Cryptopia hacked!
- Thread starter Chartart
- Start date
Seems like blockchain technology is for low security transaction.
For high security, use the typical currency transacted through banks.
If some crooks steal my credit card info and charge the purchase using my card, I can ask for refund from bank.
If someone steal my cypto coin from virtual bank, too bad !
the $$$ just disappear with no trace
Further there are soo many other better things to trade than cypto coins.
we could trade oil, gold, index futures, Natural Gas, major currencies, bonds etc etc
For high security, use the typical currency transacted through banks.
If some crooks steal my credit card info and charge the purchase using my card, I can ask for refund from bank.
If someone steal my cypto coin from virtual bank, too bad !
the $$$ just disappear with no trace
Further there are soo many other better things to trade than cypto coins.
we could trade oil, gold, index futures, Natural Gas, major currencies, bonds etc etc
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The way crypto's are organized is perfect for all kinds of criminality:
- women of Swedish billionare is kidnapped last week. Ransome should be paid in bitcoins.
- when your computer gets hacked you should pay in bitcoins.
- Steve Wozniak (Apple) sold bitcoins and got paid by creditcard. The creditcard was stolen so the transaction was reversed. Except for the bitcoins, they were gone. https://www.sfgate.com/technology/a...pple-bitcoin-cryptocurrency-scam-12710993.php
- I remember that a long time ago acrypto was hacked and the loss was huge. The solution was to let the other crypto owners pay for the damage. Every coin lost a prorata amount of his coins portofolio value.
- a Ukranian miner was kindnapped and had to pay 1 million $ in bitcoins to get released https://www.reuters.com/article/us-...analyst-after-1-mln-ransom-paid-idUSKBN1EN1QB
- etc...
Pure ignorance. You and I have two very different definitions of "high security". I wouldn't consider a bank transaction secure at all, and banks are moving towards cryptocurrency as a result. This argument of insecurity stems from ignorance. Cryptocurrency, and the blockchain in general, are implementation dependent but generally highly secure when built well. Far more secure than anything your bank or broker does today.
If someone steals your money now there is no trace. For all you know your money at your broker is gone and you've been trading at a bucket. Banks aren't required to keep enough capital on hand to stop a bank run - what makes you feel like your money is safe? The government? HA. HAHA. HAHAHAHA. Great joke - they can't even manage their own money. Tariff man has made sure of that.
There are no "virtual cryptocurrency banks". You store your coins in a wallet. The blockchain is used for transaction verification. The weaknesses come from:
1. When you do transfer them to an exchange for management (bad idea)
2. The algorithm underlying transaction verification is weak (look up 51% attack)
(1) Requires you to move coins from your wallet (safe and secure if it's on a hardware key) to an exchange wallet that they control (insecure because you do not control it, it's implementation, or location). Obviously this is bad and a risk you must undertake to trade coin.
When Proof of Stake becomes wide-spread the likelihood of (2) goes down significantly. The idea of a "cryptocurrency bank is wrong anyway. Cryptocurrencies will never have banks. There is no reason. Wallets are all you need, and the blockchain forms the "cash security" a bank usually supplies.
Our world will move towards cryptocurrencies. They are the future. Fiat won't be around for much longer (in the geologic timescale sense), and as a result neither will banks. Governments are rushing to figure out a way to stop the mass adoption of cryptographically secure money because they can't tax it.
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re:Tariff man has made sure of that
you are joking, Every president. including Trump, since FDR(Frank Delano Roosevelt)has been a big spender. it has been 80 years of debasing the dollar, the one exception was Bill Clinton who balanced the Federal budget and erased the Federal deficit.
Hahaha. All CIA created and all crypto will cease to exist one day once they have info on everyone's criminality.
If you bought Bitcoin years ago at $4 a coin, it would be worth nothing today because your digital storage locker would have been hijacked or defrauded by the company founder.
If you bought Bitcoin years ago at $4 a coin, it would be worth nothing today because your digital storage locker would have been hijacked or defrauded by the company founder.
A lot of people don't realize how easily an exchange can be hacked if they don't have the proper security. Any exchange that doesn't at least offer 2 factor identification is going to be a huge risk to begin with.
And since we are still new with this crypto, there will still probably be a lot more hacking until it gets more organized.
And since we are still new with this crypto, there will still probably be a lot more hacking until it gets more organized.
His point actually was that there is no one to hold responsible when you loose your coins.