"stolen" doesn't seem to be the correct term for these smart contracts that operate in unintended ways. Engineering design is hard. It doesn't always go as planned. People need to give these things time to get beat up and tested well before depending on them with significant amounts of money.
$100 million worth of crypto has been stolen in another major hack
- Thread starter gwb-trading
- Start date
But I thought all crypto wallets are traceable to their infinitesimal bits and bytes.
If you want to bet on a particular smart contract to behave in some particular way then you accept full responsibility for the losses and benefits. No one bails you out just like no one bails you out when your penny stock bites the dust. In this instance people believed this was a bridge between two different blockchains and that it could not behave in any other way. That belief was wrong. You can't take new technology on blind faith and sales pitches at some website. If you want to play the game and enjoy the upside then you have to do your research and understand the risks of losing. Expecting a shot at the upside and a bailout on the downside is childish.
That is incorrect. Or maybe you and I are just using different semantics. The blockchain is public record. They do know which wallet the funds went to. But there is no ability for a central authority to remove tokens from a wallet.
Childish - or Institutional Bank-ish?
I forget the number, but a large chunk of BTCs are already permanently lost due to lost keys.
That said, think of all the fiat money lost in couch-cracks and house-fires. Not to mention gold-bars lost in sunken ships.
That said, think of all the fiat money lost in couch-cracks and house-fires. Not to mention gold-bars lost in sunken ships.
But that fiat money that is not destroyed may be found some day. Same with sunken gold and buried treasure. Bitcoin is gone forever.I forget the number, but a large chunk of BTCs are already permanently lost due to lost keys.
That said, think of all the fiat money lost in couch-cracks and house-fires. Not to mention gold-bars lost in sunken ships.
The amount is an estimate but this statement is correct. Total Bitcoin supply will fall in the years ahead. Just like the value of fiat currencies fall forever because supply always increases, bitcoin price can go up forever because supply will always be decreasing. I realize this warps minds but this is how the math works.
