21–30 of 167 posts
With 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).
Reading these threads I always have to wonder. Is the report of being scammed a scammer trying to make extra money on a sale? How would anyone know?
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?
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?
As 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…
With 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).
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?
Cash transactions aren't reversible or easily tracked.
With 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).
As 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…
If you trick me into an ACH transfer of 16 million, there will
a) Trigger some random human based audits at my bank before the money can leave (likely involve some phone calls)
b) Have actual recourse, like court orders to hold the funds at the other bank
c) Take some amount of time to happen, to allow for A & B
It's not perfect, and it has bugs.. but I would never store actual money of value in crypto anything.