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I just lost 1,400 BTC

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Re: I just lost 1,400 BTC

#51

Post by rjkennedy98 »

gota wrote: post #5

I've said this time and time again: 'be your own bank' is a terrible design error, not a feature, for 99.99% of users. This guy is most likely somewhat technically literate, and this happened to him.

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.

Re: I just lost 1,400 BTC

#52

Post by eanzenberg »

swyx wrote: post #48
brianwawok wrote: post #29

Earlier quoted context omitted.

Also, I think it's just the reason that crypto-currency will fail. 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…

unless a bank wouldnt serve you, like for sizable parts of the economy.

Sizable, like 2%?

Re: I just lost 1,400 BTC

#54

Post by majkinetor »

smabie wrote: post #39
thebean11 wrote: post #21

Earlier quoted context omitted.

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?

Whats wrong with random hole on random private place you own ?

Re: I just lost 1,400 BTC

#55

Post by rtx »

gchamonlive wrote: post #17
rtx wrote: post #8

This 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.

Don't disagree, always happy to see the alternative. Another one that we had earlier in India was Rta (natural order) > Rna (debt on non conformist) > Karma > Gods.

But as we understood the world better, this one went out of fashion

Re: I just lost 1,400 BTC

#56

Post by throwaway43234 »

swyx wrote: post #48
brianwawok wrote: post #29

Earlier quoted context omitted.

Also, I think it's just the reason that crypto-currency will fail. 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…

unless a bank wouldnt serve you, like for sizable parts of the economy.

Good reason to pull all crypto into fiat ASAP, store it in a real bank (or really, diversify it - user said that was the "vast vast majority" of their savings, that should never be all in one asset), and report it as other income on your taxes.

Re: I just lost 1,400 BTC

#57

Post by CameronBanga »

Given that the first post in tracker mentions "0,09", I think the comment here may actually be using a Euro standard decimal notation.

So the author may have lost 1.4 BTC, or ~16k. Still a loss, but not 16m.

Re: I just lost 1,400 BTC

#58

Post by ericd »

smabie wrote: post #39
thebean11 wrote: post #21

Earlier quoted context omitted.

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?

Probably in US Treasury Bills?

Re: I just lost 1,400 BTC

#59

Post by tootie »

smabie wrote: post #39
thebean11 wrote: post #21

Earlier quoted context omitted.

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?

In an investment account with a reputable brokerage.

Re: I just lost 1,400 BTC

#60

Post by rtx »

knorker wrote: post #36
rtx wrote: post #8

This is why we need, order > Community > Society > Government > Banks We are at the community stage with crypto.

The whole point of cryptocurrency on is that they don't believe in ANY of those institutions.

Maybe in the beginning, it looks like gold rush now.
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