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!
tx fees are around 10$ so it's meh
Tokyo-based cryptocurrency exchange hacked, losing $530M: NHK
81–90 of 312 posts
Re: Tokyo-based cryptocurrency exchange hacked, losing $530M: NHK
#82I 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.
Actually, it's exactly like that.
> And since transaction costs and times make arbitrage impractical, the price is not even the same across exchanges.
Arbitrage across crypto-currencies is happening constantly. As with stocks, bonds, futures, etc. the average person is unable to take advantage. Effective arbitrage requires large sums of money and the ability to execute quickly. Quick execution often means having a preferential agreement with one or more exchanges. This is true in or out of crypto. Price differences reflect friction and risk.
Re: Tokyo-based cryptocurrency exchange hacked, losing $530M: NHK
#83Conclusion: 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.
eh, not all wallet require the whole blockchain. e.g electrum
Re: Tokyo-based cryptocurrency exchange hacked, losing $530M: NHK
#84As 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?
Yes... all of the addresses involved should be known and can be blacklisted by major exchanges. Still - the question is why was it even possible for a "hack" to score so much cryptocurrency? This is a legendary score on par with Mt Gox... they should be holding all currency not required for immediate trading liquidity in cold storage and rebalancing as needed.
Uh. Wasn't the whole goddamn point of blockchains "censorship resistance"? Now people are saying that we can just ban transactions from certain addresses?
Re: Tokyo-based cryptocurrency exchange hacked, losing $530M: NHK
#85Earlier quoted context omitted.
>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?
https://api.gdax.com/products/BTC-USD/candles?granularity=60
Thanks. Is there a page that explains how to read that data?
Re: Tokyo-based cryptocurrency exchange hacked, losing $530M: NHK
#86How often do major banks get hacked and "lose" money?
They don't lose money, your identity just gets stolen.
Re: Tokyo-based cryptocurrency exchange hacked, losing $530M: NHK
#87Earlier 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?
Yes, and yes.
Here is an example with GDAX:
https://www.gdax.com/trade/BTC-USD
Here is an example of an API supporting public access through Gemini:
https://docs.gemini.com/rest-api/
Here is another (clunkier) one from Kraken:
Usually there’s a UI accessible with an account and an API that allows faster, direct access to the feed.
Re: Tokyo-based cryptocurrency exchange hacked, losing $530M: NHK
#88Bitcoin and other cryptocurrencies remain in technological infancy relative to the absurd amount of investor interest they hold. Hacks of this scale will likely continue to occur for the forseeable future, until exchanges develop and deploy techniques to limit potential lossage to hacks (e.g. minimal networked wallets), and will require several more years to provide a secure track record.
In the interim, the convenience of exchange bitcoin storage will continue to come at an increase in risk.
Re: Tokyo-based cryptocurrency exchange hacked, losing $530M: NHK
#89Earlier quoted context omitted.
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?
Bruh if it's accepted then why did people just lose over a half a billion $ storing their cryptocurrency in one.
Why do people drink and drive?
Re: Tokyo-based cryptocurrency exchange hacked, losing $530M: NHK
#90Posting this as a top level comment as well (probably a better idea):
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.