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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/
There are some other decentralized exchanges in development however.
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!
You also have to take into account the probability of your exchange of choice being hacked vs. the probability that you'll get your own wallet compromised/destroyed/lost etc... Given that cryptocurrencies have become pretty mainstream and given the average level of technical literacy among the general public I can understand why some might prefer to keep their coins in somebody else's hands.
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> 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?
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>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…
The coins didn't disappear, they just changed hands.
To the crime victim, they just disappeared. Owning bitcoin is a very risky proposition for those who aren't extremely savvy in protecting themselves from thieves.
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!
I think the biggest problem is having a single point of failure. I personally keep about half my coins on exchanges, but no exchange holds more than 10%. Storing your coins might be the best solution in theory, but in practice unless you're very savvy about the whole stack - hardware, OS, software and blockchain tech, it's hard to be sure you're not making a dumb mistake and exposing your whole stack. Even hardware w…
You're right on with your approach -- I think the answer is multiple wallets -- even multiple brands of hardware wallets, multiple exchanges, multiple computers, multiple different types of paper wallets stored in different places, even multiple cryptocurrencies in case one has a catastrophic issue.
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> 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/
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...
Eventually they will get wiped out, become completely largely non-liquid and end up in jail which would cause a cool off. But not yet. We have not yet reached critical mass.
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The coins stolen are XEM ( https://nem.io/ ) not Bitcoin. They're currently tracking the stolen coins to ensure they are not sold. Preliminary evidence suggests that it was a private key stolen and not a network problem. Disclaimer: Am somewhat associated with the team, and I hold a small amount of XEM. Feel free to ask questions.
Interesting. So is the implication here that it was probably an "inside job"? Were the private keys held in cold storage?
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!
I would have had Bitcoin at a much more opportune time if I could have gotten Armory to work. The idea that one must download the entire blockchain makes maintaining a wallet very difficult for some, esp. if the wallet software doesn't accept the data at the end of the dozens+GB download.
The idea that one must download the entire blockchain makes maintaining a wallet very difficult
Electrum, Multibit to name a few.