141–150 of 167 posts
This story is kinda like: "I got pickpocketed once and lost all my cash. This means that cash is inherently unsafe and should not be used by anyone ever."
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There is no mandate in Bitcoin to 'be your own bank' - its just an option. It is a feature and a very good one for people who are afraid of government intrusion into how they use their money. If you don't care about this "feature" you can turn it off by putting your crypto in Coinbase or other exchanges where it will be insured.
> Satoshi Nakamoto stated in his white paper that: "The root problem with conventional currencies is all the trust that's required to make it work. The central bank must be trusted not to debase the currency, but the history of fiat currencies is full of breaches of that trust." https://en.wikipedia.org/wiki/Bitcoin It's clear that the purpose of Bitcoin is to replace existing banking institutions by providing a trus…
The internet is full of people that have lost their wallets due to hardware failures and no backups, scams, phishing, ...
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They were running an old official version which has a serious issue allowing the full node servers it connects to to pop up a message. e.g. "You need to upgrade - click here" - that led to the malware.
And there is no way to track down the node server that popped up this malicious message? Take it offline?
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Wire transfers are not reversible after about an hour - as I mentioned the other day a good friend lost a house down payment due to fraud. But I generally agree with the advice that the service banks and fiat currency provide is probably worth the cost for almost everyone.
Could you share some general details about the friend that lost their down payment? I’ve heard of this happening to others and have argued that the money is lost and cannot be recovered. People think it’s crazy the money is lost and cannot be recovered. From what I’ve heard it cannot be recovered. Is your friend able to recover the funds? How did it happen? Did the instructions for transfer get altered by someone? Th…
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I completely disagree, only the first $250k is insured. I would never store $16M cash in a bank. You aren't protected against the bank becoming insolvent.
Okay... where would you store 16m?
For that to fail, the whole world economy would need to fail as well, and at that point, no money on any currency is worth anything.
Many 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?
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Could you share some general details about the friend that lost their down payment? I’ve heard of this happening to others and have argued that the money is lost and cannot be recovered. People think it’s crazy the money is lost and cannot be recovered. From what I’ve heard it cannot be recovered. Is your friend able to recover the funds? How did it happen? Did the instructions for transfer get altered by someone? Th…
Typical scam is: hack into a real state agency, observe all emails with customers, send email to customer to deposit some funds on some account on the day of the downpayment, 4-5 hours before the real state agency worker would have done the same. Collect 1 day worth of downpayments, and run.
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You can sign transactions offline and hand deliver the file if you felt so inclined. Signed transactions cant be modified. Someone needs to make sure nodes see it that transaction and add it to the database, eventually. This user experience has not been refined, but is very possible. A system with fewer nodes, like if the internet was attacked and not available, would still work for this currency.
> You can sign transactions offline and hand deliver the file if you felt so inclined. How big is that signature/file? Can it be encoded in a QR code or something simpler to bridge the airgap?
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What about an hardware wallet like Ledger?
I would simply recommend hosting a full node and using the latest release of the official Bitcoin Core wallet. Hardware wallets are relatively new and uncommon, so not much is known about their security risks. That said, there are no glaring, obvious issues and you could use one if you want. Read: https://en.bitcoin.it/wiki/Hardware_wallet#Security_risks As always, do not take advice from strangers on the internet ab…
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[flagged]
Would you please start respecting the site guidelines? We've cut you a ton of slack and given you a ton of warnings. If you keep violating them, such as by posting unsubstantive and/or flamebait comments, we're going to have to ban you. https://news.ycombinator.com/newsguidelines.html I mean, seriously: https://news.ycombinator.com/item?id=24213951 https://news.ycombinator.com/item?id=23717834 https://news.ycombinato…
Keep up the good work dang