Topic: Kipcoin lost 3000 btc and shutdown - page 2. (Read 7501 times)
Another day another scam.
Well hackers have aways been here and even shitload cards with fiat get stolen every year.
Very good point and if you think about it. Major multinational banks with tons more money to throw at security can't even keep their networks free of hackers.
Well hackers have aways been here and even shitload cards with fiat get stolen every year.
Probably too soon to be able to reach firm conclusions, but as time passes I'd like to see someone research all the reported "hacked exchanges/online wallets/etc." and identify the root causes of the hacks. Is it malware/remote intrusion? Or inside jobs by employees? Or the owner of the exchange/business taking the funds and running? I suspect the 2nd cause (inside jobs by non-owners) may be the principal cause of theft.
Bitcoin businesses need to develop very robust security protocols before they even think about crafting their systems and opening for business. If they have any flaws or loopholes they WILL be found and exploited. Count on it. And that includes by insiders as well as outsiders to the organization.
Of course, traditional fiat businesses are facing the same situation, but there is a lot less transparency about their losses and failures.
Bitcoin businesses need to develop very robust security protocols before they even think about crafting their systems and opening for business. If they have any flaws or loopholes they WILL be found and exploited. Count on it. And that includes by insiders as well as outsiders to the organization.
Of course, traditional fiat businesses are facing the same situation, but there is a lot less transparency about their losses and failures.
1% ++ monthly returns is a pretty obvious ponzi if you ask me.
Yeah, I missed that detail when I made my first post. Anyone promising returns, particularly returns over 3-5% annually, is pretty much a guaranteed crook.
The bright side is that all these poorly managed incompetent exchanges get washed away. There really need to be a stronger regulation on exchanges, then i bet 80% of these exchanges wouldn't pass the test.
Exactly this, no regulation, no framework, no recourse.
It's one of the reasons, I'm actually fine with the Bitlicense and AML/KYC rules being applied to exchanges and services of the like.
Without regulation, you get the wild wild west, and bad operators just up and leave when they'd make their dime, and claim it was "hacked".
Hey old friend
I agree, in most cases, exchanges fall and have no accountability; they should be insured against heists and such, just like banks.
Even for mining, in many jurisdictions you need a prospector license for like $25 a year; slight money grab.
Only a few have exchanges actual backing... people want to genuinely trust exchanges.
New ones come up with big promises of interest and what not... they always all fail.
Alas, it will never work as long as they don't have banking-level insurance and/or backing in case of heists.
Exchanges and online wallets are the only weak spot in the entire Bitcoin infrastructure.
However, people are ultimately responsible if the exchanges or online wallet loses their coins.
No reason to leave your coin purse at the craps table at the end of the night, right?
If you do, you deserve to lose it; exchanges are not banks, they are casinos.
I can't stand having any coins of any type in an exchange and when I do send some it's not all my cache and WD as soon as my trades are done.
Knowing the wild wild west is a good way to make a killing today and protecting your coin yesterday!
It's always a good idea is also using a reputable exchange.
Agreed, Gigabuddy!
Trust is HUGE part of it when it comes money exchangers or money services. Right now, there really isn't a trust system in place where an average Bitcoiner can leave their funds online.
Like if I leave my funds online in say BitStamp for a couple minutes, make a couple of trades, and then before I click Withdraw, the website's down. I check back in 5 minutes, and it's still down. I check back in an hour, try to email Support, and it ricochets back with a Undeliverable, now I'm panicking. There's simply no entity or authority that can insure, or refund you, or go to bat for you.
That's why I'm most excited about Gemini launching. Ticks all the checkboxes for me.
Remember guys keep your coins with you and do not store them anywhere else.
The bright side is that all these poorly managed incompetent exchanges get washed away. There really need to be a stronger regulation on exchanges, then i bet 80% of these exchanges wouldn't pass the test.
Exactly this, no regulation, no framework, no recourse.
It's one of the reasons, I'm actually fine with the Bitlicense and AML/KYC rules being applied to exchanges and services of the like.
Without regulation, you get the wild wild west, and bad operators just up and leave when they'd make their dime, and claim it was "hacked".
Hey old friend
I agree, in most cases, exchanges fall and have no accountability; they should be insured against heists and such, just like banks.
Even for mining, in many jurisdictions you need a prospector license for like $25 a year; slight money grab.
Only a few have exchanges actual backing... people want to genuinely trust exchanges.
New ones come up with big promises of interest and what not... they always all fail.
Alas, it will never work as long as they don't have banking-level insurance and/or backing in case of heists.
Exchanges and online wallets are the only weak spot in the entire Bitcoin infrastructure.
However, people are ultimately responsible if the exchanges or online wallet loses their coins.
No reason to leave your coin purse at the craps table at the end of the night, right?
If you do, you deserve to lose it; exchanges are not banks, they are casinos.
I can't stand having any coins of any type in an exchange and when I do send some it's not all my cache and WD as soon as my trades are done.
Knowing the wild wild west is a good way to make a killing today and protecting your coin yesterday!
It's always a good idea is also using a reputable exchange.
Looks like 2015 is going to be the year of hacks...
no
Year of Ponzi
it is not in Chinese calendar but maybe it should?
This was NOT an exchange either
That's what happens when your everyday random person with a Word certificate works as your Security Engineer.
Happened to this site as well?
Man this year is starting BAD!
Man this year is starting BAD!
