Topic: [Bitfinex Hacked] So , learned the lesson ? - page 14. (Read 10601 times)

I've historically been a big advocate of decentralized exchanges but I think in this case the problem is actually much deeper. Here, we have an entity that -has- to manage the state of coins based on real world outcomes as part of their value offering (which is something many merchants have to do, whether they be stock markets, exchanges, and many kinds of other businesses.)

In my view, what's needed is a way to lock coins to a new address type that forces a delayed clearing process for all coins transferred from that address. Transactions could then be revoked by the owner during the clearing phase which would become progressively less likely as the clearing phase progresses. This would be a very simple way to detect fraudulent transactions before its too late, as well as to allow for the creation of cryptographically provable accounting records (with browse-based signing) to be tied to the clearing process for withdrawals.

In English: this would allow an exchange to detect when something doggy was going on with withdrawals without imposing the same limitations of a decentralized exchange (like low liquidity and poor usability.) It would be the best of both worlds which would be great for not only exchanges but all kinds of merchants who are forced to handle Bitcoins directly as part of their business practices.

Prior to the recent breach, Bitfinex was claiming that they were using secure cold storage and multisig. It's not like users didn't get a warning with Bitfinex's outages, unprofessionalism and previous breaches recently but this false advertising was so over the top.

yes you right, we should not keep more money on exchanger sites which is the risky one . Always exchange it in time and best is not keep complete money on exchange sites. Best is to convert it to fiat  and use it for need.

obviously not and they probably never will. people are dumb and is definitely easier to let the coins be exposed on some exchanges/online wallets than to learn how to properly store the coins. other people are just lazy. to lazy to keep their money safe (same thing with backups). those things are easy. i am not talking about people checking how the exchanges store the coins etc

I guess most people affected are those who earn bitcoin by trading the exchange. Their coins are mostly in the exchanges so that they can trade anytime without waiting for deposit time (1 to 6 confirmations depending on the exchange)- opportunity cost. Besides, they do not need to pay extra for the withdrawal.

Until now no one knows who is the hacker(s)... External or even "internal"?

I'd say no. The people who had lost considerable amounts of money there, are at fault, not Bitfinex. Nothing is unhackable, and online exchanges are generally valuable targets for various hackers. It seems like the people in question (who suffered losses) have learnt nothing from Mt.Gox, Cryptsy and so on. Generally, if Bitcoin is stored on an address to which you do not hold the private keys to, then you do not own them. In this case: If it is stored in such a multisignature implementation where online services can just avoid you and move the money from the address, then you don't own them either.

Exactly. I pulled some that I had left on Bitstamp as soon as Bitfinex went down.

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.