Hackers rob $70m worth of Bitcoin

If 70 Euro is stolen from my Bank account or from my Credit Card I would get it back from the bank in most cases ;)

I have physical control over my wallet - but you don't have physical control over your online Bitcoin wallet.

So you have to compare it to your bank account/Credit Card - not to a physical wallet.
 
I have physical control over my wallet - but you don't have physical control over your online Bitcoin wallet.

So you have to compare it to your bank account/Credit Card - not to a physical wallet.

Are Nice Hash a regulated bank or financial company? If not then I don't think a comparison to other regulated banks or institutions is valid comparison.
 
Most likely they are not regulated - and that means again that Bitcoins are not like money/ a financial system in itself etc . It is not a valid alternative to a regular bank account/being part of the old fashioned evil and rotten financial system (which ironically offers some protection).

Easy come easy lose.
I wonder how many of the users lost their complete savings with this monopoly money.
 
Most likely they are not regulated - and that means again that Bitcoins are not like money/ a financial system in itself etc . It is not a valid alternative to a regular bank account/being part of the old fashioned evil and rotten financial system (which ironically offers some protection).

Easy come easy lose.
I wonder how many of the users lost their complete savings with this monopoly money.

woah hang on, you're equating Nice Hash which are a company, with bitcoin itself. Nice Hash weren't a bank, nobody should have had their complete savings there.

Giving unregulated companies your bitcoins is something bitcoin won't prevent you from doing, just as the euro won't prevent you from giving a 50euro note to a conman on the street. The freedom of cash (whether fiat or cryptocurrency) involves personal responsibility about who you choose to give that cash to.

Just as you have physical control of your wallet of euros, I have physical control over my wallet of bitcoins.
 
If 70 Euro is stolen from my Bank account or from my Credit Card I would get it back from the bank in most cases ;)

I have physical control over my wallet - but you don't have physical control over your online Bitcoin wallet.

So you have to compare it to your bank account/Credit Card - not to a physical wallet.

You may have physical control over your wallet, but I doubt if it's not possible that someone can steal cash from it. Have you heard of pick pockets, or muggers? If €70 cash is stolen from your wallet, who will reimburse you?
 
The BTC could have been added without any of this effort
See, if the BTC is added without effort, it can be removed without effort, thus losing the immutable properties, making the network insecure.
So all this crude brute force work that is done, is securing your transactions, because for someone to reverse them he would have to do the cumulative work that the network is doing and surpass it.
Proof of work is important for the network.
 
See, if the BTC is added without effort, it can be removed without effort, thus losing the immutable properties, making the network insecure.
So all this crude brute force work that is done, is securing your transactions, because for someone to reverse them he would have to do the cumulative work that the network is doing and surpass it.
Proof of work is important for the network.
Err this reply doesn't make sense here, proof of work doesn't secure you from getting your bitcoins, which you deposited to a custodial service, hacked.
It secures the network from an attacker re-organising the transactions and stealing funds that way.
 
See, if the BTC is added without effort, it can be removed without effort, thus losing the immutable properties, making the network insecure.
So all this crude brute force work that is done, is securing your transactions, because for someone to reverse them he would have to do the cumulative work that the network is doing and surpass it.
Proof of work is important for the network.
Again you are comparing something physical with something digital - my bank reimburses me as previously stated should the bank be hacked...
So having money in a bank account in the Western world with the rotten evil banking system is more secure than having a Bitcoin wallet with provider X.....
 
Again you are comparing something physical with something digital - my bank reimburses me as previously stated should the bank be hacked...
So having money in a bank account in the Western world with the rotten evil banking system is more secure than having a Bitcoin wallet with provider X.....

Why are you using the example of a bank account instead of for example a failed investment company? People who put euros into that lost all of their euros. Is that a reflection on regulated euro banks, or on the euro itself?

Private companies, custodians, and bearer wallets like hardware wallets are three different categories of storage both in the legacy system and in bitcoin. If you choose to judge the fundamentals of the money by the worst examples of companies either will look bad.
 
Last edited:
Again you are comparing something physical with something digital - my bank reimburses me as previously stated should the bank be hacked...
So having money in a bank account in the Western world with the rotten evil banking system is more secure than having a Bitcoin wallet with provider X.....
That reply of mine was moved from another thread and doesn't belong here.

However you are comparing a custodial service ( Western Union? , Coinbase, nicehash) that keeps your money for you with a wallet, they are different things
 
I use bank account as a (in my opinion very valid) comparison because

1. the Bigshort is nonstop repeating the nonsense that Bitcoin is a new financial system replacing the evil rotten banks
2. people indeed use bitcoin wallet like a bank account
@ antdee
3. the bank keeps my money as well for me in a bank account - so what?
 
It is not the same.
If you want to compare them, a bitcoin wallet is like a bank. Not a bank account. A bank.
A bitcoin account on a custodial service, like coinbase is like a bank account.
You ask the question, - so what?
You make a request to get your money back and they send it to you. Simple and nice.
Until the day they don't send it to you.
Until, Cyprus happens. We have to keep a portion of your money for us.
Or Greece. You can only get €20 per day from your money.
Or Venezuela, Zimbabwe, Argentina.
 
Having money in a bank account in the western world is not necessarily more secure than having my bitcoins in my own custody. Greek banks closed denying their citizens access to their money for weeks, Cyprus gave a haircut to depositors. Irish banks are gov backed only up to 100k. Irish banks have a recent history of going bust which indirectly cost me money.
 
Cyprus and Greece : the withdrawl limitatiosn were completely foreseeable.
Yes there is a limit of ~100k on guarantees. That means you put the rest somewhere else ;)

Bitcoin is advertised for its security features but its Achilles heel is the "bank" aka wallet - I wonder how many people will get again bitcoins after their account / "wallet" was emptied ;)
 
Just to be clear, do you think bitcoin requires a third party to act as a wallet?
 
You have offline wallets: Paper / USB sticks / hard drives....
I wonder what happens if you lose the paper though or the hard drive is dead... is it gone or recoverable?
 
If you lose all copies of a wallet it's gone, mathematically impossible for anyone to ever spend those coins. So you need to take due care depending on how much you're storing.

Your two risks are:
- Someone gets access to your wallet
- You lose all copies of your wallet

The first won't happen if you use a hardware wallet like the ledger nano, the second won't happen if you make backups which can be in any format: digital, paper, engraved in stone however you want. Just got to ensure to encrypt them, or that they're hidden out of sight of strangers (or non-strangers that you don't trust)
 
Back
Top