The bright side is that all these poorly managed incompetent exchanges get washed away. There really need to be a stronger regulation on exchanges, then i bet 80% of these exchanges wouldn't pass the test.
Exactly this, no regulation, no framework, no recourse.
It's one of the reasons, I'm actually fine with the Bitlicense and AML/KYC rules being applied to exchanges and services of the like.
Without regulation, you get the wild wild west, and bad operators just up and leave when they'd make their dime, and claim it was "hacked".
I think it is so difficult to "regulate" a crypto currency exchange, because the government should first regulate bitcoin (as cryptocurrency) and this is impossible. Because it is decentralized and not compatible with this economy system.
The unique rule I can give is : don't keep your coins on an exchange (in this case a sort of web wallet).
Actually it's not so difficult:
https://blog.gemini.com/welcome-to-gemini/
There has to be some give and take, unfortunately, and we need more exchanges like Gemini to prove to the masses that Bitcoin can be safe medium of exchange and trading.
The bright side is that all these poorly managed incompetent exchanges get washed away. There really need to be a stronger regulation on exchanges, then i bet 80% of these exchanges wouldn't pass the test.
Exactly this, no regulation, no framework, no recourse.
It's one of the reasons, I'm actually fine with the Bitlicense and AML/KYC rules being applied to exchanges and services of the like.
Without regulation, you get the wild wild west, and bad operators just up and leave when they'd make their dime, and claim it was "hacked".
I think it is so difficult to "regulate" a crypto currency exchange, because the government should first regulate bitcoin (as cryptocurrency) and this is impossible. Because it is decentralized and not compatible with this economy system.
The unique rule I can give is : don't keep your coins on an exchange (in this case a sort of web wallet).
The bright side is that all these poorly managed incompetent exchanges get washed away. There really need to be a stronger regulation on exchanges, then i bet 80% of these exchanges wouldn't pass the test.
Exactly this, no regulation, no framework, no recourse.
It's one of the reasons, I'm actually fine with the Bitlicense and AML/KYC rules being applied to exchanges and services of the like.
Without regulation, you get the wild wild west, and bad operators just up and leave when they'd make their dime, and claim it was "hacked".
The bright side is that all these poorly managed incompetent exchanges get washed away. There really need to be a stronger regulation on exchanges, then i bet 80% of these exchanges wouldn't pass the test.
stolen btc is the reason that price is going down..they sell the btc and investors get screwed
Can't believe people are still using online wallets to store btc...
Any service offering interest on btc deposits should be treated with caution.
Any service offering interest on btc deposits should be treated with caution.
Hey, i'm using online wallet ( blockchain.info ) because i'm new to Bitcoin and i don't have time, internet and pc ( 100gb ssd ) for bitcoin wallet.. that's it..
Then I suggest you to use electrum or greenAddress (a multiSig webWallet).
Here more articles in english language :
- http://www.cryptoarticles.com/crypto-news/chinese-exchange-platform-kipcoin-admits-to-hackers-stealing-over-3000-bitcoin
- http://www.miningpool.co.uk/chinese-exchange-kipcoin-hacked/
electrum is safe like normal wallet?
Yes. Even tho i still use qt wallet cause im paranoid as fuck.
Can't believe people are still using online wallets to store btc...
Any service offering interest on btc deposits should be treated with caution.
Any service offering interest on btc deposits should be treated with caution.
Hey, i'm using online wallet ( blockchain.info ) because i'm new to Bitcoin and i don't have time, internet and pc ( 100gb ssd ) for bitcoin wallet.. that's it..
Then I suggest you to use electrum or greenAddress (a multiSig webWallet).
Here more articles in english language :
- http://www.cryptoarticles.com/crypto-news/chinese-exchange-platform-kipcoin-admits-to-hackers-stealing-over-3000-bitcoin
- http://www.miningpool.co.uk/chinese-exchange-kipcoin-hacked/
electrum is safe like normal wallet?
Can't believe people are still using online wallets to store btc...
Any service offering interest on btc deposits should be treated with caution.
Any service offering interest on btc deposits should be treated with caution.
Hey, i'm using online wallet ( blockchain.info ) because i'm new to Bitcoin and i don't have time, internet and pc ( 100gb ssd ) for bitcoin wallet.. that's it..
Then I suggest you to use electrum or greenAddress (a multiSig webWallet).
Here more articles in english language :
- http://www.cryptoarticles.com/crypto-news/chinese-exchange-platform-kipcoin-admits-to-hackers-stealing-over-3000-bitcoin
- http://www.miningpool.co.uk/chinese-exchange-kipcoin-hacked/
Can't believe people are still using online wallets to store btc...
Any service offering interest on btc deposits should be treated with caution.
Any service offering interest on btc deposits should be treated with caution.
Hey, i'm using online wallet ( blockchain.info ) because i'm new to Bitcoin and i don't have time, internet and pc ( 100gb ssd ) for bitcoin wallet.. that's it..
Looks like 2015 is going to be the year of hacks...
And ponzi. Or, as someone theorized it, many exchanges are just not profitable because of BTC price. So they shutdown . The honest one say the truth, other get "hacked".Winner: multisig implementation. Hopefully.
Vitalik Buterin on multisig
Quote
Some people, initially including myself, are seeing this as a “changing of the guard” moment for the Bitcoin community, where it was amateur and badly managed services that were at fault for their own thefts and professionals would soon come in and take over. If this was a mere one or two thefts, then this would indeed be a reasonable, and fully satisfactory, explanation.
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