Bitfinex hacked, many coins stolen

Bitfinex hacked, many coins stolen.

Other urls found in this thread:

en.bitcoin.it/wiki/Weaknesses
bitcoin.org/en/glossary/51-percent-attack
usenix.org/conference/usenixsecurity15/technical-sessions/presentation/heilman
bitcoinmagazine.com/articles/selfish-mining-a-25-attack-against-the-bitcoin-network-1383578440
newsbtc.com/2016/06/04/ddos-attacks-target-bitgo-bitcoin-wallet-services/
cointelegraph.com/news/brussells-attacks-put-bitcoin-under-scanner-but-fiat-cash-rules-the-terror
twitter.com/NSFWRedditVideo

time to setup a USB cold storage so i can lose it in a few months time

funny how btc falls whenever an exchange gets "hacked"

Well.... Looks like im fucked.

So much for most secure currency ever. Meanwhile real money can be recovered when stolen and its thieves found and jailed.

>2016
>not owning the private keys to your btc

cucks deserved it, desu

have we learned nothing from mtgox?

>hurr durr

Bitcoin has never been hacked.

It's dumbfucks who don't understand the technology entrusting single companies with their entire holdings instead of setting up their own fucking wallet.

Unless you (and you alone) own the private keys YOU DO NOT OWN BTC.

This lesson should've been learned in 2013, it will continue to happen until people wise up.

But with wallets you don't get the advantages of 3x leverage. And shorting.

>day trading btc

>Bitcoin has never been hacked.
it can be tho, clear as a day.
bitcoin has serious vulnerabilities relies on centralized services to do anything useful and it falls very far from the original vision of distributed operation.

You're wrong.

The only way Bitcoin can be "hacked" is if ECC + SHA are both broken simultaneously.

The centralization of mining is concerning but not a security risk to funds. Even 51% attacks cannot touch coins. The best they can hope for is to double-spend a few tx's and the economic incentives make this a completely retarded decision. Not to mention trading would halt the minute concerns of a 51% attack became serious.

Define: anything useful

You can send/receive btc just fine without any "central servers", which was the entire point of Bitcoin

Shit makes me nervous, I'm literally awaiting the day Poloniex goes down with the same issue.

Welp, time to buy at a discount.

>The only way Bitcoin can be "hacked" is if ECC + SHA are both broken simultaneously.
not really there are several theoretical attacks on it, stealing your coins is just one.

>You can send/receive btc just fine without any "central servers", which was the entire point of Bitcoin
that is basically utterly useless on it's own.
sending numbers around the internet is worthless in itself.

Care to outline one of these "clear as a day" attacks? Bitcoin is worth $10,000,000,000 USD. If it's so easily "hacked" why's it remained unpenetrated the past 7 years?
BTC is valuable. The ability to transact value around the world without restriction is revolutionary. I guess we can go back to the barter system if you want.

Until someone steals your money and you have no one to go crying to tell to try and get it back.

Also,
>revolutionary
Is that why all you kids are buying this shit? We used baseball cards back in my day for the same thing. If you paid $20 for a specific rookie card then that was the market value of the card. You could, at any time, trade that card to a buyer for $20. Although the market price often fluctuated. See how you can make markets around anything that you pretend has value? Pretty neat huh.

Yea I read hackernews too :^)

What kind of cuck still keeps his coins in any exchange

Literally all of these exchanges are ponzis and they are all guaranteed to eventually get "hacked"

Shhh. Don't ruin it

btc has no value if it can't be exchanged to anything. and it can't be on it's own. so far it relies on centralized services for it to have any worth at all.

en.bitcoin.it/wiki/Weaknesses
bitcoin.org/en/glossary/51-percent-attack
usenix.org/conference/usenixsecurity15/technical-sessions/presentation/heilman
bitcoinmagazine.com/articles/selfish-mining-a-25-attack-against-the-bitcoin-network-1383578440
newsbtc.com/2016/06/04/ddos-attacks-target-bitgo-bitcoin-wallet-services/
cointelegraph.com/news/brussells-attacks-put-bitcoin-under-scanner-but-fiat-cash-rules-the-terror

Would love to hear how that's supposed to happen unless, as previously mentioned, ECC + SHA are simultaneously broken. It's your responsibility to secure your coins. I'd never "cry" if I was scammed out of Bitcoin, it would be 100% my own fault. To the Bitfinex idiots: exchanges are not wallets, you should've taken notes from 2013.

>See how you can make markets around anything that you pretend has value?

Like the Dollar? Peso? Euro? Yen? There is nothing "pretend" about Bitcoin's value. If Bitcoin is "pretend" then so is every other currency man has ever invented. Never before, however, has a currency existed which:

>cannot be "charged back"
>pseudonymous
>cannot be frozen
>cannot be seized
>governments cannot print it, deflationary
>negligible fees
>borderless

I can anonymously transfer $100m USD (equivalent) to someone in half way across the world, for $0.25, from my cell phone, in a matter of minutes. And there is nobody who can block, freeze, or reverse that exchange.

