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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

#191

Post by Pharaoh2 »

viach wrote: post #180
CryptoPunk wrote: post #173

Earlier quoted context omitted.

NEM (the cryptocurrency that was stolen) isn't decentralized.

Why not using a web site built on postgres or mysql database to track balances then, instead of using blockchain and call the thing "cryptocurrency"?

Because this way you have a public ledger that can't be mutated without notifying the public. Not everything that blockchain gives is for the trust distributed use case. For that fact, proof of work is the only thing that is purely there because bitcoin's blockchain needs a distributed trust system.

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

#192

Post by chvid »

viach wrote: post #180
CryptoPunk wrote: post #173

Earlier quoted context omitted.

NEM (the cryptocurrency that was stolen) isn't decentralized.

Why not using a web site built on postgres or mysql database to track balances then, instead of using blockchain and call the thing "cryptocurrency"?

Because then it would be evident to anyone that you were running a pyramid scheme and law enforcement could shut you down by just closing down a single server?

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

#193

Post by corv »

chvid wrote: post #192
viach wrote: post #180

Earlier quoted context omitted.

Why not using a web site built on postgres or mysql database to track balances then, instead of using blockchain and call the thing "cryptocurrency"?

Because then it would be evident to anyone that you were running a pyramid scheme and law enforcement could shut you down by just closing down a single server?

What pyramid scheme?

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

#194

Post by vec »

xaqfox wrote: post #183
viach wrote: post #180

Earlier quoted context omitted.

Why not using a web site built on postgres or mysql database to track balances then, instead of using blockchain and call the thing "cryptocurrency"?

One could argue that it offers more transparency.

Okay, then why not using a web site built on a SQL database with a read-only public login?

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

#195

Post by mtgx »

CryptoPunk wrote: post #173
hartator wrote: post #169

They are tainting the stolen coins to avoid them to be sold. What’s the point of having a decentralized currency if a centralized entity make the decisions anyway at the end of day?

NEM (the cryptocurrency that was stolen) isn't decentralized.

And neither is Ripple, both of which seem to be the most affected.

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

#196

Post by icebraining »

messick wrote: post #164
ssijak wrote: post #51

Earlier quoted context omitted.

I just finished watching all The Wire seasons for the first time and freaked a little when I saw your comment. I often see something on Hacker News that I just recently had contact with and is not that popular.

I'd be surprised if you could find a "Best TV Show of all Time" list that doesn't include The Wire in the top 5. Most them of them have it #1 or #2 depending on how the ranker feels about The Sopranos.

Curiously, not very well known in Europe, in my experience, whereas everyone has heard of the Sopranos.

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

#197

Post by fooker »

cal5k wrote: post #136
emiliobumachar wrote: post #105

Earlier quoted context omitted.

That's basically forming a government. Who decides what goes in the list? Who ensures they'll keep honest? Who watches the watchers? What recourse does a user have against arbitrary measures?

A government? It's a list. Until it collects taxes, has a monopoly on violence and provides basic services, a list is just... a list.

I just had a LISPy epiphany here! All that you mention are ultimately lists.

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

#198

Post by mtgx »

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...

Because Coincheck isn't even a top 10 exchange and $500 million isn't that much money in today's cryptomarket anymore. Plus, I think there's some "fatigue" with negative crypto news from the past few weeks, and most people expect cryptocurrencies to start a bull-run soon. So they just shrug this off.

If this would have happened after a month of two of a bull run, then yeah, I could see some panic selling and a significant price correction then.

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

#200

Post by peoplewindow »

empath75 wrote: post #4
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...

Because the price is driven by bitfinex printing tethers and pretty much nothing else.

Yep. Whenever the price falls more Tethers appear and the price goes back up again.

The Bitcoin price hasn't reflected fundamentals for years. The fact that the Bitcoin Conference stopped accepting bitcoins because the system is so broken, yet it had no impact on price, should be a hint.

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