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Hacked Bitcoin Financial Site Had No Backups
An anonymous reader writes "A fortnight ago the Bitcoin financial website Bitcoinica was hacked and the hacker stole $87,000 worth of Bitcoins. At the time the owner promised that all users would have their Bitcoins and US dollars returned in full, but one of the site developers has just confirmed that they have no database backups and are having difficulty figuring out what everyone's account balance should actually be. A failure of epic proportions for a site holding such large amounts of money."
Regulation has a good deal to do with it. Regulations on financial transactions shouldn't allow semi-competent 17 year olds to handle large amounts of other peoples' money, for instance, or to design software for such. They should require that data and transactions be recorded, backed up and auditable and audits should be required. AND insured. If you let a person not sufficiently insured hold your money, you are a fool.
Good luck getting any bank in America regulated if the Republicans all three branches.
Like they did in 2002 when the Sarbanesâ"Oxley Act was passed? You're delusional if you think Republicans don't love regulation. Look at their actions, not their words.
Seriously, look into starting a new bank as a startup (I have). It's not possible without massive capitalization and regulation. Upwards of $5M in legal fees alone.
My God, it's Full of Source!
OUTSIDE_IP=$(dig +short my.ip @outsideip.net)
Scrooge Mcduck never worried about banks and he was loaded.
If I've said it once, I've said it a thousand times. Scrooge McDuck is a better duck than I.
Just remember that when the money deflates your work to grow the market has rewarded people sitting on said money. But please, do continue to condescend me onto your side.
Analogies don't equal equalities, they are merely somewhat analogous.