Sorry, friend, but that is revolutionary. You can consider Bitcoin a simple commodity to be traded, but many recognize its potential to change global finance
. Will it succeed? Who knows. Will it remain a niche market used by criminals? Perhaps. Will it crash to 0? Entirely possible. Is it "worthless"? Absolutely not.

also: cope

There are plenty of things you can purchase directly with Bitcoin. More importantly, it can be readily exchanged for USD which opens you to the world market. "btc has no value", what a god-awful meme. I'm guessing gold and silver have "no value" too huh?

Wow, it's fucking nothing except the spooky 51% attack which doesn't make any sense in the real world. And some DOS attacks which don't affect funds whatsoever.

1000% this.

Storing your BTC in an exchange is like putting a shoebox of cash on your front lawn and hoping no one steals it.

>tfw have 4 BTC in my wallet and keep the rest on exchanges to trade

I know I'm going to get fucked sooner or later.

How do you even buy and sell it? Do you just hurry as fast as you can and hope nobody steals it while it is still on the exchange? That sounds retarded.

I keep it on polo for lending but I'm starting to consider cold storage ...

You buy it then download it to your own wallet.

How is this complicated?

What's funny about it? Are you implying some kind of conspiracy? Its not unusual, look at what happens to a company's stock price after a scandal or bad earnings.

Why post when you so clearly don't know what you are talking about?

>thinks it just goes from the other wallet to your wallet without passing through and exchange, being delayed up to hour or more because of slow transaction time
Do you even understand how this works?

>120k BTC
Another cryptofinance giant has toppled

You don't STORE it on the exchange. You make the deal, get your crypto and move on.

Yes for like a few minutes your money is briefly on the exchange. And if you happen to be in there when the hack happens you are in trouble.

But like the other guy said tons of people are buying their BTC then just trusting an exchange to hold the BTC. Like the Mt. Gox thing, etc...

Am I taking crazy pills? This shit is not complicated.

The "private ownership" of Bitcoin is the whole reason it's worth anything to begin with. It's too bad so many investors don't know or don't care to know even the most basic fundamentals. These people not only suffer from but are a DIRECT CAUSE of these "hacks".

The Bitcoin protocol is solid but central servers controlled by humans will always be vulnerable, if not to outside attacks then to insider theft. If people only stored trading balances on these services they'd be much smaller targets. But people treat them like banks and entrust them with hundreds of millions USD - then act surprised when things like this happen.

I feel for anyone who loses money like this but it's always with an "I told you so".

The only redeeming fact: we're not talking about "forking" Bitcoin to return the stolen funds. ETH is a fucking mess.

this post made me exit year-long readonly just to point out how outrageously uninformed this post is

bitcoin is too complicated and unreliable unlike a dollar. IMO it´s 10 years too early to give any financial trust towards this platform
60 millions doesnt just disappear bitcoin has extremely bad security measures

>IMO

Your opinion is worth a mouse turd lol

in a market cap of 10 BILLION 60 million is shit

>bitcoin is too complicated

4u

trips confirm

Lurk more faggot.

the funny thing about it is people panic like this is a new and unexpected thing or something.
it's like many never would have dreamed this could happen.
fucking retards.

Damn this post was so good coping nocoiners couldn't think of a response

>bitcoin is too complicated
>implying you know how dollars work

Basically ever since the internet became popular with smartphones in 2007 you have an influx of retards like itt

Bitcointalk.org is completely unreadable because of all the third world gibberish posts

>cryptokek cope

Dude, if these hacks were so easy to perpetrate, and they ACTUALLY WORKED, why wouldn't you just steal a significant amount of bitcoin, prove the hypothesis, then sell it off at a profit and/or negotiate with the original owners of it some sort of fractional buyback scheme?

Seriously, if any of those concerns were actually possible, someone smarter than you would have done it already. There's literally billions of dollars just ripe for the taking, by your estimation, so why does everyone have to steal the funds from exchanges using inherent vulnerabilities in the exchange themselves? Why not just attack the exchange wallets directly/simultaneously? Wouldn't that be more profitable?

Major bitcuck cope.

I just ate icecream and now i feel like throwing up.

you

>cope

The real question is can the coin itself ever be hacked?

If so, game over.

>Lurk for a year
>First post trips

Checked and mirin

>it can be readily exchanged for USD
via centralized services only exactly my point it only has any value because of this situation and it's shaky as hell as we can see the case in point. faith loss in exchanges directly impact the "value" of btc. this is not a good thing this is exactly the worst thing for bitcoin.
>it's fucking nothing except the spooky 51% attack which doesn't make any sense in the real world
ten years ago maybe
today a perfectly valid concern when 90% of mining is in china