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.
I just lost 1,400 BTC
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Re: I just lost 1,400 BTC
#12Stuff like this is why you shouldn't use a lightweight wallet and should use the official wallet, or at least host a full node.
Read more here:
Full nodes: https://en.bitcoin.it/wiki/Full_node
Lightweight nodes: https://en.bitcoin.it/wiki/Lightweight_node
Re: I just lost 1,400 BTC
#13Many folks shit on the modern financial system, with its centralization and Government-coupling, but things like this are actually trackable and reversible in that ecosystem. The safeguards have evolved over centuries. I am curious when crypto will get there. Maybe 10 years or so?
the only way to get there is by reinventing the dreaded middlemen of governance, regulation and insurance that they attempted to replace, with the added feature of having produced a currency that burns the energy equivalent of a middle sized nation
Re: I just lost 1,400 BTC
#14Many folks shit on the modern financial system, with its centralization and Government-coupling, but things like this are actually trackable and reversible in that ecosystem. The safeguards have evolved over centuries. I am curious when crypto will get there. Maybe 10 years or so?
98% of HN except for a vocal, small minority ever says anything positive about crypto or blockchain. The vast majority appreciate the benefits of the state apparatus being the conduit for financial services. So you posting this is not a surprising nor unique idea, you are representing 98% of HN commenters.
Re: I just lost 1,400 BTC
#15Many folks shit on the modern financial system, with its centralization and Government-coupling, but things like this are actually trackable and reversible in that ecosystem. The safeguards have evolved over centuries. I am curious when crypto will get there. Maybe 10 years or so?
probably never, honestly. Many people still feel that the guard rails are bugs, not features and imagine that things like this will never happen.
Re: I just lost 1,400 BTC
#16As 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…
> For all the shit coinbase gets, it's difficult to lose your coins in this manner.
Aside from U2F, Coinbase offers TOTP and SMS-based 2FA, both of which are vulnerable to phishing. So no, Coinbase is not immune to losing coins in this manner. If Coinbase wanted to prevent being vulnerable to phishing they would i) only allow U2F 2FA, and ii) make U2F mandatory for all accounts.
Re: I just lost 1,400 BTC
#17This is why we need, order > Community > Society > Government > Banks We are at the community stage with crypto.
This structure is just one form of security implementation and not flawless at that, and I would dare say biased towards the richer parties.
Scams, in and outside of banks happen really frequently, so turning to traditional structures of control just because new ones failed at some point is defeatist. We can have nice things, but they need time to evolve properly.
Re: I just lost 1,400 BTC
#18Many folks shit on the modern financial system, with its centralization and Government-coupling, but things like this are actually trackable and reversible in that ecosystem. The safeguards have evolved over centuries. I am curious when crypto will get there. Maybe 10 years or so?
Honestly would like to know how you see it would "get there". In my mind, the 'fiat' part of 'fiat currency' and government-coupling are what gives the financial system the safeguards, so...?
I mean, it is always the state, if you follow the string to the end, that oversees and enforce compensation, rollback and error correction.
What kind of fully-distributed non-autoritative algorithm can do that?
Re: I just lost 1,400 BTC
#19With 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).
is it fair to say he could put that $16M in a digital equivalent of his mattress? Had he placed in a reputable exchange, or spread the coins across multiple exchanges, he would have been safer?
Re: I just lost 1,400 BTC
#20Many folks shit on the modern financial system, with its centralization and Government-coupling, but things like this are actually trackable and reversible in that ecosystem. The safeguards have evolved over centuries. I am curious when crypto will get there. Maybe 10 years or so?
It is impossible by design. Adding that 'feature' takes away the core principle of decentralized currency. Allowing government to reverse transactions will also allow them to seize assets. Then it is just a regular currency (for better and worse).