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I just lost 1,400 BTC

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Re: I just lost 1,400 BTC

#41

Post by arcticbull »

nemothekid wrote: post #4

As far as I can understand 1. The user had 1,400 BTC in an old wallet using this software 2. An old version of the software was vulnerable to phishing 3. The user attempted to use the software, and was phished 4. Massive payday for the scammers Really unfortunate - and goes to show with software you manage yourself you need to be diligent about making sure it's updated. For all the shit coinbase gets, it's difficult…

Ah I remember when my bank app had a bug and someone stole $15 million dollars from me then when I asked for help they said not your keys not your dollars. Such is life!

Re: I just lost 1,400 BTC

#42

Post by seotut2 »

gota wrote: post #5

I've said this time and time again: 'be your own bank' is a terrible design error, not a feature, for 99.99% of users. This guy is most likely somewhat technically literate, and this happened to him.

> somewhat technically literate

But doesn't know what IRC or freenode is, as illustrated by a comment in that thread.

Re: I just lost 1,400 BTC

#43

Post by brutuscat »

bpodgursky wrote: post #9
pkrefta wrote: post #3

With big money comes big responsibility. Storing $16M should be taken very seriously and probably most people have no clue about that.

I think the point is that you can store $16M in a bank and take need to take no precautions against casual theft (and often can recover the money via person-to-person interactions, if theft does occur).

Until you can't https://en.wikipedia.org/wiki/Corralito

Re: I just lost 1,400 BTC

#44

Post by [deleted] »

Xcelerate wrote: post #11

If I had that much in an old wallet, no way would I touch that myself or allow it anywhere near the internet. I would hire a team of experts and get the transaction over to my bank insured.

[deleted]

Re: I just lost 1,400 BTC

#45

Post by paulcole »

bpodgursky wrote: post #9
pkrefta wrote: post #3

With big money comes big responsibility. Storing $16M should be taken very seriously and probably most people have no clue about that.

I think the point is that you can store $16M in a bank and take need to take no precautions against casual theft (and often can recover the money via person-to-person interactions, if theft does occur).

Yeah that's because it's a bank not a pseudo-facsimile of a bank.

Re: I just lost 1,400 BTC

#46

Post by praxulus »

chipgap98 wrote: post #26
bpodgursky wrote: post #9

Earlier quoted context omitted.

I think the point is that you can store $16M in a bank and take need to take no precautions against casual theft (and often can recover the money via person-to-person interactions, if theft does occur).

To store $16M you definitely need to take precautions. Someone could steal your identity or compromise your account. It seems like different vulnerabilities rather than one that only exists for crypto.

While not guaranteed, it's pretty likely that you'll be able to get your $16M back if you lose it to identity theft or a compromised online account. You may have to escalate from customer service to legal action, but there are usually ways to reverse fraudulent transactions in the traditional banking system.

On the other hand there's basically no way for this user to get their bitcoin back.

Re: I just lost 1,400 BTC

#47

Post by lgregg »

brianwawok wrote: post #29
nemothekid wrote: post #4

As far as I can understand 1. The user had 1,400 BTC in an old wallet using this software 2. An old version of the software was vulnerable to phishing 3. The user attempted to use the software, and was phished 4. Massive payday for the scammers Really unfortunate - and goes to show with software you manage yourself you need to be diligent about making sure it's updated. For all the shit coinbase gets, it's difficult…

Also, I think it's just the reason that crypto-currency will fail. If you trick me into an ACH transfer of 16 million, there will a) Trigger some random human based audits at my bank before the money can leave (likely involve some phone calls) b) Have actual recourse, like court orders to hold the funds at the other bank c) Take some amount of time to happen, to allow for A & B It's not perfect, and it has bugs.. but…

This is exactly the reason why I don’t use crypto currencies.

Re: I just lost 1,400 BTC

#48

Post by swyx »

brianwawok wrote: post #29
nemothekid wrote: post #4

As far as I can understand 1. The user had 1,400 BTC in an old wallet using this software 2. An old version of the software was vulnerable to phishing 3. The user attempted to use the software, and was phished 4. Massive payday for the scammers Really unfortunate - and goes to show with software you manage yourself you need to be diligent about making sure it's updated. For all the shit coinbase gets, it's difficult…

Also, I think it's just the reason that crypto-currency will fail. If you trick me into an ACH transfer of 16 million, there will a) Trigger some random human based audits at my bank before the money can leave (likely involve some phone calls) b) Have actual recourse, like court orders to hold the funds at the other bank c) Take some amount of time to happen, to allow for A & B It's not perfect, and it has bugs.. but…

unless a bank wouldnt serve you, like for sizable parts of the economy.

Re: I just lost 1,400 BTC

#49

Post by throwaway43234 »

seotut2 wrote: post #42
gota wrote: post #5

I've said this time and time again: 'be your own bank' is a terrible design error, not a feature, for 99.99% of users. This guy is most likely somewhat technically literate, and this happened to him.

> somewhat technically literate But doesn't know what IRC or freenode is, as illustrated by a comment in that thread.

Is that really your bar for being "somewhat technically literate"? Being familiar with decentralized chat protocols and services? What a world...

Re: I just lost 1,400 BTC

#50

Post by [deleted] »

swyx wrote: post #48
brianwawok wrote: post #29

Earlier quoted context omitted.

Also, I think it's just the reason that crypto-currency will fail. If you trick me into an ACH transfer of 16 million, there will a) Trigger some random human based audits at my bank before the money can leave (likely involve some phone calls) b) Have actual recourse, like court orders to hold the funds at the other bank c) Take some amount of time to happen, to allow for A & B It's not perfect, and it has bugs.. but…

unless a bank wouldnt serve you, like for sizable parts of the economy.

[deleted]
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