Topic: JP Morgan hacked for 76 million accounts, proving we need crypto/encryption (Read 3537 times)

Properly implemented cryptography is the only way to securely store information and communicate on a computer network.

But bitcoin relatives are affected, therefore bitcoin users are still affected.

We have some kinds of services like that today. One example is the coinbase vault. There are others as well but they are not as reputable as coinbase. The problem with doing this is that you need to trust that your "bank" will make good on their promise to give you your bitcoin when requested (after a "cool down" period if applicable)

Volatility is normal for something with a small userbase. As the userbase grows in the future this will become more stable. Kind of like owning a penny stock, compared to owning stock in a huge company like Google.

The only problem with Bitcoin is the ever-fluctuating exchange rate, making it risky to own Bitcoins instead, especially if you're living paycheck-to-paycheck.

Give it time. In the future banks will accept bitcoin and they will be responsible for protecting our savings. For now just keep your stuff in cold storage and offline where hackers can't get at it.

Well the thing is that if your bitcoin is "hacked" (aka stolen via malware/keyloggers/otherwise) then your money is gone forever and will likely not be able to find out who stole you money. With a bank account you are not responsible for any unauthorized withdrawals

I would not be surprised if we see both an adoption surge and price surge the next time we see a major banking crisis. That (the banking meltdown) is what essentially "caused" bitcoin to come into existence in the first place.

Yes, Some events like Cyprus need to happen to push up the price of bitcoin, which will lead ppl to realize the important role of bitcoin in the effort of preserving value.

If you are holding bitconi and you are successfully attacked then your bitcoin would be gone, end of story. However if your bank is attacked/hacked then your money would still be safe and still be insured in the event they have a loss.

This is even more exaggerated with holding bitcoin on an exchange. If the exchange is hacked then you would need to share the loss with the other users even though your lack of security had nothing to do with the hack

As long as BTC is priced in the dollar it still matters. It might get to a point where it isn't, but it will most likely be tied to something or else people would be confused about how much bitcoin should buy something for. Do you know how confusing it would be if bitcoin was just priced on its own all of a sudden? Nobody would know if they are getting ripped off or not. So unfortunately it is still based on the dollar for now in terms of price point/value proposition.

Yeah that's crazy and all, but we never hear about hackers going after student loans.  That would be more useful.

That's true, it happened before when the Cyprus banks did the dodgey - imagine the effects if a massive bank did that kind of thing.

People would be flocking over to btc.

K.

Possibly!!!!!!

te hee

It would be nice for some to big to fail banks to fail so they can be re structured in the very least. Unfortunately it is never pre emptive in countries and we all react to bs. It will be a reaction for people to come over to BTC if something huge happens. Hopefully they stay.

What's a "JP Morgan"? Is that some kind of alt-coin with a play on words referencing the Morgan dollar? 

Yes, bitcoin user got key logged, this is the best risk for a bitcoin user, keylogger..

Anyway, If I'm careful I can avoid this risk with simple devices

Bank system is so bad..

But bitcoin user got key logged... not all but some..

Bitcoin user not affected

only names and addresses i think were available to the hackers.  SSN, bank account info wasn't..
i dont remember where i read that though

LOL WTF!! hehe

Bang bang!

Another huge hackzorz.


http://www.bloomberg.com/news/2014-10-02/jpmorgan-says-data-breach-affected-76-million-households.html

Let us also remember that Ebay and Target and Home Depot were hacked this year too.

From article:
"The number of households affected by the attack on JPMorgan compares with the 145 million personal records taken earlier this year in a breach of EBay Inc. and last year’s attack on retailer Target Corp., which affected 110 million. "




From all of these hacking stories including the supposed ICloud hack as well, it seems to me hackers and their methods are out pacing the technology that most companies rely on to protect themselves. It will take years before larger companies adopt something safer. What role can crypto/encryption play in this? Obviously their databases are encrypted but at a lower level so it probably doesn't take long to decipher stuffz.

If the biggest banks can be hacked and have all this information stolen, then no one should be using exchanges honestly... I mean really, is it harder to hack a BTC exchange or the biggest banks? My bet is the biggest banks considering their huge staff and hundred million dollar + budget. Or is there some way encryption can be done better at a lower level of cost to make it even harder for anyone to touch BTC exchanges and other crypto? Without exchanges and Bitpay no one would really accept BTC for small businesses unlses they were believers.



TL:DR we are all fussing fussed! Hide ya kids, hide ya wife, hide ya money.