[Bitfinex Hacked] So , learned the lesson ?

abyrnes81

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Quote from: OmegaStarScream on August 03, 2016, 02:24:59 AM

Once again , Bitfinex has been hacked and I just want to ask you people , have you learned the lesson yet ? I assume not otherwise you wouldn't keep your funds in an exchange (I'm not speaking with those who kept their bitcoin for short period of time , those accidents happens but I'm mostly speaking for those who had their bitcoins laying there for weeks/months)

I'm not trying to be rude or anything but for the last time , please ... please ! Just withdraw your funds from exchanges . I'm not sure what you got to lose here , this procedure will only secure your coins and make you safer.

People never learn, you said "I assume not otherwise you wouldn't keep your funds in an exchange (I'm not speaking with those who kept their bitcoin for short period of time , those accidents happens but I'm mostly speaking for those who had their bitcoins laying there for weeks/months)".

Do you remember the mt.gox case? I know some people lost few hundreds/thousands bitcoin on gox and they have also lost few hundreds of bitcoins on bitfinex.
This is why I said people never learn:).

OmegaStarScream

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Quote from: Dr.Osh on September 04, 2016, 05:16:49 AM

Since bitflixnet got hacked and lost 120 btc (around 70million USd) and everyone had lost their savings too, the result price of bitcoin fall down about $200 and today it recover to $600 again, is it related to this reimbursed even a little bit? At least giving back fund to customer that what everyone waiting for, they who get lost of it waiting full recovery payment.

I'm not sure how giving funds back to users could increase the price exactly , since lost funds should give the price a boost as there will be less available supply while bringing BTC to circulation to more people will cause to having more supply and decrease price

fravia

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Quote from: bitcointank on September 04, 2016, 03:10:58 AM

Quote from: Betwrong on September 04, 2016, 03:06:38 AM

Quote from: Barnabe on August 31, 2016, 05:03:00 AM

Everytime an exchange is hacked people will lose money and no matter how many of them lose something you will hear them. A website could take bets about the next hacked exchange Grin

Sadly that's true for now, but I'm sure that in the future someone will find a way to prevent hacking or at least to prevent losing big amounts of money in case of hacking. For the time being we shouldn't keep significant funds on any site.

They should use cold storage for 100% safe, but they were silly to trust 3-multisig wallet, they trust 3rd party, that's not the correct way to store bitcoin.

yeah, i trust only offline wallets that dont get internet on them, then it is actually really impossible to hack it and it is way safer

Doamader

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Quote from: Dr.Osh on September 04, 2016, 05:16:49 AM

Quote from: OmegaStarScream on September 04, 2016, 04:47:14 AM

Bitfinex has reimbursed its first wave of customers . At least they are giving some of the funds back , that's something we couldn't say about other exchange that got hacked , see more info about it on Coindesk : http://www.coindesk.com/bitfinex-reimburses-first-bitcoin-exchange-hack-victims/

Since bitflixnet got hacked and lost 120 btc (around 70million USd) and everyone had lost their savings too, the result price of bitcoin fall down about $200 and today it recover to $600 again, is it related to this reimbursed even a little bit? At least giving back fund to customer that what everyone waiting for, they who get lost of it waiting full recovery payment.

Looks like the hacked has dumped all the coins on the last weeks since the attack, because market is reacting and waking once again, i keep trust poloniex and 80% my funds are there, we need to trust into something otherwise panic will happen at same time and those would be insane.

Dr.Osh

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Quote from: OmegaStarScream on September 04, 2016, 04:47:14 AM

Bitfinex has reimbursed its first wave of customers . At least they are giving some of the funds back , that's something we couldn't say about other exchange that got hacked , see more info about it on Coindesk : http://www.coindesk.com/bitfinex-reimburses-first-bitcoin-exchange-hack-victims/

Since bitflixnet got hacked and lost 120 btc (around 70million USd) and everyone had lost their savings too, the result price of bitcoin fall down about $200 and today it recover to $600 again, is it related to this reimbursed even a little bit? At least giving back fund to customer that what everyone waiting for, they who get lost of it waiting full recovery payment.

