14y ago
Alright, fair enough. I suppose my point moreso was that the fate of your very hard earned cash was bested by a rails update that any noob developer should have seen. Given that simple scenario, think about who is watching your money.. That's great its ensured though. Good deal

jacquesm 14y ago

You're confusing several things there. Bitcoin the protocol and rails the framework are not the same thing. Bitcoin was never compromised, rails was, and if these devs would have done their work and patched their servers they'd have been fine.

TallboyOne 14y ago
That's exactly what I'm talking about. I know the difference. You are trusting your money with someone who can't even make simple critical updates to an app. Furthermore: unless some established institution wants to work with bitcoin.. like a bank, then youre leaving your money up to the hands of some individual developers who, as made apparent by this post, dont really have their shit together. I could be wrong, there could be some massively secured bitcoin bank somewhere with a large team of security experts, insurance, etc... but based on the fact that most bitcoin banks i see use an unstyled bootstrap theme I can't imagine they really know what theyre doing. cliffnotes: I have yet to see a bitcoin bank website that doesnt look amateur as hell. I bet money that whatever bitcoin bank was hacked had all kinds of pages on it about "how we have a full team of security advisors making sure your money is safe!" yeah right. bitcoin itself is cool, the mediums used to store your money are what I'm not trusting.