Computer compromise leads to theft of bitcoins valued at $500,000 USD
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Re: Computer compromise leads to theft of bitcoins valued at $500,000 USD
#2The worst part of this is how irreversible it is. With a bank you might be able to get it back, with cash nobody can just siphon the actual paper money remotely, but with bitcoin you're out of luck.
Re: Computer compromise leads to theft of bitcoins valued at $500,000 USD
#3The worst part of this is how irreversible it is. With a bank you might be able to get it back, with cash nobody can just siphon the actual paper money remotely, but with bitcoin you're out of luck.
Traceability in the real world banking institutions has its advantages. As a business owner I've once had a mistaken transactions that resulted in erroneous withdrawal of +10,000 from business bank account. A phone call to the bank and a bit of investigation fixed things and I don't think the bank was out any money either, it was just a wrong account number issue.
With bitcoin, things are not at all reversible.
Also I expect bitcoin to be shutdown because it could be a great way to fund terrorist activities. (There are major federal investments in anti-money laundering systems that monitor bank transactions, bitcoin transactions operate outside of this system and thus will be suspect.)
Re: Computer compromise leads to theft of bitcoins valued at $500,000 USD
#4The worst part of this is how irreversible it is. With a bank you might be able to get it back, with cash nobody can just siphon the actual paper money remotely, but with bitcoin you're out of luck.
> With a bank you might be able to get it back
Only if it hasn't been transferred elsewhere and laundered and whatnot. Then all the bank is doing is penalizing its other customers to make you whole.
Re: Computer compromise leads to theft of bitcoins valued at $500,000 USD
#5The worst part of this is how irreversible it is. With a bank you might be able to get it back, with cash nobody can just siphon the actual paper money remotely, but with bitcoin you're out of luck.
Traceability in the real world banking institutions has its advantages. As a business owner I've once had a mistaken transactions that resulted in erroneous withdrawal of +10,000 from business bank account. A phone call to the bank and a bit of investigation fixed things and I don't think the bank was out any money either, it was just a wrong account number issue. With bitcoin, things are not at all reversible. Also…
Even if it's not, that's the easy claim to make these days that will get them shut down.
Kind of like "it's for the children". That phrase alone can be used to justify so many actions.
Re: Computer compromise leads to theft of bitcoins valued at $500,000 USD
#6The worst part of this is how irreversible it is. With a bank you might be able to get it back, with cash nobody can just siphon the actual paper money remotely, but with bitcoin you're out of luck.
Traceability in the real world banking institutions has its advantages. As a business owner I've once had a mistaken transactions that resulted in erroneous withdrawal of +10,000 from business bank account. A phone call to the bank and a bit of investigation fixed things and I don't think the bank was out any money either, it was just a wrong account number issue. With bitcoin, things are not at all reversible. Also…
With bitcoin, things are not at all reversible.
True of plenty of payment methods, e.g. CHAPS in the UK:
Unlike other forms of payment such as cheques, CHAPS payments are irrevocable
Re: Computer compromise leads to theft of bitcoins valued at $500,000 USD
#7[deleted]
Re: Computer compromise leads to theft of bitcoins valued at $500,000 USD
#8The worst part of this is how irreversible it is. With a bank you might be able to get it back, with cash nobody can just siphon the actual paper money remotely, but with bitcoin you're out of luck.
Nobody would keep $500,000 in cash sitting around their house, but that's essentially what this guy did.
Re: Computer compromise leads to theft of bitcoins valued at $500,000 USD
#9Valued by who? Hasn't this been fluctuating like crazy lately?
Re: Computer compromise leads to theft of bitcoins valued at $500,000 USD
#10The worst part of this is how irreversible it is. With a bank you might be able to get it back, with cash nobody can just siphon the actual paper money remotely, but with bitcoin you're out of luck.
With a bank you might be able to get it back
I'm not sure that's true. As I mentioned in another comment, the CHAPS payment system doesn't allow transactions to be reversed, and the other major system in the UK, Faster Payments, I believe has a 24 window for banks to request a reversal, usually in case they transmit something by mistake.
Honestly, I think we place too much faith in banks sometimes.