Topic: And so it continues... (Read 3082 times)

so why all the thefts now?  are we reaching some sort of turning point?

This.

I know right . And the screwed up thing is that no one can proove that they didn't actually got hacked since It's Bitcoin and you can't really get a lot of help (Not like Paypal, Bank account etc ... ) .
It's always an Inside job if you ask me , I mean everyone can make an HTML page and say "We got hacked , k ? ok bye bye " . and simply walk away .

~ Madness

I certainly wouldn't say "should be".  Many people are rightly skeptical of the entire Bitcoin space given the "hacks" and should stay away.  This is in fact evidence that people on mass are capable of learning and voting with their wallets.  The market for Bitcoin exchange services has been improving for over 5 years.  Mt.Gox itself was a significant improvement over bitcoinmarket.com for offering bank transfers as the older exchange suffered with a growing number of PayPal scams.

This "should be" betrays the general impatience we have for this evolution.  We want the awesome creatures the system will eventually deliver today.  Alas, I doubt there is a way to hurry this process, not if you want it done well.  Worryingly, it seems many disagree with me and champion government regulation as a way to reach awesome exchanges much sooner.  They seem oblivious to the fact that the horrific lack of efficiency and market competition in the traditional financial system is mainly due to overbearing government regulations, regulations which are not only supported by but often even written by the established banks (only one new banking licence was granted in the UK in the last 100 years!).  Deposit insurance has freed us from caring about the safety of our bank deposits but I believe it has also fostered a number of terrible unintended costs (global economic problems and heavy debasement programs).

My coins arent moving from Bitcoin qt until the exchanges dont get better by several orders of magnitude.

Its always inside jobs. No one is getting hacked. But as you can see merchants dont stop addopting bitcoin because they know this is not bitcoins fault.

but i doubt these "hacks" are really "hacks" at least not all of them. i am sure 99% of the time when you hear they got hacked it is just a lie to run away with people's money

Indeed, all these hacks (imo) is a huge reason people are not getting into and behind btc like they should be.

Idk for Bitcoin but all exchanges and most of third party services need regulation and more security.

lol Regulation is bitcoiners' only savior.

Ironic.

Now bow down and kiss the government's behind, because they are the only ones who can protect you at this point.  You know, that same evil empire you seek to overthrow.

withdrawals on my own exchanges take a few hours longer than on hot exchanges .. but at least my customers dont lose their money to hackers

AGREED.  Who the hell uses a hot wallet these days?  It's a recipe for disaster.

I think it's mainly the (or one) of the exchange owners doing an inside job attack and running with the money because they are scared of the bitcoin price crashing lately.

Hopefully this will come live soon, and exchanges will adopt the change as soon as possible. There was too many cases of "whoops, we got hacked, and your money is gone .. sorry"
I dont believe in any of the stories they're saying, i mean if u cant control funds in your exchange wallet, then you shouldnt be allowed to run an exchange in the first place.
This wont solve all problems there are with exchanges and client security , but it sure is a good start

cheers

It will be great if this gets implemented.
Though no one has the obligation to protect exchanges from their own stupidity, nor exchange users who trust them blindly.

we noticed a lot if exchange hack and services closing for security reasons.. i wonder if there is general panic or some 0day exploit going around hacking crews..

Yup! but people just don't open these exchanges with an idea to scam , they think to get big but some just fail and stay as shitty small exhcnages
So you see , they do invest good funds for it ! make a little profit but are not BIG

Disagree. We had a shitload of all kinds of bitcoin businesses poping up in the initial "wild-west" period (still ongoing but coming to an end imo), simply because there was a void in the market and anyone who was quick enough did get a decent number of customers and volume.

But you can't do that anymore. There's no way you can start a successful exchange without investing serious funds and without earning customers' trust first (with proper security measures and transparency). The market is saturated and competition is fierce.

The same slowly applies to other businesses: cloud-mining, dice/casinos, alt-exchanges, or even altcoins.

So let the free market work, good will stay, bad will die.

There will always be some shitty exchanges , no matter how many you bring down
And why does it matter , everyone starts from bottom.
Though these hacks aren't causing any great price falls but people are loosing and also though it might not be causing dips but it is making it more volatile and hard to stable

First of all, we didn't see any price fall due to those "hacks". Second of all, those crappy exchanges won't learn anything as they don't want to learn. They cannot compete in a long run with the serious businesses, so the only option for them is to die slowly or get "hacked".

I expect more such 'hacks' to happen (dunno how many of the shitty exchanges are left there), as there's a major pressure on every such business to improve their security.

So choose carefully where you deposit/keep your bitcoins.