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If it'd been in his own bitcoin wallet, he would have never lost the $20k
by AsymetricCom 13y ago
If it'd been in his own bitcoin wallet, he would have never lost the $20k
- ceejayoz 13y agoPlenty of people have had their coins stolen, both from personal computers and hacked exchanges. For example: http://www.geekosystem.com/first-major-bitcoin-theft/ http://www.geekosystem.com/first-major-bitcoin-theft/ The ability to irretrievably lose massive sums of money with no recourse is a challenge for Bitcoin. Banks have insurance for just this sort of eventuality. Cash is relatively hard to steal in gigantic quantities.
- smithzvk 13y ago> The ability to irretrievably lose massive sums of money with no recourse is a challenge for Bitcoin. Banks have insurance for just this sort of eventuality. I find it funny that you pose the problem and give the solution in such close proximity. (In case you miss my meaning, the solution is to trust large wallets with third party companies that insure their holdings and guarantee your money even if they are successfully attacked)
- alexeisadeski3 13y ago@ceejay, The FDIC isn't really relevant here ー it doesn't really insure against theft or bank error. But banks have other insurance which does precisely that.
- ceejayoz 13y agoI don't see the FDIC picking up the tab on lost wallets any time soon.
- cstrat 13y agoUnless someone stole his private key. I am sure there are already virus and malware out in the wild which target private keys. Offline wallets are the only way around this - but eventually the user will need to use their private key to move those funds.