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So, my Coinbase account was hacked, bitcoin stolen, now what?

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Re: So, my Coinbase account was hacked, bitcoin stolen, now what?

#31

Post by kordless »

Tehnix wrote: post #21
kordless wrote: post #10

Earlier quoted context omitted.

Why are you comparing Coinbase features with Bitcoin features?

Why wouldn't he? I don't know of any online anything that refunds you from their own pocket, so, that he can't get the transaction back (like some bank account transactions can be, or, they can be traced to a person) is a feature inherent to Bitcoin and not so much Coinbase. EDIT: spelling correction.

> Why wouldn't he?

Because it's colluding topics. "break into your account" refers to a Coinbase account. "lack of regulation" refers to the Bitcoin methods. Using both of those in a sentence or quoting that sentence in another comment creates implied blame.

The original comment could be assumed to say two different things: 1. If Coinbase security was compromised, then Coinbase is accountable for the transfer of Bitcoin from op's account. 2. If the op 'allowed' access to his account through malware or unsecure API keys, then the op is accountable.

I believe the second assumption is what chasing was referring to. I should have been clearer in my questioning.

Edit: Actually, I shouldn't have even asked the question. I should have said what I said above instead of asking a leading question. My fault.

Re: So, my Coinbase account was hacked, bitcoin stolen, now what?

#34

Post by alexhawdon »

elwell wrote: post #27
RyanZAG wrote: post #23

Hilarious. The reason for bitcoin is lack of regulation. You know that right? You're using bitcoins and not dollars because it's not regulated and subject to the same oversights and related fees. So basically you want the government to have no ability to lock down funds or regulate transfers, yet you also want the ability for the government to step in and stop people who have stolen your bitcoins. Can people really b…

What do you mean "random websites"? It's Coinbase, the most reputable bitcoin wallet that exists. (Though they have had a few troubles as of late.)

When comparing to established financial institutions and systems, I think it's fair to refer to even the most reputable BitCoin service provider as a 'random website'. That's the point that's being made.

Re: So, my Coinbase account was hacked, bitcoin stolen, now what?

#35

Post by yid »

elwell wrote: post #27
RyanZAG wrote: post #23

Hilarious. The reason for bitcoin is lack of regulation. You know that right? You're using bitcoins and not dollars because it's not regulated and subject to the same oversights and related fees. So basically you want the government to have no ability to lock down funds or regulate transfers, yet you also want the ability for the government to step in and stop people who have stolen your bitcoins. Can people really b…

What do you mean "random websites"? It's Coinbase, the most reputable bitcoin wallet that exists. (Though they have had a few troubles as of late.)

Until you can verify Coinbase's internal security and practices, trust every employee with access to your account info, and verify their honest intentions, it's still pretty much a "random website". Until then, you're effectively driving your Ferrari across the border into Tijuana and tossing the keys to a random barkeep.

Re: So, my Coinbase account was hacked, bitcoin stolen, now what?

#36

Post by Aqueous »

v64 wrote: post #9

This is a reason why I never leave my BTC in Coinbase. As soon as my purchase goes through, I transfer the BTC to a paper wallet[1] or digital wallet that I control. [1] https://en.bitcoin.it/wiki/Paper_wallet

Well, in my view CoinBase with two factor auth is as or more secure than leaving it on my physical computer. If this person had enabled two factor auth this wouldn't have happened.

I was under the impression that 2 factor auth on CoinBase wasn't optional, but I guess not.

CoinBase should also be failbanning any computer trying to brute force the same account with more than one password.

Re: So, my Coinbase account was hacked, bitcoin stolen, now what?

#38

Post by aroch »

Tehnix wrote: post #28
RyanZAG wrote: post #23

Hilarious. The reason for bitcoin is lack of regulation. You know that right? You're using bitcoins and not dollars because it's not regulated and subject to the same oversights and related fees. So basically you want the government to have no ability to lock down funds or regulate transfers, yet you also want the ability for the government to step in and stop people who have stolen your bitcoins. Can people really b…

I think he's more interested if the police can do something, since the trail can be somewhat followed, and, you can often see an ip of the transaction requester. They more than likely can't do anything in these cases though, since that's something one can easily tamper with and it's quite unreliable (the IP thing). Also, if there is anything Coinbase does, or, if one there is any laws regarding such things that might…

And here's what would happen:

1. As far as the police are concerned, someone stealing your bitcoin is like someone on an internet forum stealing your avatar / profile picture.

2. Bitcoin have no intrinsic value -- Welcome to the land of non-fiat "currency".

3. Someone taking your BTC simply doesn't register as a crime for them.

Re: So, my Coinbase account was hacked, bitcoin stolen, now what?

#39

Post by sneak »

There are many ways of tracing transactions. There are no ways of canceling or reversing them.

You trusted your valuables to a third party and were careless with your own access credentials to communicate with that third party. Your fault, your consequences.

Re: So, my Coinbase account was hacked, bitcoin stolen, now what?

#40

Post by [deleted] »

elwell wrote: post #27
RyanZAG wrote: post #23

Hilarious. The reason for bitcoin is lack of regulation. You know that right? You're using bitcoins and not dollars because it's not regulated and subject to the same oversights and related fees. So basically you want the government to have no ability to lock down funds or regulate transfers, yet you also want the ability for the government to step in and stop people who have stolen your bitcoins. Can people really b…

What do you mean "random websites"? It's Coinbase, the most reputable bitcoin wallet that exists. (Though they have had a few troubles as of late.)

[deleted]
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