61–70 of 345 posts
People might complain about banks, but when you have cases of fraud at least you have people try to recover it. Government makes you keep pretty good records. In this case how do you undo the blockchain? In this case what recourse do you have.
blockchain != exchanges holding your private keys
For some reason this sounds like the plot of a movie starring Leonardo DiCaprio. CEO of Crypto Company... 1) Takes time off to build orphanage in region noted for fake deaths. 2) Subsequently dies unexpectedly. 3) Is immediately cremated. 4) Wife waits a month before saying "oh by the way he is dead" 5) Wife claims all keys on encrypted laptop 6) World watches as wallets mysteriously empty 7) Experts crack laptop 8)…
For some reason this sounds like the plot of a movie starring Leonardo DiCaprio. CEO of Crypto Company... 1) Takes time off to build orphanage in region noted for fake deaths. 2) Subsequently dies unexpectedly. 3) Is immediately cremated. 4) Wife waits a month before saying "oh by the way he is dead" 5) Wife claims all keys on encrypted laptop 6) World watches as wallets mysteriously empty 7) Experts crack laptop 8)…
> region noted for fake deaths There is a place that is known for this specifically? Where can I read more about this?
> The investigators said they found other issues too, such as that Quadriga kept "limited books and records" and never reported its financials. New SaaS idea: Skin Lotus 1-2-3 and sell it as a "decentralized on-premise bookkeeping solution for your blockchain"
(Yeah, dual-sig, split keys, etc. Theoretically possible, not done in practice much.)
Earlier quoted context omitted.
DiCaprio? This whole affair has been at best a Weekend at Bernie's-level plot. The accounts were emptied 8 months before the death, and yet QCX pretended they were solvent the whole time so they could keep the party going.
In the sequel his ghost solves blocks when you play a latin rhythm and two young/broke computer enthusiasts who moved to Puerto Rico to make it big are the only ones who can see him because they smoked weed that grew in soil mixed with his ashes.
My take on this is that they probably were insolvent for a long time already due to previous hacks/theft. The CEO just decided to lie about the supposedly 137M in funds 'safely' stored on his laptop. This is also what happened at MtGox, except that at MtGox they 'lost' wel over a million BTC. Edit: relevant listening: https://darknetdiaries.com/episode/9/
The initial report was 850 000 lost BTC which later was brought down to 650 000. Scroll to the end of https://www.mtgox.com/img/pdf/20140320-btc-announce.pdf
One real problem with cryptocurrencies: the information you need to determine that someone has the key to a blockchain address gives you the power to withdraw funds from that address. You can't just demand that a third party auditor have copies of all the keys. (Yeah, dual-sig, split keys, etc. Theoretically possible, not done in practice much.)