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Hackers Steal $5M In Bitcoin During Bitstamp Exchange Attack
itwbennett writes: After a weekend hack forced the Bitcoin exchange Bitstamp to shut down, Bitstamp has revealed that $5 million worth of bitcoin was stolen during the attack. And that's not all the bad news for Bitcoin this week: Canadian Bitcoin exchange Vault of Satoshi announced it is is no longer accepting new deposits and will close Feb. 5. But in this case the operators are pursuing new business opportunities, saying in a post that the shutdown "has absolutely nothing to do with insolvency, stolen funds, or any other unfortunate scenario."
Oh shit!
I've never understood how bitcoin supporters can point to single-digit percentage fluctuations in currency value as a really bad thing, when bitcoin keep fluctuating ten times as much, but that is ok.
If bank of america and other major institutions cannot keep your info out of the hands of hackers why would you think any other website is infallible?
You wouldn't, but Bank of America is federally insured, Bitcoin exchanges are not. Obviously storing currency in one of those is a lot more risky than that other.
If bank of america and other major institutions cannot keep your info out of the hands of hackers why would you think any other website is infallible?
My bank (Chase) got hacked last year, and Teh Evil Haxx0rz might have gotten my vital info, but all of my money is still in the bank.
Months before that, someone used my Chase CC to buy a couple of Amtrak tickets (presumably to then refund them for cash). Got a fraud alert from Chase, and called them to confirm that it was in fact fraud. They immediately canceled my card sent me new ones. Checks of my & my wife's credit reports show no unusual activity.
So, thank you very much, but I'll stick with fiat money stored in an actual, regulated American bank.
"I don't know, therefore Aliens" Wafflebox1
Can those bitcoin stealing malwares pickpocket my wallet from a printout in a manila envelope in my safe?
If I had millions of USD in BTC, I'd have to consider having several offline wallets.
Now ask your grandparents the same questions.
Now ask yourself the same questions about a large amount of cash.
Peter predicted that you would "deliberately forget" creation 2000 years ago...
Yes, just like people stop using dollars when there are bank robberies.
No, people do not stop using dollars when there are bank robberies because - as I pointed out in my original post - these bitcoin entities are unregulated and uninsured. If a bank is robbed you do not lose your money, when MtGox was robbed you lost your bitcoins.
I thought I made it pretty clear and wouldn't have to point out that the reason I explicitly said they were uninsured and unregulated is because that is contrary to the existing banking systems.