I just lost 1,400 BTC • Hacker News Board

Re: I just lost 1,400 BTC

#61

Post by nodesocket » Mon, Aug 31, 2020, 6:40 PM UTC

nemothekid wrote: post #4

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…

How do we confirm this actually happened? Perhaps I am being cynical, but people have been know to embellish and lie on the internet before? Shouldn't we be able to follow these funds on the ledger?

Re: I just lost 1,400 BTC

#62

Post by RcouF1uZ4gsC » Mon, Aug 31, 2020, 6:40 PM UTC

rjkennedy98 wrote: post #51

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.

This feature is the whole point of Bitcoin and blockchain in general. If we just wanted to be able to have balances in banks, the current banking system does it far cheaper with a lot more legal protections.

Re: I just lost 1,400 BTC

#63

Post by eanzenberg » Mon, Aug 31, 2020, 6:40 PM UTC

eanzenberg wrote: post #52

swyx wrote: post #48

Earlier quoted context omitted.

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

Sizable, like 2%?

I looked it up. 6% of Americans don’t have a bank account. Doesn’t say whether they could go ahead and get one, or they choose not to.

Sizable?

Re: I just lost 1,400 BTC

#64

Post by dumbfounder » Mon, Aug 31, 2020, 6:41 PM UTC

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?

More than one place.

Re: I just lost 1,400 BTC

#65

Post by Scoundreller » Mon, Aug 31, 2020, 6:41 PM UTC

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?

Not all in the same wallet/bank/stock/currency/...

That way if something goes awry, I still have the rest.

Re: I just lost 1,400 BTC

#66

Post by Canada » Mon, Aug 31, 2020, 6:41 PM UTC

I can't believe someone would even allow a system with that balance to even connect to the internet. It's like filling a car with gold bars, driving it around town, and hoping nothing bad happens. He could have created another wallet, preferably a multisig, created the transaction with the software wallet offline, copied the signed transaction off and broadcast it from another system.

What he did was reckless. Some people are going cry that Bitcoin is unsafe because of this. It's not. You must handle large amounts of cash or gold or other valuables with care.

Re: I just lost 1,400 BTC

#67

Post by ConsiderCrying » Mon, Aug 31, 2020, 6:42 PM UTC

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's a reason why any site dealing with crypto has a dozen labels begging people to double-check addresses, divulge no information to strangers, don't trust anyone, etc. However, warning labels come on any product and people still manage to misuse them. No matter how many labels you plaster about being more careful with bitcoin, people will keep losing it to things like this.

Re: I just lost 1,400 BTC

#68

Post by spurgu » Mon, Aug 31, 2020, 6:42 PM UTC

CameronBanga wrote: post #57

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.

Nope: https://www.blockchain.com/btc/address/bc1qcygs9dl4pqw6atc4y...

Address mentioned here: https://github.com/spesmilo/electrum/issues/5072#issuecommen...

Re: I just lost 1,400 BTC

#69

Post by sam_lowry_ » Mon, Aug 31, 2020, 6:43 PM UTC

throwaway43234 wrote: post #49

seotut2 wrote: post #42

Earlier quoted context omitted.

> somewhat technically literate But doesn't know what IRC or freenode is, as illustrated by a comment in that thread.

Is that really your bar for being "somewhat technically literate"? Being familiar with decentralized chat protocols and services? What a world...

Once in a while, I refer to Hacker News in a job interview, just to understand the cultural fit of the hire.

Same here.

Re: I just lost 1,400 BTC

#70

Post by echopom » Mon, Aug 31, 2020, 6:44 PM UTC

This is fascinating.

Honestly , while I found BlockChain & Immutable Ledger disruptive technology , I have zero trust in cryptos.

The amount of scam in this industry is just obscene, unlike banking , there is no such thing as insurance for your wallet or legal recourse to get back your assets, your pretty much on your own and I'm fairly convinced he won't get back his 1.5M$ Bitcoin .

I feel bad for him , but there is very little surprise playing with unregulated stuff.