MyBitCoin Team Responded to Hacker Attack by Getting Shitfaced
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Re: MyBitCoin Team Responded to Hacker Attack by Getting Shitfaced
#2Another sad bitcoin story. Is it really all that surprising that if 'real' money was available to be stolen from non-bankers (who have a huge network of enforcement types at their disposal) that folks will come in and walk out with the money if they can?
I've not been following bitcoin closely, mostly just seeing the major screwups. But has anyone even started the process of a 'best practices' tutorial on keeping a bitcoin bank secure? (and these are depository banks, call them 'enthusiast websites' all you want but if they 'hold' a quantity of a good for others which has monetary value then they are a depository and should arm themselves appropriately)
Re: MyBitCoin Team Responded to Hacker Attack by Getting Shitfaced
#3Another sad bitcoin story. Is it really all that surprising that if 'real' money was available to be stolen from non-bankers (who have a huge network of enforcement types at their disposal) that folks will come in and walk out with the money if they can? I've not been following bitcoin closely, mostly just seeing the major screwups. But has anyone even started the process of a 'best practices' tutorial on keeping a b…
It's an interesting experiment in re-inventing currency trading. The lesson I'm taking away: if a currency can be stolen, it will. This is in contrast to the ACH transfer system, where fraud or theft can be reversed with some effort.
Perhaps there is no way to build a sufficiently secure untraceable, non-undoable cash system.
Re: MyBitCoin Team Responded to Hacker Attack by Getting Shitfaced
#4Another sad bitcoin story. Is it really all that surprising that if 'real' money was available to be stolen from non-bankers (who have a huge network of enforcement types at their disposal) that folks will come in and walk out with the money if they can? I've not been following bitcoin closely, mostly just seeing the major screwups. But has anyone even started the process of a 'best practices' tutorial on keeping a b…
It's an interesting experiment in re-inventing currency trading. The lesson I'm taking away: if a currency can be stolen, it will. This is in contrast to the ACH transfer system, where fraud or theft can be reversed with some effort. Perhaps there is no way to build a sufficiently secure untraceable, non-undoable cash system.
> . . . in contrast to the ACH transfer system, where fraud or theft can be reversed . . .
I am not sure, but I think Bitcoin transactions can be reversed, too, if enough nodes want to do so.
Re: MyBitCoin Team Responded to Hacker Attack by Getting Shitfaced
#5It's also interesting to see how, despite one of the initial design objectives of bitcoin being a currency beyond the reach of government intervention, users now want the police to investigate bitcoin related mishaps.
As Kim Stanley Robinson might have put it: "That's libertarians for you — anarchists who call the police to get their bitcoins back."
Re: MyBitCoin Team Responded to Hacker Attack by Getting Shitfaced
#6If anyone has been looking to get into bitcoin, the spot price is a lot lower at the moment than it was a few weeks ago when all the media was focussed on it. (I increased my position over last few days at slightly lower prices.)
Re: MyBitCoin Team Responded to Hacker Attack by Getting Shitfaced
#7Another sad bitcoin story. Is it really all that surprising that if 'real' money was available to be stolen from non-bankers (who have a huge network of enforcement types at their disposal) that folks will come in and walk out with the money if they can? I've not been following bitcoin closely, mostly just seeing the major screwups. But has anyone even started the process of a 'best practices' tutorial on keeping a b…
One of the major advantages bitcoin has is that it is decentralized. Placing your money in a bitcoin bank is simply unneeded.
Sure, keeping your BTC in an exchange's account may make it faster to exchange your BTC to USD, and you may see less transaction fees, but at the end of the day it means you have to trust the exchange to do the right thing.
Want to keep your coins safe? Secure your wallet.dat.
Re: MyBitCoin Team Responded to Hacker Attack by Getting Shitfaced
#8Another sad bitcoin story. Is it really all that surprising that if 'real' money was available to be stolen from non-bankers (who have a huge network of enforcement types at their disposal) that folks will come in and walk out with the money if they can? I've not been following bitcoin closely, mostly just seeing the major screwups. But has anyone even started the process of a 'best practices' tutorial on keeping a b…
It's an interesting experiment in re-inventing currency trading. The lesson I'm taking away: if a currency can be stolen, it will. This is in contrast to the ACH transfer system, where fraud or theft can be reversed with some effort. Perhaps there is no way to build a sufficiently secure untraceable, non-undoable cash system.
Most of the compromises of Bitcoin-related systems have been made with fairly unsophisticated attacks. It's not that there's no way to build a reliable system -- it's just that people are trusting their bitcoins to services that are not tested very thoroughly. This is expected to some extent, but as the value and popularity of btc shot up, the service providers didn't flesh out the important security bits that had been omitted previously. Interested parties proceed to execute script-kiddie level attacks and make off with a nice bounty of btc.
The moral of the story is that you need to be careful about where you place your valuables. Don't trust a service that hasn't been thoroughly tested and audited if you are going to store a large amount of money there.
Re: MyBitCoin Team Responded to Hacker Attack by Getting Shitfaced
#9Another sad bitcoin story. Is it really all that surprising that if 'real' money was available to be stolen from non-bankers (who have a huge network of enforcement types at their disposal) that folks will come in and walk out with the money if they can? I've not been following bitcoin closely, mostly just seeing the major screwups. But has anyone even started the process of a 'best practices' tutorial on keeping a b…
One of the major advantages bitcoin has is that it is decentralized. Placing your money in a bitcoin bank is simply unneeded. Sure, keeping your BTC in an exchange's account may make it faster to exchange your BTC to USD, and you may see less transaction fees, but at the end of the day it means you have to trust the exchange to do the right thing. Want to keep your coins safe? Secure your wallet.dat.
Pretty sure that if you want to trade BTC on an exchange, there's no other way but to deposit your currency in their wallet. Otherwise, how can the exchange ensure your counterparty that they'll get your money if your bids are matched? Same with real money exchanges, you have to deposit your money into their account before you can trade.
Re: MyBitCoin Team Responded to Hacker Attack by Getting Shitfaced
#10If anyone has been looking to get into bitcoin, the spot price is a lot lower at the moment than it was a few weeks ago when all the media was focussed on it. (I increased my position over last few days at slightly lower prices.)
Wow, you ain't kidding.
http://bitcoincharts.com/charts/
There was a three-day spike above thirty dollars in early June and it's been sliding slowly ever since (with a recent small panic in line with the stockmarket). Currently slightly under ten bucks.