OmegaStarScream

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Bitfinex has reimbursed its first wave of customers . At least they are giving some of the funds back , that's something we couldn't say about other exchange that got hacked , see more info about it on Coindesk : http://www.coindesk.com/bitfinex-reimburses-first-bitcoin-exchange-hack-victims/

myferrari

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Quote from: Xester on September 04, 2016, 03:15:05 AM

Quote from: bitcointank on September 04, 2016, 03:10:58 AM

Quote from: Betwrong on September 04, 2016, 03:06:38 AM

Quote from: Barnabe on August 31, 2016, 05:03:00 AM

Everytime an exchange is hacked people will lose money and no matter how many of them lose something you will hear them. A website could take bets about the next hacked exchange Grin

Sadly that's true for now, but I'm sure that in the future someone will find a way to prevent hacking or at least to prevent losing big amounts of money in case of hacking. For the time being we shouldn't keep significant funds on any site.

They should use cold storage for 100% safe, but they were silly to trust 3-multisig wallet, they trust 3rd party, that's not the correct way to store bitcoin.

Yes you have a good point, we should also include to not store bitcoins in one site. The best way is to store your bitcoins in multiple wallets in different sites and in multiple cold storage. The hacking in bitfinex was really a big lesson to all bitcoin users. That is why I don't save big amount of bitcoins in bitcoin wallet. I would rather sell them for cash and deposit it in banks. Then later if I need bitCoin I just buy the necessary amount of bitcoin.

Good brainstorming in this thread, don't put all eggs in one basket, put them in multiple baskets(sites, or online wallets). It will reduce the risk of hacking.

Xester

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Quote from: bitcointank on September 04, 2016, 03:10:58 AM

Quote from: Betwrong on September 04, 2016, 03:06:38 AM

Quote from: Barnabe on August 31, 2016, 05:03:00 AM

Everytime an exchange is hacked people will lose money and no matter how many of them lose something you will hear them. A website could take bets about the next hacked exchange Grin

Sadly that's true for now, but I'm sure that in the future someone will find a way to prevent hacking or at least to prevent losing big amounts of money in case of hacking. For the time being we shouldn't keep significant funds on any site.

They should use cold storage for 100% safe, but they were silly to trust 3-multisig wallet, they trust 3rd party, that's not the correct way to store bitcoin.

Yes you have a good point, we should also include to not store bitcoins in one site. The best way is to store your bitcoins in multiple wallets in different sites and in multiple cold storage. The hacking in bitfinex was really a big lesson to all bitcoin users. That is why I don't save big amount of bitcoins in bitcoin wallet. I would rather sell them for cash and deposit it in banks. Then later if I need bitCoin I just buy the necessary amount of bitcoin.

bitcointank

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Quote from: Betwrong on September 04, 2016, 03:06:38 AM

Quote from: Barnabe on August 31, 2016, 05:03:00 AM

Everytime an exchange is hacked people will lose money and no matter how many of them lose something you will hear them. A website could take bets about the next hacked exchange Grin

Sadly that's true for now, but I'm sure that in the future someone will find a way to prevent hacking or at least to prevent losing big amounts of money in case of hacking. For the time being we shouldn't keep significant funds on any site.

They should use cold storage for 100% safe, but they were silly to trust 3-multisig wallet, they trust 3rd party, that's not the correct way to store bitcoin.

