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Exmo Bitcoin exchange chief executive kidnapped in Kiev

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Re: Exmo Bitcoin exchange chief executive kidnapped in Kiev

#121

Post by not_kurt_godel »

chrissnell wrote: post #74
jordanbaucke wrote: post #48

Earlier quoted context omitted.

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.

I have the "poor man's" version of De Niro's safe-deposit box, a Rolex Submariner. Readily convertible into US$3-5K cash (at least) in pretty much any large city in the world. It's always on my wrist. If I needed the money desperately and couldn't access my accounts, I have my beloved watch.

I guess that's safer than leaving your cash out on the kitchen table, or maybe at a bus stop...but not by much if your threat model is highly sophisticated thieves/attackers capable of breaking into a safe-deposit box and/or kidnapping your family and ransoming them.

Re: Exmo Bitcoin exchange chief executive kidnapped in Kiev

#122

Post by stepik777 »

cma wrote: post #87
55555 wrote: post #83

Unfortunately, one of the 'killer apps' for crypto is extortion. It's going to change the world and not for the better. The hard part of extortion has always been getting paid. It's always involved exposure ("meet me there with a bag of money") or been subject to limitations (wire transfer clawbacks, cash withdrawal limits, etc), until now. Right now anyone in the world can fill an insulin syringe with cyanide soluti…

For something as large scale as that coke scheme bitcoin could always implement clawbacks via consensus.

No, it wouldn't. First of all, it is obvious that there will be no consensus. And even if there was consensus it would be very challenging to do because deploying a hardfork takes time while criminal could transfer his money before the hardfork to a different address.

Re: Exmo Bitcoin exchange chief executive kidnapped in Kiev

#123

Post by DennisP »

damontal wrote: post #46
DennisP wrote: post #29

Earlier quoted context omitted.

That definitely helps against many scenarios, but "home and yourself" means you're still in immediate control of funds while you're at home, so you're still vulnerable to armed robbery. You want to make it so your answer to the robber is "I can't, the bank's not open."

And then what? The robber who went through the trouble of breaking in and demanding your money will apologize and see himself out?

If you had a large number of gold coins, would you keep them at home to avoid annoying robbers?

Re: Exmo Bitcoin exchange chief executive kidnapped in Kiev

#124

Post by thomasdub »

pjc50 wrote: post #114
jameslk wrote: post #54

Earlier quoted context omitted.

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.

"Tether" is effectively a fractional-reserve "currency" in use by bitfinex.

There isn't much evidence that Tether Limited is indeed keeping a reserve of USD for each Tether printed [0]. They are minting hundreds of millions of Tethers and there are a lot of skeptics out there who don't believe that they have billions of USD in a bank. [0] https://seekingalpha.com/article/4133884-bitcoin-additional-...

Re: Exmo Bitcoin exchange chief executive kidnapped in Kiev

#125

Post by stepik777 »

gst wrote: post #111
golergka wrote: post #106

Earlier quoted context omitted.

But how will such a criminal make Coca cola trust that it's him and not his impostor asking for money? And how will he make Coca cola trust that he will actually stop doing it?

1) Send the SHA1 hash of a message in which you detail what you're going to do (locations, time, etc.). 2) Do whatever you're planning to do. 3) Transmit another message to the company you're blackmailing in which you reveal the message that matches the original SHA1 hash.

Ok, but why use a broken hash algorithm?

Re: Exmo Bitcoin exchange chief executive kidnapped in Kiev

#126

Post by michaelt »

mooneater wrote: post #67
mschuster91 wrote: post #59

Earlier 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?

Be in a country with the rule of law.

Structure things so if they betray you, they have a very high chance of getting detected and needing to go on the run - e.g. access control records, CCTV and whatnot.

Then hire guards who would have to sacrifice a lot if they went on the run permanently. e.g. guards with partners, school-age children, extended family nearby, friends, and community ties like membership of voluntary organisations, churches or clubs.

Re: Exmo Bitcoin exchange chief executive kidnapped in Kiev

#127

Post by knocte »

mschuster91 wrote: post #59
solotronics wrote: post #12

Earlier 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.

This is bullshit, exchanges with the most rudimentary technology will not keep their funds under a single private key held by one single person at all times. Multi-sig exists.

Re: Exmo Bitcoin exchange chief executive kidnapped in Kiev

#128

Post by PhasmaFelis »

cyberpunk0 wrote: post #110
55555 wrote: post #83

Unfortunately, one of the 'killer apps' for crypto is extortion. It's going to change the world and not for the better. The hard part of extortion has always been getting paid. It's always involved exposure ("meet me there with a bag of money") or been subject to limitations (wire transfer clawbacks, cash withdrawal limits, etc), until now. Right now anyone in the world can fill an insulin syringe with cyanide soluti…

It won't make you happy but thanks to banking cartels you are force to keep obtaining it to survive. Money doesn't come to mine when people think of addiction but it's the one thing we as a global society are addicted to more than any amount of caffeine, any technology, any food, drink, drug, or chemical.

The existence of money isn't the problem. Unless you want to grow your own food, make your own clothes, and do your own surgery, sooner or later you're going to want something from someone else that you need to trade for, and money is a better way of dealing with that than having to hunt down someone who has what you want and will take some of your chickens or whatever in exchange.

Re: Exmo Bitcoin exchange chief executive kidnapped in Kiev

#129

Post by mschuster91 »

knocte wrote: post #127
mschuster91 wrote: post #59

Earlier 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.

This is bullshit, exchanges with the most rudimentary technology will not keep their funds under a single private key held by one single person at all times. Multi-sig exists.

> Multi-sig exists.

Multi-sig does not prevent anyone from kidnapping me and distributing a video "sign us all your btc funds or this dude is going to get tortured".

Re: Exmo Bitcoin exchange chief executive kidnapped in Kiev

#130

Post by mschuster91 »

icebraining wrote: post #100
mschuster91 wrote: post #58

Earlier quoted context omitted.

> Since people are publicly boasting about their crypto fortunes You don't need people boasting about their crypto fortunes. As soon as you set up a Bitcoin tip jar, anyone can look directly at the blockchain to determine how much money you have - and how much you have had at any point in time and where the money went.

You can create and use as many addresses as you want - there's absolutely no reason to keep your savings on the same address as the tip jar.

Yes but everyone can see how much you received over the years. And, well, if there have been thousands of BTC passed through that tip jar, it's reasonable to assume that the organization still has control over a big amount of these funds.
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