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Posting 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.
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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.
Honest question. How is this possible? Isn't it as simple as copy and pasting the public address?
https://www.investopedia.com/news/new-bitcoin-malware-change...
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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.
Honest question. How is this possible? Isn't it as simple as copy and pasting the public address?
Earlier quoted context omitted.
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 Totally false. There are plenty of wallets that allow you to connect to a decentralized network of servers hosting the blockchain. Electrum, Multibit to name a few.
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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.
The insurance coverage is limited and doesn't cover theft of individual accounts.
Posting 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.
any calls for a hardfork yet?
[1] https://twitter.com/2017Lon/status/956880456154099712?s=17
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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…
paper wallet generation software can also have bugs or be intentionally rigged and people have definitely reported both quite a bit. 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 catast…
Earlier quoted context omitted.
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.
Honest question. How is this possible? Isn't it as simple as copy and pasting the public address?
Posting 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.
any calls for a hardfork yet?
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...