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Isn't this exactly what Bitcoin was created for - to allow unregulated access to currency? I guess people don't really realize what unregulated actually means -
by RyanZAG 14y ago
Isn't this exactly what Bitcoin was created for - to allow unregulated access to currency? I guess people don't really realize what unregulated actually means - and nor do they realize why you really do want regulated currency.
This kind of thing happens all the time with real banks, but with real banks, all transactions can be traced and reversed. Law enforcement can follow the required documentation to find the owner of any account on a global level. This is exactly what Bitcoin was created to avoid.
Well guess what? When you avoid the regulation, you take the safety of the currency into your own hands. MtGox should not refund this in any way shape or form. The problem was entirely his fault. He did not secure his MtGox account with available two-factor authentication. He ran untrusted code at full permission on his PC. He needs to take some responsibility for his own use of an unsecured currency on an unsecured website with unsecured authentication and running untrusted code.
Zero sympathy from me. Maybe it will be a wake up call to others to actually think about their decisions. Shouting about the 'nanny state' and using bitcoin, and then turning around and looking for a nanny to help him out when he goes around it is pathetic.
- paulhodge 14y agoFair point, most of the mistakes were on the author's part. MtGox isn't completely blameless, they had a cross-site scripting vulnerability, and they should probably enforce some stronger security around logins from new computers. Something like Steam's approach where every login from a new computer needs to be verified with a confirmation code.
- RyanZAG 14y agoThere is no evidence of any cross-site scripting vulnerability - it's a standard case of 'user executes malicious code with full user rights'. If anybody is to blame for that, it's Oracle for letting users shoot themselves in the foot with an 'OK' dialog that all Windows users just click OK on anyway. MtGox could help prevent this with something like Steam's approach, but once the user has run malicious code there is not much stopping that code from also compromising his email account. Two factor authentication would help here, and MtGox does appear to offer this - the complainer just didn't use it.
- ChuckMcM 14y agoBitCoin, the Internet's answer to "Capture the Flag" now with scoring in dollars.
- dragontamer 14y agoYou mean... scoring in Bitcoins :-p
- ritchiea 14y agoCan't we just keep everything unregulated until it's inconvenient for me that it's unregulated?
- tobylane 14y agoAre you joking or being a nimby type fool?
- dgabriel 14y agoThis is exactly right. Bitcoins are not a good idea for casual investors who can't/won't manage their own security, or can't bear the loss in case of a breach. If you want an unregulated, untraceable currency, that's the price you pay.
- code4life 14y agoWe don't need sympathy or regulation. A simple market solution like voluntary bitcoin insurance would do the trick.
- anigbrowl 14y agoInsurance companies are not dumb enough to enter a market where fraud is rampant and they have no legal leverage against bad actors.
- Pinckney 14y agoHow do you propose to defend against insurance fraud? With mixing services available, there would seem to be very little risk in robbing one's own account.
- deleted 14y ago[deleted]
- dgabriel 14y agoYou make the insurance price and due diligence bar high enough.
- zenocon 14y agoYay! More regulation for you, and you, and you. It's like Oprah giving away Pontiac Azkeks. Yea, he f'd up, but let's not FINCEN our way to utopia.
- brian_wendt 14y agoAgreed, zero sympathy. Simply you cannot have the best of both worlds. You don't really need the insurance of the bank and paper trails if you play it smart.