61–70 of 312 posts
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!
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.
In addition, my understanding is that many cash exchanges will not accept funds that have previously been identified in major hacks because they could be forced to return the funds to their rightful owners in addition to the cost of compliance with law enforcement.
There are "privacy"-focused cryptocurrencies that do not have this characteristic, the most well known of which is Monero.
[I am not an expert, just a casual news consumer of the space]
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.
>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. When hundreds of millions of dollars worth can disappear in the blink of an eye like that, it adds a new element of risk aside from the risk of normal price drops. So it only stands to reason that investors would factor tha…
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?
Wow, didn't know Mt. Gox lost 850k BTC, thats 9B USD at the current price. Are these coins traced? Were they quietly sold or are hackers sitting on billions in BTC?
>In Mt. Gox's bankruptcy -- as is generally the case in bankruptcy -- claims against it were reduced to yen amounts shortly after the bankruptcy (in April 2015, when bitcoin was mostly in the $400s), and creditors are entitled to recover up to 100 percent of the yen amount of their claims, but no more. But there is more:
>>The bankruptcy estate for Mt. Gox holds 202,185 bitcoins worth about ¥169 billion or $1.5 billion at current rates. Meanwhile, the trustee has recognized claims by exchange customers of ¥46 billion based on the April 2014 bitcoin price, a procedure that lawyers say has a sound basis in bankruptcy law.
https://www.bloomberg.com/view/articles/2017-11-14/bitcoin-b...
Earlier quoted context omitted.
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.
You can't fake (counterfeit) bitcoin...
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!
Earlier quoted context omitted.
You'd need consensus of the miners to do so.
Nothing to do with miners. It is all about exchanges.
By blocking a specific address, it would effectively freeze all the funds held by it, preventing them from being transferred to anyone, including exchanges.
Earlier quoted context omitted.
> 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.
>Yes it is. Cryptocurrency exchanges have orderbooks like regular exchanges do. Can you show me a current bid on bitcoin? IOW, where someone has obligated themselves to purchase N BTC at a price of $P, if someone is willing to sell that many at that price? Is that information posted publicly as it is with stocks?
The 0x protocol will allow for decentralized exchanges, so hacks like this would be a thing of the past if it gains adoption. https://0xproject.com/
XEM (the coin that was stolen) doesn't have plans to implement 0x, but there are other plans for decentralized exchange.