Betwrong

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Quote from: Barnabe on August 31, 2016, 05:03:00 AM

Everytime an exchange is hacked people will lose money and no matter how many of them lose something you will hear them. A website could take bets about the next hacked exchange Grin

Sadly that's true for now, but I'm sure that in the future someone will find a way to prevent hacking or at least to prevent losing big amounts of money in case of hacking. For the time being we shouldn't keep significant funds on any site.

pearnapple

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Quote from: DOGE12321 on August 18, 2016, 06:48:01 PM

I don't think anyone learned the lesson, especially since Bitfinex responded very swiftly with a quick refund to all of its members.

But I agree with you. It is a good habit to withdraw funds from exchanges, especially if you are using an illegal fund. I use Yobit.net and haven't had any problems yet, but since the Bitfinex incident, I have withdrawn most of my funds.

you are right, people will still hold their money on the exchanges and we cannot do anything about it to be honest, i think traders will still trade

Recoon

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Soon or later btc will reach 800 dolar value, it is just a matter of time. Btc investment is a long term investment type so you must wait until reach your goal and dont be sorry for hacking, stealing etc.

btcdevil

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What lesson you want to teach everyone , even their are users who had only altcoins, but even then it got hacked then who is the responsible. I had only my mined altcoins in that account and never use to keep bitcoins , even then i am in loss because the altcoin value is high, now if i dont keep altcoins in the exchange then how can i trade. So in some point it is usefull to tell everyone not to keep all coin in one exchange. my badluck is as soon as i transferred my altcoin and at point i was to sell the altcoin the exchange got hacked

Barnabe

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Everytime an exchange is hacked people will lose money and no matter how many of them lose something you will hear them. A website could take bets about the next hacked exchange Grin

TheButterZone

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RIP Mommy

They didn't learn their lesson after the first BTC exchange was hacked.
They didn't learn their lesson after the second BTC exchange was hacked.
They didn't learn their lesson after the third BTC exchange was hacked.
They didn't learn their lesson after the fourth BTC exchange was hacked.
They didn't learn their lesson after the fifth BTC exchange was hacked.
They didn't learn their lesson after the sixth BTC exchange was hacked.
...
[whatever the number is now]

They'll NEVER learn.

OmegaStarScream

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Quote from: lol1yatme on August 31, 2016, 02:21:03 AM

I imagine some people will still use this site for keeping some bitcoins even after too it got hacked. I’m also sure there are many people that did learn their lesson and are looking for better alternatives to store their bitcoin. You live, you learn till end of life.

People aren't trading their anymore , instead, they switched to Poloniex. If you check https://coinmarketcap.com/exchanges/bitfinex/ you will see the low trading volume in the Last 24 hours (~5 million dollar) while It was ~50 million dollar before the hack.
So It's pretty safe to say that people learned the lesson , finally. Switching to Poloniex means more security as they keep most of their funds in cold storage.

PaulPogba8

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Quote from: 2legit2 on August 19, 2016, 06:10:21 PM

the traders will never learn their lesson no matter what, they will still keep on trading it and most probably they will keep on losing it too in the future if such stuff happens again

But traders may be more careful with exchanges now, you know mtgox's bankrupt lesson was enough, but it seems there are many do not learn from mtgox, RIP bitfinex for 120k btc hack.

lol1yatme

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I imagine some people will still use this site for keeping some bitcoins even after too it got hacked. I’m also sure there are many people that did learn their lesson and are looking for better alternatives to store their bitcoin. You live, you learn till end of life.

illyiller

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Quote from: 2legit2 on August 19, 2016, 06:10:21 PM

the traders will never learn their lesson no matter what, they will still keep on trading it and most probably they will keep on losing it too in the future if such stuff happens again

Here's the thing: if you are a losing trader, then damn right -- get your money off exchanges because that is simply another risk to your money. However, good traders know how to manage risk. They know how to mitigate exchange risk with leverage, and they also factor exchange risk into their risk management plan.

If you have removed more profit from your account than your balance is worth, then you are absolutely right to continue trading.

2legit2

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the traders will never learn their lesson no matter what, they will still keep on trading it and most probably they will keep on losing it too in the future if such stuff happens again

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