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Tokyo-based cryptocurrency exchange hacked, losing $530M: NHK

reuters.com

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Re: Tokyo-based cryptocurrency exchange hacked, losing $530M: NHK

#31

Post by sova »

tn_ wrote: post #2

I don't understand why news like this doesn't have that huge of an impact of bitcoin's price.. Bitcoin seems to be hovering around 11k~ as I'm writing this. It's been at the same price it seems for the past couple of days...

This sort of news does not affect global percentage points of participation. Now, requiring Proof of Identity for every exchange in South Korea -- that is news that effectively changes Global Participation and therefore Supply and Demand are commensurately affected. Day to day news has little do with the super tall stack of limit buys and limit sells.

Re: Tokyo-based cryptocurrency exchange hacked, losing $530M: NHK

#32

Post by wsc981 »

lumberjack wrote: post #19
gesman wrote: post #3

Conclusion: If you keep any cryptocurrency on an exchange or online service that can or is capable of controlling your private keys - MOVE all your cryptos to your own deterministic wallet YESTERDAY!

There is risk either way, though. Say you want to sell fast because of something major (that is not just hype). If your monies aren't online you will be the last to try to cash out.

I agree, which is why I prefer to:

- keep only (most of) my long term holds in my hardware wallets (e.g. NEO, OMG, ...)

- spread my shorter term holds over several exchanges

Re: Tokyo-based cryptocurrency exchange hacked, losing $530M: NHK

#33

Post by cflewis »

As someone who knows very little about the blockchain, I was wondering if the Bitcoins are "known"? Like, they have a hash or something? Can't they be then blacklisted from use somehow?

I thought the whole point of the blockchain was that all the transactions were all known?

Re: Tokyo-based cryptocurrency exchange hacked, losing $530M: NHK

#34

Post by DSingularity »

bkolobara wrote: post #30
gesman wrote: post #3

Conclusion: If you keep any cryptocurrency on an exchange or online service that can or is capable of controlling your private keys - MOVE all your cryptos to your own deterministic wallet YESTERDAY!

The possibility of an exchange getting hacked is much lower than the possibility of users losing founds by transferring them to their own wallet. I run a cryptocurrency forum and in 99% of reported cases users lost their founds by moving money from an exchange to a local wallet or even a hardware wallet. I always recommend everyone to keep it on an exchange.

Exactly. And the top notch exchanges keep everything in cold storage AND they take out massive insurance policies on it. Keep coins there unless we are talking millions of $ worth.

Re: Tokyo-based cryptocurrency exchange hacked, losing $530M: NHK

#35

Post by dsacco »

rhapsodic wrote: post #18
tn_ wrote: post #2

I don't understand why news like this doesn't have that huge of an impact of bitcoin's price.. Bitcoin seems to be hovering around 11k~ as I'm writing this. It's been at the same price it seems for the past couple of days...

> I don't understand why news like this doesn't have that huge of an impact of bitcoin's price.. Bitcoin seems to be hovering around 11k~ as I'm writing this. It's been at the same price it seems for the past couple of days... Personally, I would like to understand what it really means to say "the current price of BTC is ___." It's not like stocks where you can see actual bid/ask and daily volume numbers. And since t…

> It's not like stocks where you can see actual bid/ask and daily volume numbers.

Yes it is. Cryptocurrency exchanges have orderbooks like regular exchanges do.

Re: Tokyo-based cryptocurrency exchange hacked, losing $530M: NHK

#36

Post by trey-jones »

dumbfounder wrote: post #21
user9182031 wrote: post #14

Earlier quoted context omitted.

Could you share why you think it would impact the price of Bitcoin? With a market cap of 186 billion dollars, and a daily volume of 10 billion I couldn't see how it'd have that much of an impact.

Because it makes it seem like exchanges are not trustworthy places to keep your crypto, and for basic users a lot of people just keep their crypto there. Fear, no matter how how misplaced, can cause markets to sway heavily.

Exchanges are not a trustworthy place to keep your crypt. I think that is accepted. What does it have to do with the value of the thing?

Re: Tokyo-based cryptocurrency exchange hacked, losing $530M: NHK

#37

Post by jbtule »

cflewis wrote: post #33

As someone who knows very little about the blockchain, I was wondering if the Bitcoins are "known"? Like, they have a hash or something? Can't they be then blacklisted from use somehow? I thought the whole point of the blockchain was that all the transactions were all known?

You'd need consensus of the miners to do so.

Re: Tokyo-based cryptocurrency exchange hacked, losing $530M: NHK

#38

Post by giancarlostoro »

cflewis wrote: post #33

As someone who knows very little about the blockchain, I was wondering if the Bitcoins are "known"? Like, they have a hash or something? Can't they be then blacklisted from use somehow? I thought the whole point of the blockchain was that all the transactions were all known?

Knowing their history is good against faking the coins aka counterfeiting. If someone steals $50,000 from your bank account you may or may not ever see it again. Bitcoin will help you track it down to wherever it ends up, unlike your bank.

Re: Tokyo-based cryptocurrency exchange hacked, losing $530M: NHK

#39

Post by tooop »

jbtule wrote: post #37
cflewis wrote: post #33

As someone who knows very little about the blockchain, I was wondering if the Bitcoins are "known"? Like, they have a hash or something? Can't they be then blacklisted from use somehow? I thought the whole point of the blockchain was that all the transactions were all known?

You'd need consensus of the miners to do so.

Nothing to do with miners. It is all about exchanges.

Re: Tokyo-based cryptocurrency exchange hacked, losing $530M: NHK

#40

Post by [deleted] »

cflewis wrote: post #33

As someone who knows very little about the blockchain, I was wondering if the Bitcoins are "known"? Like, they have a hash or something? Can't they be then blacklisted from use somehow? I thought the whole point of the blockchain was that all the transactions were all known?

[deleted]
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