Topic: Take the money and run is the Bitcoin way! (Read 2429 times)

What makes it vaporware if it's supposed to launch soon?

http://www.etftrends.com/2015/02/winklevoss-twins-talk-bitcoin-innovation-gemini-exchange/

Limited experience?  Aren't these the same guys that Mark Zuckerberg stole the whole idea for Facebook from?  Pretty sure Zuckerberg had to settle with them for stealing their IP.

A vaporware exchange run by two guys with limited financial experience.

It happened many times but hacks happen in real life too, look at how many times banks have been hacked of millions, sometimes hundreds of millions.

Many bitcoin businesses are very legitimate.

No. It's only the criminal way when you get caught.

"Take the money and run" is the capitalist way, and that's an insight to why the system is verging on collapse today.

The unique thing that we can do (I think) it is : to not keep our coins on the various exchange.  This is the best thing to do (right now).

Banks fail at the same point Bitcoin is failing.... {Human factor} There are security features in for example hardware wallets, where nobody has been able to steal any coins. I will rather want the human factor to be eliminated or reduced, to solve that weakness. {Use technology to make the transactions and security invisible for the average user... they should not have too much control over how it works, they should just be able to use it}

The Bitcoin protocol is not set in stone. It will adapt to change and stronger encryption could also be introduced on other levels to improve it and save it from the "demise" you are predicting. 

I remember an old movie "In time" where every one carrying their money(time) with them privately, and they have to hire bodyguards against theft and robbery 

More in China:
A fund hacked, more than 3000 BTC lost. https://bitcointalksearch.org/topic/btc-959126
A small exchange called 366 was hacked, 300 BTC lost.

Are the hacked? or they "hacked" themselves?

Are these a kind of inside job ? The money were stolen, actually by the people of these site, Hacker is the cover?

First of all, it isn't Bitcoin way! , Every thing have it's pro's and con's , though the pro of BTC is , it's anonymity but people always find loopholes and that doesn't certify as the bitcoin way.
The biggest mistake of people is keeping/ leaving their BTC on exchange's .
I always keep mine safe with me on cold wallets and when i need to do some trade ,i easily switch them
If i plan to keep them on exchange for long , i always prefer to change them to an alt (DOGE mostly) and it is much more safe ...

People must be aware:

DO NOT HOLD YOUR BTC ON THIRD PARTY EXCHANGES – BE YOUR OWN BANK

https://bitcointalksearch.org/topic/dataexchanges-their-way-of-using-a-fractional-reserve-and-generate-inflation-945881

I asked God for Bitcoin, but God didn't respond. So I stole Bitcoin and asked God for forgiveness.

Looking at the dates, isn't it ironic that all the hacks took place roughly almost at the same time... only about days apart.

Great summary. Thx for posting it !

Correctly. There is nothing wrong with bitcoin. However, the owner of the site, the user. Less carefully for safety bitcoin. Though they know bitcoin is invaluable. Only systems that need to be improved and enhanced. Not hostile bitcoin.

over and over people are told not to keep their coin on exchanges and what do they do?  don't listen and lose their btc.  ohh well what can you do? 

TLDR, the answer to all your concerns:

https://blog.gemini.com/welcome-to-gemini/

BTW, Bitcoin is not an exchange.  Exchange operators AKA human beings "take the money and run", not a cryptocurrency.

 Just face it, Bitcoins security issues are too much to overcome in the long term. 95% of exchanges that come into existence end with all their coins being stolen. And most average everyday people aren't smart IT professionals and won't be able to secure their computers from theft. The norm will be cyber criminals installing programs on the average Joes computer and stealing all their coins which will prevent mass adoption of Bitcoin as a major currency. And unlike with fiat people won't get their money back. Bitcoin transactions can't be reversed. If your bank account gets hacked you might get all your money back, with Bitcoin there is no one to reimburse you. I don't see how Bitcoins could even be insured because of how transactions work. How could someone prove their coins were stolen instead of being sent from their wallet as a legitimate transaction? they can't. Computer networks are prone to being compromised and that's what Bitcoin lives on. You can't use Bitcoin without it going through a computer network. And people are always looking for ways to steal money, and Bitcoin is a prime target. It's anonymous and has no legal standing which makes it even worse. I also believe that at some people some super genius will be able to reverse engineer private keys  and/or understand the blockchain on a level which allows them to flat out steal coins. At this point It's way too hard to even keep bitcoin without it getting stolen. I do not think this will change because our internet networks are what they are, unless they are rebuilt from the ground up there is nothing you can do. I believe this will lead to the demise of cryptocurrency.

Exchanges should be regulated, insured or idk what cause otherwise this "hacks" will never stop. Bitcoin is sort of money not only payment processor so if we want widespread addoption, we need to improve security. When fiat bank in my citty was robbed, i got my money anyway and most of haced exchange users get shit.

Yeah well we should do something , but we can't do anything .
It's up to the exchangers to protect them selfs from attacks and hackers . and if it's an inside job it's even worst .

~ Madness