The Winkofloss brothers stores their codes right to prevent these type of kidnappings. They distributed the keys across states and bank vaults.
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Exmo Bitcoin exchange chief executive kidnapped in Kiev
61–70 of 142 posts
Re: Exmo Bitcoin exchange chief executive kidnapped in Kiev
#62So it appears criminals are getting wiser and a new wave of home and personal robberies may emerge. Will this push crypto owners to entrust their currency with more secure institutions, leading to these "decentralized" currencies to be once again under control and manipulated by banks and governments?
It’s sad that people need to rediscover the power of the rubber hose this way. I like the idealism in the crypto community, even if I think it’s unfounded. Seeing them face the reality of human nature and behavior would be like watching a really nice old nun lose her faith.
Re: Exmo Bitcoin exchange chief executive kidnapped in Kiev
#63Earlier quoted context omitted.
Probably the criminals were upset about their withdrawals taking so long ;p It took me like 2 months to cash out the first time. Seriously, I don't think this will scare off anyone, especially not exchanges. They make so much money right now they can just hire bodyguards.
I could imagine the current exchanges becoming banks, in the disruptive sense. What's stopping them from creating interest-earning savings accounts and loaning out on a fractional reserve basis? Seems like we'll be back where we were a century ago, bank runs and all.
The governments of the world?
Re: Exmo Bitcoin exchange chief executive kidnapped in Kiev
#64Earlier quoted context omitted.
winklevoss? Distributing keys doesn't prevent you from having a few "digits" (no pun intended) removed. "Oh you can't get them? Call the other key-holders. Better hope they like your fingers as much as you do."
In "Casino" Robert De Niro's character puts $2M in jewels in a safe-deposit box that even he doesn't have the key for (he naively gives the key to his wife- but that's another part of the plot) He narrates that the jewels are "in case he got in trouble". Ostensibly so he could pay off kidnappers.
Or bail bonds
Re: Exmo Bitcoin exchange chief executive kidnapped in Kiev
#65Earlier quoted context omitted.
Probably the criminals were upset about their withdrawals taking so long ;p It took me like 2 months to cash out the first time. Seriously, I don't think this will scare off anyone, especially not exchanges. They make so much money right now they can just hire bodyguards.
>they can just hire bodyguards Which won't be able to carry weapons in most places. You'll have a hard time finding people who'll fight back when you're being kidnapped at gunpoint.
With enough armed bodyguards you aren't going to be kidnapped at gunpoint. Why risk your life going after a hardened target when there are so many vulnerable ones.
I imagine its quite easy to find mercenaries that are willing to fight back. There is an entire industry for hiring people to fight wars.
Re: Exmo Bitcoin exchange chief executive kidnapped in Kiev
#66Earlier quoted context omitted.
>they can just hire bodyguards Which won't be able to carry weapons in most places. You'll have a hard time finding people who'll fight back when you're being kidnapped at gunpoint.
With enough armed bodyguards you aren't going to be kidnapped at gunpoint. Why risk your life going after a hardened target when there are so many vulnerable ones. I imagine its quite easy to find mercenaries that are willing to fight back. There is an entire industry for hiring people to fight wars.
I think their point was that that isn't legal in many places.
Re: Exmo Bitcoin exchange chief executive kidnapped in Kiev
#67Earlier quoted context omitted.
what do you mean?
Quite likely that governments will force exchange operators to get appropriate security. Hell if I had the keys (or were in a position to be used as "leverage" for them in a kidnapping) to a Bitcoin exchange, I would surround me with a bunch of ex-military guards.
Now (depending on the country) how do you trust the ex-military guards, if what they are guarding is worth far more than their salaries?
Re: Exmo Bitcoin exchange chief executive kidnapped in Kiev
#68Earlier quoted context omitted.
A safe deposit box in Ukraine? You have to be kidding me. We are talking about a country where corruption is rife, at war with its separatist regions.
You don't believe that Ukraine has safe deposit boxes?
I believe they are saying that Ukraine doesn't have safe deposit boxes that are actually safe.
Re: Exmo Bitcoin exchange chief executive kidnapped in Kiev
#69Earlier quoted context omitted.
With enough armed bodyguards you aren't going to be kidnapped at gunpoint. Why risk your life going after a hardened target when there are so many vulnerable ones. I imagine its quite easy to find mercenaries that are willing to fight back. There is an entire industry for hiring people to fight wars.
I think their point was that that isn't legal in many places.
Don't go to those places. Or hire off duty police to escort you in those countries.
Bill Browder can't eat at the same restaurant twice because his food may be poisoned. If you are a high profile target you have to change your patterns to remain safe.
Re: Exmo Bitcoin exchange chief executive kidnapped in Kiev
#70Earlier quoted context omitted.
Quite likely that governments will force exchange operators to get appropriate security. Hell if I had the keys (or were in a position to be used as "leverage" for them in a kidnapping) to a Bitcoin exchange, I would surround me with a bunch of ex-military guards.
Now (depending on the country) how do you trust the ex-military guards, if what they are guarding is worth far more than their salaries?
While that sound smart and plausible, I would assume that there is some solution to that problem, otherwise how would private security work at all?