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Same with Bitcoin. When Bitcoin exchange MtGox was hacked on June 19, 2011, the attacker stole 2000 coins (worth $0.6 million today), but MtGox covered the los
by mrb 13y ago
Same with Bitcoin.
When Bitcoin exchange MtGox was hacked on June 19, 2011, the attacker stole 2000 coins (worth $0.6 million today), but MtGox covered the losses with their own funds. Customers lost nothing.
Large, reputable, mature businesses will cover losses for you, no matter if it is USD or BTC.
- stephenr 13y agoBanks have some kind of regulation (even in the financial wild west that is the USA), and deposit insurance covers their customers against theft. This jackass has said he isn’t likely to even report the theft to police. That another bit coin exchange was able to cover the losses from a theft out of its own pocket is more likely good luck than good planning.
- mrb 13y ago"Good luck"?? No that's planning. Read about some of the security mechanisms that reputable exchanges put in place: http://blog.coinbase.com/post/33197656699/coinbase-now-storing-87-of-customer-funds-offline http://blog.coinbase.com/post/33197656699/coinbase-now-stori...