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Not having very much knowledge about the financial industry - is this also an issue with marketplaces that deal with fiat monies? i.e. Dwolla, Balanced, Stripe, Venmo, all serve as intermediaries for moving money - do these companies have bank accounts that hold onto massive sums of money? What protections would go into keep those accounts secure?
Earlier quoted context omitted.
That is roughly what I thought when I saw this. These people are dealing with criminal enterprises. What do they expect?
SR1 was a criminal enterprise as well, and there's no indication DPR was stealing from his users. Trust is at least as valuable in the criminal world as it is in legitimate enterprise, if not more so. A criminal who runs a trustworthy criminal enterprise is likelier to do well in the long run than one who rips off his customers.
A criminal who runs a trustworthy criminal enterprise is likelier to do well
in the long run than one who rips off his customers.
Owner decided to cash in and retire to no extradition treaty island?
How do we know the founder didn't steal everyone's coins and is using hacking as a scapegoat?
Owner decided to cash in and retire to no extradition treaty island?
Why "no extradition"? Would he risk anything penal? If bitcoins are not money he may risk just a fine.
How much was stolen? How many bitcoins are we talking about. It isn't very clear.
Reports like these make me wonder what Hacker News would have looked like during the gold rush in the 1800s.
Owner decided to cash in and retire to no extradition treaty island?
Why "no extradition"? Would he risk anything penal? If bitcoins are not money he may risk just a fine.
I imagine there is something considered criminal in there.
Given illegal nature of Silk Road 2, I can't help but be suspicious of this explanation of the hack. If someone's sufficiently willing to flaunt laws as to operate a site devoted to selling contraband, what stops them from taking advantage of their position of power and stealing from their users?
There is a huge moral difference between the sort of victimless-crime-contraband that is on SR (especially since SR1 at least, not sure about SR2, actively filtered out child porn, weapons, assassinations and all of the other truly scary things that you can potentially sell on an anonymous market), and stealing millions of dollars from people at least a few of whom are dependent on substances and desperately need the…
The same same goes for stealing from your customers: of course you won't get caught, what are your victims going to do? File a police report that the money they gave to a contraband site to presumably purchase contraband was stolen? The same conviction that makes it possible for them to operate Silk Road 2 makes it possible for them to steal from their customers.