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Bitcoin exchanges are fraught with risks

reuters.com

11–20 of 28 posts

Re: Bitcoin exchanges are fraught with risks

#11
Wow, the article talks about Moolah facing fraud charges. That was a big deal in the Dogecoin community for awhile.

https://www.coindesk.com/former-dogecoin-exchange-ceo-faces-...

He's now a convicted rapist:

https://coinjournal.net/ryan-kennedy-convicted-rape-sentence...

You've also got the owner of the Dogecoin tipbot who stole a bunch of money:

https://gizmodo.com/reddit-users-lose-real-money-after-meme-...

What a fucked up industry.

Re: Bitcoin exchanges are fraught with risks

#12
post #7

Earlier quoted context omitted.

What's interesting about that and why would HN care if people are sharing private details of their life willingly?

It's that people should be a lot safer and aware. I've seen a guy brag about his cryptocurrency stash, and if you went through his post history he'd also talked about where he lived and his profession. If he leaked any other details (through HN or crossreferencing other sites), he might be a really vulnerable target and not even realize it.

There are easier targets...

Re: Bitcoin exchanges are fraught with risks

#13
He kept 750 coins on an exchange? That's surely asking for trouble, granted it's shouldn't happen that he would lose anything but given the industry and their reputation then I would thought minimizing exposure on exchanges may be prudent

Re: Bitcoin exchanges are fraught with risks

#15
post #7

Earlier quoted context omitted.

What's interesting about that and why would HN care if people are sharing private details of their life willingly?

It's that people should be a lot safer and aware. I've seen a guy brag about his cryptocurrency stash, and if you went through his post history he'd also talked about where he lived and his profession. If he leaked any other details (through HN or crossreferencing other sites), he might be a really vulnerable target and not even realize it.

I bet you that someone could write a program to deanonymize most people posting on the internet, and then cross correlate with claims about high roller stuff.

Re: Bitcoin exchanges are fraught with risks

#16
It's the early days-- there are already "non-custodial" exchanges-- shapeshift and changelly.... and atomic swaps are just starting to be experimented with. When lightening network exchanges and atomic swaps and side chains are all perfected in 1-5 years much of the exchange risk will be gone.

Re: Bitcoin exchanges are fraught with risks

#17

It's the early days-- there are already "non-custodial" exchanges-- shapeshift and changelly.... and atomic swaps are just starting to be experimented with. When lightening network exchanges and atomic swaps and side chains are all perfected in 1-5 years much of the exchange risk will be gone.

>shapeshift and changelly

Those are more like brokers rather than exchanges or "non-custodial" exchanges as you called them.

Re: Bitcoin exchanges are fraught with risks

#18

Wow, the article talks about Moolah facing fraud charges. That was a big deal in the Dogecoin community for awhile. https://www.coindesk.com/former-dogecoin-exchange-ceo-faces-... He's now a convicted rapist: https://coinjournal.net/ryan-kennedy-convicted-rape-sentence... You've also got the owner of the Dogecoin tipbot who stole a bunch of money: https://gizmodo.com/reddit-users-lose-real-money-after-meme-... What a…

> What a fucked up industry.

What industry isn't?

Yahoo CEO had fake credentials: http://money.cnn.com/2012/05/13/technology/yahoo-CEO-out/ind... He lied and accepted a salary. In my world, I define that as stealing.

Equifax CEO Richard Smith will collect 90M http://fortune.com/2017/09/26/equifax-ceo-richard-smith-net-... What a convenient time to retire.

Questionable morals of Uber CEO https://www.reuters.com/article/us-uber-ceo/uber-ceo-travis-...

And numerous other examples. Bad people are everywhere. Cryptocurrency is a new realm that combines tech with the economy at a different level and currently, it is like a big experiment. It might be an expensive experiment but the learnings are for sure gonna change the face of the internet.

Re: Bitcoin exchanges are fraught with risks

#19
Much of the serious damage has been done through social engineering of cell phone providers.

My choice for most interesting personal hack:

https://www.forbes.com/sites/laurashin/2016/12/20/hackers-ha... | https://news.ycombinator.com/item?id=13592402

He had kept it offline for most of the past several years, but had connected that device in recent weeks to move them somewhere more secure and sell some. Though he had locked it with a 30-character password, the hackers moved the coins off

At the exchange level, a highly recommended summary of the Mt Gox debacle was discussed recently:

https://davidgerard.co.uk/blockchain/2017/09/17/kim-nilsson-... [video] | https://news.ycombinator.com/item?id=15272152

There have been hosting-provider-level breaches that might be more technically interesting (Linode 2012):

https://news.ycombinator.com/item?id=3654110 | https://news.ycombinator.com/item?id=3655137 | https://news.ycombinator.com/item?id=3655355

Re: Bitcoin exchanges are fraught with risks

#20
post #18

Wow, the article talks about Moolah facing fraud charges. That was a big deal in the Dogecoin community for awhile. https://www.coindesk.com/former-dogecoin-exchange-ceo-faces-... He's now a convicted rapist: https://coinjournal.net/ryan-kennedy-convicted-rape-sentence... You've also got the owner of the Dogecoin tipbot who stole a bunch of money: https://gizmodo.com/reddit-users-lose-real-money-after-meme-... What a…

> What a fucked up industry. What industry isn't? Yahoo CEO had fake credentials: http://money.cnn.com/2012/05/13/technology/yahoo-CEO-out/ind... He lied and accepted a salary. In my world, I define that as stealing. Equifax CEO Richard Smith will collect 90M http://fortune.com/2017/09/26/equifax-ceo-richard-smith-net-... What a convenient time to retire. Questionable morals of Uber CEO https://www.reuters.com/articl…

> ceo fake credentials

no company his a ceo for his undergrad education, sadly. that's probably the nasty side effect of internal fights.

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